The financial statements were audited by KPMG and no errors or omissions were reported. The Aug. 31, 2020 year-end financial statements were approved by the Audit Committee and the Board of Directors. The statements are prepared in accordance with generally accepted Canadian accounting principles.
The unrestricted operating fund has a balance of $2,787,797 ($2,366,993 at Aug. 31, 2019). The operating fund reported a surplus of $313,650 against a budgeted deficit of $474,280 for a positive variance of $787,930. This positive budget variance was made up of the following components:
$130,000 revenue – unexpected, one-time COVID relief funding from CMA
$200,700 revenue – additional targeted projects staff recovery from DHW due to lower expenses from COVID lockdown
$182,700 expenses – lower operating costs from cancelled travel, conferences, etc. due to COVID rules
$ 93,700 expenses – conservative spending
$ 22,800 expenses – June 2020 AGM rescheduled to next fiscal year (Oct, 2020)
$152,600 investments – unrealized gains from market value adjustments exceeded budget
The association invested $127,000 in capital assets ($215,625 in 2019). This included capital maintenance on the building, scheduled computer hardware and software upgrades, furniture and fixture replacements and ongoing work toward an ERP system replacement.
In accordance with the current Master Agreement with the Department of Health and Wellness, Doctors Nova Scotia received $6.824 million in funding toward the cost of member benefits (recruitment and retention) programs ($6.572M in 2019). This funding was distributed to the various benefit programs as follows:
$3,939,749 – health and dental (65% of total plan costs; 35% paid by plan members)
$1,293,500 – parental leave
$ 93,327 – professional support
$1,198,000 – targeted projects
$ 300,000 – benefits administration
Overall, the association has a healthy balance sheet and continues to perform well against targets set annually.
Dr. Gerard MacDonald
Audit Committee chair