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Statement of Operations
For Year Ended December 31, 2015
20152014
REVENUES    
Training 15,076,907 22,505,367
Funding - WCB 11,601,437 12,961,635
Conference & Events 737,391 1,293,087
Safety 829,672 918,084
Management Fees 843,826 738,708
Other Income 595,885 854,910
Funding – Labour Force 1,010,838 1,000,125
Community Development Trust Fund Grant - 70,601
Labour Force Product Sales Revenue - 24,034
  30,695,956 40,366,551
COST OF SALES    
Direct Salaries & Benefits 8,975,875 9,047,885
Training 4,207,884 5,708,832
Conference & Events 716,795 1,183,791
Safety 586,092 1,204,762
Course Development 60,971 318,584
Credit Card Expenses 227,729 323,820
Labour Force Expenses 505,283 418,969
  15,280,629 18,206,643
GROSS PROFIT 15,415,327 22,159,908
EXPENSES    
Indirect Salaries & Benefits 6,904,600 7.497,230
General & Administrative 3,554,285 5,178,855
Amortization of Property & Equipment 2,228,988 2,086,640
Rent & Premises 3,537,908 4,092,037
Professional Fees 1,111,008 659,670
  17,336,789 19,514,432
EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES FROM OPERATIONS (1,921,462) 2,645,476
OTHER INCOME (EXPENSES)    
Workers Compensation Board Surplus Distribution 794,546 148,889
Gain on Disposal of Property and Equipment 1,590 241,580
Gain on Foreign Exchanges (loss) 3,058 (3,743)
  799,194 386,726
EXCESS OF REVENUES OVER EXPENSES (1,122,268) 3,032,202
Statement of Financial Position
As at December 31, 2015
20152014
ASSETS    
CURRENT    
Cash 1,858,006 1,722,995
Term Deposits 21,092,357 22,615,000
Accounts Receivable 549,762 1,063,528
Goods and Services Tax Recoverable 21,961 33,681
Prepaid Expenses 189,638 265,428
  23,711,724 25,700,632
PROPERTY AND EQUIPMENT 5,974,871 5,046,114
LONG TERM INVESTMENTS 127,533 135,746
PREPAID DEPOSITS 151,793 128,787
  29,965,921 31,011,279
LIABILITIES AND NET ASSETS    
CURRENT    
Accounts Payable and Accrued Liabilities 1,906,204 2,745,410
Deferred Revenue 1,510,753 2,105,092
  3,416,957 4,850,502
DEFERRED CAPITAL CONTRIBUTIONS 6,430,838 4,920,383
NET ASSETS    
Invested in Property and Equipment 5,974,871 5,046,114
Unrestricted 9,143,255 11,194,280
Restricted Reserve 5,000,000 5,000,000
  20,118,126 21,240,394
  29,965,921 31,011,279
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