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Alberta Golf 2015 Annual Report

ALBERTA GOLF ASSOCIATION

#22, 11410 27 STREET SE CALGARY ALBERTA T2Z 3R6

PHONE 403.236.4616FAX 403.236.2915TOLL FREE [email protected]

ALBERTAGOLF.ORG

Cover Photo2015 Alberta Interclub Championship at Canmore Golf & Curling Club Photo Credit: Landon Jones

Inside Cover PhotoAlex Scherer warms up amongst competitors before the 2015 Sun Life Financial Alberta Men’s Amateur at the Edmonton Petroleum Golf & Country Club Photo Credit: Landon Jones

11223344CORE VALUES: Purposeful, Inclusive, Respectful, Responsive

GROW PARTICIPATION

1.1 - Engage more youthin the sport of golf

1.2 - Develop a connection with more golfers

1.3 - Increase access for Albertans that are new to

golf

ENSURE EXCELLENCE

2.1- Implement programming for high performance athletes

2.2 - Develop coaches andcerti�ed o�cials

2.3 - Host best in class provincialand national championships

EXPAND CAPACITY

3.1 - Develop sustainable fundingand �scal responsiblity

3.2 - Enhance member services and sustain rules,

handicapping, course rating,amateur status and the history

of golf

3.3 - Provide opportunities fortraining and developmentof all volunteers and sta�

FOSTER INTERACTION

4.1 - Collaborate with all industrypartners and stakeholders

4.2 - Strengthen capabilities incommunication, marketing and

technology

4.3 - Promote the societalbene�ts of golf

MISSION: As the Provincial Sport Organization, we are committed to realizing the positive impactsof golf on individuals and communities across Alberta

VISION:Through golf, Albertans will enjoy a high

quality of life, improved health and wellness, a strongsense of community, economic bene�ts and personal ful�llment

STRATEGIC PLANVISION 2017

Key Performance Indicators

Last Revised: October 25, 2015Results

By the Numbers

FinancialAnalysis8

1416

2015 Alberta Golf DirectoryBOARD OF DIRECTORS

PRESIDENT & PROVINCIAL COUNCIL REPRESENTATIVESusan MacKinnon, Willow Park

VICE PRESIDENTBob McGinn, Sturgeon Valley

SECRETARYTom Zariski, Dinosaur Trail

TREASURER Augie Annicchiarico, Highlands

DIRECTORS AT LARGE Peter Major, CalgaryLorraine Moster, PPvC EdmontonTiff any Gordon, CottonwoodKen Knowles, Windermere

PRESIDENT - ALBERTA GOLF ASSOCIATION FOUNDATION Ted Thresher, Windermere

STAFF (AS OF MAY 1, 2015)

EXECUTIVE DIRECTOR/CEOMatt Rollins

CHIEF OPERATING OFFICERJack Lane

MANAGER, RULES & COMPETITIONSRobert Forshner

MANAGER, YOUTH DEVELOPMENTTyler McConachy

COORDINATOR, YOUTH DEVELOPMENTAlex More

COORDINATOR, COMMUNICATIONS & SOCIAL MEDIALandon Jones

COORDINATOR, MEMBER SERVICES & PROJECT MANAGER, INTERNATIONAL SPORT EXCHANGEChloe Mansfi eld

COORDINATOR, COMPETITIONSJack PengellyAngela Cooke

MANAGER, HIGH PERFORMANCE SPORT & TEAM ALBERTA BOYS COACHRandy Robb

TEAM ALBERTA GIRLS COACHDean Spriddle

BOYS DEVELOPMENT COACHLuke Workman

GIRLS DEVELOPMENT COACHJohn Deneer

ACCOUNTING SERVICESEric Rogers

GOLF CANADA

DIRECTORS AND GOVERNORS(FROM ALBERTA)

DIRECTOR AT LARGE Leslie Dunning

GOVERNORSFran MarsdenHerb Schlotter Gregg SchubertMichael Smith

HONORARY LIFE GOVERNORSKaren RackelR. Bruce Bailey Wayne C. PetersenThomas P. WoodHarry Zuzak

2015 STANDING COMMITTEES

FINANCE, AUDIT & RISK MANAGEMENT Augie Annicchiarico – Chair Bill McNaughtonKen KnowlesLeslie DunningMartin BlakeMatt Rollins*

GOVERNANCEPeter Major – ChairPeter DaviesSteven JohnsonTiff any GordonMatt Rollins*

HUMAN RESOURCES & COMPENSATIONBob McGinn – ChairLorraine MosterSusan MacKinnonMatt Rollins*

NOMINATINGBob McGinn – ChairSusan MacKinnonTed ThresherTom ZariskiMatt Rollins*

2015 OPERATING COMMITTEES

COMMUNICATIONS Jack Lane* Chloe Mansfi eld*Landon Jones*

FUNDRAISING & SPONSORSHIP Bob McGinn – ChairDunc MillsKen KnowlesTiff any GordonMark BamfordSteven JohnsonJack Lane*Matt Rollins*

HALL OF FAMEEnid Botchett – ChairDunc MillsFran MarsdenVarley WeismanMatt Rollins*

HANDICAP & COURSE RATINGHerb SchlotterHowie JaquishChloe Mansfi eld*Jack Lane*

MAGAZINEDunc Mills Jack Lane*Matt Rollins*

PLAYER SUPPORTJim Richardson – ChairChris LeechTyler McConachy*Robert Forshner*Jack Lane*

RULES & COMPETITIONSJim Richardson – ChairBarbara HowesFran MarsdenPeter DaviesSusan DempseyRobert Forshner*Jack Lane*

SPORT DEVELOPMENTDean Spriddle**John Deneer**Luke Workman**Randy Robb**Tyler McConachy*Jack Lane*

VOLUNTEER ENGAGEMENTTom Zariski– ChairAv BeirnesBill BamberEnid BotchettDave PetersonLes SwelinRay RohrMatt Rollins*

AGF SCHOLARSHIP COMMITTEETed Thresher – Chair Bill ThomasLyle CuthbertThelma CouttsTyler McConachy*

*Alberta Golf Staff **Team Alberta Coach

The Alberta Golf Staff

4 - ALBERTA GOLF

President’s Report

Susan MacKinnon, President

IT HAS BEEN AN HONOR AND PRIVILEGE TO SERVE A SECOND TERM AS PRESIDENT OF ALBERTA GOLF IN 2015. THIS GREAT GAME OF GOLF REMAINS THE HIGHEST PARTICIPATION SPORT IN CANADA AND THE ASSOCIATION AND ITS INDUSTRY PARTNERS ARE MAKING EVERY EFFORT TO ENSURE THAT THIS CONTINUES. IT GIVES ME GREAT PLEASURE TO SHARE THIS ANNUAL REPORT WITH YOU. IN THE FOLLOWING PAGES YOU WILL SEE A SAMPLING OF THE YEAR’S ACTIVITIES, INCLUDING YOUTH DEVELOPMENT AND HIGH PERFORMANCE HIGHLIGHTS, PROVINCIAL CHAMPIONS, PROGRAM INFORMATION AND THE FINANCIAL RESULTS FOR THE FISCAL YEAR.

As our sport evolves, the Association’s strategic plan continues to align with those of Golf Canada and Sport Canada through Alberta Sport Connection. This ensures consistent programming to achieve common goals of investing in the game and allows us to communicate eff ective messaging as we move forward. The impact and power of sport cannot be underestimated.

Collaborating with Golf Canada, we continue to promote CN Future Links, Golf in Schools and the Long Term Player Development framework, ensuring that we meet the needs of our members and all golfers while reaching potential new participants. Communicating with our provincial counterparts enables the sharing of information and programs to develop the sport.

Whether you are a participant in an event, a volunteer giving freely of your time, a parent taking your child to the course, a donor to the foundation, a sponsor supporting the sport, or an employee coordinating eff orts, you are all aware of the many benefi ts that the game of golf provides. Our joint challenge is to communicate these benefi ts of the sport to those who are not as engaged. It is also our responsibility to ensure that our programs and services provide value to our member clubs and golfers. Alberta Golf is not only an organization that conducts best in class provincial championships or provides course rating services to its member clubs; it is much more. As the Provincial Sport Organization for golf, Alberta Golf has a responsibility to invest in the future of the game through community involvement, sport development, coaching and offi cials education, as well as programs that introduce the sport to new entrants and to under-represented groups. It is critical that we communicate not only what we do but also what we represent and what investment is essential to contribute to the growth and development of the game in Alberta.

The Association’s fi nancial results are highlighted in this report and are reviewed in detail in the Treasurer’s fi nancial analysis and report. The organization recorded a surplus of $95,001 in 2015. Management has achieved this favourable result through additional programming, cost control and seeking effi ciencies where possible. This performance allows the organization to be in a strong position to face future challenges and economic uncertainties.

The initial trial of the new Golf Canada/Alberta Golf membership model was introduced in a limited fashion in 2015 and results provided important learnings. While we welcomed new member clubs and new golfers, the trial was intentionally restricted in scope in order to be able to respond and adjust the program to suit our members’ needs. The benefi ts of a focused roll-out are that modifi cations can be made to accommodate systems and the varied needs of our member clubs as the transition unfolds. This pilot project will continue to move forward in 2016 with the primary focus to grow membership in all categories while continuing to support necessary programming. Much work is yet to be done however the objective remains to transition to a membership model that meets our members’ needs and refl ects the state of the game today and the trends for the future.

Our program delivery is dependent upon focused management and staff and the signifi cant contribution of our talented group of volunteers. Thank you to our Executive Director Matt Rollins and his personnel for their tireless eff orts. Thank you to our volunteers for your knowledge, passion, care and commitment. You are the driving force behind Alberta Golf’s commitment to realizing the positive impacts of golf on individuals and communities across Alberta. I also wish to express appreciation to my fellow members of the Board of Directors for your outstanding eff orts, expertise and support.

Thank you especially to our member clubs for your loyalty and confi dence, to our industry partners for your collaboration and to our donors and sponsors for your trust. This community of support contributes to everything that makes golf a game for life.

Sincerely,

Susan MacKinnonPresident

2015 ANNUAL REPORT — 5

Alberta Golf Board of Directors at the 2014 Annual General Meeting in Edmonton

6 — ALBERTA GOLF

Albertan and Japanese golfers participating in the International Sport Exchange at

Banff Springs Golf Club Photo Credit: Chloe Mansfi eld

Petroleum Club. Our volunteers are the reason we are able to offer the number of services we provide to the golf industry.

We “Foster Interaction” by collaborating with all industry partners and stakeholders, by strengthening capabilities in communication, marketing and technology and by promoting the societal benefits of golf. In doing this we make sure that we are tackling obstacles in a coordinated effort and that we are identifying gaps within the sport system and continue to communicate with and engage Albertans around all of the benefits that golf has to offer. Communication around the benefits of the game have greatly improved due to the efforts of our team along with the marketing and communications department at Golf Canada. We have greatly increased the engagement within the golfing public and look forward to more and more Albertan’s engaging with the game at all levels.

The support of the Board of Directors, the Volunteers and the Staff has made this another great year. I would like to personally thank Susan MacKinnon who has completed her term as President and has contributed so many hours to the association, board duties and also supported me in my professional growth, we wouldn’t be where we are without your dedication and leadership. Ted Thresher, in your short time as the Foundation President we have also witnessed some great advancements and I appreciate everything you have done to get the Foundation moving in a great direction.

Thanks again to everyone who supports the game of golf in Alberta, we look forward to coming together to further advance the sport in 2016!

Sincerely,

Matt Rollins Executive Director/CEO

Executive Director/CEO’s Report

Matt Rollins, Executive Director/CEO

THE 2015 SEASON HAS COME TO A CLOSE AND AS THE PROVINCIAL SPORT ORGANIZATION FOR GOLF WE CONTINUE TO PLAY A VERY IMPORTANT ROLE ON BEHALF OF THE INDUSTRY. OUR ROLE IS COMMON AMONG ALL AMATEUR SPORT ORGANIZATIONS AND IS BASED AROUND FOUR MAJOR PILLARS THAT ENSURE A SPORTS SUCCESS AND GROWTH. THE PILLARS THAT DEFINE OUR BUSINESS AND ALSO ALIGN WITH GOLF CANADA AND ALBERTA SPORT CONNECTION ARE TO GROW PARTICIPATION, ENSURE EXCELLENCE, EXPAND CAPACITY AND FOSTER INTERACTION.

We strive to “Grow Participation” by engaging more youth in the sport of golf, by developing a connection with more golfers and by increasing access for Albertans that are new to the game. In growing participation in golf, we will ensure a future interest in the game, that our member clubs are healthy and that more Albertans are more active. Some of the highlights in this area include the number of youth being introduced to golf within the school system. Across the province over 350 schools are engaged in delivering golf within their physical education curriculum. With approximately 125 children per program that means close to 44,000 kids are introduced or have the opportunity to learn a bit more about the game each year. Our efforts will now shift to a focus on more engagement within the Intermediate and High School programming and our ‘get-linked’ strategy to bring kids from the classroom to the course. In addition to the success that the GIS program is having, we are expanding our efforts to increase participation within underrepresented groups. We were successful in securing funding from the Alberta Sport Connection and Sport Canada and will be introducing She Swings She Scores to our province in January of 2016. This program will see us partner with Hockey Alberta and Community Hockey Associations to deliver a program focused on introducing girls to the game of golf. Hockey has many transferrable skills and this is a great place for us to further develop a very important demographic in girls and aboriginals aged 6-12.

We work hard to “Ensure Excellence” by implementing programming for high performance athletes, by developing coaches and certified officials and by hosting best in class provincial championships. In ensuring excellence we offer a platform for golfers, coaches and officials to reach their goals and to continuously have opportunities to improve. A few highlights include; 1950 tournament

participants, 29 golfers that were a part of Team Alberta in 2015, a year round high performance training program for aspiring junior golfers, 2 of which were named to Team Canada, 3 past team members captured the Canadian Ladies Team Championship, 28 coaches now trained or certified in the Coaching New Competitor and Coaching Developing Competitor contexts as well as a great depth within our pool of rules officials who dedicate their time and expertise to assist in the delivery of our provincial championships.

We continue to “Expand Capacity” through the development of sustainable funding and fiscal responsibility, through enhancing member services, rules, handicapping, course rating, amateur status and the history of golf and by providing opportunities for training and development of all volunteers and staff. As we expand capacity we will be able to advance the sport of golf for future generations. This year we expanded capacity through the hard work of our fundraising and sponsorship committee, securing grants for a number of programs and growing partnerships with our current sponsors. Our Course Rating Teams in southern Alberta, Calgary and Edmonton are a very important piece to the puzzle having rated 20 courses and maintaining one of the most valued services provided to our member clubs. Our volunteers and staff were involved in numerous training and development sessions throughout the year highlighted by a hands on spring training conference at the Edmonton


2015 Championship Results

Jennifer Ha2015 Sun Life Financial Alberta Ladies Amateur ChampionPhoto Credit: Landon Jones

OPEN QUALIFYING NORTH - MILLWOODS GC, EDMONTON, AB. JUNE 1, 2015

Andrew Harrison - Camrose GC (68)

OPEN QUALIFYING SOUTH - RIVER SPIRIT GC, CALGARY, AB. JUNE 1, 2015

Dustin Risdon - PGA Tour Canada (65)

JUNIOR QUALIFYING SOUTH - HENDERSON LAKE GC, AB. JUNE 7, 2015

Michael Valk - Lethbridge CC (75)

JUNIOR QUALIFYING NORTH - THE DUNES GC, GRANDE PRAIRIE, AB. JUNE 7, 2015

Austin Guttinger - High Prairie GC (76)

JUNIOR QUALIFYING CALGARY - FOX HOLLOW GC, CROSSFIELD, AB. JUNE 8, 2015

Brett Pasula - Red Deer GCC (74)

JUNIOR QUALIFYING EDMONTON - TWIN WILLOWS GC, EDMONTON, AB. JUNE 9, 2015

Cole Morrison - Red Deer GCC (70)

AMATEUR QUALIFYING NORTH - MIGHTY PEACE GCC, PEACE RIVER, AB. JUNE 9, 2015

Sean Gillis - Grande Prairie GCC (73) Thomas Spencer - Grande Prairie GCC (73)

AMATEUR QUALIFYING CENTRAL - OLDS GC, OLDS, AB. JUNE 11, 2015

Shiro Mani - Silverwing GC (70)

AMATEUR QUALIFYING SOUTH - PICTURE BUTTE GC, PICTURE BUTTE, AB. JUNE 11, 2015

Paul Bonenfant - Henderson Lake GC (66)

AMATEUR QUALIFYING CALGARY - MUIRFIELD LAKES GC, CALGARY, AB. JUNE 12, 2015

Chris Horton - Country Hills GC (71)

AMATEUR QUALIFYING EDMONTON - SANDPIPER GC, ST. ALBERT, AB. JUNE 12, 2015

Andrew Harrison - Camrose GC (68)

ALBERTA OPEN CHAMPIONSHIP - CARNMONEY GCC, DEWINTON, AB. JUNE 15-16, 2015

James Love (Professional) - Inglewood GCC (135) Low Amateur - Tyler Saunders - Glendale GCC(136)

ALBERTA MATCH PLAY CHAMPIONSHIP - CARNMONEY GCC, DEWINTON, AB. JUNE 17-18, 2015

Patrick Murphy - Collicutt Siding GC (5&3) Runner up - Brett Pasula - Red Deer GCC

NORTH - STURGEON VALLEY GCC, ST. ALBERT, AB. JUNE 22, 2015

Jim Ness - Edmonton CC (75)

GUARDIAN CAPITAL SENIOR QUALIFYING GUARDIAN CAPITAL SENIOR QUALIFYING SOUTH - MCKENZIE MEADOWS GC, CALGARY, AB. JUNE 22, 2015

Kelly Cowan - Earl Grey CC (69)

ALBERTA MEN’S MID HANDICAP STABLEFORD CHAMPIONSHIP - PINEBROOK GCC, CALGARY. JUNE 24-25, 2015

Chris Patterson - Alberta PPC (58pts)

ALBERTA JUNIOR CHAMPIONSHIP - HENDERSON LAKE GC, LETHBRIDGE, AB. JUNE 29-JULY 2, 2015

Boys Champion Andrew Harrison - Camrose GC (271)

Girls Champion Katy Rutherford - Alberta PPC (216)

Boys Juvenile Champion Alexander Smith - Pinebrook GCC (287)

Girls Juvenile Champion Katy Rutherford - Alberta PPC (216)

ALBERTA MEN’S MID-AMATEUR CHAMPIONSHIP - COYOTE CREEK GRV, SUNDRE, AB. JULY 7-9, 2015

Kevin Temple - Country Hills GCC (201) Mid Master Champion, Kevin Temple - Country Hills GCC (201)

SUN LIFE FINANCIAL ALBERTA LADIES AMATEUR CHAMPIONSHIP- LYNX RIDGE GC, CALGARY, AB. JULY 14-16, 2015

Jennifer Ha - Country Hills GC (205) Mid-Amateur Champion - Meaghan LeBlanc - Bearspaw CC (222) Mid-Master Champion - Meg Nicholson - Bearspaw CC(235)

SUN LIFE FINANCIAL ALBERTA MEN’S AMATEUR CHAMPIONSHIP - EDMONTON PETROLEUM GCC, EDMONTON, AB. JULY 20-23, 2015

Brett Hogan - Willow Park GCC (281)

GUARDIAN CAPITAL ALBERTA SENIOR MEN’S CHAMPIONSHIP - RED DEER GCC, RED DEER, AB. JULY 28-30, 2015

Floyd Kilgore - Mighty Peace GCC (216)

Super Senior Champion - Frank Sutton - Earl Grey CC (231)

GUARDIAN CAPITAL ALBERTA SENIOR LADIES CHAMPIONSHIP - GLENCOE GCC, CALGARY, AB. AUG 11-13, 2015

Kim Carrington - Willow Park GCC (218)

Super Senior Champion - Gaylene Donald - Silver Springs GCC (234)

ALBERTA BANTAM CHAMPIONSHIP - GOOSE HUMMOCK GR, GIBBONS, AB. AUGUST 18-19, 2015

Boys Champion Ethan Choi - Pincher Creek GC (146)

Girls Champion Annabelle Ackroyd - Silver Springs GCC (161)

8 — ALBERTA GOLF

GFTC LADIES TEAM CLASSIC NORTH - BARRHEAD GC, BARRHEAD, AB. AUGUST 25-26, 2015

April Schneider and Gail Hrycak - Barrhead GC (125)

GFTC LADIES TEAM CLASSIC SOUTH - RIVER’S EDGE GC, OKOTOKS, AB. AUGUST 25-26, 2015

Linda Labbe and Marilyn Toews - Carstairs GC (126)

ALBERTA MID HANDICAP/MARG WARD STABLEFORD CHAMPIONSHIP - D’ARCY RANCH GC, OKOTOKS, AB. SEPTEMBER 2-3, 2015

Mid Handicap Champion - Sandra Schell - Alberta PPC (46pts)

Marg Ward Champion - Alicia Brooks (23pts) ALBERTA MEN’S INTERCLUB CHAMPIONSHIP - CANMORE GCC, CANMORE, AB. SEPTEMBER 10, 2015

Woodside GC - Joel Wregget, Darcy Boudreau, Deon Botha, Mitz Simonelli (202)

Net Champion - Inglewood GCC - Rick Heenan, Jamie Kameka, Gerry MacDonald, John Deering (203)

Brett Hogan 2015 Sun Life Financial Alberta Men’s Amateur ChampionPhoto Credit: Landon Jones


10 — ALBERTA GOLF

Katy Rutherford2015 Alberta Junior & Juvenile Girls ChampionHenderson Lake Golf & Country ClubPhoto Credit: Landon Jones

2015 Team Results

(Left to right) Howard Broun, Floyd Kilgore, David Schultz – 2015 Canadian Men’s Senior Inter-Provincial Team Photo Credit: Golf Canada

(Left to right) Daria Leidenius, Annabelle Ackroyd, Kenna Hughes - 2015 Canadian Junior Girls Championship Inter-Provincial Team Photo Credit: Golf Canada

49TH PACIFIC COAST AMATEUR CHAMPIONSHIP, MORSE CUP - EUGENE COUNTRY CLUB, EUGENE OR. JULY 28-31, 2015

Morse Cup Team Result - Stroke Play - Third Place

Tyler Saunders, Brandon Markiw, Brett Hogan (285)

CANADIAN WOMEN’S AMATEUR CHAMPIONSHIP - RIVERSIDE CC, CORMAN PARK, SK. JULY 28-31, 2015

Inter-Provincial Team Result - Stroke Play - First Place

Jennifer Ha, Sabrine Garrison, Jaclyn Lee (296)

CANADIAN JUNIOR BOYS CHAMPIONSHIP - SUMMERLEA GCC, DORION, QC. AUGUST 3-6, 2015

Inter-Provincial Team Result - Stroke Play - Third Place

Andrew Harrison, Jason Martens, Alexander Smith (302)

CANADIAN JUNIOR GIRLS CHAMPIONSHIP - DEER PARK MUNICIPAL GC, YORKTON, SK. AUGUST 4-7, 2015

Inter-Provincial Team Result - Stroke Play - Tied Sixth Place

Kenna Hughes, Daria Leidenius, Annabelle Ackroyd (321)

CANADIAN MEN’S AMATEUR CHAMPIONSHIP - WESTON GC, TORONTO, ON. AUGUST 10-13, 2015

Inter-Provincial Team Result - Stroke Play - Tied Second Place

Brett Hogan, Andrew Harrison, Jack Wood (289)

ALBERTA/MONTANA RYDER CUP - LETHBRIDGE CC, LETHBRIDGE AB. AUGUST 11-12, 2015

Team Result - Match Play - Boys First Place; Girls Second Place

Boys - Darin Bertschi, Ethan Choi, Kai Iguchi, Owen Murray, Michael Valk, Scott Walker

Girls - Emily Creaser, Daphne Rantung, Kenna Hughes, Courtney Dickson, Annabelle Ackroyd, Jaden Baustedd

CANADIAN WOMEN’S SENIOR CHAMPIONSHIP - SAWMILL CREEK GR, CAMLACHIE, ON. AUGUST 26-28, 2015

Inter-Provincial Team Result - Stroke Play - Second Place

Kim Carrington, Gail Barros, Susan Thomson (297)

CANADIAN MEN’S SENIOR CHAMPIONSHIP - DESERT BLUME GC, MEDICINE HAT, AB. SEPTEMBER 1-4, 2015

Inter-Provincial Team Result - Stroke Play - Second Place

Floyd Kilgore, Howard Broun, David Schultz (286)

CANADIAN MEN’S MID-AMATEUR CHAMPIONSHIP - ABERCROMBIE CC, NEW GLASGOW, NS. AUGUST 25-28, 2015

Inter-Provincial Team Result - Stroke Play - Fourth Place

Kevin Temple, Brandon Markiw, Jeff Murdoch (293) WESTERN CANADA SUMMER GAMES - WOOD BUFFALO, FORT MCMURRAY, AB. AUGUST 14-15, 2015

Team Male Result - Silver Matt Campbell Chandler McDowell Max Sekulic Landon Stellingwerff

Team Female Result - Fourth place Annabelle Ackroyd Lauren Koenig Reese Martin Sharmaine Rapisura

(Left to right) Sabrine Garrison, Jennifer Ha, Jaclyn Lee - 2015 Canadian Women’s Amateur ChampionsPhoto Credit: Golf Canada


Team Alberta member Jason Kim at the 2015 Sun Life Financial Alberta Men’s Amateur Championship, Edmonton Petroleum Golf & Country Club Photo Credit: Landon Jones

12 — ALBERTA GOLF

TEAM ALBERTA 2015 BOYS PROVINCIAL SQUAD

Andrew Brown – Glencoe GCCBest notable fi nish – T11 Alberta Junior

Brendan MacDougall – Glencoe GCCBest notable fi nish – 2nd CNFL Western Championship

Jared Nicolls – Wolf Creek GRBest notable fi nish – T2 Alberta Junior Masters

Jason Kim – Glencoe GCCBest notable fi nish – T11 Alberta Junior Masters

Jaxon Lynn – Sylvan Lake GCCBest notable fi nish – T7 CNFL Pacifi c Championship

Landon Stellingwerff – Glencoe GCCBest notable fi nish – T25 Glencoe Invitational

Logan Carver – Calgary GCCBest notable fi nish – T7 Alberta Junior Masters

Michael Martin – Bearspaw CCBest notable fi nish – T18 Alberta Junior

Ryan Rody – Pinebrook GCCBest notable fi nish – 5th Alberta Junior

TEAM ALBERTA 2015 BOYS PROVINCIAL DEVELOPMENT SQUAD

Alexander Smith – Pinebrook GCCBest notable fi nish – 1st CNFL Pacifi c Championship; 1st Alberta Juvenile

Eric Sheard – Derrick GWCBest notable fi nish – 32nd Alberta Junior Masters

Ethan Choi – Pincher Creek GCBest notable fi nish – 1st Alberta Bantam

Justin Berget – Stony Plain GCCBest notable fi nish – T32 Alberta Junior

Matthew Campbell – Earl Grey CCBest notable fi nish – T3 MJT Heritage Point

Max Sekulic – Grande Prairie GCCBest notable fi nish – T5 Alberta Junior Masters

Michael Lavorato – Canyon Meadows GCCBest notable fi nish – T7 Alberta Junior Masters

Scott Walker – Earl Grey CCBest notable fi nish – T14 CNFL Prairie Championship

TEAM ALBERTA 2015 GIRLS PROVINCIAL SQUAD

Bria Jansen - River Spirit GCBest Notable Finish – 2nd Alberta Jr. Masters

Emily Creaser - Derrick GWCBest Notable Finish – 6th CNFL Western Championship

Kenna Hughes, Willow Park GCCBest Notable Finish – 1st CNFL Western Championship, 1st Alberta Jr. Masters

Melanie Murchison, Bearspaw GCCBest Notable Finish – 25th CNFL Pacifi c Championship

Quinn Fitzgerald, Pinebrook, GCCBest Notable Finish – 6th Alberta Junior

Sharmaine Rapisura, Inglewood GCCBest Notable Finish – T4 Alberta Junior

TEAM ALBERTA 2015 GIRLS PROVINCIAL DEVELOPMENT SQUAD

Amanda Graham, Canmore GCCBest Notable Finish – 23rd CNFL Prairie Championship

Annabelle Ackroyd, Silver Springs GCCBest Notable Finish – 1st Alberta Bantam Championship

Celine Copeland, Willow Park GCCBest Notable Finish – 20th CNFL Prairie Championship

Jaden Baustad, Cottonwood GCCBest Notable Finish – 8th Alberta Junior

Kehler Koss, Earl Grey GCBest Notable Finish – 2nd CNFL Western Championship

Reese Martin, Brooks GCBest Notable Finish – 14th CNFL Western Championship

Team Alberta Provincial SquadPAST PRESIDENTS

ALBERTA GOLF ASSOCIATION AND ALBERTA LADIES GOLF ASSOCIATION

AGA ALGA1912 Unknown1913 Unknown1914 Unknown1915 Unknown1916 Unknown1917 Unknown1918 Unknown1919 Unknown1920 Unknown1921 Unknown1922 Unknown1923 Unknown1924 Unknown1925 Unknown1926 Unknown1927 Unknown1928 Unknown J.R. Henley (ALGA est.)1929 Unknown Mary Patrick1930 Unknown J.A. McKinnon1931 Unknown J.B. Starky1932 Unknown C.R. Bunn1933 Unknown Mrs. Roy H. Horne1934 Unknown J. Train Grey1935 A.W. Matthews Unknown1936 A.W. Matthews Unknown1937 B.V. Massie Ethel Egbert1938 J. Ben Cool Ethel Egbert1939 Unknown Unknown1940 H.G. MacDonald Unknown1941 R. Jennings Unknown1942 Unknown Unknown1943 Gordon Love Unknown1944 J.B. Starkey Unknown1945 A.J. Munro Unknown1946 Robert Ainslie Unknown1947 P.I. Cameron Mrs. Victor Kastberg1948 Bob Borland Catherine Rose1949 F.C. Smith H.C. Dalgleish1950 Les Miller Jean Wallbridge1951 Joe Welsh Mrs. John Michaels1952 Joe Welsh Louise Stempel1953 Gar Lush A.C. Aherns1954 Les Delley Mrs. John Michaels1955 Les Delley S.D. McAra1956 Harold McMahon W.M. Hannah1957 Harold McMahon J.E. Walton1958 Charles Humber Mina Lindberg1959 Charles Humber Mrs. Glen Watson1960 Dave Jones G.E. Lush1961 Dave Jones Louise Stempel1962 Ed Thomas Mrs. John Kishiuchi1963 Ed Thomas Mrs. Robert Watson1964 Bill Tait F. Walton1965 Bill Tait Marg Ward1966 Al Williams Unknown1967 Al Williams G. Watson1968 Glen Gray Unknown1969 Dr. E.G. (Jim) Skinner R.E. Stanhope1970 Tom Wood R.E. Stanhope1971 Bruce Bailey Blanche Williams1972 Bruce Bailey Blanche Williams1973 Babe McAvoy C.M. Campbell1974 Charlie Scott C.M. Campbell1975 Pat Flanagan D.B. Grant1976 Ken Laubman D.B. Grant1977 Keith Alexander B. Hembling1978 Suds Summerall B. Hembling1979 Gerry Marshall J.G. Peace1980 Ken Sharratt J.G. Peace1981 Bill Ough W.J. Siwak1982 John Higgin W.J. Siwak1983 Gerry Marshall Lola Rozsa1984 Fred Trumble Lola Rozsa1985 Russ Powell Thelma Coutts1986 Mike Seniuk Thelma Coutts1987 Richard Beavers Catherine Simper1988 Frank McBride Catherine Simper1989 Frank McBride Jean Smeland1990 Bruce Cinnamon Jean Smeland1991 Bruce Cinnamon Pat Workun1992 Wayne Petersen Pat Workun1993 Wayne Petersen Penny Manson1994 Ken Heywood Penny Manson1995 Frank Crean Corrine Wikjord1996 Dave Bohlken Corrine Wikjord1997 Rick Wood Fran Marsden1998 Jack Brooks Fran Marsden1999 Gordon Groft Fran Marsden2000 Fran Marsden (Amalgamation)2001 Bryan Nuebeker2002 Bryan Nuebeker2003 Karen Rackel2004 Varley Weisman2005 Enid Botchett2006 Les Swelin2007 Leslie Dunning2008 Leslie Dunning2009 Lonny Petersen2010 Anne Ward Neville2011 Tyrone Edwards2012 Sandra Craig2013 Sandra Craig2014 Susan MacKinnon2015 Susan MacKinnon


Nine Hole Facilities127

181

4

4,779

5

842380

2,100

Eighteen Hole Facilities

Thirty-Six Plus Hole Facilities

Holes of Golf in Alberta

Team Canada High Performance Athletes from Alberta

GOLD BRONZELevel Members Level Members National Junior Golf

Development Centres (NJGDC’s)

Schools actively participating in Golf In Schools

4359

SOCIAL MEDIA FOLLOWERS

Boys Individual Bronze Medal at Western Canada Summer Games

Boys Team Silver Medal at Western Canada Summer Games

Ladies Interprovincial Team

National Champions

3,3932,276 5 NEW MEMBER FACILITIES

Host Club & Local Volunteers at Provincial Championships

Tournament Competitors

Certified Coaches

The margin of victory for Katie Rutherford and Andrew Harrison in their respective Alberta Junior Championships

Courses Rated

1,95010 $95,001 Association Surplus

125 Rounds played in Alberta upfrom last year13%

Scholarships awarded to 37 Albertans from the AG Foundation

$64,500

on Team Alberta High Performance Program

15 & 13

151430th ANNIVERSARY EDITION

of The Alberta Golfer Magazine

Scores Posted to the Golf Canada Score Centre.

1,098,20120

14 — ALBERTA GOLF

Nine Hole Facilities127

181

4

4,779

5

842380

2,100

Eighteen Hole Facilities

Thirty-Six Plus Hole Facilities

Holes of Golf in Alberta

Team Canada High Performance Athletes from Alberta

GOLD BRONZELevel Members Level Members National Junior Golf

Development Centres (NJGDC’s)

Schools actively participating in Golf In Schools

4359

SOCIAL MEDIA FOLLOWERS

Boys Individual Bronze Medal at Western Canada Summer Games

Boys Team Silver Medal at Western Canada Summer Games

Ladies Interprovincial Team

National Champions

3,3932,276 5 NEW MEMBER FACILITIES

Host Club & Local Volunteers at Provincial Championships

Tournament Competitors

Certified Coaches

The margin of victory for Katie Rutherford and Andrew Harrison in their respective Alberta Junior Championships

Courses Rated

1,95010 $95,001 Association Surplus

125 Rounds played in Alberta upfrom last year13%

Scholarships awarded to 37 Albertans from the AG Foundation

$64,500

on Team Alberta High Performance Program

15 & 13

151430th ANNIVERSARY EDITION

of The Alberta Golfer Magazine

Scores Posted to the Golf Canada Score Centre.

1,098,20120


Financial AnalysisIN 2015, ALBERTA GOLF ACHIEVED AN EXCESS OF REVENUE OVER EXPENSES BEFORE DEPRECIATION OF $167,184. THIS SURPLUS IS REFLECTIVE OF CONTINUING OPERATING EFFICIENCIES AND MANAGING BOTH OPERATING AND ADMINISTRATIVE COSTS WITHOUT IMPACTING THE DELIVERY OF CORE SERVICES TO THE MEMBERSHIP, OR IMPLEMENTATION OF OUR STRATEGIC PLAN. SEVERAL INITIATIVES WERE IMPLEMENTED THAT RESULTED IN AN INCREASE TO TOTAL REVENUE OF OVER 10%. THE ASSOCIATION IS COMMITTED TO CONTINUAL REVIEW OF OUR OVERALL COST STRUCTURE AS WELL AS EXPLORING OPPORTUNITIES FOR SUSTAINABLE FUNDING INTO THE FUTURE.

During 2015, there were a number of key achievements to make note of:

• Unrestricted funds in net assets increased by $147,223 to $344,026.

• Working capital improved to $414,618 (2014 - $270,464).

• Revenue from membership $772,745 (2014 - $759,880), programs and other income were all up this year primarily due to a $0.25 cent increase in per member dues and alignment with other golf association’s registration fees for tournaments and high performance programs. Success with sponsorship agreements and additional grant funding has also contributed to the increase in revenues.

• Administration expenses, which include overhead expenses and all salaries and benefit costs for personnel responsible for program design and delivery, were reduced by over 7% to $560,983 (2014 - $605,403).

2015 FINANCIAL RESULTS

The sources of funding that allow Alberta Golf to deliver programs and provide member services are as follows:

MEMBERSHIP FEES

Alberta Golf relies heavily on membership fees to deliver amateur golf programs and also deliver on our role as the Provincial Sport Association for golf. Dues for the 2015 season were $25.75 ($13.75 to Alberta Golf) for every adult golfer and $19.75 ($12.25 to Alberta Golf) for every junior golfer. Through our working relationship with Golf Canada we have been able to improve communication and awareness of programs with the membership. Improved messaging and communications will continue to strengthen relationships and provide a greater understanding of membership needs. Alberta Golf relies on member club support of key programs and services like CN Future Links, Golf in Schools, Golf Fore the Cure, and the Golf Canada Handicap System.

ALBERTA SPORT CONNECTION

Alberta Golf is recognized by Alberta Sport Connection (ASC) as the Provincial Sport Association for golf, which provides the organization with an annual operating grant to support programs and administrative costs to carry out the mandate of a PSA. ASC provides financial and consultative services through the Association Development Program. Alberta Golf’s base funding from ASC was $84,513 in 2015, remaining consistent with 2014. A new accountability framework and funding tool for PSA’s will be implemented in 2016. Other grants from ASC include the International Sport Exchange, Western Canada Summer Games, Canada Summer Games and the Sport Support Grant.

INTERNATIONAL SPORT EXCHANGE

Alberta Golf was fortunate to have participated in an International Sport Exchange through the relationship with Alberta Sport Connection. Exchanges foster sport development, friendship and potential economic development between Alberta and selected areas in Asia. Alberta has established a strong relationship with Hokkaido, Japan. Our golf exchange involved athletes, coaches and leaders representing Alberta visiting Japan in 2014 and Japan’s delegation visiting Alberta in 2015. The experience this year at golf and cultural facilities in Alberta was tremendous for our young athletes. The International Sport Exchange is a partnership project between Alberta Sport Connection, Provincial Sport Associations and International and Intergovernmental Relations. Alberta Golf was privileged to have been selected for the 2014-2015 Exchange and Alberta Sport Connection provided $66,500 this year to cover all of the related expenses.

CASINO

Alberta Golf is fortunate to have the opportunity to apply and secure a casino fundraiser on an 18-month cycle through the Alberta Gaming and Liquor Commission (AGLC). Funds raised through casinos can be used to offset expenses for a number of activities including but not limited to administrative costs, equipment purchases, promotional activities, rental facilities and in-province travel. Funds raised and not yet expensed can be held for future years’ expenses. A casino was held in 2015 with proceeds of $76,622. $64,627 was used within the designated expenses in 2015 and $15,314 has been deferred for use in 2016 and beyond.

GOLF CANADA

Each year Golf Canada provides the Provincial Golf Associations with a number of opportunities to apply for grants that fund ‘grow the game’ initiatives. Alberta Golf takes advantage of these opportunities to offset expenses incurred while carrying out programs and services in the Province. The Women’s Fund grant covers the expenses for females who are trying to certify in the Rules of Golf and Course Rating seminars. The CN Future Links grant helps to offset the costs of carrying out mobile clinics in communities across Alberta. The Coaching grant offsets expenses for full and part time Coaching services. The Handicap & Course Rating grant offsets cost associated with conducting seminars and rating golf courses.

GRASSROOTS PROGRAM

Funding for grassroots programs like CN Future Links, Golf in Schools and Golf For the Cure comes from three sources – participation fees, national corporate sponsorships and individual donations.

HIGH PERFORMANCE (TEAM ALBERTA)

Funding for Alberta Golf’s high performance sport program comes from two sources – participation fees and an investment by Alberta Golf into the program. This investment is vital to developing top talent in the game and ensuring a bright future for golf’s next generation of heroes. 2015 saw an expanded Team Alberta program with additional development teams and coaches. Program fees for the athletes were increased to recognize the additional expenses and align with similar programming across the country.

AMATEUR CHAMPTIONSHIPS

Funding for provincial amateur championships comes from three sources – player entry fees, our association contribution, as well as individual and/or corporate sponsorships. Conducting championships has been core to Alberta Golf’s mandate since its formation in 1912. Facility fees paid to host venues (member clubs) increased to $25 per player, per round (2014 - $20; 2013 - $15). Player entry fees were increased as part of an evaluation and what management felt was an appropriate correction related to industry standards and our best in class product.

CONTRIBUTIONS

In 2015, Alberta Golf supported charities and other golf related entities. Alberta Golf contributed $2,000 in 2015 toward initiatives conducted by the National Allied Golf Association on behalf of the Alberta golf industry. Alberta Golf also contributed $5 per player entry in the two Alberta Ladies Team Classic events to the Canadian Cancer Society as part of the Golf Fore the Cure program.

16 — ALBERTA GOLF


ASSETS, INVESTMENT INCOME, AND ENDOWMENT FUNDS

Golf House was purchased in 2007 and the build out completed in 2008. Computers and other offi ce equipment are upgraded and maintained regularly to provide staff with the tools needed to provide quality services. The endowment funds are invested with CIBC Wood Gundy and Alberta Sport Connection and continue to generate investment income which is used to help fund Alberta Golf programs.

FINANCIAL OUTLOOK FOR 2016 AND BEYOND

The fi scal focus of Alberta Golf is revealed in the fi nancial mandate to develop sustainable funding as part of a commitment to achieve breakeven fi nancial performance. Further analysis of programming, project revenues and expenses are planned in a persistent eff ort to investigate possible effi ciencies and become a more eff ective and responsible organization.

Golf House is a mortgage free offi ce and warehouse space in Calgary and continues to be a valuable asset both in the fi nancial health of the organization and in the sustained operations of both staff and volunteers. It is also home to the Alberta Golf Hall of Fame located in the Lola Rozsa Board Room.

Fund development is a priority of Alberta Golf and a renewed focus on sponsorship and partner agreements should result in increased revenues and sustainable funding.

The Alberta Golf Board of Directors approved a planned $0.25 increase to both adult and junior membership dues for the 2016 season. Small incremental increases to dues are planned for 2017 and beyond in order to reduce the impact on the golf industry while continuing to grow our reach and infl uence within the Province. Alberta Golf is also committed to the ongoing work on ‘Project Synergy’ with Golf Canada and the other Provincial Golf Associations. These eff orts will result in an industry supported marketing campaign for Golf in Canada and a membership model that refl ects our changing industry and membership trends. These two initiatives will drive more play and aff ordability for facilities and individual golfers.

Guided by the components of our strategic plan, we are forecasting that Alberta Golf can achieve the goal of breakeven for 2016 and beyond. New revenue growth plans and operating synergies with our national partner Golf Canada will help us achieve this goal.

Augie Annicchiarico, CA, Treasurer

Matt Rollins, Executive Director/CEO

December 2015

SOURCES OF FUNDS USES OF FUNDS

Membership Dues 49%Amateur Championships 21%Alberta Sport Connection 11%Casino, Other Grants & Interest 6%Member Programs & Services 1%Sponsorship 4%Sport Development & Grassroots and High Performance 8%

Administration & Overhead 40%Amateur Championships 30%Member Programs & Services 11%Sport Development & Grassroots and High Performance 14%Communications & Business Development 5%

18 — ALBERTA GOLF


INDEPENDENT AUDITOR'S REPORT

To the Members of Alberta Golf Association

We have audited the accompanying financial statements of Alberta Golf Association, which comprise the statementof financial position as at September 30, 2015, and the statement of operations, cash flows and changes in net assetsfor the year ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance withCanadian accounting standards for not-for-profit organizations, and for such internal control as managementdetermines is necessary to enable the preparation of financial statements that are free from material misstatement,whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our auditin accordance with Canadian Auditing Standards. Those standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the entity's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Alberta GolfAssociation as at September 30, 2015 and the results of its operations and its cash flows for the year then ended inaccordance with Canadian accounting standards for not-for-profit organizations.

Calgary, AlbertaNovember 24, 2015 CHARTERED ACCOUNTANTS

1040, 1015 4th Street SW Calgary, Alberta T2R 1J4403.205.3340 [fax] 403.234.0067

20 — ALBERTA GOLF



STATEMENT OF OPERATIONS FOR THE YEAR ENDED SEPTEMBER 30, 2015

2015 2014

REVENUE Membership fees $ 1,372,132 $ 1,382,847 Less amounts paid to Golf Canada (599,387) (622,967) 772,745 759,880

Entry fees 400,404 305,181 Project revenue – grants, fees, advertising and other 69,387 84,165 Sponsorships 69,500 32,000 539,291 421,346

Grants (note 9) 173,454 159,139 Casino 64,627 63,802 Interest and other 23,917 17,411 261,998 240,352

TOTAL REVENUE 1,574,034 1,421,578

EXPENSES Event and committee expenses:

Travel and accommodation 167,811 156,741 Banquets and meals 148,682 112,964 Coaches – integrated support team 140,603 104,905 Facility fees 113,870 73,745 Gifts and honorariums 63,026 88,235 Trophies and prizes 54,073 58,359 Clothing and equipment 53,526 70,095 Communications and publications 31,154 30,227 Carts and green fees 23,999 19,479 Entry registrations 21,314 16,365 Credit card charges 15,185 12,453 Donations and grants 12,624 15,954 845,867 759,522

Administration expenses: Salaries 354,491 406,063 Contract services 60,000 58,000 Office 33,466 33,256 Repairs, maintenance, and utilities 31,617 27,392 Professional fees 25,302 18,680 Insurance 20,789 13,191 Communications 19,803 27,857 Doubtful debts 8,211 8,681 Travel 7,304 12,283 560,983 605,403

TOTAL EXPENSES 1,406,850 1,364,925 Operational excess of revenue over expenses 167,184 56,653 Depreciation (note 7) (53,640) (61,481) Unrealized (loss) gain on investments (18,543) 25,049

EXCESS OF REVENUE OVER EXPENSES ______________________ $ 95,001 $ 20,221

See accompanying Notes to the Financial Statements

22 — ALBERTA GOLF


STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2015

2015 2014

CASH PROVIDED BY (USED FOR):

OPERATING ACTIVITIES Excess of revenue over expenses $ 95,001 $ 20,221 Items not affecting cash: Depreciation, (note 7) 56,709 65,358 Donation recognized, (note7) (3,069) (3,877) Unrealized loss (gains) on investments 18,543 (25,049) Change in non-cash working capital (137,163) 138,290 Changes in non-current deferred donations and casino revenue 8,926 (56,656) Change in restricted cash 11,995 52,780 50,942 191,067

INVESTING ACTIVITIES Capital assets additions (14,755) (4,861) Changes in marketable securities (29,196) 12,179

(43,951) 7,318

INCREASE IN CASH 6,991 198,385

CASH Beginning of year 528,451 330,066

End of year $ 535,442 $ 528,451




STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2015

2015 2014 Unrestricted Capital Assets Endowment

Fund Fund Fund Total Total Balance, beginning of the year $ 196,803 $ 895,722 $ 561,801 $ 1,654,326 $ 1,622,941 Excess of revenue over expenses 161,978 (56,709) (10,268) 95,001 20,221 Investment in capital assets (14,755) 14,755 - - - Funds used in programs - - - - (2,450) Unrealized (loss) gain on marketable securities - - (7,881) (7,881) 10,536 Interest on endowment funds - - 3,423 3,423 3,078 Net change in the year 147,223 (41,954) (14,726) 90,543 31,385

Balance, end of the year $ 344,026 $ 853,768 $ 547,075 $ 1,744,869 $ 1,654,326

24 — ALBERTA GOLF

ALBERTA GOLF ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2015

1. NATURE OF THE ASSOCIATION AND BASIS OF PRESENTATION

The Alberta Golf Association (“Alberta Golf") is a not-for-profit association founded in 1912 and established under the Societies Act through an amalgamation with the Alberta Ladies Golf Association on January 1, 2000. Recognized as the provincial sport organization by the Alberta Sport Connection (“ASC”), Alberta Golf is committed to realizing the positive impacts of golf on individuals and communities across Alberta.

As a not-for-profit organization, Alberta Golf does not pay income taxes. In order to maintain its status as a not-for-profit organization under the Income Tax Act (Canada), Alberta Golf must meet certain requirements within the Act. In the opinion of management, these requirements have been met.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations (ASNFPO) and reflect the following significant accounting policies.

a) Revenue Recognition:

Alberta Golf follows the deferral method of accounting for contributions, as follows:

Membership fees are recognized as revenue proportionately over the fiscal year to which they relate. Membership fees received in advance of the membership year to which they relate are recorded as deferred revenue.

Unrestricted contributions are recognized as revenue when received or receivable, if the amount to be received can be reasonably estimated and collection is reasonably assured.

Unrestricted investment income is recognized as revenue in operations when earned.

Restricted contributions, for which the related expenses have not yet been incurred, are deferred until the related expenses are incurred.

Unrestricted endowment fund income is recognized as revenue in operations when expended on programs and services.

Restricted endowment fund income is recognized as an increase to net assets.

Included in membership fees collected, are amounts collected on behalf of, and remitted, to Golf Canada.

b) Capital assets:

Capital assets are recorded at cost and depreciation is provided by the declining balance method based on estimated useful lives at the annual rate of 5% on the office premises, 20% on office and field equipment, and 25% on computers and electronics.

c) Cash and cash equivalents:

Alberta Golf considers all balances with banks and highly liquid investments with maturities of three months or less at the date of purchase to be cash and cash equivalents.

d) Contributed materials and services:

Volunteers contribute a substantial number of hours each year to assist Alberta Golf in fulfilling its mandate. The value of contributed services is not recognized in these financial statements. Contributed materials, the value of which can be reasonably estimated, are recorded in the financial statements at that estimated value.



SEPTEMBER 30, 2015

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont inued)

e) Financial Instruments:

Financial instruments are recorded at fair value on initial recognition. Equity instruments that are quoted in an active market are subsequently recorded at fair value. All other financial instruments are recorded at cost or amortized cost, unless management has elected to record at fair value. Alberta Golf has not elected to carry any such financial instruments at fair value.

With respect to financial assets measured at cost or amortized cost, Alberta Golf recognizes in the statement of operations, an impairment loss, if any, when it determines that a significant adverse change has occurred during the period in the expected timing or amount of future cash flows. When the extent of impairment of a previously written down asset decreases and the decrease can be related to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed in the statement of operations in the period the reversal occurs.

f) Foreign currency transactions:

Monetary assets (investments) of Alberta Golf which are denominated in foreign currencies are translated at year end exchange rates. Investment revenue and expenses are translated at the rates of exchange in effect at the respective transaction dates. The resulting foreign exchange gains and losses are recorded as income in the period realized for unrestricted assets and as an increase or decrease in funds for restricted assets.

g) Use of accounting estimates:

The preparation of financial statements in conformity with ASNFPO requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Specific items subject to estimation include amortization of capital assets and provision for allowance for doubtful accounts.

These estimates are subject to measurement uncertainty and the effects of changes in these estimates in future periods could be significant.

3. DEFERRED CASINO REVENUE

Pursuant to the requirements set out by the Alberta Gaming and Liquor Commission (AGLC), funds raised through casinos and not yet expensed have been designated as being held for future years’ expenses of the following types:

(a) Administrative costs (maximum 10%) (b) Awards, trophies and plaques (c) Equipment purchase and repair for Junior programs (d) Promotional activities (e) Rental facilities for Junior tournaments and camps (f) In-province travel (g) Volunteer conferences, seminars and training

Details of deferred revenue are as follows: 2015 2014 Opening deferred casino revenue $ 3,319 $ 56,099 Disallowed casino expense - 11,022 Casino proceeds 76,622 - 79,941 67,121 Designated expenses (64,627) (63,802)

Deferred casino revenue $ 15,314 $ 3,319

26 — ALBERTA GOLF


SEPTEMBER 30, 2015

4. CAPITAL ASSETS

Office Office Computers & Field 2015 Premises Equipment Electronics Equipment Total

Cost at beginning of year $ 1,167,180 $ 204,957 $ 45,570 $ 93,199 $ 1,510,906 Additions - - 4,552 10,203 14,755 Accumulated depreciation (375,270) (184,246) (30,922) (81,455) (671,893)

Net book value at end of year $ 791,910 $ 20,711 $ 19,200 $ 21,947 $ 853,768

Office Office Computers & Field 2014 Premises Equipment Electronics Equipment Total

Cost at beginning of year $ 1,167,180 $ 204,957 $ 43,334 $ 90,574 $ 1,506,045 Additions - - 2,236 2,625 4,861 Accumulated depreciation (333,591) (179,068) (25,281) (77,244) (615,184)

Net book value at end of year $ 833,589 $ 25,889 $ 20,289 $ 15,955 $ 895,722

The office premises are held as collateral for a line of credit from Canadian Western Bank (note 10).

5. FUND ACCOUNTING

a) Capital Assets fund:

Capital expenditures are allocated to Office Premises, Office Equipment, Computer and Electronics or Field Equipment.

b) Endowment Funds:

E. Lynne Cox Memorial Fund (original endowment of $20,000 contributed in 1995)

Provides program funding for junior girls golf annually.

Arthur P. and E. Lynne Cox Memorial Fund (original endowment of $100,000 was accumulated from 1995 – 1997)

Provides program funding for the Alberta Montana Junior Ryder Cup Teams.

General Endowment Funds

Investment income from Alberta Golf General Endowment Funds is intended for Alberta Golf programs and services.

Title to investments with respect to the E. Lynne Cox Memorial Fund and the General Endowment Fund – is held, in perpetuity, by the ASC. Income on these investments may be paid to Alberta Golf on request, providing that the project description falls within the purpose for which the funds are maintained.

The marketable securities managed by the CIBC Wood Gundy are recorded at cost and unrealized gains are recorded to reflect the fair market value of the securities. The carrying value of the marketable securities, managed by the ASC on behalf of Alberta Golf, approximates their fair market value.



SEPTEMBER 30, 2015

5. FUND ACCOUNTING (continued)

ENDOWMENT FUNDS Used in Gain (loss) on 2014 Interest Programs Investments 2015

Funds Held by ASC E. Lynne Cox Memorial Fund $ 20,725 $ 212 $ - $ - $ 20,937 General Endowment Fund 81,406 835 - - 82,241 $ 102,131 $ 1,047 $ - $ - $ 103,178

Funds Held by CIBC Wood Gundy Arthur P. & E. Lynne Cox Memorial $ 136,102 $ 3,211 $ - $ (7,881) $ 131,432 General Endowment Funds 323,568 7,440 - (18,543) 312,465 $ 459,670 $ 10,651 $ - $ (26,424) $ 443,897

Total Endowment Funds $ 561,801 $ 11,698 $ - $ (26,424) $ 547,075

6. DEFFERED REVENUE

Deferred revenue consists of:

2015 2014

Deferred membership fees $ 36,947 $ 60,106 Deferred grant revenue- Alberta Sport Connection 34,883 23,874

Total $ 71,830 $ 83,980

7. DEFERRED DONATIONS

In 2009, Alberta Golf received a donation of $100,000 from Lola Rozsa for the construction of its new office building. Recognition of this revenue will occur over the life of the building and is included in the calculation of depreciation of the building. Depreciation was calculated as follows:

2015 2014 Depreciation building $ 41,679 $ 43,873 Depreciation other assets 15,030 21,485 56,709 65,358 Deferred donation recognized (3,069) (3,877)

Depreciation expense $ 53,640 $ 61,481

The remaining amount of deferred donation was calculated as follows:

2015 2014 Deferred donations, beginning of the year $ 73,661 $ 77,537 Donation recognized (3,069) (3,877)

Deferred donations, end of the year $ 70,592 $ 73,661

28 — ALBERTA GOLF


SEPTEMBER 30, 2015

8. COMMITMENTS

Alberta Golf entered into lease agreements for three vehicles. The leases expire in 2018. Monthly lease payments under these agreements total $1,649. Payments may be reduced due to personal use of vehicles by employees.

Future operating lease payments are as follows:

2016 19,786 2017 19,786 2018 5,701

$ 45,273

9. GRANT REVENUE

During the year, Alberta Golf received grants totaling $184,463 (2014 - $183,013) from the ASC, which is comprised of the following amounts:

2015 2014 Annual Association Funding $ 84,513 $ 84,513 International Sport Exchange Grant 66,500 93,500 Sport Support Grant 16,250 - Western Canada Summer Games 7,200 - Canada Summer Games 5,000 - Donation Fund 5,000 5,000 184,463 183,013 International Sport Exchange Grant from the prior year 23,874 - Canada Summer Games deferred (note 6) (5,000) - Sport Support Grant deferred (note 6) (16,250) - International Sport Exchange Grant deferred (note 6) (13,633) (23,874)

Total $ 173,454 $ 159,139 In 2015 grants of $184,463 were received from ASC of which $34,883 was deferred to 2016.

10. LINE OF CREDIT

Alberta Golf has a $325,000 line of credit with the Canadian Western Bank. The line of credit bears interest at a rate that is the greater of prime plus 1.65% or 4.15%. As at September 30, 2015 the interest rate is 4.65%. It was undrawn as at September 30, 2015. The line of credit is subject to review at any time by the Bank. The next annual review is scheduled for completion by January 31, 2016. The line of credit is secured by a general security agreement over "all present and after acquired assets of Alberta Golf" and a first fixed charge of the office premises with a carrying value of $791,910.

11. RELATED PARTY TRANSACTIONS

Alberta Golf’s related parties include directors and key management personnel. In addition, directors and key management personnel, or their related parties, may hold positions in other entities that result in them having significant influence over the strategic operating, financing and investing activities of these.

All transactions with related parties were in the normal course of operations. Transactions between related parties are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties and which are similar to those negotiable with third parties.

Included in accounts receivable is $8,728 receivable from the Alberta Golf Association Foundation and included in accounts payable and accrued liabilities is a $6,000 payable to the Alberta Golf Association Foundation.



SEPTEMBER 30, 2015

12. FINANCIAL RISK MANAGEMENT

Alberta Golf is exposed to financial risks through its financial instruments.

Market Risk:

Alberta Golf’s assets include significant amounts of marketable securities. These assets are externally managed. The value of marketable securities changes in concert with the business, financial condition, management and other relevant factors affecting the underlying organization that issued the securities. In addition, general economic conditions of the markets, in which such organizations operate, change, thereby exposing Alberta Golf to fluctuations in the value of investments. The fair market value of marketable securities at September 30, 2015 is $443,897 (2014 - $459,670). A sensitivity analysis shows that a change in 1% of equity prices will result in a $4,438 change in net assets.

Credit Risk:

Alberta Golf is exposed to credit risk to the extent that club members may experience financial difficulty and would be unable to meet their obligations. Alberta Golf has a large number of club members, which minimizes the concentration of credit risk.

Interest rate risk:

Interest rate risk refers to the risk that the fair value of financial instruments or future cash flows associated with the instruments will fluctuate due to changes in interest rates. The exposure of Alberta Golf to interest rate risk arises from its interest bearing assets.

Alberta Golf manages its exposure to interest rate risk on its cash and cash equivalents and short term investments by maximizing interest income earned on excess funds while maintaining the liquidity to conduct operations on a day to day basis. Fluctuations of market rates of interest on cash and cash equivalents and short-term investments do not have a significant impact on Alberta Golf’s results of operations.

The objective of Alberta Golf with respect to fixed income investments is to ensure the security of principal amounts invested, provide a high degree of liquidity, and achieve a satisfactory investment return.

Alberta Golf manages the interest rate risk exposure on its fixed income investments by using a laddered portfolio with varying terms to maturity and minimizing the average term to maturity.

Currency risk:

Currency risk refers to the risk that the fair value of financial instruments or future cash flows associated with the instruments will fluctuate relative to the Canadian dollar due to changes in foreign exchange rates.

The functional currency of Alberta Golf is the Canadian dollar. Alberta Golf infrequently transacts in U.S. and foreign currencies.

Alberta Golf invests a portion of its investment portfolio in foreign equities. Alberta Golf mitigates its currency risk exposure by placing limits on the proportion of portfolio investments in foreign currencies.

Liquidity Risk:

Liquidity risk is the risk that Alberta Golf will not be able to meet a demand for cash or fund its obligations as they become due.

Alberta Golf meets its liquidity requirements by monitoring cash flows from operations and anticipating investing and financing activities. Alberta Golf has a short term secured bank facility of up to $325,000. At September 30, 2015 and 2014 the bank facility had not been drawn upon.

13. COMPARATIVE FIGURES

The comparative figures have been reclassified, where necessary, for consistency with current year disclosure.

30 — ALBERTA GOLF

$64,500 was awarded in post-secondary scholarships to

deserving Albertans by the Foundation


THE ALBERTA GOLF FOUNDATION, ESTABLISHED UNDER THE ALBERTA SOCIETIES ACT IN 1994, CONTINUES TO GROW FOR THE BENEFIT OF THE NEXT GENERATION OF GOLFERS THROUGH POST SECONDARY SCHOLARSHIP FUNDING AND RESEARCH ACTIVITIES.

In 2013, the Foundation adjusted its Bylaws to enable the start of a more supportive membership base. Eligibility is open to the general public, to male and female Alberta residents of all ethnic and cultural backgrounds, is representative of the larger community and not dependent on an individual’s relationship with any particular individual or individuals. It is voluntary with names and contract information held within a central registry. Membership fees for 2015 were set at $20 for each member.

On behalf of the Foundation in 2015, the Scholarship Committee was fortunate to award 37 Scholarships totaling $64,500. These funds were acquired from our many patrons and half of our 2014 Casino fundraising initiative. The Casino funds are distributed over two years to ensure an equal allocation to the scholarship and research programs.

I would like to thank those who assisted in the Casino Fundraiser, the Foundation Board, the Scholarship Committee, the Foundation Members and the Patrons for their contributions to ensure another successful year for post secondary scholarships and research in Alberta.

THANK YOU TO OUR PATRONS:

Charles C. Reid Foundation Frank Lindsay Memorial Foundation McLennan Ross Sun Junior Golf Tour R.E. Courage Memorial Fund Christa Spahmann Memorial Lola Rozsa Jeff Llewellyn Memorial Fund Sun Life Financial Bob Rintoul Memorial Fund

Foundation President’s Report 2015 SCHOLARSHIP RECIPIENTS

A.J. Armstrong - Washinton State University

Barrett Belland - MacEwan University

Katie Benoit - University of Lethbridge

Chantele Broderson - University of Alberta

Brianna Carrels - University of Victoria

Emily Creaser - University of British Columbia

Quinn Fitzgerald - University of Victoria

Jolene Freerksen - Southern Wesleyan University

Kevin Gfrerer - Golf Academy of America - San Diego

Patrick Gobran - Longwood University

Andrew Harrison - University of British Columbia

Kat Kennedy - University of British Columbia

Alissa Kuhn - University of Lethbridge

Julie Kuhn - University of Alberta

Kristyn Kurio - University of Alberta

Carolyn Lee - University of British Columbia

Noah Lubberding - University of South Dakota

Chloe Mansfi eld - Mount Royal University

Erin Martens - Sonoma State University

Ryan McLaren - Concordia University

Scott McNichol - University of Calgary

Melanie Murchison - University of Victoria

Patrick Murphy - University of California, Los Angeles

Nathan Nobert - Augustana University

Jack Pengelly - University of Calgary

Eric Praught - University of Victoria

Tyler Saunders - Texas State University

Courtney Schubert - University of Calgary

Amanda Sha - University of Alberta

Jesse Teron - University of Victoria

Ben Throndson - University of Alberta

Rebecca Todd - Lethbridge College

Cara Vanderham - California University of Pennsylvinia

Tyler Vandermeer - University of Alberta

Shae Wagner - MacEwan University

Mackenzie Walker - University of British Columbia

Jack Wood - University of British Columbia

Ted Thresher, AGF President

ALBERTA GOLF ASSOCIATION FOUNDATION

Financial Statements

Year Ended September 30, 2015

32 — ALBERTA GOLF

INDEPENDENT AUDITOR'S REPORT

To the Members of Alberta Golf Association Foundation

We have audited the accompanying financial statements of Alberta Golf Association Foundation, which comprise thestatement of financial position as at September 30, 2015, and the statements of operations, cash flows and changes innet assets for the year then ended, and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance withCanadian accounting standards for notforprofit organizations, and for such internal control as managementdetermines is necessary to enable the preparation of financial statements that are free from material misstatement,whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our auditin accordance with Canadian Auditing Standards. Those standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the entity's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Alberta GolfAssociation Foundation as at September 30, 2015 and its operations and its cash flows for the year then ended inaccordance with Canadian Accounting Standards for not for profit organizations.

(continues)

1040, 1015 4th Street SW Calgary, Alberta T2R 1J4403.205.3340 [fax] 403.234.0067


Emphasis of Matter

Without qualifying our opinion above, we draw attention to Note 2 of the financial statements. The continuedoperations of the Foundation are dependent on continued funding by the Alberta Golf Association (“Alberta Golf”),and the ability of the Alberta Golf Association Foundation to raise sufficient funds to meet the expenses. Thesefinancial statements have been prepared on a going concern basis, which assumes the Alberta Golf AssociationFoundation will be able to generate sufficient funding to continue its operations and to realize its assets anddischarge its liabilities in the normal course of business for the foreseeable future. If the going concern assumptionwere not appropriate for these financial statements, then adjustments may be necessary in the carrying values ofassets and liabilities, the reported expenses, and the balance sheet classifications used.

Calgary, AlbertaNovember 24, 2015 CHARTERED ACCOUNTANTS

234 — ALBERTA GOLF


STATEMENT OF OPERATIONS FOR THE YEAR ENDED SEPTEMBER 30, 2015

2015 2014

REVENUE Casino revenue (note 6) $ 45,448 $ 34,940 Scholarships – not tax receipted 9,708 9,070 General – tax receipted 6,490 2,210 General – not tax receipted 6,000 200 Scholarships – tax receipted 4,000 5,000 Membership fees 510 380

72,156 51,800 EXPENSES

Scholarships and bursaries 56,500 51,000 General and administrative 5,133 5,823 Casino expense 6,449 -

68,082 56,823

EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES $ 4,074 $ (5,023)


36 — ALBERTA GOLF


STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 2015

2015 2014

OPERATING ACTIVITIES Excess (Deficiency) of revenue over expenses $ 4,074 $ (5,023)

Changes in non-cash working capital:

Accounts receivable 28 2,999 Changes in non-current deferred casino revenue 41,950 43,742

Changes in restricted cash (45,795) (43,742)

(3,817) 2,999 Cash flow generated/used by operating activities 257 (2,024)

INVESTING ACTIVITY Changes in investments 3,900 -

INCREASE (DECREASE) IN CASH FLOW 4,157 (2,024)

CASH Cash - beginning of year 2,880 4,904

CASH – END OF YEAR $ 7,037 $ 2,880




STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 2015

2015 2014

Unrestricted Restricted Endowment Fund Fund Fund Total Total

Balance, beginning of the year $ (1,724) $ 1,230 $ 270,790 $ 270,296 $ 266,862 Donations 12,493 59,156 4,900 76,549 59,420 Membership fees 510 - - 510 380 Interfund transfer 3,856 (3,856) - - - Investment income - - 9,830 9,830 10,003 Scholarships and disbursements (11,585) (56,500) (9,000) (77,085) (64,823) Gain and management fees - - 281 281 (1,546)

Net assets - end of the year $ 3,550 $ 30 $ 276,801 $ 280,381 $ 270,296

38 — ALBERTA GOLF


STATEMENT OF CHANGES IN UNRESTRICTED NET ASSETS YEAR ENDED SEPTEMBER 30, 2015

2015 2014

Unrestricted donations and membership fees $ 13,003 $ 2,790 Transfer from restricted fund 3,856 - General expenses (11,585) (5,823)

5,274 (3,033) Unrestricted funds, beginning of year (1,724) 1,309 Unrestricted funds, end of year $ 3,550 $ (1,724)

STATEMENT OF CHANGES IN RESTRICTED FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2015

Balance Donations Scholarships Balance Beginning and Interfund Investment and End of Year Transfers Income Disbursements of Year Scholarships and grants:

Casino scholarships $ (826) $ 40,000 $ - $ (40,000) $ (826) Charles C. Reid 61 9,800 - (10,000) (139) McLennan Ross - 4,000 - (4,000) - Sun Life Financial - 1,000 - (1,000) - Roger Gilett - 500 - (500) - Mike Bower 183 - - - 183

Scholarship Funds: Turf Project 1,812 - - (1,000) 812

Total restricted scholarships and funds $ 1,230 $ 55,300 $ - $ (56,500) $ 30

STATEMENT OF RESTRICTED FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2014

Balance Interest and Scholarships Balance Beginning Investment and End of Year Donations Income Disbursements of Year Scholarships and grants:

Casino scholarships $ (766) $ 34,940 $ - $ (35,000) $ (826) Charles C. Reid 991 9,070 - (10,000) 61 McLennan Ross - 4,000 - (4,000) - Sun Life Financial - 1,000 - (1,000) - Mike Bower 183 - - - 183 Turf Project 2,812 - - (1,000) 1,812

Total restricted scholarships and funds $ 3,220 $ 49,010 $ - $ (51,000) $ 1,230



STATEMENT OF CHANGES IN ENDOWMENT FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2015

Balance Donations Scholarships Gain and Balance Beginning and Interfund Investment and Management End of Year Transfers Income Disbursements fees of Year

Lola Rozsa $ 55,524 $ - $ 2,016 $ (2,000) $ 58 $ 55,598 Jeff Llewellyn 53,766 1,000 1,952 (2,000) 56 54,774 Bob Rintoul 50,148 - 1,820 (1,000) 52 51,020 Christa Spahmann 43,478 3,900 1,578 (2,000) 45 47,001 Frank Lindsay 41,110 - 1,492 (1,000) 42 41,644 R.E. Courage 26,764 - 972 (1,000) 28 26,764

Total endowment funds $ 270,790 $ 4,900 $ 9,830 $ (9,000) 281 $ 276,801

STATEMENT OF CHANGES IN ENDOWMENT FUNDS

FOR THE YEAR ENDED SEPTEMBER 30, 2014

Balance Donations Scholarships Balance Beginning and Interfund Investment and Management End of Year Transfers Income Disbursements fees of Year

Lola Rozsa $ 55,723 $ - $ 2,130 $ (2,000) $ (329) $ 55,524 Jeff Llewellyn 52,099 1,000 1,972 (1,000) (305) 53,766 Bob Rintoul 49,548 - 1,893 (1,000) (293) 50,148 Christa Spahmann 39,211 5,000 1,499 (2,000) (232) 43,478 Frank Lindsay 38,855 2,000 1,484 (1,000) (229) 41,110 R.E. Courage 26,897 - - 1,025 (1,000) (158) 26,764

Total endowment funds $ 262,333 $ 8,000 $ 10,003 $ (8,000) (1,546) $ 270,790


40 — ALBERTA GOLF

ALBERTA GOLF ASSOCIATION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS

SEPTEMBER 30, 2015

1. NATURE OF THE BUSINESS AND BASIS OF PRESENTATION

The Alberta Golf Association Foundation (“the Foundation”) is a not-for-profit association organized to provide scholarships to Albertans for post-secondary education and fund research projects relating to golf and golf facilities. The Foundation was established under the Societies Act on February 10, 1994 with active operations commencing October 1, 1995.

As the Foundation is registered as a charitable organization authorized to issue donation receipts for income tax purposes under the Income Tax Act (“the Act”), the Foundation does not pay taxes on its net revenue. In order to maintain its status as a charitable organization under the Act, the Foundation must meet certain requirements within the Act. In the opinion of management, these requirements have been met.

2. GOING CONCERN

The continued operations of the Foundation are dependent on continued funding by the Alberta Golf Association (“Alberta Golf”), and the ability of the Foundation to raise sufficient funds to meet the expenses. These financial statements have been prepared on a going concern basis, which assumes the Foundation will be able to generate sufficient funding to continue its operations and to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. If the going concern assumption were not appropriate for these financial statements, then adjustments may be necessary in the carrying values of assets and liabilities, the reported expenses, and the balance sheet classifications used.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations (“ASNFPO”) and reflect the following significant accounting policies.

a) Revenue Recognition

The Foundation follows the deferral method of accounting for contributions, as follows:

Unrestricted contributions are recognized as revenue when received or receivable, if the amount to be received can be reasonably estimated and collection is reasonably assured. Restricted contributions are recognized when the externally imposed restrictions are fulfilled. Endowment contributions are recognized as a direct increase in net assets when received.

b) Cash

Cash includes unrestricted cash on deposit.

c) Contributed services

Volunteers contribute a substantial number of hours each year to assist the Foundation in fulfilling its mandate. Because of the difficulty of determining their fair value, contributed services are not recognized in the financial statements.

d) Financial Instruments

Financial instruments are recorded at fair value on initial recognition. Equity and debt instruments that are quoted in an active market are subsequently recorded at fair value. All other financial instruments are subsequently recorded at amortized cost, unless management has elected to record at fair value. The Foundation has not elected to carry any such financial instruments at fair value.



SEPTEMBER 30, 2015

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont inued)

d) Financial Instruments (continued)

With respect to financial assets measured at cost or amortized cost, the Foundation recognizes in the statement of operations an impairment loss, if any, when it determines that a significant adverse change has occurred during the period in the expected timing or amount of future cash flows. When the extent of impairment of a previously written down asset decreases and the decrease can be related to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed in the statement of operations in the period the reversal occurs.

e) Use of accounting estimates

The preparation of financial statements in conformity with ASNFPO requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

These estimates are subject to measurement uncertainty and the effects of changes in these estimates in future periods could be significant.

4. INVESTMENTS

2015 2014 Cash $ 11,254 $ 13,026 Fixed income investments 261,643 257,760 Total $ 272,897 $ 270,786

Fixed income investments are invested in government and corporate bonds and entirely denominated in Canadian dollars.

5. RESTRICTED SCHOLARSHIP FUNDS AND GRANTS

The restricted net assets are represented by the following assets:

2015 2014 Cash $ 3,934 $ 234 Accounts receivable - 1,000 Investments 272,897 270,786 $ 276,831 $ 272,020

All restricted net assets are subject to externally imposed restrictions. These external restrictions stipulate that the funds be used as follows:

a) Bob Rintoul Scholarship

In 2012, Calgary entrepreneur and philanthropist, Mr. Bob Rintoul provided a $50,000 endowment to the Alberta Golf Association Foundation to provide a lasting scholarship legacy. Investment income from the endowment fund is utilized to provide post-secondary scholarships each year to southern Alberta area students.

b) Charles C. Reid Memorial Foundation Scholarship

In 2015, scholarships totaling $10,000 were awarded to students pursuing post-secondary degrees. This program is funded by the Estate of Charles C. Reid, formerly an enthusiastic patron of golf from Banff.

42 — ALBERTA GOLF


SEPTEMBER 30, 2015

5. RESTRICTED SCHOLARSHIP FUNDS AND GRANTS (continued)

c) Christa Spahmann Memorial Scholarship

Christa was fun loving, hardworking and an extremely good athlete. She was liked by all around and always had a smile on her face. The recipient of the Christa Spahmann Memorial Scholarship will display these qualities and preference will be given to a southern Alberta female pursuing a post-secondary education. Funds for this scholarship are raised through the Christa Spahmann Memorial Tournament and contributed to the Foundation on an annual basis. In 2015, two $1,000 scholarships were awarded.

d) Frank Lindsay Foundation Grant

In 2008, an agreement was made with the Frank Lindsay Foundation to contribute an annual grant to sponsor the Alberta Bantam Championship. Subsequent to the signing of this agreement a Canada Revenue Agency challenge resulted in the funds being built into a scholarship endowment fund. In 2015, a $1,000 scholarship was awarded.

e) Jeff Llewellyn Scholarship

In 2013, the Foundation received a generous endowment of $51,800 to honor the memory of Jeff Llewellyn. The endowment was setup through his employer, MNP LLP. Jeff Llewellyn was an avid golfer who was dedicated to mentoring youth. In his memory, the Foundation will award a minimum $1,000 scholarship annually, from the investment income of the endowment, to students pursuing a post-secondary education in the area of Sports Administration with an emphasis on those pursuing Bachelor of Commerce, Economics, or Business Management degrees. In 2015, two $1,000 scholarships were awarded.

f) Lola Rozsa Memorial Golf Scholarship & Bursary (original Endowment of $50,000 contributed in 1999)

Affectionately nicknamed the “Grandmother of Calgary Golf” by local media, Lola dedicated herself to the promotion of the game, serving on the Calgary, Alberta and Canadian ladies golf associations. In 1999, Lola Rozsa donated a $50,000 endowment to the Alberta Golf Association Foundation to establish an annual post -secondary scholarship and bursary award program as a perennial gift to the game she loved. Investment income from the endowment fund provides annual post-secondary scholarships. In 2015, two $1,000 scholarships were awarded.

g) McLennan Ross Junior Golf Tour Scholarship

In 2015, four scholarships of $1,000 were awarded to students who have participated in the McLennan Ross Junior Golf Tour and are now pursuing post-secondary degrees. Program funding is provided by the tour organizers and administrators, Parcom Marketing Incorporated.

h) Mike Bower Memorial Scholarship

Mike Bower started playing the game of golf at age 11 and by the conclusion of his junior career would capture two consecutive Alberta Junior Championships. Donations to the fund are accepted from family and friends annually.

i) R.E. Courage Memorial Scholarship

The family of R.E. “Dick” Courage created a scholarship endowment to honour the legacy of a sportsman that contributed greatly to his community. Funds for the endowment were raised by family and friends through the staging of annual golf tournaments. Investment income from the endowment fund provides annual post-secondary scholarships. In 2015, a $1,000 scholarship was awarded.

j) Roger Gillett Scholarship

Roger Gillett was an avid golfer from Lethbridge. In 2015, a $500 scholarship was awarded.



SEPTEMBER 30, 2015

5. RESTRICTED SCHOLARSHIP FUNDS AND GRANTS (continued)

k) Sun Life Financial Scholarship

Sun Life Financial is a long time sponsor of the Alberta Men’s and Ladies’ Amateur Golf Championships. This annual $1,000 scholarship is awarded to an Alberta resident pursuing a post-secondary education.

In 2008, Sun Life Financial who is the title sponsor of the Alberta Men’s and Ladies’ Amateur Golf Championship and the Alberta Golf Association decided to offer an annual $1,000 scholarship from proceeds of the championships. This scholarship was issued and a transfer of funds made from the Alberta Golf Association to the Alberta Golf Association Foundation prior to the year end of September 30, 2015.

l) Turf Project Fund

The Alberta Golf Association Turfgrass Management Scholarship award of $1,000 was presented to a student attending the Olds College.

6. DEFERRED CASINO REVENUE

Pursuant to the requirements set out by the Alberta Gaming and Liquor Commission (AGLC), funds raised through casinos and not expensed have been designated as being held for future years’ expenses of the following types:

(a) Administrative costs (maximum 10%)

(b) Bursaries and scholarships

Details of restricted cash and deferred revenue are as follows:

2015 2014 Beginning deferred casino revenue $ 47,666 $ 3,924 Interest income 81 - Casino proceeds 87,317 78,882 Designated expenses and scholarships (45,448) (35,140) $ 89,616 $ 47,666

As at September 30, 2015, the restricted cash balance was $93,461. The difference between the restricted cash balance and the deferred casino revenue is due to casino expense payables of $3,845, which are included in accounts payable and accrued liabilities.

7. RELATED PARTY TRANSACTIONS The Foundation’s related parties include directors and key management personnel. In addition, directors and key management personnel, or their related parties, may hold positions in Alberta Golf that result in them having significant influence over the strategic operating, financing and investing activities of the Foundation. All transactions with Alberta Golf were in the normal course of operations. Transactions between related parties are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties and which is similar to those negotiable with third parties. Included in the Foundation’s accounts payable and accrued liabilities as at September 30, 2015, is an amount owing to Alberta Golf of $8,728 (2014 - $nil). Included in the accounts receivable as at September 30, 2015, is an amount receivable from Alberta Golf of $6,000 (2014 - $nil).

44 — ALBERTA GOLF


SEPTEMBER 30, 2015

8. FINANCIAL RISK MANAGEMENT

The Foundation is exposed to financial risks through its financial instruments.

Market Risk:

The Foundation’s assets include significant amounts of marketable securities. These assets are externally managed. The value of marketable securities changes in concert with the business, financial condition, management and other relevant factors affecting the underlying organization that issued the securities. In addition, general economic conditions of the markets, in which such organizations operate, change, thereby exposing the Foundation to fluctuations in the value of investments. The fair market value of marketable securities at September 30, 2015 is $272,897 (2014 - $270,786).

Interest rate risk:

Interest rate risk refers to the risk that the fair value of financial instruments or future cash flows associated with the instruments will fluctuate due to changes in interest rates. The exposure of the Foundation to interest rate risk arises from its interest bearing assets.

The Foundation manages its exposure to interest rate risk on its cash and cash equivalents and short term investments by maximizing interest income earned on excess funds while maintaining the liquidity to conduct operations on a day to day basis. Fluctuations of market rates of interest on cash and cash equivalents and short-term investments do not have a significant impact on the Foundation’s results of operations.

The objective of the Foundation with respect to fixed income investments is to ensure the security of principal amounts invested, provide a high degree of liquidity, and achieve a satisfactory investment return.

Liquidity risk:

Liquidity risk is the risk that the Foundation will not be able to meet a demand for cash or fund its obligations as they become due.

The Foundation meets its liquidity requirements by monitoring cash flows from operations and anticipating investing and financing activities.

9. COMPARATIVE FIGURES

The comparative figures have been reclassified, where necessary, for consistency with current year disclosure.


Jaclyn Lee celebrates with good friend and competitor Jennifer Ha on her win moments after her final putt at the 2015 Sun Life Financial Alberta Ladies AmateurPhoto Credit: Landon Jones

Final round of the 2015 Guardian Capital Alberta Senior Ladies Championship at the Glencoe G&CC

Photo Credit: Landon Jones

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