Financial Statements
COSTI Immigrant Services
Statement of Financial Position
As at March 31, 2024
| Operating Fund | Capital Fund | Special Fund | Total 2024 | Total 2023 | ||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Current | ||||||
| Cash | $2,068,218 | $– | $– | $2,068,218 | $2,386,805 | |
| Short-term investments (Note 4) | $12,971,128 | $– | $– | $12,971,128 | $12,000,000 | |
| Grants and subsidies receivable | $10,348,025 | $– | $– | $10,348,025 | $7,124,321 | |
| Miscellaneous accounts and other receivables | $4,132,039 | $– | $– | $4,132,039 | $3,405,680 | |
| Receivable from MLTSD | $258,842 | $– | $– | $258,842 | $244,789 | |
| Prepaid expenditures | $842,558 | $– | $– | $842,558 | $1,010,592 | |
| Interfund balances (Note 5) | $(8,471,128) | $– | $8,471,128 | $– | $– | |
| $22,149,682 | $– | $8,471,128 | $30,620,810 | $26,172,187 | ||
| Capital assets (Note 6) | $– | $7,295,829 | $– | $7,295,829 | $ 7,995,021 | |
| $22,149,682 | $7,295,829 | $8,471,128 | $37,916,639 | $34,127,208 | ||
| Liabilities and Net Assets | ||||||
| Current | ||||||
| Accounts payable and accrued liabilities (Note 7) | $8,364,018 | $– | $– | $8,364,018 | $7,405,927 | |
| Deferred contributions (Notes 8 and 9) | $5,295,805 | $118,806 | $– | $5,414,611 | $8,973,611 | |
| Current portion of lease inducement | $7,308 | $– | $– | $7,308 | $7,308 | |
| $13,667,131 | $118,806 | $– | $13,785,937 | $16,386,846 | ||
| Deferred contributions related to capital assets (Note 9) | $– | $910,065 | $– | $910,065 | $1,015,632 | |
| Deferred lease inducement | $27,406 | $– | $– | $27,406 | $34,715 | |
| $13,694,537 | $1,028,871 | $– | $14,723,408 | $17,437,193 | ||
| Net Assets – Fund balances | $8,455,145 | $6,266,958 | $8,471,128 | $23,193,231 | $16,690,015 | |
| $22,149,682 | $7,295,829 | $8,471,128 | $37,916,639 | $34,127,208 | ||
Commitments (Note 11)
Contingent liabilities (Note 13)
Statement of Operations
Year Ended March 31, 2024
| Operating Fund | Capital Fund | Special Fund | Total 2024 | Total 2023 | |
|---|---|---|---|---|---|
| Revenue | |||||
| Government grants and subsidies (Schedule 1) | $114,638,137 | $125,486 | $– | $114,763,623 | $84,797,567 |
| WCG International Consultants Ltd. (Schedule 1) | $3,232,316 | $– | $– | $3,232,316 | $2,678,485 |
| Investment revenue | $1,376,239 | $– | $– | $1,376,239 | $350,527 |
| Fees for services (Schedule 2) | $915,599 | $– | $– | $915,599 | $913,839 |
| United Way Greater Toronto | $971,793 | $– | $– | $971,793 | $808,059 |
| Foundation grants (Schedule 1) | $172,410 | $– | $– | $172,410 | $327,252 |
| Partnership revenue (Schedule 1) | $307,480 | $– | $– | $307,480 | $319,580 |
| Income from property | $154,430 | $– | $– | $154,430 | $242,595 |
| Donations, memberships and fundraising | $32,912 | $– | $– | $32,912 | $147,006 |
| $121,801,316 | $125,486 | $– | $121,926,802 | $90,584,910 | |
| Expenses (Schedule 3) | |||||
| Salaries and benefits (Note 10) | $31,953,527 | $– | $– | $31,953,527 | $26,995,193 |
| Program partnerships | $445,037 | $– | $– | $445,037 | $441,987 |
| Client program costs | $71,978,093 | $– | $– | $71,978,093 | $45,872,731 |
| Building occupancy | $4,893,496 | $– | $– | $4,893,496 | $5,045,770 |
| General | $4,001,896 | $– | $– | $4,001,896 | $3,199,142 |
| Office | $1,138,710 | $– | $– | $1,138,710 | $1,900,771 |
| Costs of goods and services sold | $353,635 | $– | $– | $353,635 | $425,211 |
| Amortization | $– | $659,192 | $– | $659,192 | $617,493 |
| $114,764,394 | $659,192 | $– | $115,423,586 | $84,498,298 | |
| Excess (deficiency) of revenue over expenses | $7,036,922 | $(533,706) | $– | $6,503,216 | $6,086,612 |
