2016 Annual Report - Final

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DIVER CERTIFICATION BOARD OF CANADA STATEMENT OF FINANCIAL POSITION 20142016 Annual Annual Report Report DECEMBER 31 2016 2015 Table of Contents ASSETS Who DIVER We CERTIFICATION Are BOARD OF CANADA 3 CURRENT ASSETS International STATEMENT Cash OF Recognition CASH FLOWS $ 320,506 3 $ 299,606 Our Accounts Vision receivable 41,949 3 45,582 YEAR HST ENDED receivable DECEMBER 31 2016 6,963 2015 6,777 Our Prepaid Mission expenses 28,460 3 13,860 Our Inventory Board of Directors 7,875 3 14,531 CASH FLOWS FROM OPERATING ACTIVITIES What Receipts We from Do fees, grants and other $ $ 347,252 405,753 $ 4 $ 325,177 380,356 Message Net receipts from from the conference Chairman 99,915 5 117,541 Payment LIABILITIES for salaries (189,865) (179,487) Message Payment from for other CEO expenses (135,255) 6 (152,447) Auditor’s Payment CURRENT Report for LIABILITIES conference (100,037) 7 (99,885) Accounts payable and accrued liabilities $ 10,489 $ 10,319 Financial Deferred Statements revenue 22,010 19,896 8 10,899 27,380 Notes CASH Payroll FLOWS source to Financial FROM deductions Statements INVESTING ACTIVITIES 4,624 5,448 11 Purchase of furniture and equipment (1,110) 35,009 (2,673) 43,147 2017 Canadian Underwater Conference and Exhibition 15 CHANGE IN CASH AND EQUIVALENTS DURING THE YEAR 20,900 8,226 COMMITMENTS (Note 6) CASH AND EQUIVALENTS AT BEGINNING OF YEAR 299,606 291,380 NET ASSETS CASH AND EQUIVALENTS AT END OF YEAR $ 320,506 $ 299,606 REPRESENTED UNRESTRICTED BY: 370,744 337,209 Cash $ 320,506 $ 299,606 Approved by the Directors: Director Director $ 405,753 $ 380,356 2 10
DIVER CERTIFICATION BOARD OF CANADA STATEMENT OF FINANCIAL POSITION 20142016 Annual Annual Report Report DECEMBER 31 2016 2015 Table of Contents DIVER ASSETS CERTIFICATION BOARD OF CANADA Who We Are 3 NOTES CURRENT TO FINANCIAL ASSETSSTATEMENTS International Cash Recognition $ 320,506 3 $ 299,606 DECEMBER Our Accounts 31, Vision receivable 2016 41,949 3 45,582 HST receivable 6,963 6,777 Our Prepaid Mission expenses 28,460 3 13,860 1. MISSION Our Inventory AND VISION OF ORGANIZATION Board of Directors 7,875 3 14,531 The What Board We is Do a not-for-profit organization under section 149 (1) of the Income $ Tax 405,753 Act, and, 4 as $ such, 380,356 is exempt from income taxes. Accordingly, no provision has been made in the accounts for income taxes. Message LIABILITIES from the Chairman 5 Message from the CEO 6 a) Vision CURRENT LIABILITIES Auditor’s Accounts Report payable and accrued liabilities $ 10,489 7 $ 10,319 The Diver Certification Board of Canada’s vision is of an internationally recognized national certification Financial Deferred Statements revenue 19,896 scheme for the occupational diving and ROV industry, guided by various stakeholders 8 27,380 who Payroll Notes are to dedicated source deductions Financial to Statements the development and enhancement of the Canadian underwater 4,624 11 industry 5,448 without personal gain or profit 35,009 43,147 2017 Canadian Underwater Conference and Exhibition 15 b) Mission statement COMMITMENTS (Note 6) The mission of the Diver Certification Board of Canada is to provide a national Canadian certification scheme for occupational diving and ROV personnel, based on a single national standard of competencies, NET ASSETS in order to enhance industry safety by demonstrating personal competency. 2. SIGNIFICANT UNRESTRICTED ACCOUNTING POLICIES 370,744 337,209 The financial statements were prepared in accordance with Canadian accounting standards for notprofit-organizations (ASNPO). The financial statements include the following $ significant 405,753 accounting $ 380,356 policies: a) Fund accounting Revenues Approved and expenses by the Directors: related to program delivery and administrative activities are reported in the Unrestricted Fund. This is the only fund in use for the period covered by these statements. Director b) Cash and cash equivalents Director The entity's policy is to disclose bank balances under cash and cash equivalents, including bank balances and term deposits with a maturity period of three months or less. c) Furniture and equipment Property & equipment additions are expensed in the year of acquisition. Expensed during the year d) Revenue recognition The Board recognizes grants and conference income in the period to which they relate and when collection is reasonably assured. Certificate and accreditation fees are recognized when the certificate is issued or accreditation granted and when collection is reasonably assured. Other revenue is recognized when the risk and rewards have transferred and when collection is reasonably assured. 2 11
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2016 Annual Report - Final

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