Financial Reports

2023 Fiscal Year

Lazer Grant LLP Chartered Professional Accountants have conducted the annual audit and presented the financial statements for the fiscal year ended December 31, 2023. The audited financial statements were prepared in accordance with the Canadian accounting standards for not-for-profit organizations (ASNPO).

wdt_ID	2023 Summary	Amount
1	Core revenue	$5.4 million
2	Other Program revenue	$7.9 million
3	Total Revenue	$13.3 million
4
5	Program expenditures	$11.1 million
6	Coordinated Programs expenditures	$1.9 million
7	Total Expenditures	$13.0 million
8
9	Excess of revenues over expenditures	$330,000

Summary of revenue

Revenue consists of core funding, other program revenues and Coordinated Programs revenues. Core funding is an agreed amount of funding by sector, and affiliate membership fees. Other Program revenue is sourced by the Federal and Provincial Governments, grower organizations, corporate sponsors, and service fees to fund specific projects and activities. Coordinated Programs are included in other program revenues. These programs are administered by the Canola Council. Coordinated Programs include the Canola Digest and Canola Agronomic Research Program.

2023 Core Revenue – $5.4 Million

wdt_ID	Sector	2023	2022
1	Exporter and processor assessment	$2,011,598	$1,298,500
2	Provincial grower groups' assessment	$2,575,000	$1,802,500
3	Life science companies' assessment	$750,000	$750,000
4	Memberships	$24,625	$26,875
5	Total Core Revenue	$5,361,223	$3,877,875

2023 Core Revenue - Canola Council of Canada Financials

Use of core revenue – by pillar – 5.0 million

wdt_ID	Pillar	2023	2022
1	Industry leadership	$1,755,302	$1,853,041
2	Utilization	$428,231	$413,980
3	Sustainable supply	$2,084,184	$1,993,948
4	Public Affairs	$763,163	$993,798
5	Total Use of Core Revenue	$5,030,880	$5,254,767

2023 Core Revenue by Pillar - Canola Council of Canada Financials

Other program revenue – 7.9 million

wdt_ID	Source	2023	2022
1	C4RA	$3,258,609	$606,748
2	Federal funding AMP	$781,650	$713,877
3	Grower agronomy Funding	$492,281	$474,910
4	Federal funding - Research Cluster	$351,771	$1,583,648
5	Investment interest	327,175	$115,711
6	Research	$239,167	$741,754
7	Corporate Sponsors	$236,493	$78,943
8	Service fees	$125,334	$161,037
9	Research & knowledge transfer	$124,012	$137,098
10	Annual convention	$107,150	$0
11	Leasehold improvement allowance	$21,031	$21,031
12	Provincial Funding	$1,667	$2,033
13	Coordinated Programs	$1,860,921	$1,943,338
14	Total Other Program Revenues	$7,927,261	$6,580,128

2023 Other Program Revenues - Canola Council of Canada Financials

Expenditures – 13.0 million

wdt_ID	Category	2023	2022
1	Salaries	$2,974,581	$3,050,249
2	Research Cluster	$1,270,396	$2,807,952
3	C4RA	$3,258,609	$606,748
4	Agronomy specialists - operating costs	$401,507	$358,959
5	Consulting fees	$127,222	$373,793
6	Research and knowledge transfer (incl. Canola Week)	$146,699	$177,676
7	Market Access	$862,934	$818,016
8	Annual convention	$182,024	$1,759
9	Website maintenance	$19,971	$16,806
10	Member communications	$94,145	$90,320
11	Board of Directors' meetings and Board Expenditures	$86,353	$74,691
12	Utilization	$739,729	$685,154
13	Travel	$219,102	$132,915
14	Overhead	$379,974	$384,593
15	Administration	$94,906	$89,678
16	Memberships & subscriptions	$230,398	$208,338
17	Sponsorships	$8,669	$13,911
18	Coordinated Programs	$1,860,921	$1,943,338
21	Total Expenditures	$12,958,140	$11,834,896

2023 Expenditures - Canola Council of Canada Financials

2023 Reserve Summary

For the year ended December 31, 2023, the Council exceeded its 2023 reserve requirement by $2,177,283.

wdt_ID	2023 Reserves	Amount
1	Closure surplus policy requirements for 2023	$1,764,800
2	Revenue Stabilization surplus policy requirement for 2023	1,938,938
3	2023 Surplus requirement:	$3,703,738
4
5	Accumulated surplus, December 31, 2022	$5,550,678
6	2023 - excess of revenues over expenses	330,343
7	Accumulated surplus, December 31, 2023	$5,881,021
8
9	Excess over surplus requirement - December 31, 2023	$2,177,283

Coordinated Programs – Revenues and Expenditures – 1.9 million

wdt_ID	Program	2023	2022
1	Canola Agronomic Research Program	$1,476,761	$1,585,625
2	Canola Digest	$384,160	$357,713
4	Total Coordinated Programs	$1,860,921	$1,943,338

Coordinated Programs are administered by the Canola Council and funded by the following organizations:

wdt_ID	Program	Funded By
1	Canola Agronomic Research Program	Alberta Canola, SaskCanola and Manitoba Canola Growers Association. *WGRF co-funds a portion of the CARP program in addition to the funding administered by the Council.
2	Canola Digest	Alberta, Saskatchewan, and Manitoba producer organizations, Agriculture & Agri-Food Canada (Science issue).

Co-sponsored Programs

Research Cluster
Agri-Marketing Program
C4RA

For the year ended December 31, 2023, 34% (2022 – 35%) of total revenues and 45% (2022 – 41%) of total expenses are related to these co-sponsored programs.

The following excerpts from the audited financial statements contain Auditor’s Report, Statement of Financial Position, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flow, and do not include the notes and supporting schedules. The complete audited financial statements are available at the offices of the Canola Council of Canada.