FEI Canada2014 annual REpoRtlEadERshIp bEyond FInanCE

FEI Canada 2013 annual REpoRtFEI Canada 2013 annual REpoRtFEI Canada 2014 annual REpoRt

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tablE oF ContEnts

tablE oF ContEntsMessage from the CEO & the Chair of the Board of Directors

Leaders

Events

Awards

Insights

Policy Forum

Research

Financial performance review

Summary of financial statements

National Strategic Partners

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MEssagE FRoM thE CEo and thE ChaIR oF thE boaRd oF dIRECtoRs

FEI Canada is the leading organization to foster the career development of finance executives.

A major research study we conducted this year, entitled Branding the CFO, confirmed what may not surprise you – that financial executives are accountable for much more than number-crunching. As strategic thinkers who are trusted sources of insightful information and advice for their colleagues and board members, finance executives must act strategically and communicate persuasively in order to support the goals of the business.

As a result of this research, which was conducted by our research arm, The Canadian Financial Executives Research Foundation (CFERF), we launched a new program that further facilitates the career development of senior financial executives. You may have heard by now that we have initiated, in collaboration with Queen’s School of Business, a unique executive education program that combines best-in-class curriculum with the real life experiences of seasoned CFOs. You can learn more about the program by reading our CFO Leadership Beyond Finance brochure, which is widely referenced on our website.

Feedback from members is invaluable in planning new programs and events. In the past, you have told us:

• Membersliketonetwork:FEI Canada networking is more than a mere exchange of business cards. While there is always the possibility of making a connection with someone at a company you’d like to do business with in the future, it is also about exchanging ideas and even making friends.

• Membersliketolearn:Whether it’s a breakfast seminar, a chapter dinner, a career services event or a workshop at our annual conference, members love to soak up new knowledge which they can use right away. Through CFERF, we also develop practical, relevant and timely research reports to help members better serve their employers and advance their careers.

• Membersliketohelpeachother:Some members told us about the other benefits networking can bring, such as learning from other members who may be either more experienced or more knowledgeable in certain areas.

• Membersliketohaveinfluence:Certain members not only love learning, they enjoy having a say in public policy. When government bodies or standards setters call for public comment on issues such as fiscal policy, pension administration or a proposed new accounting standard, some of our members are itching to get on the next conference call to get their two cents in.

• Membersgetoutofitwhattheyputin:We would like to take this opportunity to thank FEI Canada’s volunteer leadership, the more than 200 members who contribute to our committees and chapter boards. They dedicate hours of time to helping their fellow members have a great experience with our association, and we can’t thank them enough. A special thank you goes out to our retiring directors: Lisa Dorian, Bob Rollwagen, Danley Yip, Dan Clarke, David Anderson and Bertrand Lauzon. We encourage all FEI Canada members to remain involved in the organization and foster the development of the next generation of financial leaders through membership.

In the upcoming year, we will continue to grow the value proposition offered to members and ensure that FEI Canada maintains its leadership in the community.

If you’re attending our annual conference in Winnipeg this year, please find us and say hello!

FEI Canada 2014 annual REpoRt

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MEssagE FRoM thE CEo and thE ChaIR oF thE boaRd oF dIRECtoRs

Michael Conway, FCPA, FCA, ICD.D President and Chief Executive Officer

Bill Ross, CPA, CAChair, 2013-2014 Board of Directors

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FEI Canada 2013 annual REpoRtFEI Canada 2013 annual REpoRtFEI Canada 2014 annual REpoRt

Chair: Bill Ross, Edmonton (G) Vice Chair: Tim Zahavich, SGH (G) (A)Immediate past Chair: Lisa Dorian, Calgary (G) Chair, Chapter leadership Council: Debbie Stein, CalgaryChair, audit & Finance Committee: Beverly Davies, Winnipeg (A)Chair, CFERF: Vic Wells, Southern Golden HorseshoeChair, Committee on Corporate Reporting: Gordon Heard, SGHChair, policy Forum: Peter Effer, TorontoChair, 2014 Conference Committee: Bob Rollwagen, SGH (A)Chair, Membership Committee: Danley Yip, VancouverChair, sponsorship Committee: Brian McAskill, Toronto Chair, programming: Dan Clarke, Atlantic Provinces

director: David Anderson, Quebec director: Brad Bardua, Vancouverdirector: Susan Deakin, SWOdirector: Carolyn Graham, Edmontondirector: Bertrand Lauzon, Quebecdirector: Derek Petridis, Torontodirector: Steve Rosen, Torontodirector: Mark Walsh, Toronto (A)director: Cheryl Yaremko, Vancouver (A)president and CEo: Michael Conway, Toronto (G)secretary & CFo: Line Trudeau, SGH (G)

president & Chief Executive officer: Michael ConwayChief Financial officer: Line TrudeauVp Research: Laura PachecoResearch & Communications Manager: Laura BobakMembership Manager: Sharon Bradshaw

Membership Coordinator: Liz Bowell director of Events: Rita PlaskettEvents Manager: Andrea Cooneydirector of sponsorship: Don Comishoffice Manager: Pat Todd

FEI Canada lEadERsleadership beyond financeFEI Canada’s leadership is the driving force of the organization. Our Board of Directors is made up of dedicated volunteers from across Canada. Our Chapter Leadership Council and Membership Committee are made up of volunteers from FEI Canada’s 11 chapters.

FEI Canada’s 11 chapters each have a set of amazing volunteers that provide our members with local support, professional development and thought leadership. Thank you to all of our volunteers!

A = Audit and Finance Committee, G = Governance Committee

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lEadERs

director: David Anderson, Quebec director: Brad Bardua, Vancouverdirector: Susan Deakin, SWOdirector: Carolyn Graham, Edmontondirector: Bertrand Lauzon, Quebecdirector: Derek Petridis, Torontodirector: Steve Rosen, Torontodirector: Mark Walsh, Toronto (A)director: Cheryl Yaremko, Vancouver (A)president and CEo: Michael Conway, Toronto (G)secretary & CFo: Line Trudeau, SGH (G)

Chair: Debbie Stein, CalgaryChapter representatives: Nicole Archibald, SWOErnie Briard, NCRDarren Buma, EdmontonJohn Cole, WinnipegDean Cosman, NCRTyrone Cotie, Atlantic ProvincesElysia Estee, SGHAnne-Marie Gammon, Atlantic ProvincesNola Heale, CalgaryAnanth Koovappady, SGHGail Kruger, ReginaNancy Lala, TorontoDaniel Lefaivre, EdmontonLouis Marcotte, Quebec

Gary Maystruck, ReginaGrant McNeil, CalgaryDavid Minas, TorontoJeff Schickele, VancouverBeverly Szaura, WinnipegBeverly Ward, SWORussell Wong, Torontonational:Dan Clarke, Atlantic ProvincesMichael Conway, TorontoBrian McAskill, TorontoBill Ross, EdmontonLine Trudeau, SGHDanley Yip, VancouverTim Zahavich, SGH

Chair: Danley Yip, VancouverChapter representatives: Geoffrey Baldwin, Atlantic ProvincesJean Paul Beaulieu, QuebecSusan Berggren, Edmonton Keith Boyd, WinnipegJohn Cole, WinnipegDean Cosman, NCRAngela Dexter, Atlantic ProvincesJames Fergusson, CalgaryRon Helmhold, EdmontonElizabeth Hoffart, ReginaHubert Huang, TorontoJad Jebara, Vancouver

Allan Johnson, CalgaryBertrand Lauzon, QuebecMarie- Josée Marsan, QuebecMonica Rocheleau, QuebecRon Stoesz, WinnipegBeverly Ward, SWOnational:Liz BowellSharon BradshawMichael Conway, TorontoPat ToddLine Trudeau, SGH

FEI Canada 2013-2014 leadership meeting, niagara Falls

FEI Canada 2012 annual REpoRt

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FEI Canada 2014 annual REpoRt

2013-2014 ChaptER boaRds

president: Tyrone CotieGeoffrey BaldwinAngela DexterAnne-Marie GammonRaymond McCormickDavid PangmanMaureen SullivanCarl Vincent

president: Louis MarcotteCatherine AllardDavid AndersonDenis AsselinJean Paul BeaulieuRoss CorcoranCarl GauvreauMarc GodinBertrand LauzonAlix MandronMarie-Josée MarsanDenis PellerinPierre RichardClaude SamsonPaul StinisVicky TumiottoPierre Richard

president: Russell WongJordan BeallorJonathan BrindleySusan BriouxAlysia CarterGeorge ChiarucciLeah HalpennyRon HoskingHubert HuangNancy LalaSharlene LockeBrian McAskillJune McAlareyDavid MinasSteve RosenCliff Truax

president: Betty HoffartBrian FergussonElizabeth HoffartRick HoffmanGary MaystruckMarty MelocheEd MeredithKent PaulChristine ShortJeff Stepan

president: Elysia Estee Dan BowesKriss BushNorman ColMonique DelormeTom EvansPeter GimonAnanth KoovappadyFlorian MeyerMary ParkesBob RollwagenLine Trudeau

president: Nicole ArchibaldDawn ButlerDavid CornerSusan DeakinGitta KulczyckiLynn LoganLloyd MonteithMaryann MoonsFrank SyndersBeverly Ward

president: Grant McNeilWayne BraunBrian CallaganJames FergussonVic FitchNola HealeAllan JohnsonEvelyn LawlessKevin McBethTerene TharaganWalter Wakula

Click on the chapter name to learn more

president: Darren BumaSusan BerggrenCynthia HansenRon HelmholdBryn JonesDaniel LefaivreHans LungDoug WoloshynTracey Martin Woywitka

president: Jeff SchickeleDavid AndruA. Thomas AssimesPeter BallacheySuzanne BedfordRoger BissoondattFabriana ChubbsDavid CrawfordEduard EpshteinJad JebaraDoug KingHugh LindsayIssa NakhlehAlan WongDanley Yip

president: Beverly Szaura Lynne BlackKeith BoydJohn ColeBeverly DaviesDwayne HenleyLarry NentwigRon StoeszDana Thiessen

president: Dean CosmanErnie BriardKen KemberSylvie LafontainePer MokkelbostGrant SmithJohn WeerdenburgRudy Wytenburg

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EVEnts

EVEntsOur members continually tell us that the networking opportunities provided by our FEI Canada events are invaluable. With the help of our 11 chapters across Canada, FEI Canada put on many events in the 2013-2014 year.

Our webinar program had continued success, delivering knowledge directly to our member’s desks. Some topics presented through our National Breakfast Seminar series, and our webinar series were:

natIonal bREakFast sEMInaR and wEbInaR VIdEos

pushing the frontier

branding the CFo: leadership beyond finance

how to measure hR

the latest on the financing of innovation in Canada

FEI Canada annual natIonal ConFEREnCE

FEI Canada 2014 annual REpoRt

Chairs: Bob Rollwagen, SGH Steve Rosen, TorontoChapter representatives:Thomas AssimesBev DaviesElysia Estee Tom EvansJim FergussonKent JamesHoward JohnsonAnanth KoovapaddyFlorian MeyerJudy MunroDerek PetridisTerene TharaganCliff TruaxVic WellsRuss Wong

national:Sharon BradshawDon ComishMichael ConwayAndrea CooneyRita PlaskettPat ToddLine Trudeau

FEI Canada’s Annual National Conference, the grand finale to our calendar of events, was held this year in Niagara Falls. The Conference committee, chaired by Bob Rollwagen of the Southern Golden Horseshoe chapter and Steve Rosen of the Toronto chapter, presented a very successful annual conference – both financially and according to the satisfaction ratings assessed by our 350 attendees. Next year, the conference will be held in beautiful Winnipeg on June 10-12, 2015, and will feature our gala at the new Canadian Museum for Human Rights.

EVEnts

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board Expectations of a CFoMaureen sabia, O.C., J.D, Chairman of Canadian Tire

Funding our retirementJim leech, former President & CEO, Ontario Teachers’ Pension Planbill Morneau, Executive Chairman, Morneau Shepell

diversity – when talent rises to the top, everyone winsMary lou Maher, Chief Diversity Partner, KPMGMaureen Jensen, Executive Director and CAO, OSC alex Johnston, Executive Director, Catalyst CanadaEileen Mercier, Chair, Ontario Teachers’ Pension PlanCarolyn lawrence, President & CEO, Women of Influence Inc.

Innovationtim Zahavich,Vice Chair, FEI Canadadan Fortin, President, IBM Canadaglenn kerrick, President & CEO, Alma CGMichel levasseur, VP Finance & Administration, Vortex Aquatic Structures International

branding the CFobrian lawson, CFO Brookfield Asset Management Jp lacroix, President, Shikatani Lacroix

the leadership ContractVince Molinaro, Global Managing Director – Leadership Practice, Knightsbridge Human Capital Solutions

ConFEREnCE kEynotE spEakER VIdEos – JunE 4-6, 2014

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Janice Fukakusa, 2014 Canada’s CFO of the YearTM Award winner

tM

FEI Canada 2014 annual REpoRt

Annually, FEI Canada recognizes great financial leaders with our Canada’s CFO of the YearTM Award. Each year, the nominating committee gets together and discusses at length the group of potential winners, and it is no easy decision.

The award, presented by FEI Canada with PwC and Robert Half, is given annually to an individual who has made an outstanding contribution to business in Canada through vision and leadership, corporate reporting and performance, social responsibility, innovation, and business complexity.

The 2014 gala, which was held for the first time in Calgary, celebrated the achievements of Janice Fukakusa, Chief Administrative Officer and CFO of RBC.

This year’s Canada’s CFO of the Year™ award gala on May 8th,was a wonderful evening at the Hyatt Regency where more than 350 guests gathered to honour our winner. A video with interviews from colleagues and family allowed the winner to bask in the glow of approval from her entourage, and the highlight of the evening was the white-hat ceremony during which the guest of honour was officially welcomed to Alberta. On this special evening, we were also blessed to have five recipients of Canada’s CFO of the Year™ Award together to join in the festivities.

Bruce Waterman – CFOY 2008 and Chair of this year’s CFOY Selection Committee, Marvin Romanow – CFOY 2007, Gord Maron – CFOY 2010 and Brian Lawson – CFOY 2013 congratulate this year’s recipient, Janice Fukakusa

awaRds

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Karyn Brooks, 2014 Capon Award winner.

FEI Canada was very pleased to present this year’s Frank S. Capon Award for distinguishedvolunteer service to Karyn Brooks of the Quebec chapter at our National Conference in Niagara Falls. This award honours Mr. Frank Capon, who was an outstanding FEI Canada member for 57 years, and is credited with bringing FEI to Canada in 1948.

We also recognized the significant contributions made by past presidents, Al Jameson, Bob Waugh and Doug Simpson.

William Hewitt, Al Jameson and Michael Conway

Karyn Brooks and Michael Conway

past pREsIdEnt sERVICE awaRd

FRank s. Capon awaRd FoR dIstInguIshEd sERVICE

Bob Waugh and Doug Simpson

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polICy FoRuMFEI Canada’s seven thought leadership committees develop public positions, provide guidance and expert opinion on emerging issues relevant to our members, and act as advisors on issues of current importance to industry groups, government, associations, and other constituents who will benefit from the impartial council of the Committee.

The committees include members from across Canada, and from a variety of industry groups. Recommendations from the committees often guide FEI Canada’s research.

Chairs: Wayne Braun, Calgary & Beverly Davies, WinnipegWarren Cabral, EdmontonMarc Diamant, TorontoJohn Glicksman, TorontoRick Hoffman, ReginaHubert Huang, TorontoVic Wells, SGH

Chair: Tyrone Cotie, Atlantic ProvincesVice Chair: Paul Stinis, Quebec

Thomas Assimes, VancouverMark Donaghy, TorontoJohn Forester, TorontoJohn Hanbury, VancouverAngela Lekatsas, CalgaryJacques Roy, Quebec

Chair: Peter Effer, Toronto

Rod Butcher, RyanTom Evans, SGHJim Fergusson, CalgaryTim McGillicuddy, EdmontonKen Parker, CalgaryGrant Smith, NCRTim Zahavich, SGH

Chair: Norm Ferguson, Edmonton

Nigel Byars, TorontoPeter Donovan, TorontoWilliam Hewitt, TorontoTony Hooper, TorontoKevin Sorhaitz, TorontoGerry Wahl, Vancouver

Chair: Timothy Spielman, Calgary

Anne Burpee, TorontoChris Evans, Atlantic ProvincesJim Fergusson, CalgaryKen Kember, National Capital RegionNaresh Khosla, TorontoLouis Marcotte, QuebecBill Ross, EdmontonDebbie Stein, CalgaryJudith Purves, TorontoLisa Zingaro, Toronto

FEI Canada 2014 annual REpoRt

Chair: David Balmer, Toronto

Bruce Bailey, TorontoAnne Burpee, TorontoJohn Forester, TorontoSonjia Johansen, ReginaKurt Kroesen, TorontoFlorian Meyer, SGHRohit Milhoutra, TorontoSunil Mistry, KPMGAjay Rao, TorontoGregory Scott, Toronto Dana Thiessen, WinnipegMarc Malouin, Quebec

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Chair: Gordon Heard, SGHVice Chair: Neil Robertson, CalgaryJoanne Boyes, ReginaKaryn Brooks, QuebecSurendra Bungaroo, TorontoAngela Butler, CalgaryAnne Burpee, TorontoScott Calver, CalgarySusan Campbell, TorontoJeff Curran, CalgaryMarc-Antoine Daoust, QuebecLine Dostaler, Quebec

Robert Eisner, TorontoBrian Fiedler, TorontoMurray Harris, CalgaryMonica Hubley, Atlantic ProvincesSujeet Kini, TorontoNancy Lala, TorontoMelanie Litoski, CalgaryCarol Lyons, TorontoGlenn Menuz, CalgaryNathan Reeve, CalgaryRinna Sak, Grant ThorntonJason Schultz, Calgary

Tim Smart, TorontoMark Swalwell, TorontoWinson Tang, CalgaryMark Walsh, TorontoJohn Weerdenburg, NCRMarkus Weiss, QuebecVictor Wells, SGHCheryl Yaremko, Vancouvernational representatives:Michael Conway, Toronto

Peter Martin, outgoing Director of Accounting Standards at the Accounting Standards Board, is presented with an honourary membership in FEI Canada by Gordon Heard, left, Chair of the Committee on Corporate Reporting, and Michael Conway, President and CEO of FEI Canada.

InsIghts – polICy FoRuM

FEI Canada 2014 annual REpoRt

Studying emerging financial management issues in Canada, with the aim of increasing competitive capabilities of Canadian financial leaders and their organizations.

2013-2014 CFERF REsEaRCh studIEs

the funding of innovation in Canada: Canadian companies can be reticent about seeking innovation funding in spite of the breadth of funding programs available. The reason for this might well be because companies believe success in procuring innovation funding can be time-consuming and onerous. A significant number of Canadian organizations believe that their commercial activity does not qualify them for such funding consideration or tax relief programs. Sponsored by ALMA cg.

Financial executives, cyber security & business continuity: Financial executives, most of whom are responsible directly or indirectly for information technology (IT), agree IT security and business continuity are important. Many have experienced disruption due to common threats such as human error, natural or manmade disasters, data loss, security breaches or system failures. Yet many organizations lack formal IT security and business continuity plans, or lack consistent application of these plans across the organization. Sponsored by IBM.

branding the CFo: For the Canadian senior financial executive community, CFO leadership means contributing more broadly to a company’s success by going beyond merely providing accurate financial information. This is the main conclusion of Branding the CFO. The study also highlights a road map for a chief financial officer to become a true strategic advisor to the CEO and board of directors. Sponsored by Shikatani Lacroix.

2013 goodwill Impairment: Canadian edition continues to examine general goodwill impairment and trends within different industries in Canada. A sizeable portion of survey respondents indicated that cash flow projections was ne of their most significant challenges. Two-thirds of the public companies surveyed that believed their shares were underpriced, also found developing pre-tax discount rates for value in use to be the top challenge when applying IFRS goodwill impairment guidance. Sponsored by Duff & Phelps.

CFERF REsEaRCh

Measuring hR: Canadian senior financial executives are becoming more involved in the oversight of HR functions, but despite their increasing sphere of responsibility, a large proportion of these executives rate their knowledge of HR functions as moderate or average. This admission suggests a widening skills gap among finance executives who are starting to oversee HR managers and payroll functions. Sponsored by Ceridian.

optimizing for growth: working capital and credit availability: More than one third of survey respondents were more optimistic about the current business environment, with 38% being more optimistic about the economy in their sector, while 11% reported that they were less optimistic. Half of respondents stated that business conditions are unchanged from a year ago. Of the financial executives surveyed, less than half (46%) reported that they were more optimistic and 16% were less optimistic. Sponsored by Ernst & Young

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InsIghts – CFERF REsEaRCh

Chair: Victor Wells, SGH (D)Vice Chair: Mark Walsh, Toronto (D)Vice Chair: Thomas Evans, SGH (D)David Anderson, Quebec (D)Robert Angel, Toronto Lynn Belo, Toronto Alister Cowan, Calgary Beverly Davies, Winnipeg Emerson Fiske, Atlantic Provinces William Hewitt, Toronto Richard Iwaniuk, Edmonton Thomas Scott, Toronto Timothy Spielman, Calgary Debbie Stein, Calgary

national representatives:Christian BellavanceMichael Conway, TorontoLine Trudeau, SGH

D = CFERF Board of Directors

GOLD ($10,000 +):Husky Energy Inc.

SILVER ($5,000-10,000):CGI Group Inc.Imperial Oil Ltd.

BRONZE ($1,000-5,000):Canadian Western Bank GroupIntact Financial Corporation

CoRpoRatE donoRs

ChaptER donoRsWe would like to thank all of FEI Canada’s 11 chapters for their generous donations to CFERF.

pERsonal donatIonsBenefactors ($500+):David Anderson Bill Hewitt

Brian LawsonDebbie Stein

Victor Wells Perry Wong

Patrons ($250-499):Michael Conway Tom Evans Christine Gerritse

Supporters ($100-249): Bryan Albo Normand Barabé Edward Brown Warren Chisling Jeffrey Cook Tyrone Cotie Jean-Philippe Durivage-Lachance Rob Elliott

Norm Ferguson Alon Hameiri Don IvisonJoseph McArthurDean McCann Andrew McMartin Shawn McMillan Sylvain Ouellette Keith Palmer

Ann Patterson Douglas Proll Greg Reiser Bob Rollwagen Peter Scott Andrian Thiel Gerry Wagner Mark Walsh Bruce Waterman

Donors (up to $100):Mir Rizwan Ali Gerhard Barnard Corey Bieber James Boyd Surendra Bungaroo George Bunze Anna Dawyd

Mark Elston Pierre Gauvreau Allan Johnson Jason Lang Michael Makinson Brian Mascarenhas Matt Matia

Pierre Matuszewski Glenn Menuz Massood OroomchiSylvain Perron Kasey Reese Jeff Schickele John Steen

thank you to ouR 2013-2014 CFERF donoRs

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RevenuesExpenses

Excess of revenues over expenses for year

Excess, excluding pension plan expense for past employees for year

MembersEvents: breasfast seminars, private events and webinarsResearch studies completed & in progress at year-endNational Strategic Partners at year-end

2014$

1,997,3421,932,981

64,361

19,649

1,61612

812

2013$

2,097,302 1,950,863

146,439

43,483

1,708101010

FInanCIal pERFoRManCE REVIEwThe financial results of Financial Executives International Canada (FEI Canada) include the accounts of FEI Canada and the Canadian Financial Executives Research Foundation (CFERF). FEI Canada’s activities are presented below in five categories: Membership, Events, National Strategic Partner program, CFERF, Investment Income and miscellaneous. Membership revenues include national dues and initiation fees received from our members, whereas Membership support costs are shown within various expenditure line items. The events category details results from FEI Canada’s national annual conference held last June in Niagara Falls, Ontario, our National

Breakfast Seminar series, our National Executive Development Webinar series and Canada’s CFO of the YearTM Award. The National Strategic Partner Program includes activities with our valued sponsors. CFERF encompasses research studies and donations from members, Chapters and corporations. Investment income represents income earned on our investment portfolio. The miscellaneous category represents mainly administration fees. All of these activities are supported by our team at National office and various committees including our volunteer-driven thought leadership technical committees.

kEy pERFoRManCE MEtRICs

FEI Canada 2014 annual REpoRt

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FInanCIal pERFoRManCE REVIEw

REsults oF opERatIonsFEI Canada reported an excess of revenues over expenses of $64,361 for the year ended June 30, 2014, compared to $146,438 a year ago. Excluding the impact of the expense of the closed Pension Plan for past employees, the excess of revenues over expenses would have been $19,649 compared to $43,483 last year. The effect on pension expense of changes in the value of plan assets and in the discount rate were $58,243 less favourable in 2014 compared to 2013.

REVEnuEsRevenues decreased by $100,000 or 5% from a year ago, from $2,097,000 to $1,997,000. CFERF revenues of $248,000 were $69,000 lower than the prior year, as 8 research studies were completed this year compared to 10 last year ($45,000) and donation revenues declined $24,000. Membership dues and fees, at $729,000, show a decline of $40,000, stemming from the loss of 92 members this year. Revenue from

Events reached $696,000, an improvement of $8,000 from last year, mainly due to higher revenue from our annual conference. Revenue from our National Strategic Partners program, at $297,000, shows a $5,000 increase year-over-year given the net addition of 2 sponsors for a total of 12 at year-end. Income on our investment portfolio, at $26,000, remained stable.

REVEnuEs

Membership dues and initiation fees

37%

35%

15%

12%

Events

National StrategicPartnerprogram

CFERF Researchstudies and donations

Investment Income1%

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FEI Canada 2014 annual REpoRt

EXpEnsEsExpenses, at $1,933,000, decreased $18,000 from $1,951,000 a year ago. Excluding the impact of the expense of the closed Pension Plan for past employees, controllable expenses declined $76,000 or 4% resulting from initiatives to adjust costs to the reduced membership revenue.

Compensation expenses, representing 57% of FEI Canada’s expenditures, decreased $78,000 (or 7%) compared to last year. Administration, occupancy and other costs decreased $29,000 or 8% overall. Event costs were higher by $28,000, mostly due to additional costs associated with our increased number of webinars (up $10,000), the travel costs for attending Canada’s CFO of the YearTM Award

event in Calgary ($6,000) and a lower profit on this event this year ($29,000), offset by reductions in spending associated with our breakfast seminars ($8,000) and our annual conference ($8,000). Our spending on our National Strategic Partner program was down $4,000 to $42,000 and Profile, branding & advocacy costs were up $6,000 to $20,000.

This $76,000 reduction in operating costs was partly offset by a reduction of $58,000 in the credit from pension expense due to lower returns on plan assets and changes in the discount rate.

EXpEnsEs, EXCludIng pEnsIon plan

Compensation

2%

Events

Administration, occupancy and other costs

Pro�le, branding & advocacy1%

National Strategic Partner program

57%23%

17%

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FEI Canada suMMaRy oF FInanCIal statEMEnts

Toronto, Ontario October 3, 2014

Michael Conway, FCPA, FCA, ICD.D President & Chief Executive Officer

FEI Canada suMMaRy FInanCIal statEMEntsManagEMEnt’s REsponsIbIlIty FoR FInanCIal REpoRtIngManagement is responsible for the preparation of the summary financial statements of Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada (FEI Canada). These financial statements have been prepared by management in accordance with Canadian accounting standards for not-for-profit organizations and have been approved by the Board of Directors.

We maintain the necessary system of internal controls to ensure the transactions are authorized, assets are safeguarded and proper records are maintained.

Our Board of Directors, upon recommendation from our Audit and Finance Committee, reviews and monitors the quality and integrity of our financial statements, ensures effectiveness of systems and disclosure and internal controls over financial reporting, and reviews and provides oversight in the management of risks.

Hilborn LLP, our independent external auditors, has been appointed by our Board of Directors on the recommendation of the Audit and Finance Committee. Their appointment was ratified at the annual meeting of members. The auditors have full and unrestricted access to the Audit and Finance Committee to discuss their audit and related findings. They have performed an independent audit of our consolidated financial statements and expressed an opinion without reservation. They have also prepared a report on our summary financial statements which is presented below.

Line Trudeau, CPA, CA, MBAChief Financial Officer

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REpoRt oF thE IndEpEndEnt audItoRs on thE suMMaRy FInanCIal statEMEnts

To the Members of Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada

The accompanying summary financial statements, which comprise the summary statement of financial position as at June 30, 2014 and the summary statement of revenues and expenses for the year then ended, and related note, are derived from the audited financial statements of the Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada for the year ended June 30, 2014. We expressed an unmodified audit opinion on those financial statements in our report dated October 1, 2014.

The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of the Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada.

MANAGEMENT’S RESPONSIBILITY FOR THE SUMMARY FINANCIAL STATEMENTSManagement is responsible for the preparation of a summary of the audited financial statements on the basis described in the note to the summary financial statements.

AUDITOR’S RESPONSIBILITYOur responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements”.

OPINIONIn our opinion, the summary financial statements derived from the audited financial statements of Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada for the year ended June 30, 2014 are a fair summary of those financial statements, on the basis described in the note to the summary financial statements.

Toronto, ONOctober 1, 2014

Chartered Professional AccountantsLicenced Public Accountants

FEI Canada 2014 annual REpoRt

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FEI Canada suMMaRy oF FInanCIal statEMEnts

REpoRt oF thE IndEpEndEnt audItoRs on thE suMMaRy FInanCIal statEMEnts

suMMaRy statEMEnt oF FInanCIal posItIon

Bev Davies , CAChair, Audit & Finance Committee2013-2014

2014$

2,141,89027,97532,405

2,202,270

1,089,756

17,4841,107,240

400,000634,649

60,380

1,095,029

2,202,270

June 30

ASSETSCurrent Assets

Tangible Capital Assets

Intangible Assets

LIABILITIESCurrent Liabilities

Long-term Liability

Accrued Pension Liability

FUND BALANCESOperating

Restricted

Strategic

Invested in Capital Assets

2013$

2,247,00842,558

-

2,289,566

1,166,898

92,0001,258,898

440,000548,110

42,558

1,030,668

2,289,566

Bill Ross, CPA, CAChair, 2013-2014 Board of Directors

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2013$

768,894688,231291,917316,726

25,5346,000

2,097,302

1,192,131(102,955)

430,925371,411

45,52813,793

1,950,863

146,439

2014$

728,546695,752297,083248,245

25,7162,000

1,997,342

1,114,349(44,712)458,807342,229

41,88920,419

1,932,981

64,361

Year ended June 30

REVENUESMembership dues and initiation feesEventsNational Strategic Partner programCFERF research studies and donationsInvestment incomeMiscellaneous

EXPENSESCompensationPension planEventsAdministration, occupation and other costsNational Strategic Partner program Profile, branding & advocacy

Excess of revenues over expenses for year

suMMaRy statEMEnt oF REVEnuEs and EXpEnsEs

FEI Canada 2014 annual REpoRt

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FEI Canada suMMaRy oF FInanCIal statEMEnts

notE to suMMaRy FInanCIal statEMEntsJune 30, 2014

dEsCRIptIon oF oRganIZatIon and basIs oF pREsEntatIon

Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada (FEI Canada) is a not-for-profit membership organization established to connect financial executives through networking, knowledge exchange, advocacy and ethical leadership. It is a registered nonprofit organization, which is exempt from income taxes under the Income Tax Act (Canada).

These summary financial statements have been prepared from the audited financial statements of Financial Executives International Canada/Dirigeants Financiers Internationaux du Canada (the “Organization”) for the year ended June 30, 2014, on the basis that is consistent, in all material respects, with the audited financial statements of the Organization except that no statement of changes in fund balances and statement of cash flows have been presented and only selected information disclosed in the notes to the financial statements has been presented.

The summary financial statements include the accounts of the organization’s controlled foundation, Canadian Financial Executives Research Foundation/Fondation De Recherche Des Dirigeants Financiers Du Canada (CFERF). CFERF is separately incorporated and was formed to promote, conduct and sponsor research and publishing projects on business management topics. FEI Canada provides administrative support and management to CFERF and is not remunerated for this support.

FEI Canada is affiliated with chapters throughout Canada, and with Financial Executives International in the United States (FEI). Each chapter is independently responsible for funding and managing its operations and, accordingly, are not included in these financial statements.

Full consolidated financial statements may be viewed on the FEI Canada website.

FEI Canada Full Financial statements

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FEI Canada 2014 annual REpoRt

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natIonal stRatEgIC paRtnERs

We would like to thank our amazing National Strategic Partners. Their ongoing support benefits our members through research, thought leadership and professional development.

natIonal stRatEgIC paRtnERs

http://www.feicanada.org