2015
ANNUAL
REPORT
|
Workplace
Safety
&
Prevention
Services
30
Ahead of the Curve | WSPS.CA/AnnualReport
Workplace Safety & Prevention Services
Notes to Financial Statements
December 31, 2015
15. COMMITMENTS
The Association has operating leases for various office premises and equipment with minimum annual payments
as follows:
2016
$ 137,000
2017
116,000
2018
98,000
2019
98,000
$ 449,000
16. RELATED PARTY TRANSACTIONS
The Association subleases its premises from CHSI and pays its proportionate share of the operating costs based on
rented space. Any surplus (deficiency) in CHSI will be shared by the members based on their proportionate share of
equity (note 4). During the year, CHSI charged rental and operating costs of $2,826,040 (2014 - $2,810,914). These
transactions are in the normal course of business and are measured at the exchange amount, which is the amount of
consideration established and agreed to by the related parties, and approximates the arm's length equivalent value.
Minimum annual rental lease payments are as follows:
2016
$ 1,347,000
2017
1,347,000
2018
1,408,000
2019
1,421,000
2020
1,421,000
Thereafter
237,000
$ 7,181,000
During the year, the Association charged CHSI bookkeeping, human resources and information technology service fees
of $72,000 (2014 – $72,000). This amount is measured at the exchange amount (the amount of consideration agreed to
by the related parties).
