newfoundland and labrador college of … and labrador college of optometrists ... the optometry act...

NEWFOUNDLAND AND LABRADOR COLLEGE OF OPTOMETRISTS

College Chair's Annual Report - 2013

It has been my pleasure to serve as the Chair of the Newfoundland and Labrador College of Optometrists during 2013. This past year has been the first full year of the College's operation.

The College, under the direction of the Registrar Dr. Justin Boulay, now operates under the Optometry Act 2012 and associated Regulations.

The College met with its members in September 2013; and put forward a proposal to make Cardio-Pulmonary Resuscitation (CRP) certification as a mandatory requirement of licensure. Therefore, this will come into effect in 2015.

The Continuing Education Committee has reported that all licensed practitioners have met the mandatory continuing education requirements for the 3-year continuing Education Cycle which ended, 31 December 2013.

As Chair, I extend my thanks to Dr Paul Hiscock, Treasurer and Dr Clare Halleran, Director, for their commitment to the College Council; and to Mrs. Margaret Farrell and Mr. Graydon Pelley for their attention and genuine concern for matters before the Council.

Also, I would like to extend a special thank you to Dr. Justin Boulay for his service to the College over the past year. In addition, my thanks to Mr. Reg Gabriel, Executive Assistant who, with Dr Boulay, is truly responsible for the effective and efficient operation of the,College.

Respectfully submitted

■A_/ D- . n P a leran): Sc (Ions), OD

ewfourid nd and Labrador College of Optometrists 2013- :1-6

Newfoundland & Labrador College of

Optometrists Box 2308, Churchill Park RPO St. John's, NL A1B 4J9

Registrar's Report Secretary-Registrar Report

Canadian Optometric Regulatory Authority Report

Canadian Examiners in Optometry Report

Dr. Justin Soulay, May 2014

Legislation & Regulation

There have been no changes to the Optometry Act of 2012 since the NLCO Council meeting in September, 2013. No changes are currently planned at this time.

Registration & Licensing

2013 was a busy year for registration in the province with the licensing 11 new optometrists. 4 optometrists did not re-register bringing the total number of licensed practitioners to 61 as of January 1st 2014.

Complaints

There have been no new complaints filed with the NLCO since the last meeting in September, 2013.

Other Business

Reg Gabriel continues to be a valued asset to the College and his hard work never goes unnoticed. We look forward to his continued efforts to help the College and registrar over the coming years.

CORA

Canadian Optometry Regulatory Authorities (CORA) met in February, 2014 in Montreal, Quebec and again by teleconference to discuss threse main issues; Formalization of CORA, a voting structure and the progress of the national credentialing work being done.

All provinces agreed that formalization of CORA into a national regulatory body would be a positive step forward for the regulation of the Optometry Profession. The current funding formula proposed is the "1,2,3 funding formula" where ON and QC pay lx per registrant, BC and AB pay 2x per registrant, and NB, NL, MB, SK, NS and PEI pay 3x per registrant. This structure was approved by all provinces.

A proposed voting structure was also approved by all provinces which requires unanimous agreement from all members; but provinces may abstain from voting which would not count as a "no vote"

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t Marco Laverdiere (QC), Lorne Ryall (MB) and Gordon Hensel (AB) are continuing

to develop the by-laws for organization.

The National Credential Assessment Process is still currently performed by the College of Optometrists of Ontario on behalf of the other provinces. Progress continues to be made on moving towards a national system. All provinces are in agreement on most issues although a few details are still being discusses.

CEO

The Canadian Examiners in Optometry (CEO) has undergone some major changes over the last year. With a new director, the organization has renewed its mandate focusing on creating a national, defensible entry to practice examination of the highest standards. Its goal is to be the recognized leader in competence assessment for Optometry in Canada.

Other changes include a financial restructuring project aimed to create more long-term viability, and changes to the reporting and recording methods of candidate results.

With the changes to the Not-for-profit act in Canada, new by-laws are currently under development with the CEO and progress continues to be made. Meetings are still being conducted on a regular basis and updates will continue to be given regularly to the college.

23 April 2014

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Financial Statements

Year Ended December 31, 2013

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Index to Financial Statements


INDEPENDENT AUDITOR'S REPORT

FINANCIAL STATEMENTS

Statement of Financial Position

Statement of Revenues and Expenditures

Statement of Changes in Net Assets

Statement of Cash Flows

Notes to Financial Statements

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NOSEWORTHYra CHARTERED ACCOUNTANTS

CHAPMAN

Suite 201, 516 Topsail Rd • St. John's, NL AlE 2t5 Tel: (709) 364-5600 • Fax: (709) 368-2146 www.noseworthychapman.ca

INDEPENDENT AUDITOR'S REPORT

To the Members of Newfoundland and Labrador College of Optometrists

We have audited the accompanying financial statements of Newfoundland and Labrador College of Optometrists, which comprise the statement of financial position as at December 31, 2013 and the statements of revenues and expenditures, changes in net assets and cash flows for the year then 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 with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines 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 audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material 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 financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well 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 audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Newfoundland and Labrador College of Optometrists as at December 31, 2013 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

rtered As-- fcc)ou ant -4Q-1 St. John's, NL March 13, 2014

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Statement of Financial Position

December 31, 2013

2013 2012

ASSETS

CURRENT Cash $ 71,411 $ 80,492 Term deposits (Note 4) 94,565 62,632

$ 165,976 $ 143,124

LIABILITIES

CURRENT Accounts payable 2,000 $ 2,000 Deferred income 54,375 48.050

56,375 50.050

NET ASSETS General fund 109,601 93,074

$ 165,976 $ 143,124

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See notes to financial statements 2


Statement of Revenues and Expenditures


2013 2012

REVENUE Membership fees Interest income Corporate registration fees

$ 58,273 1,430 1,269

S 43,300 1,540

700

60,972 45.540

EXPENSES Insurance 4,548 5,423 Interest and bank charges 90 78 Meetings and conventions 7,212 1,295 Office 23,085 21,100 Professional fees 2,825 8,408 Travel 6,685 13,417

44,445 49,721

EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES $ 16,527 S (4,181)



Statement of Changes in Net Assets


2013 2012

NET ASSETS - BEGINNING OF YEAR $ 93,074 $ 97,255

Excess (deficiency) of revenue over expenses 16,527 (4,181)

NET ASSETS - END OF YEAR $ 109,601 $ 93,074

See notes to financial statements

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Statement of Cash Flows


2013 2012

OPERATING ACTIVITIES Cash receipts from fees $ 66,655 $ 53,050 Cash paid to suppliers (44,355) (49,243) Interest received 642 1,540 Interest and bank charges paid (90) (78)

INCREASE IN CASH 22,852 5.269

Cash - beginning of year 143,124 137.855

CASH - END OF YEAR $ 165,976 $ 143.124

CASH CONSISTS OF: Cash 71,411 $ 80,492 Term deposits 94,565 62,632

165,976 $ 143.124





1 DESCRIPTION OF BUSINESS

Newfoundland and Labrador College of Optometrists (the "organization") is a not-for-profit organization under the Corporations Act of the Province of Newfoundland and Labrador whose purpose is to administer the Optometry Act and to licence and register optometrists for practice in the Province of Newfoundland and Labrador.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations (ASNFPO).

Revenue recognition

The organization recognizes revenues under the deferral method in the year to which they relate, specifically when all the amounts can be reasonably estimated and collection is reasonably assured.

Term deposits

Term deposits are considered held-for-trading investments and are recorded at fair value.

Deferred revenue

Deferred revenue consists of fees received in the current period which relate to the next fiscal year.

Financial instruments policy

Financial instruments are recorded at fair value when acquired or issued. In subsequent periods, financial assets with actively traded markets are reported at fair value, with any unrealized gains and losses reported in income. All other financial instruments are reported at amortized cost, and tested for impairment at each reporting date. Transaction costs on the acquisition. sale. or issue of financial instruments are expensed when incurred.

Income tax information

The organization is exempt from income taxes under Subsection 149(1)1 of the Income Tax Act (Canada).

Measurement uncertainty

The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Such estimates are periodically reviewed and any adjustments necessary are reported in earnings in the period in which they become known. Actual results could differ from these estimates.

3. FINANCIAL INSTRUMENTS

The organization is exposed to various risks through its financial instruments and has a comprehensive risk management framework to monitor, evaluate and manage these risks. The following analysis provides information about the organization's risk exposure and concentration as of December 31, 2013.

(continues)

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3. FINANCIAL INSTRUMENTS (continued)

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The organization is exposed to this risk mainly in respect of its receipt of funds from its members and accounts payable.

SHORT-TERM INVESTMENTS

A non-registered guaranteed investment certificate was issued on June 3, 2013, for a term of 18 months at an interest rate of 1.55% per annum. At maturity. the investment will have a projected redemption value of $53.632. A second non-registered guaranteed investment certificate was issued on June 6, 2013, for a term of 18 months at an interest rate of 1.55% per annum. At maturity, the investment will have a projected redemption value of $31,362. A third non-registered guaranteed investment certificate was issued on October 11, 2013. for a term of 30 months at an interest rate of 2% per annum. At maturity. the investment will have a projected redemption value of $10,673.

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