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WSPS 2014 Annual Report

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25 2014 annual report  |  Workplace Safety & Prevention Services Workplace Safety & Prevention Services Notes to Financial Statements December 31, 2014 7. iNvEstMENt iN CENtrE For HEaltH & saFEty iNNovatioN The Centre for Health & Safety Innovation (CHSI) is a not-for-profit organization, incorporated under the laws of the province of Ontario on September 8, 2004 whose purpose is to create a focal point for innovation and applied learning in the prevention of workplace injuries and illnesses and to act as a key resource for employers, employees and others seeking expertise and direction on how to make workplaces safer. The organization is exempt from income taxes under Section 149(1)(I) of the Income Tax Act. In addition to the Association, CHSI's members include Infrastructure Health and Safety Association. The Workplace Safety & Prevention Services maintains a 74.36% share in CHSI while the Infrastructure Health and Safety Association maintains a 25.64% share. The most recent audited financial statements at December 31, 2014 of Centre for Health & Safety Innovation as reported on by another firm of accountants with a report date of February 27, 2015 reflect the following: CHsi WSPS 74.36% share Assets $ 3,674,545 $ 2,732,392 Liabilities 551,332 409,970 Net assets $ 3,123,213 $ 2,322,422 Operating results (year ended December 31, 2014): Revenue $ 4,941,090 $ 3,674,196 Expenses (operating) 4,500,098 3,346,273 Excess of revenue over expenses 440,992 327,923 Expenses (transfer to replacement reserve) 281,783 209,534 Increase in net assets $ 159,209 $ 118,389 Cash Flows: Operating $ 434,723 $ 323,260 Financing (884,448) (657,676) Investing (439,871) (327,088) Decrease in cash during year $ (889,596) $ (661,504) Investment consists of: 2014 2013 Balance, beginning of year $ 2,204,033 $ 1,825,076 Proportionate share of excess of revenue over expenses 118,389 378,957 Balance, end of year $ 2,322,422 $ 2,204,033

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