Introduction
Because the Report of the Treasurer consists of a series of financial tables, I have taken the liberty of abbreviating them as laid out below.
Alan V. Morgan (Editor)
The Canadian Geoscience Council is a Non-Profit Organisation Chartered under the Provisions of Part II of the Canada Corporation Act.
REVENUE: $172,000 obtained from:
Natural Resources Canada ($100,000); Society Dues ($11,000); Publication Recoveries ($1,000); Interest ($7,000); Canadian Geoscience Education Network ($3,000); EdGeo ($20,000); Canada Prize ($25,000); and Future of Geosciences ($5,000)
EXPENSES: $172,000 from:
Operating: Operating Treasurer's Office ($2,000); Executive Director's Office ($10,000); Foreign Secretary's Office ($1,000); Executive Travel ($15,000); Council Meetings ($2,500); Memberships ($500.00); Reorganization ($1,000); Depreciation and Miscellaneous ($500.00)
(For a SUBTOTAL of $32,500); combined with:
Other (Publications/Promotional Materials ($2,000); Annual Report ($8,000); IGC Grant ($3,000); IUGS Membership ($20,000); IGUS President ($13,500); IUGS-CNC ($3,000); GSGP CC ($8,000); IGCP Activities ($20,000); IGCP Administration ($2,500); Canadian Geoscience Education Network ($5,000); EdGEO ($20,000); Prof. Registration Committee ($2,000); Canada Prize ($25,000) Future of Geosciences Report ($5,000),
(For a SUBTOTAL of $137,000).
NET REVENUE (EXPENSE) $0.0
John M. Hamilton
Treasurer, Canadian Geoscience Council
7 February, 1996
(a) Revenue recognition:
The Council recognizes revenue on an accrual basis, whereby amounts granted relating to the current fiscal year but not received until after year end are recognized as revenue.
(b) Designated funds:
Amounts received for designated uses are excluded from operations and accounted for as separate funds. Funds set up for special purposes are set up by the board of directors to separately account for proceeds and disbursements of certain activities.
(c) Equipment:
Equipment is stated at cost. Depreciation is provided on a straight-line basis over 5 years.
2. Statement of changes in financial position:
A statement of changes in financial position is not presented as it would not provide addtional meaningful information.
3. Investments, Advances, and Designated Fund Balances are explained in the detailed statement which may be obtained from CGC Head Office (see the top of this page).
4. Advances Advances to G. S. Nolan, L. Ferguson and the Foreign Secretary's Office amounted to $717 in 1994 and $1,305 in 1995.
5. Designated Fund Balance Funds for Exploration '97 had a balance at the start of the fiscal year 1994 of $44,254 and in 1995 $49,123.
Interest Revenue to this Trust amounted to $4,869 in 1994 and $2,594 in 1995.
The Balance for Exploration '97 at the end of the fiscal year 1994 amounted to $49,123 and in 1995, $51,717.
John M. Hamilton
Treasurer, Canadian Geoscience Council
7 February, 1996
To the Members Canadian Geoscience Council
We have audited the balance sheet of Canadian Geoscience Council - Conseil Geoscientifique Canadian as at March 31, 1995 and the statements of revenue, expenditures and surplus for the year then ended. These financial statements are the responsibility of the Council’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
In our opinion, these financial statements present fairly, in all material respects, the financial position of the Council on March 31, 1995 and the results of its operations and the changes in its financial position for the years then ended in accordance with generally accepted accounting principles.
"KPMG Peat Marwick Thorne"
Chartered Accountants, Vancouver, Canada
June 27, 1995