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Financial Statements Etats financiers CANADIAN MATH EMATICAL SOCIETY SOCIETE MATHEMATIQUE DU CANADA December 31,2019 au d6cembre 31 2019
CANADIAN MATHEMATICAL SOCIETY SOdETE MATHEMATIQUE DU CANADA
Table of contents to the Financial Statements Table des matiires aux 6tats financiers
December 31. 2019 au dEcembre 31 2019
PAGE
lndependent Auditor's RePort 1 Rapport du v6riflcateur ind6pendent
Consolidated Statement of Financial Position 3 Etat consolid6 de la situation financidre
Consolidated Statement of Revenue, Expenses and Changes in Etat consolid6 des revenus, d6penses et 6volution du solde des
Fund Balances 4 fonds
Consolidated Statement of Cash Flows 5 Etat consolid6 des flux de tr6sorerie
Statement of Financial Position Restricted Funds 6 Etat de la sltuation financidre des fonds affect6s
Statement of Revenue, Expenses and Changes in Fund Balances, Etat des revenus, d6penses et 6volution du solde des fonds, Fonds
Restricted Funds 7 affect6s
Notes to Financial Statements 8-14 Notes compl6mentairesa
UMCTIS CPA
PROFESSIONAL CORPORATION
INDEPENDENT AUDITOR'S REPORT RAPPORT DU VERFICATEUR INDEPENDANT
To the Members of Aux membres du
CANADIAN MATHEMATICAL SOCIETY SOCIETE MATHEMATIQUE DU CANADA
Report on the Audit ofthe Financial Statements Rapport sur le v6rification des 6tats financiers
Opinion 0pinion
I have audited the financial statements of Canadian Mathematical J'ai effectu6 l"audit des 6tats financiers de la Soci6t6
Society, which comprise the statement of financial position as at Mathematique du Canada, qui comprennent I'etat de la situation
December 31, 2019 and 2018 and the statements of changes in net financidre au 31 d6cembre 2019 et 2018 et les 6tats de l'dvolution de
assets, operations and cash flows for the year then ended, and notes to I'actif net, des r6sultats et des flux de tr6sorerie pour I'exercice termin6 d
the flnancial statements, including a summary of significant accounting cefte date, ainsi que les notes annexes, y compris le r6sum6 des
policies, principales m6lhodes comptables
ln my opinion, the accompanying financial statements present fairly, in A mon avis, les 6tats financiers ci-joints donnent, dans tous leurs
all material respects, the financial position of the organization as at aspects significatifs, une image fiddle de la situation financidre de
December 31, 2019 and 2018 and of its results of operations and its l'organization au 31 d6cembre 2019 et 2018 ainsi que de sa
cash flows for the year then ended in accordance with Canadian performance financidre et de ses flux de tr6sorerie consolid6s pour les
accounting standards for notfor-profi t organizations. exercices clos d ces dates, conform6ment aux aux normes comptables
pour les organismes sans but lucratif canadiens.
Basis for Opinion Fondement de l'opinion
I conducted my audit in accordance with Canadian generally accepted J'ai effectu6 mon audit conform6ment aux normes d'audit g6n6ralement
auditing standards. My responsibilities under those standards are further reconnues du Canada. Les responsabilit6s qui m'incombent en vertu de
described in the Audriorb Responsrbl/ltres for the Audit of the Financial ces normes sont plus amplement d6crites dans la section
Statements section of my report. I am independent of the organization in Responsab/lf6s de l'auditeur d l'6gard de I'audit des 6tats financiers du
accordance with the ethical requirements that are relevant to my audit of pr6sent rapport. Je suis ind6pendant de l'entit6 conform6ment aux
the flnancial statements in Canada, and I have fulfilled my other ethical rdgles de ddontologie qui s'appliquent d I'audit des 6tats financiers au
responsibilities in accordance with these requirements. I believe that the Canada, et je me suis acquitt6 des autres responsabilites qui
audit evidence I have obtained is sufficient and appropriate to provide a m'incombent selon ces rdgles. J'estime que les 6l6ments probants que
basis for my opinion. j'ai obtenu sont suffisants et appropri6s pourfonder mon opinion d'audit.
Responsibilities of Management and Those Charged with Responsabilit6 de la direction et des responsables de la
Governance for the Financial Statements gouvernance i l'6gard des 6tats financiers
Management is responsible for the preparation and fair presentation of La direction est responsable de la pr6paration et de la pr6sentation fiddle
the financial statements in accordance with Canadian accounling des 6tats flnanciers conform6ment aux normes comptables pour les
standards for notfor-profit organizations, and for such internal control as organismes sans but lucratif canadiens, ainsi que du contrdle interne
management determines is necessary to enable the preparation of qu'elle considdre c0mme n6cessaire pour permettre la pr6paration
financial statements that are free from material misstatement, whether d'6tats financiers exempts d'anomalies significatives, que celles-ci
due to fraud or enor. r6sultent de fraudes ou d'erreurs.
ln preparing the financial statements, management is responsible for Lors de la pr6paration des 6tats financiers, c'est d la direction qu'il
assessing the organization's ability to continue as a going concern, incombe d'6valuer la capacit6 de l'entit6 d poursuivre son exploitation,
disclosing, as applicable, matters related to going concern and using the de communiquer, le cas 6ch6ant, les questions relatives d la continuit6
going concern basis of accounting unless management either intends to de I'exploitation et d'appliquer le principe comptable de continuit6
liquidate the organization or to cease operations, or has no realistic d'exploitation, sauf si la direction a I'intention de liquider I'entit6 ou de
alternative but to do so. cesser son activit6 ou si aucune autre solution r6aliste ne s'offre d elle.
Those charged with governance are responsible for overseeing the ll incombe aux responsables de la gouvernance de surveiller le
organizalion's financial reporting process. processus d'information flnancidre de I'entit6.Auditor's Responsibilities for the Audit of the Financial Statements Responsabilit6s de I'auditeur i l'€gard de l'audit des 6tats
financiers
My objectives are to obtain reasonable assurance about whether the Mes objectifs sont d'obtenir l'assurance raisonnable que les 6tats
financial statements as a whole are free from material misstatement, financiers pris dans leur ensemble sont exempts d'anomalies
whether due to fraud or error, and to issue an audito/s report that significatives, que celles-ci r6sultent de fraudes ou d'eneurs, et de
includes my opinion. Reasonable assurance is a high level of assurance, d6livrer un rapport de l'auditeur contenant mon opinion. L'assurance
but is not a guarantee that an audit conducted in accordance with raisonnable conespond d un niveau 6lev6 d'assurance, qui ne garantit
Canadian generally accepted auditing standards will always detect a toutefois pas qu'un audit r6alis6 conform6ment aux normes d'audit
material misstatement when it exists. Misstatements can arise from fraud g6n6ralement reconnues du Canada permettra toujours de d6tecter
or error and are considered material if, individually or in the aggregate' toute anomalie significative qui pounait exister. Les anomalies peuvent
they could reasonably be expected to influence the economic decisions r6sulter de fraudes ou d'eneurs et elles sont consid6r6es comme
of users taken on the basis of these financial statements. As part of an significatives lorsqu'il est raisonnable de s'attendre ce que,i
audit in accordance with Canadian generally accepted auditing individuellement ou collectivement, elles puissent influer sur les
standards, I exercise professional judgment and maintain professional d6cisions 6conomiques que les utilisateurs des 6tats financiers prennent
skepticism throughoutthe audit. I also: le
en se fondant sur ceux-ci. Dans cadre d'un audit r6alis6
conform6ment aux normes d'audit g6n6ralement reconnues du Canada,
,i'exerge mon
jugement professionnel et fait preuve d'esprit critique lout
au long de cet audit. En outre :
ldentify and assess the risks of material misstatement of the J'identifie et 6value les risques que les 6tats financiers comportent
financial statements, whether due to fraud or error, design and des anomalies significatives, que celles-ci r6sultent de fraudes ou
perform audit procedures responsive to those risks, and obtain audit d'erreurs, conqois et mets en oeuvre des proc6dures d'audit en
evidence that is sufficient and appropriate to provide a basis for my r6ponse d ces risques, et rdunis des 6l6ments probants suffisants et
opinion. The risk of not detecting a material misstatement resulting appropri6s pour fonder mon opinion. Le risque de non-d6tection
from fraud is higher than for one resulting from enor, as fraud may d'une anomalie significative r6sultant d'une fraude est plus 6lev6
involve collusion, forgery, intentional omissions, misrepresentations, que celui d'une anomalie significative r6sultant d'une eneur, car la
or the override of internal control, fraude peut impliquer la collusion, la falsification, les omissions
volontaires, les fausses d6clarations ou le contournement du
contr6le interne.
Obtain an understanding of internal control relevant to the audit in J'acqu6re une compr6hension des 6l6ments du contrOle interne
order to design audit procedures that are appropriate in the pertinents pour I'audit afin de concevoir des proc6dures d'audit
circumstances, but not for the purpose of expressing an opinion on appropri6es aux circonstances, et non dans le but d'exprimer une
the effectiveness of the organization's internal control. opinion sur I'efficacit6 du contrOle interne de I'entit6.
Evaluate the appropriateness of accounting policies used and the J'appr6cie le caractdre appropri6 des m6thodes comptables
reasonableness of accounting estimates and related disclosures retenues et le caractdre raisonnable des estimations comptables
made by management. faites par la direction, de m6me que des informations y affdrentes
fournies par cette dernidre.
Conclude on the appropriateness of management's use of the going Je tire une conclusion quant au caractdre appropri6 de I'utilisation
concern basis of accounting and, based on the audit evidence par la direction du principe comptable de continuit6 d'exploitation et,
obtained, whether a material uncertainty exists related to events or selon les 6l6ments probants obtenus, quant i
I'existence ou non
conditions that may cast significant doubt on the organization's d'une incertitude significative li6e d des 6v6nements ou situations
ability to continue as a going concern. lf I conclude that a material susceptibles de jeter un doute important sur la capacit6 de I'entit6 d
uncertainty exists, I am required to draw attention in my audito/s poursuivre son exploitation. Si je conclus d l'existence d'une
repor( to the related disclosures in the financial statements or, if incertitude signiflcative, je suis tenu d'attirer I'attention des lecteurs
such disclosures are inadequate, to modify my opinion. My de mon rapport sur les informations fournies dans les 6tats
conclusions are based on the audit evidence obtained up to the date financiers au sujet de cette incertitude ou, si ces informations ne
of my auditois report. However, future events or conditions may sont pas ad6quates, d'exprimer une opinion modifi6e. Mes
cause the organization to cease to continue as a going concern. conclusions s'appuient sur les 6l6ments probants obtenus iusqu'd la
date de mon rapport. Des 6v6nements ou situations futurs
pounaient par ailleurs amener I'entitd d cesser son exploitation.
Evaluate the overall presentation, structure and content of the J'6value la pr6sentation d'ensemble, la structure et le contenu des
flnancial statements, including the disclosures, and whether the 6tats financiers, y compris les informations fournies dans les notes,
financial statements represent the underlying transactions and et appr6cie si les 6tats flnanciers reprdsentent les op6rations et
events in a manner that achieves fair presentation. 6v6nements sous-.jacents d'une manidre propre d donner une image
fiddle.
I communicate with those charged with governance regarding, among Je communique aux responsables de la gouvernance notamment
other matters, the planned scope and timing of the audit and significant l'6tendue et le calendrier prdvus des travaux d'audit et mes
audit findings, including any significant deficiencies in internal control constatations importantes, y compris toute d6ficience importante du
that I identifo during my audit. contr0le interne que j'aurais relev6e au cours de mon audit.
rft#asl,{p {&4
Ottawa, Ontario Numeris CPA Professional Corporation
April2,2020 Licensed Public Accountant
Le 2 avril 2020 Comptable sous license publiqueCanadian Mathematical Society Soci6t6 Math6matique du Canada
Consolidated Statement of Financial Position Etat consolid6 de la situation financidre
as at December 31,2019 au d6cembre 31 2019
Restricted
Funds /
Operalions Fund Legacy Fund / Soldes des
/ Fonds Fonds de Fond
d'adminstration l'h6ritaoe Affect6s Total Total
2019 2018
ASSETS ACTIF
CURRENT ASSETS ACTIF A COURT TERME
Cash $ 713,593 $ $ $ 713,s93 $ 148,905 Encaisse
Short{erm investments (note 4) 140,402 140,402 62,012 Placements ir court terme (notes 4)
Accounts receivable 308,588 308,588 276,650 D6biteurs
Due to (from) specified fund Soldes interfonds
Prepaid expenses 87,265 87,265 79,939 Frais pav6s d'avance
1,249,848 - 1,249,848 567,506
lnvestments (note 3) 1 04,679 1,202,400 1,207 ,619 2,514,698 2,143,410 Placements (note 3)
Caoital assets (note 8) 79,303 - 79.303 92.490 lmmobillsations (note 8)
$1,433,830 $1,202,400 $1,207,619 $3,843,849 $2,803,406
LIABILITIES PASSIF
CURRENT LIABILITIES PASSIF A COURT TERME
Accounts payable and accrued liabilities $ 436,960 $ $ $ 436,960 $ 278,456 Cr6diteursetchargesdpayer
Defened revenue (note 9) 744,624 744.624 484.4 70 Revenus reoort6s (note 9)
1.181.584 1,181.584 762.926
FUND BALANCES 252.246 1.202.400 .619 2.662.265 2.040.480 SOLDES DES FONDS
$1,433,830 $1,202.400 $1.207.619 $3.843.849 $2.803.406
ON BEHALF OF THE BOARD: AU NOM DU CONSEIL:
President P16sident
Treasurer Trdsorier
See accompanying notes / Voir les notes compl6mentaires 3Ganadian Mathematical SocietY Soci6t6 Math6matique du Canada
Gonsolidated Statement of Revenue, Expenses Etat consolid6 des revenus, d6penses
and Changes in Fund Balances et 6volution du solde des fonds
for the year ended December 31, 2019 pour I'exercice termin6 le 31 d6cembre 2019
Restricted
Funds /
Operations Fund Legacy Fund / Soldes des
/Fonds Fonds de Fond
d'adminstration I'h6ritaqe Affect6s Total Total
2019 2018
REVENUE REVENUS
Donations $ 35,54e $ $ $ 135,699 $
100,150 35,393 Dons
Dividend, interest and other income 3,673 29,098 27,170 59,941 73,064 Dividendes, int6rdts et autres revenus
Gain on sale of investments 896 27J53 26,456 54,505 22,717 Gain sur la vente de placements
Gain (perte) non r6alis6 sur les
placements caus6 par les fluctuations du
Unrealized gain (loss) on investments
due to change in market value 7,645 87,81 1 80,890 1 76,346 (94,473) marche
Grants 273,251 273,251 430,627 Subventions
Membership fees '163,703 163,703 155,830 Cotisations des membres
Registration fees and other sales 437,808 437,808 476,675 lnscriptions et autres ventes
Subscriptions and publications 484,950 484,950 690,758 Abonnements et publications
Foreign exchange 480 480 (2,306) Devises 6trangdres
Services, advertising and sales 15,998 15,998 26,458 Publicite et ventes promotionnelles
Other 128,810 128,810 - Autre
1 ,552,763 144,062 234,666 1 ,931 ,491 I ,814,7 43
EXPENSES DEPENSES
National projects 1 95,682 16,008 211,690 264,114 Projets nationaux
Service fees 1,569 7,470 6,975 16,014 43,397 Frais de courtage
Speakers and prizes 42,614 42,614 154,450 Conf6renciers et prix
Production 1 1,903 11,903 95,51 3 Production
Promotional materials 11,181 11,781 32,650 Mat6riel promotionnel
Salaries and benefits 654,581 654,581 774,094 Salaires et avantages sociaux
Boards and committees 58,333 58,333 1 1 5,528 Conseil d'administration et comit6s
Legal and audit 15,810 15,810 18,392 Honoraires 169aux et de v6rification
General administration 247,858 247,858 449,921 Frais g6n6raux d'administration
Amortization of assets 39,122 39,122 33 254 Amortissemment des immobi llisations
1.279.253 7,470 22.983 1 .309.706 1 .981 .313
NET REVENUE (EXPENSES) $ 273,510 $ 136,592 $ 211,683 $ 621,785 $ (166,570) REVENUNET(DEPENSES)
Fund balances, beqinning of vear (21,264\ 1,065,808 995,936 2,040,480 2,207,050 Solde des au d6but
FUND END oF YEAR $ 252.246 $ .202.400 $1.207.619 $2,662,265 $2 rl4() 48t) SOLDE DES FONDS A LA FIN
4
See accompanying notes / Voir les notes compl6mentairesCanadian Mathematical Society Soci6t6 Math6matique du Canada
Gonsolidated Statement of Cash Flows Etat consolid6 des flux de tr6sorerie
for the year ended December 31, 2019 pour I'exercice termin6 le 31 d6cembre 2019
2019 2018
OPERATING ACTIVITIES ACTIV|TES D'EXPLOITATION
Excess of revenue (expenses), Unrestricted Funds $ 410,102 $ (1 02,348) Exc6dent des revenus (d6penses), Fonds non affect6s
Excess of revenue (expenses), Restricted Funds 21 1,683 (64,223) Exc6dent des revenus (d6penses), Fonds affect6s
Non-cash items El6ments hors caisse
Amortization of capital assets 39,122 33,254 Amortissement des immobilisations
(Gain) on sale of investments (407,1e7) 166,229 (Gain) sur la vente de placements
Unrealized loss (gain) on investments due to change in Perte (gain) non r6alis6 sur les placements caus6 par
market value 176,346 (94,473) les fluctations de la valeur du march6
Changes in working capital items Variations d'616ments du fonds de roulement
Accounts receivable (31,e39) 77,911 D6biteurs
Prepaid expenses (7,326) 54,419 Frals pay6s d'avance
Accounls payable and accrued liabilities 1 58,503 (e,674) Cr6diteurs et frais courus
Deferred revenue 260,1 54 (243.031 ) Aooorts reoort6s
Cash flows from operating activities 809,448 (181,936) Flux de tr6sorerie li6s aux activit6s d'exploitation
INVESTING ACTIVITIES ACTIUTES D'INVESTISSEMENT
Acquisition of short-term investments (78,3e0) (15,10e) Acquisition de placements d court terme
Proceeds on disposal ofshort term investments Produit de disposition de placements i court terme
Acquisition of investments (371,288) 216,769 Acquisition de placements
Proceeds on disposal of investments 230,851 (71,756) Produit de disposition de placements
Acquisition of capital assets (25,934) Q1.062\ Acouisition d'immobilisations
Cash flows from investino activities Q44.761\ 108.842 Flux de tr6sorerie aux activit6s d'investissement
INCREASE (DECREASE) lN CASH $ 564,687 $ (73,094) AUGMENTATToN (DtMlNUTtoN)DE L'ENCA|SSE
Cash. beoinnino of vear '148.905 221 .999 Encaisse au d6but
CASH. END OF YEAR $ 713.592 $ 148.90s ENCATSSE A LA FIN
See accompanying notes / Voir les notes compl6mentaires 5Ganadian Mathematical Society Soci6t6 Math6matique du Ganada
Statement of Financial Position Etat de la situation financidre
Restricted Funds des fonds affect6s
as at December 31,2019 au 31 d6cembre 2019
Bonruein
Mathematical Distinguished
Endowment Olympiads Fund Career Fund Spearman
Fund Fonds pour Fonds Borwein Fund
Fonds de Olympiades dede canidre Fonds
dotation math6matioues distinou6e Snearman Total Total
2019 2018
ASSETS ACTIF
CURRENT ASSETS ACIF A COURT TERME
Due to (from) specified fund $ $ $ $ $ 17 Soldes interfonds
17
lnvestments (note 3) 720,717 106.025 100.000 .619 995.921 Placements (note 3l
$ 720.717 $ $ 106.025 $ '100.000 $ 1 6'19 s 99s.S38
FUND BALANCES SOLDES DES FONDS
Reshicted (note 1 1) 720.717 106.025 100.000 1,207 61 995.936 Affect6s (note 1
$ 720.717 $ 280.877 $ ',106,025 $ 100.000 $ 1.207.619 $ 995,936
6
See accompanying notes / Voir les notes compl6mentairesCanadian Mathematical Society Soci6t6 Math6matique du Canada
Statement of Revenue, Expenses and Changes Etat des revenus, d6penses et 6volution
in Fund Balances, Restricted Funds des soldes des fonds, fonds affect6s
for the year ended December 31, 2019 pour I'exercice termin6 le 31 d6cembre 2019
Bonrvein
Mathematical Distinguished
Endowment 0lympiads Fund Career Fund Spearman
Fund Fonds pour Fonds Bonvein Fund
Fonds de Olympiades de
de cani0re Fonds
dotation math6matioues distinou6e Snearman Tolal Total
2019 2018
REVENUE REVENUS
Donations $ 150 $ $ $ 100,000 $ 100,150 270 Dons
Dividends, interest and other income 17,821 6,778 2,571 - 27,170 32,133 Dividendes, int6rdts et autres revenus
Gain on sale of investments 17.775 6,267 2,414 - 26,456 1 1,608 Gain sur la vente de placements
Gain (perte) non r6alis6 sur les
Unrealized gain (loss) on investements placements causd par les fluctuations
due to chanoe in market value 52,635 20.512 7.743 80.8S0 de la valeur du march6
88,381 33,557 12,728 100,000 234,666 328
EXPENSES DEPENSES
Projects 16,008 16,008 53,156 Projets
Prizes 4,691 Prix
Services fees 4,575 1,740 660 6.975 Frais de courtaqe
20,583 1,740 660 22.983
NET REVENUE (EXPENSES} $ 67,798 $ 31,8'17 $ 12,068 $ 100,000 $ 211,683 $ (64,225) REVENU NET pEPENSES)
Fund balances. beoinnino of vear 652,919 249,060 93,957 995.936 1.060.1 61 Solde des fonds au d6but
FUND BALANCES. END OF YEAR $ 720,717 $ 280.877 $ 106.025 $ 100.000 $ 1 207 61e S SOLDE DES FONDS A LA FIN
See accompanying notes / Voir les notes compl6mentaires 7Canadian Mathematical Society Soci6t6 Math6matique du Canada
Notes to Financial Statements Notes compl6mentaires
December 31,20'19 au 31 d6cembre 2019
,I.
1. DESCRIPTION OF THE ORGANIZATION DESCRIPTION DE L'ORGANISME
The Canadian Mathematical Society (the Society, CMS) is a non-profit La Soci6t6 Math6matique du Canada (la Societe, SMC) est un organisme
organization incorporated without share capital under Part ll of the sans but lucratif constitu6 sans capital-action selon la Partie ll de la Loi
Canada Corporations Act to promote and advance the discovery, learning sur les corporations canadiennes. La Soci6t6 vise ir promouvoir la
and application of mathematics. The Canadian Mathematical Society is a recherche, d aider et am6liorer l'enseignement et d encourager le
registered charitable organization for purposes of the lncome Tax Act and d6veloppement et la formation en math6matiques. La Soci6t6
is not subject to income tax. Mathdmatique du Canada est un organisme de charit6 au sens de la Loi
de I'impOt sur le revenu.
2. ACCOUNTING POLICIES 2. CONVENTIONS COMPTABLES
The financial statements have been prepared in accordance with Les 6tats financiers sont pr6par6s conform6ment aux normes comptables
Canadian accounting standards for not-for-profit organizations and canadiennes pour les organismes sans but lucratif et tiennent compte des
include the following significant accounling policies: principales conventions comptables suivantes:
Financial assets and liabilities Actifs et passifs financiers
Financial assets and liabilities are measured and recognized as follows: Les actifs et les passifs financiers sont 6valu6s et comptabilis6s comme il
est d6crit ci-aprds:
Cash and investments: L'encaisse et les placements:
Cash and investments are measured at their fair value with changes in L'encaisse et les placements sont mesur6s d leur juste valeur marchande
fair value being recognized in the statement of operations. avec variations de valeur marchande sont reconnues i
l'6tat des
op6rations.
Loans and receivables and otherflnancial liabilities: Prdts et cr6ances et autres passifs financiers:
Accounts receivable are classified as loans and receivables and are Les ddbiteurs sont classifi6s en tant que prdts et cr6ances et sont
measured at amortized cost using the effective interest method (including mesur6s au co0t amorti en utilisant la m6thode du taux d'intdrdt effectif
any impairment). Accounts payable and accrued liabilities are classified (en incluant toute d6prdciation). Les crdditeurs et frais courus sont
as other financial liabilities and are measured at amortized cost using the classifids comme autres passifs financiers et sont mesur6s au co0t amorti
effective interest method. en utilisant la m6thode du taux d'int6rdt effectif.
Cash and cash equivalents Tr6sorerie et 6quivalents de tr6sorerie
The Society's policy is to present cash and investments having a term of La politique de la Soci6t6 est de pr6senter encaisse et les placements
under one yearfrom the acquisition date with cash and cash equivalents. d'une dur6e de moins d'un an ir partir de la date d'acquisition avec sa
tr6sorerie et 6quivalents de tr6sorerie.
Estimates and assumptions Pr6visions et hypothdses
The preparation of financial statements requires management to make La pr6paration des 6tats financiers exige que la direction fasse des
estimates and assumptions that affect the reported amount of assets and prdvisions et des hypothdses qui affecteront le montant d6clar6 de I'actif
liabilities and disclosure of contingent assets and liabilities at the date of et du passif ainsi qu'une pr6sentation d'informations annexes sur l'actif et
the financial statements and the reported amounts of revenue and le passif 6ventuels et sur les montants ddclar6s des revenus et d6penses
expenses during the reporting period. Actual results may differfrom these au cours de la p6riode visde. Les r6sultats r6els pounaient Otre diff6rents
estimates. de ces estimalions.
Fund accounting Comptabilit6 parfonds
The Society follows the restricted fund method of accounting for La Soci6t6 applique la m6thode de la comptabilit6 parfonds affect6s pour
contributions. comptabiliser les apports.
Revenue and expenses related to Advancement, Learning, Discovery and Revenus et ddpenses reli6s d I'advancement, l'apprentissage, de
Application activities are reported in the Operations Fund. d6couverte et des activit6s d'application sont comptabilis6s dans le Fonds
d'administration.
Any amount in excess of $75,000 in the Operations Fund balance at the A la fin de I'exercice, tout montant exc6dant $75,000 dans le Fonds
end of the flnancial period is transferred to the Legacy Fund as a special d'administration est transf6r6 au Fonds de l'h6ritage d titre de contribution
contribution. ln extraordinary circumstances, and as approved by the spdciale. Dans des circonstances extraordinaires, et tel qu'approuv6 par
Board of Directors, an appeal may be made to the Legacy Fund for a le Conseil d'administration, un transfe( peut 6tre affect6 du Fonds de
contribution to alleviate a deficit in the Operations Fund balance. I'h6ritage afin d'all69er un d6ficit dans le Fonds d'administration.
8Canadian Mathematical Society Soci6t6 Math6matique du Canada
Notes to Financial Statements Notes compl6mentaires
December 31,20'19 au 31 d6cembre 2019
The Endowment Fund records bequests and other contributions. From Les legs et les dons affectds sont comptabilis6s dans le Fonds de
time to time, the Society's Board of Directors will approve projects to be dotation. De temps d autre, le Conseil d'administration de la Soci6t6
supported from income earned on investments. approuve des projets qui seront financ6s par les revenus gagn6s sur les
placements.
The Mathematical Olympiads Fund, established by means of a donation i
Le Fonds pour les Olympiades de math6matiques, cr66 partir d'un don
from the OIM '1995 lM0 Corporation, receives bequests and other de la soci6t6 OlM 1995 lMO, reqoit des legs et autres apports qui sont
contributions restricted for support of the Mathematical Olympiads affect6s au programme des Olympiades de math6matiques au Canada.
program in Canada. Each year, a portion ofthe income is used to support Chaque ann6e, une partie des revenus est affectde au linancement de
these activities. ces activit6s.
The Bonrein Distinguished Career Fund is the result of a pledge from the Le Fonds Boruvein de carridre distingu6e r6sulte d'un engagement
Borwein Family to create an endowment fund for a Distinguished Career provenant de la famille Borwein afin de cr6er un Fonds de dotation pour
Award, which recognizes exceptional, broad and continued contributions un prix de carridre distingude qui reconnait des contributions
to Canadian mathematics. exceplionnelles, vastes et continues pour les mathdmatiques
canadiennes.
The Spearman Fund is the result of a donation from the Spearman Family Le fonds Spearman est 6tabli d la suite d'un don de la famille Spearman
to create an endowment funds that will support the CMS Doctoral Prize. pour la crdation d'un fonds de dotation qui finance le Prix de doctorat de
ln consideration of this generous donation, the CMS is renaming it the la SMC. Afin de reconnaitre la g6n6rosit6 de la famille Spearman, la SMC
CMS Blair Spearman Doctoral Prize and increasing the monetary value of changera le nom de ce prix au Prix de doctorat Blair-Spearman de la
the prize. SMC tout en augmentant sa valeur mon6taire.
Revenue recognition Constatation des produits
Restricted contributions related to general operations are recognized as Les apports affect6s aux activit6s de fonctionnement sont constat6s d
revenue ofthe Operations Fund, in the year in which the related expenses titre de produits du Fonds d'administration dans I'exercice au cours
are incuned. All other restricted contributions are recognized as revenue duquel les charges connexes sont engag6es. Tous les autres apports
of the appropriate restricted funds, affect6s sont constat6s d titre de produits des fonds affect6s appropri6s.
Unrestricted contributions are recognized as revenue of the Operations Les apports non affect6s sont constat6s d titre de produits du Fonds
Fund in the year received or receivable, if the amount to be received can d'administration au cours de I'exercice otr ils sont regus ou d recevoir si le
be reasonably estimated and collection is reasonably assured. montant d recevoir peut faire I'objet d'une estimation raisonnable et que
sa perception est raisonnablement assur6e.
lnvestment transactions are recorded on the transaction date and Les op6rations de placements sont comptabilis6es d la date de l'op6ration
resulting revenues are recognized using the accrual basis. Dividends are et les revenus qui en ddcoulent sont constat6s selon la m6thode de la
recognized as of the ex-dividend date. Transaction costs related to the comptabilit6 d'exercice. Les dividendes sont constatds d compter de la
acquisitions and disposals of investments are included in the cost of the date ex-dividende. Les frais de transaction associ6s d I'acquisition ou d la
investments acquired or treated as a reduction of the proceeds on the cession de placements sont compris dans le co0t des placements acquis
disposal of investments, ou sont trait6s comme r6duction du produit de la cession de placements.
Contributed supplies and seryices Apport de fournitures et services
The Society recognizes contributed supplies and services when the fair La Soci6t6 reconnait les apports de fournitures et services lorsque la
value of these contributions can be reasonably estimated and if it would juste valeur de ces apports peut faire l'objet d'une estimation raisonnable
have had to othbnivise acquire these supplies and services for its normal et qu'elle aurait d0 acqu6rir ces fournitures et services dans le cadre ses
operations. activitds courantes.
Membership, subscription and registration fees Revenus de cotisations, d'abonnements at inscriptions
Membership and subscription fees are calendar-year based. They are Les revenus de cotisations et d'abonnements sont 6tablis sur la base de
recognized when received or receivable if the amount to be received can I'ann6e civile. lls sont enregistr6s lorsqu'ils sont regus ou d recevoir, si le
be reasonably estimated and collection reasonably assured. Registration montant peut faire I'objet d'une estimation raisonnable et que sa
fees are recorded in the periods in which the events take place. perception est raisonnablement assur6e. Les frais d'inscdptions sont
enregistr6s dans l'exercice au cours duquel l'6v6nement a eu lieu.
Life membership fees are recorded as defened revenues in the year that Les frais d'abonnements A vie sont comptabilis6s comme revenus durant
they are received or receivable, if the amounts to be received can be l'ann6e qu'ils sont regus ou d recevoir, si le montant peut faire l'objet
reasonably estimated and collection is reasonably assured. d'une estimation raisonnable et que sa perception est raisonnablement
assu16e.
oCanadian Mathematical Society Soci6t6 Math6matique du Canada
Notes to Financial Statements Notes compl6mentaires
December 31,2019 au 31 d6cembre 2019
Publications Publications
The Society publishes journals, bulletins and other works. As their La Soci6td publie des journaux, bulletins et autre documents. Aucune
eventual sale is unpredictable, no year-end valuation is made in valeur n'a 6t6 attribu6e au stock de publications invendues la fin de i
recognition of any unsold stocks. l'exercice puisque la vente de ces publications est incertaine.
Capital assets lmmobilisations
Capital assets are recorded at cost. Amortization is provided on a straight Les immobilisations sont comptabilisdes au co0t. La m6thode
line basis over the estimated useful life of the asset ranging from 48 to 60 d'amortissement lin6aire est utilis6e sur la dur6e de vie utile de
months. I'immobilisation variant de 48 i 60 mois.
Forei gn currency translation Conversion des devises 6trangdres
Transactions denominated in foreign currencies are translated into Les transactions libell6es en devises 6trangdres sont converties en
Canadian dollars at the rates of exchange prevailing at the dates of the dollars canadiens au taux de change en vigueur i la date de la
transactions. Account balances denominated in foreign currencies are transaction. Les soldes de comptes libell6s en devises 6trangdres sont
translated at the rates in effect at year-end. convertis en dollars canadiens au taux de change en cours d la fin de
l'exercice.
3. INVESTMENTS 3. PLACEMENTS
2019 2018
MarketValue Cost Valeur March6 Cout
Unrestricted Funds Fonds non-affect6s
0perations Fund Fonds d'adminstration
Bonds $ 51,728 $ 47,152 $ 47,294 $ 47,692 Obligations
Canadian Equities 14,2',19 12,961 9,774 9,452 Actions canadiennes
Global Equities 4,803 4,378 2,562 2,456 Actions globales
Short Term 31,558 28,766 18,637 1 8,687 Court terme
Equities 2,370 1,654 3.414 1,654 Actions
104,678 94,911 81,681 79,941
Legacy Funds Fonds de l'h6ritage
Bonds $ 337,095 $ 307,273 $ 329,741 $ 332,516 Obligations
Canadian Equities 182,958 166,772 151,260 146,279 Actions canadiennes
Global Equities 391,019 356,426 419,543 402,076 Actions globales
Short Term 291329 265,556 1 65.264 1 65.707 Court terme
1.202.401 1.096,027 I 065.808 '1.046.578
Total Unrestricted Funds 1.307.079 1.190.938 147 489 1 .126.5'19 Totalfondsnon-affect6s
Restricted Funds Fonds affect6s
Endowment Fund Fonds de dotation
Bonds 203,218 1 85,240 203,1 88 204,897 Obligations
Canadian Equities 108,665 99,052 91,644 88,626 Actions canadiennes
Global Equities 233,633 2',12,964 256,251 245,584 Actions globales
Sho( Term 175,201 159,701 101 ,836 1 02,1 09 Coud terme
720,717 656,957 652,919 641,216
Fonds pour Olympiades de
Mathematical Olympiads Fund math6matiques
Bonds 79,093 72,096 77,377 78,028 0bligations
Canadian Equities 42,45',1 38,695 35,066 33,911 Actions canadiennes
Global Equities
gl,176 83,1 10 97,824 93,750 Actions globales
Short Term 68,157 62,',|27 38,778 38,882 Court terme
280,877 256,028 249,045 244,571
10Canadian Mathematical Society Soci6t6 Math6matique du Canada
Notes to Financial Statements Notes compl6mentaires
December 31, 2019 au 31 d6cembre 2019
Borurein Distinguished Career Fund Fonds Borwein de carridre distingu6e
Bonds 29,883 27,239 25,234 29,480 0bligations
Canadian Equities 15,991 14,576 I 3,1 91 12,757 Actions canadiennes
Global Equities 34,357 31,317 36,879 35,344 Actions globales
Short Term 25.794 23.512 14,653 14,693 Court terme
106,025 96,6,14 93,957 92,274
Spearman Fund Fonds Spearman
Bonds 29,098 2g,0gg Obligations
Canadian Equities 15,055 15,055 Actions canadiennes
Global Equities 31,375 31,375 Actions globales
Short Term 24.472 24.472 _ _- Court terme
100.000
Total Restricted Funds $ 1,207,619 $ 1,109,629 $ 995,921 $ 978,061 Total fonds affect6s
TOTAL INVESTMENTS $ 2.514.698 $ 2_300.s67 $
-- 2.143.410 $ 2.104.580 TOTAL DES PLACEMENTS
4. SEGREGATED FUNDS 4. FONDS DISTINCTS
The Society administers and segregates funds on behalf of other La Soci6t6 administre les fonds et isole au nom d'autres organisations
organizations to assist their related activities in the field of mathematics. pour aider leurs activit6s connexes dans le domaine des math6matiques.
At December 31,2019, the fund balances includes cash of $0 (2018 - Au 31 d6cembre 20'19, les soldes des fonds en espdces de $0 (2018 -
$6,804) and $140,402 (2018 - $62,012) in shortlerm investments. $6,804) et $140,402 (2018 - $62,012) en placements d court terme.
To offset these amounts, there is a conesponding balance of $'139,453 Pour compenser ces montants un solde correspondant de $'13g,453
(2018 - $68,778) in accounts payable and accrued liabilities. (201 I - $68,778) est inclus avec les crdditeurs et frais courus.
5, SHORT.TERM INVESTMENTS 5. PLACEMENTS A COURT TERME
Short{erm investments consist of guaranteed investment certificates. The Les placements tr court terme sont constituds des certificats de
fair value of the investments at December 31, 20'19 is $732,441 (2018 - placement garanti. La juste valeur de ces placements au 31 d6cembre
$401,1 8o), 201 9 est de $732,441 (201 8 - $401 ,1 80).
6. FAIR VALUE OF FINANCIAL INSTRUMENTS 6. JUSTE VALEUR DES INSTRUMENTS FINANCIERS
The carrying value of cash and equivalents, short{erm investments, La valeur comptable d'encaisse et 6quivalents, placements d courte
accounts receivable, accounts payable and accrued liabilities terme, d6biteurs, crdditeurs et frais courus se rapproche de leur juste
approximate their fair value because of the relatively short period to valeur 6tant donn6 la p6riode relativement courte jusqu'A 6ch6ance des
maturity of the instruments. lnvestments are canied at fair value. lt is instruments. Les placements sont 6valu6s d la juste valeur. La direction
management's opinion that the Society is not exposed to significant estime que la Soci6t6 ne s'expose pas d des risques importants d'int6r6t,
interest, currency or credit risks arising from these financial instruments de devise ou de crddit d6coulant de ces instruments financiers autres que
otherthan as noted. ceux not6s.
7. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES, 7. OBJECTIFS ET POLITIQUES EN MAflERE DE GESTION DES
AND FINANCIAL RISKS RISQUES FINANCIERS, ET RISQUES FINANCIERS
Financial risk management objectives and policies Objectifs et politiques en matidre de gestion des
The Society is exposed to various financial risks resulting from both its La Soci6t6 est exposde d divers risques financiers qui r6sultent d la fois
operations and its investment activities. The Society's management de ses op6rations et de ses activitds d'investissement. La gestion des
manages financial risks. The Society does not enter into financial risques financiers est affectu6e par la direction de la Soci6t6. La Soci6t6
instrument agreements including derivative financial inshuments for ne conclut pas de contrats visant des instruments financiers, incluant des
speculative purposes. d6riv6s financiers, d des fins sp6culatives.
Financial risks Risques financiers
The Society's main financial risk exposure and its financial risk Les principaux risques financiers auxquels la Soci6t6 est expos6e ainsi
management policies are as follows: que les politiques en matidre de gestion des risques financiers sonl
detaill6s ci-aprds:
11Canadian Mathematical SocietY Soci6t6 Math6matique du Canada
Notes to Financial Statements Ngtes compl6mentaires
December 31, 2019 au 31 d6cembre 2019
Credit risk Risque de cr6dit
The financial inslruments that potentially expose the Sociely to credit risk Les instruments financiers qui exposent potentiellement la Soci6t6 un i
are primarily accounts receivable. Credit risk relating to accounts risque de crddit repr6sentent principalement les d6biteurs. Le risque de
receivable is generally diversified since the Society negotiates with a credit lie aux d6biteurs est g6n6ralement diversifi6, puisque la Soci6t6
large number of members. n6gocie avec un grand nombre de membres.
Foreign exchange risk Risque de change
The Society is exposed to foreign exchange risk due to cash, accounts La Soci6t6 est expos6e au risque de change en raison de l'encaisse, des
receivable, short and long-term investments, and accounts payable and d6biteurs, des placements A court et A long terme et des cr6diteurs et
accrued liabilities denominated in U.S. dollars. As at December 31, 2019' frais courus libell6s en dollars am6ricains. Au 31 ddcembre 2019, les
assets totaled US $279,791 (2018 - US $68,054) and liabilities totaled actifs totalisant US $279,971 (2018 - US $68,054) et les passifs totalisent
US $1,627 (2018 - US $2,433). The Society introduced a price structure US $'l ,627 (2018 - US $2,433). La Soci6t6 a introduit une structure de prix
for U.S dollar subscriptions, membership and registrations to offset pour les abonnements, adh6sion et inscriptions libell6s en dollars
foreign exchange losses. The Society does not enter into anangements to am6ricains pour compenser les pertes de change. La Soci6t6 ne conclut
hedge its foreign exchange risk. pas de contrats visant d couvrir le risque de change auquel elle est
expos6e.
Concentration of risk Concentration du risque
Concentration of risk exists when a significant portion of the portfolio is Une concentration du risque a lieu lorsqu'une portion consid6rable est
invested in securities with similar characteristics or subject to similar investie dans des valeurs avec des caract6ristiques similaires ou suiette d
economic, political and other conditions. To minimize exposure to risk, the des conditions similaires d'6conomie, politique et autres. Afin de r6duire
Society maintains a balanced portfolio consisting of bonds, Canadian le risque, la Soci6t6 maintient un portefeuille equilibre constitu6
common and preferred shares, and "blue chip" foreign securities. d'obligations, d'actions pr6f6rentielles, et de valeurs 6trangdres "blue
chip".
Market risk Risque de march6
The Society has adopted an investment policy to control the amount of La Soci6t6 a adopt6 une politique de placement en vue de contrdler le
risk to which it is exposed. lnvestment practices are designed to avoid degr6 de risque auquel elle est expos6e. Les pratiques en matidre de
undue risk of loss or impairment of assets and to provide, given the nature placement sont conQues de fagon d 6viter les risques indus li6s i la perte
of the investments, a reasonable expectation of fair return. Maximum ou d la baisse de valeur des actifs et d fournir, 6tant donn6 la nature des
investment risk is represented by the market value of investments. Fair placements, un rendement pr6vu raisonnablement 6quitable. Le risque de
value approximates the value at which these instruments could be placement maximal est li6 a la valeur marchande des placements. La
exchanged in a transaction between knowledgeable and willing parties. Valeur marchande 6quivaut d peu prds d la valeur d laquelle les titres
lnformation supplied by the Society's custodian of securities is used to pourraient 6tre 6chang6s dans le cadre d'une transaction entre deux
estimate fair value, which may differ from that which could eventually be parties consentantes. Les donn6es fournies par le d6positaire des titres
realized. de la Soci6t6 sont utilis6es pour estimer la valeur marchande, qui peut
diff6rer de celle qui pourrait 6tre 6ventuellement 16alis6e.
8. CAPITAL ASSETS 8. IMMOBILISATIONS
2019 201 8
Accumulated
Cost Amortization Net Book Value Net Book Value
Amortissement
Co0t cumul6 Valeur Nette Valeur Nette
Computer equipment $ 302,143 $ 227,088 $ 75,055 $ 86,757 Equipement informatique
Furniture and fixtures 56.671 52,423 4.248 5.733 Mobilier et agencements
$ 358,814 $ 279.511 $ 79,303 $ s2.490
9. DEFERRED REVENUE 9. REVENUS REPORTES
Operations Fund 2019 2018 Fonds d'administration
Deferred membership fees Cotisations des membres report6es
Balance, beginning of year $ 90,381 $ 86,742 Solde au d6but
Recognized as revenue (88,345) (75,426) Montant constat6 d titre de revenu
Received relating to the following year 1 06,560 79,065 Montant encaiss6 pour le prochain exercice
Balance, end ofyear 1 08,596 90,381 Solde d la fin
12Canadian Mathematical Society Soci6t6 Math6matique du Canada
Notes to Financial Statements Notes compl6mentaires
December 31,2019 au 31 d6cembre 2019
Deferred subscriptions and publications Cotisations et publications report6es
Balance, beginning of year 985 360,088 Solde au d6but
Recognized as revenue (e5e) (35e,629) Montant constat6 A titre de revenu
Received relating to the following year 330,411 526 Montant encaiss6 pour le prochain exercice
Balance, end ofyear 330,437 98s Solde d la fin
Deferred meetings R6unions diff6r6es
Balance, beginning of year 6,395 Solde au d6but
Recognized as revenue (6,3e5) Montant constat6 d titre de revenu
Received relating to the following year Montant encaiss6 pour le prochain exercice
Balance, end of year Solde i la fin
Deferred miscellaneous revenues Recettes diverses diff6r6es
Balance, beginning of year 128,81 0 Solde au d6but
Recognized as revenue (128,810) Montant constat6 d tike de revenu
Received relating to the following year 1 28,810 Montant encaiss6 pour le prochain exercice
Balance, end of year 128,810 Solde d la fin
Deferred contributions Contributions diff616es
Balance, beginning of year Solde au d6but
Recognized as revenue Montant constat6 d titre de revenu
Received relating to the following year Montant encaiss6 pour le prochain exercice
Balance, end of year 3,500 Solde d la fin
Deferred grants Subventions diff6r6es
Balance, beginning of year 58,583 78,786 Solde au d6but
Recognized as revenue (58,583) (78,786) Montant constat6 A titre de revenu
Received relating to the following year 103,583 58,583 Montant encaiss6 pour le prochain exercice
Balance, end of year 103,583 58,583 Solde i la fin
$ 546,116 $ 278,759
Restricted Funds Fonds affect6s
Deferred lifetime membership fees Cotisations des membres a vie report6es
Balance, beginning of year $ 205,711 $ 195,490 Solde au d6but
Recognized as revenue (1 1,203) (13,289) Montant constat6 A titre de revenu
Received relating to the following year 4.000 23,510 Montant encaiss6 pour le prochain exercice
Balance, end ofyear 1 98.508 205,711 Solde d la fin
TOTAL DEFERRED REVENUE $ 744,624 $ 484,470 TOTAL DES REVENUS REPORTES
'13Canadian Mathematical SocietY Soci6t,6 Math6matique du Ganada
Notes to Financial Statements Notes compl6mentaires
December 31, 2019 au 31 d6cembre 2019
10. LEASE COMMITMENT 10. ENGAGEMENT EN VERTU DE BAUX
The Society has leased premises and office equipment with commitments La Soci6t6 a lou6 des locaux et l'6quipement de bureau avec des
for gross rents approximately as follows: engagements pour des loyers bruts approximativement ci-aprds:
$ 39,158 2020
3,838 2021
3,838 2022
1,843 2023
1,843 2024
$_!!Eq
11. RESTRICTED FUNDS 11. FONDS AFFECTES
Restricted Funds are medium to long-term invested funds set aside to i i
Les fonds affect6s sont des fonds investis moyen ou long terme qui
support specific purposes such as grants and awards; the CMS Board of sont mis de c6te A des flns sp6cifiques, comme les subventions, les
Directors may, at its discretion, reallocate any of these funds for other bourses et les prix. Le Conseil d'administration de la SMC peut, A sa
purp0ses. discr6tion, r6affecter ces fonds d d'autres fins.
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