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
