saskatchewan teachers’ federation · 2019-01-11 · saskatchewan teachers’ federation statement...

SASKATCHEWAN TEACHERS’FEDERATION

FINANCIAL STATEMENTS

June 30, 2018

Independent Auditor’s Report

To the Saskatchewan Teachers’ Federation Executive

We have audited the accompanying financial statements of Saskatchewan Teachers’ Federation, which comprise the statement of financial position as at June 30, 2018, and the statements of operations and 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 Saskatchewan Teachers’ Federation as at June 30, 2018, 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.

Chartered Professional Accountants Licensed Professional Accountants October 1, 2018 Saskatoon, Saskatchewan

Deloitte LLP 122 1st Ave. S. Suite 400, Saskatoon SK S7K 7E5 Canada

Tel: 306-343-4400 Fax: 306-343-4480 www.deloitte.ca

SASKATCHEWAN TEACHERS’ FEDERATIONSTATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

year ended June 30, 2018

Restricted FundsProfessional Working Operations

Development Capital Contingency and Capital

Unit Fund Fund Fund

2018 2017 2018 2018 2018 2017 2018 2018 2018 2017

REVENUESMembership fees Regular fees $ 11,203,411 $ 11,085,322 $ - $ - $ - $ - $ 786,046 $ - $ 786,046 $ 790,985 Substitute fees 633,028 636,196 - - - - - - - -

11,836,439 11,721,518 - - - - 786,046 - 786,046 790,985 Projects - - 669,158 - 669,158 527,481 - - - - Administration fees (Note 12) 2,065,068 1,730,700 Direct cost service revenue (Note 12) 1,890,168 1,392,503 - - - - - - - - Pathways to learning 515,358 - - - - 462,322 - - - - Superannuated Teachers of Saskatchewan -

external fee for service 24,865 25,619 - - - - - - - - Building operations cost recovery (Note 12) 501,606 471,274 - - - - - - - - Saskatchewan Teachers’ Federation

external leases 18,377 18,514 - - - - - - - - Investment income (Note 5) 2,406 965 91 26,197 26,288 14,982 991,626 278,695 1,270,321 1,369,511 Advertising, materials and service 29,599 22,174 - - - - - - - - Fixed asset overhead recovery (Note 12) 130,484 133,704 - - - - - - - - Sundry income 894 14,319 85 - 85 56 - 1,226 1,226 1,132

17,015,264 15,531,290 669,334 26,197 695,531 1,004,841 1,777,672 279,921 2,057,593 2,161,628

EXPENSESTeaching and learning 673,461 717,635 293,812 - 293,812 638,871 - - - - Public, member and stakeholder relations 341,129 331,968 - - - 876 304,516 - 304,516 288,387 Teacher success and teacher well-being 266,756 344,996 - - - 10,000 - - - - Governance 1,388,184 1,447,295 - - - - - - - - Human resources (Note 7) 10,073,169 9,219,452 650,668 - 650,668 435,186 - - - - Professional services 803,288 744,457 - - - - 417,538 - 417,538 239,998 Infrastructure (Note 12) 2,087,123 1,946,296 44,344 - 44,344 243,697 144 - 144 144 Board of reference and disputes - - - - - - 47,279 - 47,279 99,817 Conciliation, mediation, and arbitration - - - - - - 32,123 - 32,123 675 Teacher crisis - - - - - - 12,397 - 12,397 6,850 Loss on disposal of tangible assets 3,620 8,255 22 - 22 - - - - - Loss on disposal of intangible assets 7,613 5,452 - - - - - - - -

15,644,343 14,765,806 988,846 - 988,846 1,328,630 813,997 - 813,997 635,871

1,370,921 765,484 (319,512) 26,197 (293,315) (323,789) 963,675 279,921 1,243,596 1,525,757 UNREALIZED LOSS IN MARKET VALUE OF

INVESTMENT FUNDS - - - - - - (143,737) (39,263) (183,000) (190,307) NET REVENUES (EXPENSES) 1,370,921 765,484 (319,512) 26,197 (293,315) (323,789) 819,938 240,658 1,060,596 1,335,450 NET ASSETS, BEGINNING OF YEAR 9,689,986 7,448,483 318,170 2,614,277 2,932,447 3,525,306 23,829,763 6,698,064 30,527,827 29,192,377 INTERFUND TRANSFERS (1,100,000) 295,219 100,000 800,000 900,000 (295,219) - 200,000 200,000 - EMPLOYEE FUTURE BENEFITS RE-MEASUREMENTS

AND OTHER ITEMS (Note 7) (960,992) 1,180,800 (58,657) - (58,657) 26,149 - - - - NET ASSETS, END OF YEAR $ 8,999,915 $ 9,689,986 $ 40,001 $ 3,440,474 $ 3,480,475 $ 2,932,447 $ 24,649,701 $ 7,138,722 $ 31,788,423 $ 30,527,827

The accompanying notes are an integral part of these financial statements.

Unrestricted Funds

TotalTotal TotalGeneral Fund

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Original signed by Patrick Maze

Original signed by Randy Schmaltz

SASKATCHEWAN TEACHERS’ FEDERATIONSTATEMENT OF CASH FLOWS


Professional Working OperationsGeneral Development Capital Contingency and Capital

Fund Unit Fund Fund Fund 2018 2017

OPERATING ACTIVITIESNet revenues (expenses) $ 1,370,921 $ (319,512) $ 26,197 $ 819,938 $ 240,658 $ 2,138,202 $ 1,777,145 Adjustments for

Amortization 948,608 3,961 - - - 952,569 1,139,325 Difference between pension expense and amount funded 412,347 - - - - 412,347 (2,860,310) Loss on disposal of tangible assets 3,620 22 - - - 3,642 8,255 Loss on disposal of intangible assets 7,613 - - - - 7,613 5,452 Realized gain on sale of investment funds - - - (60,119) (15,518) (75,637) (85,824) Unrealized loss in market value of investment funds - - - 143,737 39,263 183,000 190,306

2,743,109 (315,529) 26,197 903,556 264,403 3,621,736 174,349 Changes in non-cash working capital (966,082) (104,486) 90 (87,856) 48 (1,158,286) 2,199,879

1,777,027 (420,015) 26,287 815,700 264,451 2,463,450 2,374,228 INVESTING ACTIVITIESAdditions to tangible assets (511,147) (3,245) - - - (514,392) (393,150) Additions to intangible assets (390,914) - - - - (390,914) (377,588) Investment fund purchases (3,991) - (2,029,392) (2,005,084) (742,626) (4,781,093) (4,742,278) Investment fund disposals 74,053 - 1,203,105 1,152,126 278,518 2,707,802 3,361,170

Proceeds from disposal of tangible assets 3,018 - - - - 3,018 6,030

Proceeds from disposal of intangible assets - 207,287 - - - 207,287 -

(828,981) 204,042 (826,287) (852,958) (464,108) (2,768,292) (2,145,816)

NET INCREASE (DECREASE) IN CASH 948,046 (215,973) (800,000) (37,258) (199,657) (304,842) 228,412

CASH POSITION, BEGINNING OF YEAR 542,250 146,821 - 172,526 2,024 863,621 635,209

INTERFUND TRANSFERS (1,100,000) 100,000 800,000 - 200,000 - -

CASH POSITION, END OF YEAR $ 390,296 $ 30,848 $ - $ 135,268 $ 2,367 $ 558,779 $ 863,621

The accompanying notes are an integral part of these financial statements.

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SASKATCHEWAN TEACHERS’ FEDERATION NOTES TO THE FINANCIAL STATEMENTS


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1. DESCRIPTION OF OPERATIONS The Saskatchewan Teachers’ Federation (the “Federation”) is a corporation as set out in The Teachers’ Federation Act, 2006. The Federation is by this legislation a holistic professional organization that serves both the interests of teachers and the public. Its purposes as mandated in Section 5 of the Act are, among others, to represent and support teachers, to carry on activities to improve the quality of education and delivery of education support for and by teachers, and to promote the cause of education and raise the status of the teaching profession. The Federation also provides various benefit and pension plans for its members and former members, bargains collectively on behalf of teachers, and provides member supports and resources that promote teachers’ professional stewardship and responsibility. The Federation is funded by teachers through membership fees.

2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations (“ASNPO”) in Part III of the CPA Handbook and reflect the following significant policies: Basis of Presentation These financial statements do not reflect operations of the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, the Saskatchewan Teachers’ Retirement Plan, the Saskatchewan Teachers’ Federation Employees’ Pension Plan, or Dr. Stirling McDowell Foundation for Research Into Teaching Inc. Separate financial statements have been prepared for these plans. See Note 13 for summary information.

Use of Estimates The preparation of the financial statements in conformity with ASNPO requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Examples of such estimations and assumptions include the useful lives and amortization of capital assets, the cost of employee future benefits, and provisions for contingencies. Actual results could differ from those estimates. Adjustments, if any, will be reflected in operations in the period of settlement.



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2. SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates (continued)

The Federation has a defined benefit pension plan whereby plan members are entitled to a specified level of benefit payment at a future date. The obligation of the Federation is determined with the assistance of an actuary and is a complex calculation involving a large number of estimates relating to matters such as employee demographics, mortality and illness rates, retirement dates, trends in interest rates and the performance of the current and future investment portfolio of the benefit plan. A small change in any one of these estimates could have a significant impact on the obligation. In assessing the recoverability of defined benefit assets, the Federation is required to make assumptions about the ability to recover the amount recognized through reductions in funding in future periods. A similar assessment is required in the recognition of any liability for future minimum funding requirements. Management has applied its judgment in this complex area. Fund Accounting The Federation follows the restricted method of accounting for contributions. The General Fund accounts for the Federation’s programs and administrative activities. This fund reports unrestricted resources. The Professional Development Unit reports unrestricted resources that are used to enhance effective in-service education for members of the teaching profession of Saskatchewan and to provide support for the education communities’ pursuit of the same. The Working Capital Fund reports unrestricted resources that are to be used for expenses during times when the Federation is not receiving membership fees and to maximize investment earnings of the Federation. The Contingency Fund reports only externally restricted resources that are to be used to provide legal and financial support for members who are involved in disputes related to collective bargaining or contracts of employment, to provide financial support to respond to an education crisis, to provide financial means for an ongoing public relations program in support of public education and the teaching profession, and to provide financial support for emergent circumstances that result during the course of an already established budget year.



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2. SIGNIFICANT ACCOUNTING POLICIES (continued) Fund Accounting (continued) The Operations and Capital Fund reports only internally restricted resources that are to be used for capital purchases and improvements and collective agreement liabilities.

Employee Future Benefits

All of the Federation’s employees that are not members of a teachers’ pension plan are participants in the Saskatchewan Teachers’ Federation Employees’ Pension Plan, which is a contributory defined benefit pension plan. The Federation is the sponsor of Saskatchewan Teachers’ Federation Employees’ Pension Plan. The Federation follows Part II Handbook Section 3462, Employee Future Benefits, and Part III Handbook Section 3463, Employee Future Benefits by Not-for-Profit Organizations (“Section 3463”), for the measurement of the pension obligation and employee future benefit expense. Section 3463 requires the separate recording of pension obligation re-measurements in Net Assets. Accordingly, the Federation’s portion of these re-measurements have been recorded in Net Assets with an accompanying amount owing to (from) the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, the Saskatchewan Teachers’ Retirement Plan, and the Dr. Stirling McDowell Foundation for Research Into Teaching Inc. Revenue Recognition Unrestricted membership fees as set by the Federation’s Council are recognized as revenue in the General Fund in the fiscal year due.

Restricted membership fees as set by Council are recognized as revenue of the appropriate restricted fund in the fiscal year due. Administration fees recovered from the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, the Saskatchewan Teachers’ Retirement Plan, the Saskatchewan Teachers’ Federation Employees’ Pension Plan, and Dr. Stirling McDowell Foundation for Research Into Teaching Inc. represents a reimbursement for the cost of salaries and benefits, facilities and supplies.



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2. SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue Recognition (continued)

Direct cost service revenue recovered from the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, the Saskatchewan Teachers’ Retirement Plan, the Saskatchewan Teachers’ Federation Employees’ Pension Plan, and Dr. Stirling McDowell Foundation for Research Into Teaching Inc. represents a reimbursement for the cost of salaries and benefits. All other revenue is recognized in the appropriate fund, in the year earned. Capital Assets Tangible assets are recorded at cost. The building is amortized on a declining-balance basis over its estimated useful life. Furniture and equipment along with computer hardware, leasehold improvements and books and periodicals are amortized on a straight-line basis over their estimated useful lives. Intangible assets are recorded at cost. Computer software and the rights under licensing agreements are amortized on a straight-line basis over its estimated useful life. Impairment of Long-Lived Assets Long-lived assets are tested for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. An impairment loss is recognized when their carrying value exceeds the total undiscounted cash flows expected from their use and eventual disposition. The amount of the impairment loss is determined as the excess of the carrying value of the asset over its fair value. Deferred Revenue Deferred revenue represents funds received in the current year which apply to subsequent fiscal years. Contributed Services The work of the Federation is dependent on the voluntary service of many members. Since these services are not normally purchased by the Federation and because of the difficulty of determining their fair value, contributed services are not recognized in these financial statements.



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2. SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Instruments Financial assets and financial liabilities are recognized when the Federation becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are initially recognized at fair value and their subsequent measurement is measured at amortized cost, except for short-term investments and investment funds which are measured at fair value as at the reporting date. Changes in fair value, including realized and unrealized gains and losses, are recorded in the Statement of Operations and Changes in Net Assets. Fair values are based on quoted market prices, specifically the latest bid price, where available from active markets, otherwise fair values are estimated using a variety of valuation techniques and models. Financial assets purchased and sold, where the contract requires the asset to be delivered within an established time frame, are recognized on a trade-date basis. Transaction costs are expensed as incurred for all short-term investments and investment funds. Transaction costs related to other financial instruments are netted against the carrying value of the asset or liability and are then recognized over the expected life of the instrument using the effective interest method. Impairment For financial assets measured at cost or amortized cost, the Federation determines whether there are indications of possible impairment. When there is an indication of impairment, and the Federation determines that a significant adverse change has occurred during the period in the expected timing or amount of future cash flows, a write-down is recognized in the investment income. If the indicators of impairment have decreased or no longer exist, the previously recognized impairment loss shall be reversed to the extent of the improvement. The carrying amount of the financial asset may not be greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in investment income. Pension Plan The Federation sponsors and funds a contributory defined benefit pension plan for its employees that are not members of a teachers’ pension plan. The plan provides pensions based on length of service and final average earnings. The Federation accrues its obligations under the defined benefit pension plan as the employees render the services necessary to earn the pension benefits. The cost of the defined benefit pension plan is determined periodically by an independent actuary.



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2. SIGNIFICANT ACCOUNTING POLICIES (continued) Pension Plan (continued) The defined benefit obligation of the plan is based on an actuarial valuation prepared for funding purposes (but not one prepared using a solvency, wind-up, or similar valuation basis) using the most recently completed actuarial valuation. A funding valuation is prepared in accordance with pension legislation and regulations, generally to determine required cash contributions to the plan. The Federation recognizes the defined benefit obligation net of the fair value of plan assets. Current service costs and finance cost for the period are recognized in the Statement of Operations and Changes in Net Assets. Employee future benefits re-measurements and other items are recognized directly in net assets in the Statement of Financial Position and presented as a separately identified line item in the Statement of Operations and Changes in Net Assets.

3. CAPITAL ASSETS

Tangible Assets

Accumulated Accumulated Net BookRates Cost Amortization Cost Amortization Value

Building 4% $ 5,577,356 $ 2,496,754 $ - $ - $ 3,080,602 Furniture,

equipment, books 5,10, &and periodicals 15 yrs. 1,472,119 995,628 - - 476,491

Computerhardware 4 yrs. 1,049,149 920,685 20,999 14,260 135,203

Leasehold 3 &improvements 5 yrs. 241,871 172,435 - - 69,436

StewartResourcesCentre 10 yrs. 819,840 421,877 - - 397,963

9,160,335 5,007,379 20,999 14,260 4,159,695 Land 31,819 - - - 31,819 2018 Totals $ 9,192,154 $ 5,007,379 $ 20,999 $ 14,260 $ 4,191,514

2017 Totals $ 8,794,456 $ 4,691,406 $ 21,818 $ 12,978 $ 4,111,890

General FundProfessional

Development Unit

The current year’s amortization expense is $426,746 (2017 – $404,177). The

amortization is included in the infrastructure expenses in the Statement of Operations and Changes in Net Assets.



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3. CAPITAL ASSETS (continued)

Tangible Assets (continued) Additions of $123,608 included in tangible assets are non-cash transactions as they

were not paid as at June 30, 2018 (2017 – $25,641), and were included in accounts payable and accrued charges.

Intangible Assets

Accumulated Accumulated Net BookRates Cost Amortization Cost Amortization Value

Right under licensing agreements 1 - 5 yrs. $ 332,832 $ 193,448 $ - $ - $ 139,384 Computer

software 5 yrs. 3,867,882 2,764,797 - - 1,103,085 2018 Totals $ 4,200,714 $ 2,958,245 $ - $ - $ 1,242,469

2017 Totals $ 3,720,571 $ 2,335,579 $ ###### $ 283,868 $ 1,590,916

General FundProfessional

Development Unit

The current year’s amortization expense is $525,823 (2017 – $735,148). The amortization is included in the infrastructure expenses and professional services expenses in the Statement of Operations and Changes in Net Assets.

Additions of $86,859 included in intangible assets are non-cash transactions as they

were not paid as at June 30, 2018 (2017 – $77,086), and were included in accounts payable and accrued charges.



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4. SHORT-TERM INVESTMENTS Short-term investments include the following:

General GeneralMaturity Fund Fund

Date 2018 2017

Term deposit held in trust March 31, 2017 $ - $ 5,411 Term deposit held in trust August 31, 2018 11,756 68,185

$ 11,756 $ 73,596

The term deposit is held in trust for an employee for the purpose of deferred salary leave.

5. INVESTMENT FUNDS

Investment funds are measured at fair value and include the following:

OperationsGeneral Working Contingency and Capital

Fund Capital Fund Fund Fund 2018 2017

Fixed income $ - $ - $ 17,219,885 5,029,566 $ 22,249,451 $ 21,266,936 Equities

Canadian - - 3,873,859 1,111,955 4,985,814 4,804,254 Foreign - - 1,932,391 563,625 2,496,016 2,180,909

Money marketinvestmentsand deposits 137,013 3,440,849 1,489,061 431,990 5,498,913 4,950,328

$ 137,013 $ 3,440,849 $ 24,515,196 $ 7,137,136 $ 35,230,194 $ 33,202,427

Greystone Managed Investments Inc. is the investment manager appointed by the Federation to manage the pooled investment funds of the Federation.



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5. INVESTMENT FUNDS (continued) The Federation’s investment income is as follows:

Professional Operations

General Development Working Contingency and Capital

Fund Unit Capital Fund Fund Fund 2018 2017

Interest $ 2,584 $ 91 $ 29,392 $ 17,105 $ 4,888 $ 54,060 $ 33,930

Dividends - - - 945,914 267,222 1,213,136 1,308,452

Realized gain

on sale of

investment funds - - - 60,119 15,518 75,637 85,824

Investment

management fees (178) - (3,195) (31,512) (8,933) (43,818) (42,748)

$ 2,406 $ 91 $ 26,197 $ 991,626 $ 278,695 $ 1,299,015 $ 1,385,458

6. ACCOUNTS RECEIVABLE

Professional

General Development ContingencyFund Unit Fund 2018 2017

Membership fees $ 998,756 $ - $ 64,141 $ 1,062,897 $ 1,066,815 Saskatchewan Teachers’

Federation – Members’Health Plan - - - - 57,855

Saskatchewan Teachers’ Federtion – Portaplan 129,674 - - 129,674 16,617

Saskatchewan Teachers’ Federtion – IncomeContinuance Plan - - - - 305,484

Saskatchewan Teachers’Retirement Plan 186,966 - - 186,966 189,225

Saskatchewan Teachers’Federation Employees’Pension Plan 37,361 - - 37,361 801

Dr. Stirling McDowellFoundation for ResearchInto Teaching Inc. - - - - 3,794

Trade receivables andaccruals 9,961 23,447 - 33,408 82,023

$ 1,362,718 $ 23,447 $ 64,141 $ 1,450,306 $ 1,722,614



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7. PENSION COSTS AND OBLIGATIONS Plan for Federation Employees Who Are Not Members of a Teachers’ Pension Plan The Federation measures its accrued defined benefit obligations and the fair value of the Plan assets for accounting purposes as at June 30 of each year. Based on the most recent actuarial determination of pension plan benefits for funding purposes completed as at June 30, 2017 and extrapolated to June 30, 2018, the status of the defined benefit pension plan is as follows:

2018 2017

Fair value of plan assets $ 36,460,397 $ 35,136,268 Defined benefit obligation 32,568,586 30,832,110 Defined benefit asset $ 3,891,811 $ 4,304,158

The next required actuarial determination of pension plan benefits for funding purposes to be filed with the Saskatchewan Financial Services Commission Pension Division is due by March 31, 2021 with an effective date of June 30, 2020. The current year’s pension expense is $303,942 (2017 – $644,754). The pension expense relating to the Federation is $197,805 (2017 – $419,606) and is included in human resources expenses in the Statement of Operations and Changes in Net Assets, and the amount relating to the other plans and funds is $106,137 (2017 – $225,148). The employee future benefits re-measurements and other items is $3,246,769 (2017 – $1,854,562). The employee future benefits re-measurements and other items relating to the Federation is $2,126,466 (2017 – $1,206,949) and is included in Statement of Operations and Changes in Net Assets, and the amount relating to the other plans and funds is $1,120,303 (2017 – $647,613). The amount related to the Federation is comprised of the following:

2018 2017

Difference between actual return and expected return on plan assets $ (1,019,649) $ 1,206,949 Total employee future benefits re-measurements and other items $ (1,019,649) $ 1,206,949



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7. PENSION COSTS AND OBLIGATIONS (continued) Plan for Federation Employees who are Members of a Teachers’ Pension Plan These employees belong to the Saskatchewan Teachers’ Retirement Plan or the Saskatchewan Teachers’ Superannuation Plan. Under these plans the Federation is responsible for making contributions based on the requirements of these plans. Included in human resources expenses in the Statements of Operations and Changes in Net Assets for the year for these plans is $268,908 (2017 – $250,604).

8. ACCOUNTS PAYABLE AND ACCRUED CHARGES

Professional

General Development Working Contingency

Fund Unit Capital Fund Fund 2018 2017

Accumulated vacation days $ 584,525 $ 16,343 $ - $ - $ 600,868 $ 710,551

Service gratuities 154,243 5,000 - - 159,243 223,770

Government remittances 29,206 8,343 - - 37,549 25,622

Trade payables and other

accrued charges 674,292 8,149 375 16,936 699,752 727,520

Saskatchewan Teachers’

Federation – Members’

Health Plan 17,596 - - - 17,596 -

Saskatchewan Teachers’

Federation – IncomeContinuance Plan 49,650 - - - 49,650 -

Saskatchewan Teachers’Retirement Plan - - - 11 11 -

Dr. Stirling McDowellFoundation for ResearchInto Teaching Inc. 1,226 - - - 1,226 -

$ 1,510,738 $ 37,835 $ 375 $ 16,947 $ 1,565,895 $ 1,687,463

9. EXTERNALLY RESTRICTED NET ASSETS

Major categories of externally imposed restrictions on net assets are as follows:

2018 2017

Restricted related to collective bargaining orcontracts of employment disputes, educationcrisis and public relations $ 24,649,701 $ 23,829,763



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10. LEASE COMMITMENTS 2317 Arlington Avenue The Federation entered into an agreement to lease office space on the 3rd and 4th floors of the 2317 Arlington Avenue building from the Saskatchewan Teachers’ Retirement Plan, a related party, for a term of 10 years from August 1, 2002 to July 31, 2012. The provisions of the lease agreement allowed for an escalation clause to take effect at the conclusion of the lease. The leasing costs remained in effect for the period August 1, 2012 to June 30, 2017. The current lease has been extended to June 30, 2022. The aggregate minimum annual rental payments, including GST, under these agreements for the next four years, included in infrastructure expenses, are as follows:

2019 76,253 2020 76,253 2021 76,253 2022 76,253

On June 30, 2002, the Federation entered into an agreement with the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, and the Saskatchewan Teachers’ Federation – Income Continuance Plan to sub-lease office space leased from the Saskatchewan Teachers’ Retirement Plan for a term of 10 years ending July 31, 2012. The leasing costs remained in effect for the period August 1, 2012 to June 30, 2017 due to the provisions of the escalation clause in the lease. The current lease has been extended to June 30, 2022. The Saskatchewan Teachers’ Retirement Plan will collect the current leasing costs from sub-lessors.

2311 Arlington Avenue The Federation entered into an agreement to lease office space at 2311 Arlington Avenue building from the Saskatchewan Teachers’ Retirement Plan, a related party, for a term of 10 years from July 1, 2018 to June 30, 2028, with an option to renewal for an additional 120 months at the fair market rent at the time.



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10. LEASE COMMITMENTS (continued) The aggregate minimum annual rental payments, including GST, under this agreement for the next five years, included in infrastructure expenses, are as follows:

2019 184,748 2020 184,748 2021 184,748 2022 184,748 2023 184,748

Regina Office

The Federation leases certain items of equipment and an office in Regina, Saskatchewan. The aggregate minimum annual rental payments under this agreement in effect until June 30, 2019, included in infrastructure expenses, is as follows:

2019 $ 66,153

11. FINANCIAL INSTRUMENTS

The Federation is exposed to various risks through its financial instruments. The following analysis provides a measure of the Federation’s risk exposure and concentrations at June 30, 2018. The Federation has a written Investment Objectives and Policy Statement (“IOPS”) and an Investment Management Guidelines Statement (“IMGS”). The STF Executive approves the IOPS and delegates governance responsibilities for management of the assets of Federation funds through the approval of the terms of reference. The IOPS is formally reviewed at least annually, and changes are made to it, if and when appropriate. The STF Executive approves amendments to the IOPS as recommended by the Investment Committee. The Investment Committee establishes the IMGS to address the unique investment objectives and constraints for the Federation, as well as outlining relevant legislation and governance. The IMGS is reviewed at least annually, and changes are made to it, if and when appropriate. The IMGS is shared with the STF Executive for information.



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11. FINANCIAL INSTRUMENTS (continued) Market Risk Market risk is the risk of loss that may arise from change in market factors such as interest rates, foreign currency rates, and equity prices. The Federation is exposed to this market risk in its investing activities. The investment manager is responsible for managing market risk in accordance with the Federation’s IOPS and IMGS. The investment manager reports quarterly, to the Investment Services Unit, on their performance which includes compliance with the policy and regulatory requirements. All exceptions noted are to be reported to the Investment Committee. a) Interest rate risk

Interest rate risk refers to the adverse consequences of interest rate changes on the Federation’s cash flows and net assets.

The investment portfolio of the Federation is directly exposed to interest rate risk in respect of its fixed income and short-term investments and deposits. Fixed rate instruments subject the Federation to a fair value risk while the floating rate instruments subject it to a cash flow risk. To manage the interest rate risk, the Investment Committee has adopted an approach whereby investments are strategically distributed, on a long-term basis, among several classes of assets to reduce exposure to investment volatility.

b) Foreign currency risk

Foreign currency exposure arises from the Federation’s holdings of non-Canadian investments, which as at June 30, 2018, consist of pooled investments which comprise 7.1% or $2,496,016 (2017 – 6.6% or $2,180,909) of the total portfolio.

Maximum exposure in any single foreign investment is 10% of the market value of the Federation’s foreign equity portfolio. Investments in individual equities shall not exceed 10% of the outstanding shares of the issuing corporation and at least 20 different equity holdings shall exist in the investment manager’s portfolio, either directly or through index replication instruments. No more than 15% of the foreign equity portfolio shall be invested in stocks that fall outside of the relevant benchmark index.



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11. FINANCIAL INSTRUMENTS (continued)

Market Risk (continued)

c) Equity price risk

Equity price risk is the risk that the fair value or future cash flows of an equity investment will fluctuate because of changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether those changes are caused by factors specific to the individual equity instrument, or factors affecting similar equity instruments traded in the market.

The investment portfolio is directly exposed to equity price risk in respect of its

pooled equities which total $7,481,830 at June 30, 2018 (2017 – $6,985,163).

The IMGS limits the total direct investment in a single equity investment to 10% of the total market value of the Federation’s Canadian equity portfolio. At least 20 different Canadian equity holdings shall exist in the portfolio, either directly or through index replication instruments. No more than 15% of the Canadian equity portfolio shall be invested in stocks that fall outside of the S&P/TSX composite index.

Credit Risk The business of the Federation necessitates the management of credit risk. Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations of the Federation, as and when they fall due. The Federation limits credit risk by dealing with investees that are considered to be of high quality. Credit risk concentration exists where a significant portion of the portfolio is invested in securities which have similar characteristics or obey similar variations relating to economic or political conditions.

This risk is managed by strategically diversifying investments, on a long-term basis, among several classes of assets. The assets of the Federation are directly exposed to credit risk in respect of its pooled fixed income, pooled short-term investments and deposits, term deposits, accounts receivable and cash.



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11. FINANCIAL INSTRUMENTS (continued)

Credit Risk (continued) As at June 30, 2018, the Federation’s maximum exposure to credit risk was $29,769,205 (2017 – $28,877,095) being the total of the carrying values of these assets.

The IMGS requires that all short-term investments have a minimum rate of R1 or equivalent rating as rated by a recognized bond rating agency at time of purchase. The IMGS limits the Federation to holding not more than 5% of the market value of fixed income securities in any one non-government entity. Private placement bonds shall not exceed 5% of the fixed income portfolio market value. Foreign currency exposure is limited to 10% of the market value of the fixed income portfolio. None of the assets in the investment portfolio are past due or impaired as at June 30, 2018 (2017 – none). Liquidity Risk

The business of the Federation necessitates the management of liquidity risk. Liquidity

risk is the risk of being unable to meet financial commitments, under all circumstances, without having to raise funds at unreasonable prices or sell assets on a forced basis.

As at June 30, 2018, the Federation has current financial liabilities of $1,565,895 (2017

– $1,687,463) relating to accounts payable and accrued charges. In addition, it has an ongoing obligation to pay benefits to members of the Saskatchewan Teachers’ Federation Employees’ Pension Plan in respect of pensions payable, which the actuarial present value totaled $32,568,586 for the year ended June 30, 2018 (2017 – $30,832,110).

At June 30, 2018, the Federation held cash and money market instruments, as well as

fixed income and equities which are readily available to settle such obligations. 12. RELATED PARTY TRANSACTIONS

During the year, the Federation entered into transactions with the following related parties: Saskatchewan Teachers’ Federation – Members’ Health Plan, a health benefits plan administered by the Federation.



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12. RELATED PARTY TRANSACTIONS (continued)

Saskatchewan Teachers’ Federation – Portaplan, a voluntary insurance plan administered by the Federation. Saskatchewan Teachers’ Federation – Income Continuance Plan, a compulsory insurance plan administered by the Federation. Saskatchewan Teachers’ Retirement Plan, a pension plan administered by the Federation. Saskatchewan Teachers’ Federation Employees’ Pension Plan, a contributory defined benefit pension plan for selected employees of the Federation. Dr. Stirling McDowell Foundation for Research Into Teaching Inc., a registered charity with the Federation as its sole member.

Revenues Administration fees represent a reimbursement of costs related to the internal support services provided to the Saskatchewan Teachers’ Federation – Members’ Health Plan, Saskatchewan Teachers’ Federation – Portaplan, Saskatchewan Teachers’ Federation – Income Continuance Plan, Saskatchewan Teachers’ Retirement Plan, Saskatchewan Teachers’ Federation Employees’ Pension Plan and Dr. Stirling McDowell Foundation for Research Into Teaching Inc. During the year, the Federation received the following administration fees:

2018 2017Saskatchewan Teachers’ Federation – Members’ Health Plan $ 283,200 $ 226,900 Saskatchewan Teachers’ Federation – Portaplan 179,892 145,600 Saskatchewan Teachers’ Federation – Income Continuance Plan 590,592 488,900 Saskatchewan Teachers’ Retirement Plan 968,496 825,900 Saskatchewan Teachers’ Federation – Employees’ Pension Plan 24,096 26,500 Dr. Stirling McDowell Foundation for Research Into Teaching Inc. 18,792 16,900

$ 2,065,068 $ 1,730,700

Direct cost service revenue represents a reimbursement of the cost of salaries and benefits for services rendered by the Federation.



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Revenues (continued)

During the year, the Federation received the following direct cost service revenue:

2018 2017Saskatchewan Teachers’ Federation – Members’ Health Plan $ 215,328 $ 118,000 Saskatchewan Teachers’ Federation – Portaplan 265,045 120,800 Saskatchewan Teachers’ Federation – Income Continuance Plan 278,464 175,150 Saskatchewan Teachers’ Retirement Plan 891,846 608,173 Saskatchewan Teachers’ Federation – Employees’ Pension Plan 101,904 75,000 Dr. Stirling McDowell Foundation for Research Into Teaching Inc. 137,581 153,000 Saskatchewan Teachers’ Federation – Professional Development Unit - 142,380

$ 1,890,168 $ 1,392,503

Fixed asset overhead recovery represent a recovery of costs related to certain capital assets that are used by the Saskatchewan Teachers’ Federation – Members’ Health Plan, Saskatchewan Teachers’ Federation – Portaplan, Saskatchewan Teachers’ Federation – Income Continuance Plan and Saskatchewan Teachers’ Retirement Plan. The Saskatchewan Teachers’ Federation – General Fund includes $52,362 (2017 – $69,771) in additional deferred revenue in the Statement of Financial Position. During the year the Federation received the following fixed asset overhead recovery costs:

2018 2017

Saskatchewan Teachers' Federation – Members’ Health Plan $ 2,193 $ 10,734 Saskatchewan Teachers’ Federation – Portaplan 1,096 5,367 Saskatchewan Teachers’ Federation – Income Continuance Plan 3,838 21,468 Saskatchewan Teachers’ Retirement Plan 45,235 32,202

$ 52,362 $ 69,771



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Revenues (continued) During the year the Federation recognized fixed asset overhead revenue:

2018 2017

Saskatchewan Teachers' Federation – Members’ Health Plan $ 20,595 $ 23,109 Saskatchewan Teachers’ Federation – Portaplan 7,852 8,130 Saskatchewan Teachers’ Federation – Income Continuance Plan 38,635 42,758 Saskatchewan Teachers’ Retirement Plan 63,402 59,707

$ 130,484 $ 133,704

The Federation charges the plans and the Dr. Stirling McDowell Foundation for Research Into Teaching Inc. costs to recover certain expenses relating to activities such as printing and photocopying, recorded as part of infrastructure expenses in the Statement of Operations and Changes in Net Assets. During the year, the Federation received the following other charges:

2018 2017Saskatchewan Teachers’ Federation – Members’ Health Plan $ 13,835 $ 21,159 Saskatchewan Teachers’ Federation – Portaplan 19,566 16,590 Saskatchewan Teachers’ Federation – Income Continuance Plan 10,771 9,598 Saskatchewan Teachers’ Retirement Plan 61,103 37,448 Dr. Stirling McDowell Foundation for Research Into Teaching Inc. 8,354 9,692

$ 113,629 $ 94,487

The Federation pays all the operating costs of the building. The Federation then recovers a percentage of these costs from the Saskatchewan Teachers’ Retirement Plan based on its percentage ownership of the building. In 2018, the amount recovered was $440,129 (2017 – $398,614) and is included in the building operations cost recovery revenues in the Statement of Operations and Changes in Net Assets. The Federation carries out property management services for the Saskatchewan Teachers’ Retirement Plan. These costs are recovered directly from the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, and the Saskatchewan Teachers’ Retirement Plan.



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12. RELATED PARTY TRANSACTIONS (continued) During the year, the Federation recovered the following building operation recovery amounts:

2018 2017 Property

Management Fees

Operating Costs

Base Rent - Common

Parking Fees Total Total

Saskatchewan Teachers’ Federation – Members’ Health Plan $ 2,856 $ - $ 2,983 $ 1,200 $ 7,039 $ 9,492 Saskatchewan Teachers’ Federation – Portaplan 927 - 969 480 2,376 2,195 Saskatchewan Teachers’ Federation – Income Continuance Plan 10,190 - 10,634 2,400 23,224 21,871 Saskatchewan Teachers’ Retirement Plan 12,134 440,129 13,104 3,600 468,967 429,411 Saskatchewan Teachers’ Federation – Professional Development Unit - - - - - 8,305

$ 26,107 $ 440,129 $ 27,690 $ 7,680 $ 501,606 $ 471,274

Expenses The Federation is responsible for all matters relating to the administration of the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, the Saskatchewan Teachers’ Retirement Plan, the Saskatchewan Teachers’ Federation Employees’ Pension Plan and the Dr. Stirling McDowell Foundation for Research Into Teaching Inc. The Saskatchewan Teachers’ Retirement Plan recovers the costs for the leased area from the Federation, Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, and the Saskatchewan Teachers’ Federation – Income Continuance Plan. In 2018, the amount recovered from the Federation was $204,680 (2017 – $154,820) and is included in the infrastructure expenses in the Statement of Operations and Changes in Net Assets.

The Federation makes an annual grant payment to Dr. Stirling McDowell Foundation for Research Into Teaching Inc. based on 0.75% of expenses less cost recoveries from two years prior. In the current year the grant payment was $83,700 (2017 – $81,300). The Federation makes donations of $50 each on behalf of deceased teachers, which totaled $1,400 in the current year (2017 – $600). These are included in the teaching and learning expenses in the Statement of Operations and Changes in Net Assets. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the parties.



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12. RELATED PARTY TRANSACTIONS (continued) At the end of the year, the amounts due from (to) related parties and expected to be settled within the next 12 months, included in accounts receivable (accounts payable and accrued charges) are as follows:

2018 2017Saskatchewan Teachers’ Federation – Members’ Health Plan $ (17,596) $ 57,855 Saskatchewan Teachers’ Federation – Portaplan 129,674 16,617 Saskatchewan Teachers’ Federation – Income Continuance Plan (49,650) 305,484 Saskatchewan Teachers’ Retirement Plan 186,955 189,225 Saskatchewan Teachers’ Federation Employees’ Pension Plan 37,361 801 Dr. Stirling McDowell Foundation for Research Into Teaching Inc. (1,226) 3,794

At the end of the year, the amounts due from (to) related parties and not expected to be settled within the next 12 months, included in Due from or to STF – Other Plans, are as follows:

2018 2017 Due from Saskatchewan Teachers' Federation - Other PlansSaskatchewan Teachers’ Federation – General Fund $ 8,357 $ -

Due to Saskatchewan Teachers' Federation - Other Plans Saskatchewan Teachers’ Federation – Members’ Health Plan 99,157 107,722 Saskatchewan Teachers’ Federation – Portaplan 25,632 28,160 Saskatchewan Teachers’ Federation – Income Continuance Plan 368,923 535,229 Saskatchewan Teachers’ Retirement Plan 278,171 293,993 Saskatchewan Teachers’ Federation – Professional Development Unit 8,357 Dr. Stirling McDowell Foundation for Research Into Teaching Inc. 1,029 2,242

$ 781,269 $ 967,346



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13. SUMMARY INFORMATION The Federation administers the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, and the Saskatchewan Teachers’ Retirement Plan. The Saskatchewan Teachers’ Federation – Members’ Health Plan provides health coverage for eligible members, their spouses and children. The Saskatchewan Teachers’ Federation – Portaplan is a voluntary term life, accident and dependent life insurance plan which began in 1970 for eligible members, their spouses and their children. The Saskatchewan Teachers’ Federation – Income Continuance Plan provides basic continuing income to members who are unable to work, for an extended period of time, due to illness or accidental injury. The Saskatchewan Teachers’ Retirement Plan provides retirement benefits to all teachers new to teaching in the Saskatchewan provincial PreK-12 system since July 1, 1980. The Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan, and the Saskatchewan Teachers’ Retirement Plan have not been consolidated in the Federation’s financial statements. Financial statements of the Saskatchewan Teachers’ Federation – Members’ Health Plan, the Saskatchewan Teachers’ Federation – Portaplan, the Saskatchewan Teachers’ Federation – Income Continuance Plan and the Saskatchewan Teachers’ Retirement Plan are available upon request. Financial summaries of these unconsolidated entities as at June 30, 2018 and 2017 and for the years then ended are as follows:



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13. SUMMARY INFORMATION (continued)

Saskatchewan Teachers’ Federation – 20182017

(Restated)Members' Health Plan

Financial positionTotal assets $ 81,935,609 $ 77,482,602 Total liabilities 3,651,213 3,691,433 Net assets available for benefits $ 78,284,396 $ 73,791,169

Results of operationsIncreases in assets $ 23,755,359 $ 23,987,031 Decreases in assets 19,213,717 18,730,523 Net increase in net assets $ 4,541,642 $ 5,256,508

Restatement The comparative figures have been restated to reflect the incurred but not reported obligation as a liability rather than included in Net Assets Available for Benefits, resulting in a $1,645,456 increase to liabilities and a decrease to Net Assets Available for Benefits. In addition, $67,460 additional expense was recognized for the year ended June 30, 2017 in the Statement of Changes in Net Assets Available for Benefits with a corresponding reduction of Net Assets Available for Benefits.



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2017Saskatchewan Teachers’ Federation – 2018 (Restated)Portaplan

Financial positionTotal assets $ 14,853,102 14,598,209 Total liabilities and reserves 3,264,691 2,241,846 Net assets available for benefits $ 11,588,411 $ 12,356,363

Changes in benefit obligationsBeginning balance $ 13,501,000 $ 10,274,800 Increases 998,220 3,402,000 Decreases - (175,800)

Ending balance $ 14,499,220 $ 13,501,000

Results of operationsIncreases in assets $ 4,343,028 $ 4,201,314 Decreases in assets 5,207,716 3,683,643 Net (decrease) increase in net assets $ (864,688) $ 517,671

Restatement

Effective July 1, 2017, the policy year November 1 to October 31, was changed to coincide with the financial fiscal year July 1 to June 30. As a result of the correction, the comparative figures as at and for the year ended June 30, 2017 and opening July 1, 2016 have been restated on a retroactive basis to adjust the Statement of Changes in Net Assets Available for Benefits and Statement of Financial Position. The restatement resulted in a decrease to net assets available for benefits, beginning of year of $1,052,514 for the year ended June 30, 2017 on the Statement of Changes in Net Assets Available for Benefits. The restatement also resulted in an increase of increase in net assets of $1,235,131 on the Statement of Changes in Net Assets Available for Benefits.



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2018 2017Saskatchewan Teachers’ Federation –Income Continuance Plan

Financial positionTotal assets $ 218,624,543 $ 206,700,261

Total liabilities $ 91,892,183 $ 95,281,857 Total equity 126,732,360 111,418,404

$ 218,624,543 $ 206,700,261

Results of operationsTotal revenues $ 27,953,764 $ 27,412,429 Total expenses 12,310,980 11,701,161 Total income 15,642,784 15,711,268 Total employee future benefits re-measurements and other items (328,828) 405,407 Total income and comprehensive income $ 15,313,956 $ 16,116,675

Cash flowsCash from operating activities $ 6,868,264 $ 6,476,028 Cash used in investing activities (6,583,494) (6,758,001)

Increase (decrease) in cash $ 284,770 $ (281,973)



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2018 2017Saskatchewan Teachers’ Retirement Plan

Financial positionTotal assets $ 5,582,789,000 $ 5,092,291,000 Total liabilities 22,592,000 13,274,000 Net assets available for benefits $ 5,560,197,000 $ 5,079,017,000

Changes in pension obligationBeginning balance $ 5,050,438,000 $ 4,310,594,000 Increases 633,038,000 852,263,000 Decreases (133,356,000) (112,419,000)

Ending balance $ 5,550,120,000 $ 5,050,438,000

Results of operationsIncreases in assets $ 619,818,000 $ 651,507,000 Decreases in assets 138,638,000 116,897,000 Net increase in net assets $ 481,180,000 $ 534,610,000

14. PRESENTATION OF STATEMENT OF OPERATIONS AND CHANGES IN

NET ASSETS

Certain comparative figures have been reclassified to conform to the current year’s presentation. On the Statement of Operations and Changes in Net Assets, the Projects revenue has decreased by $462,322, Pathways to Learning revenue has increased by $462,322.

15. CONTINGENCIES A legal action in the amount of $3,300,000 was claimed against the Federation by a

former employee for damages. Management and legal counsel are of the opinion that this claim is without merit. No provision with respect to this claim has been made in the financial statements as the outcome of the claim cannot be determined with certainty.

A legal action in the amount of $300,000 was claimed against the Federation by a

pensioner for damages. The matter has been set to proceed to mandatory mediation. No provision with respect to this claim has been made in the financial statements as the outcome of the claim cannot be determined with certainty.



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15. CONTINGENCIES (continued) In the normal course of business, the Federation is involved in various claims, other

than those mentioned above. Though the outcome of these various pending claims as at June 30, 2018 cannot be determined with certainty, the Federation believes that their outcome will have no significant adverse impact on its financial position, operating results, or cash flows.

saskatchewan teachers’ federation · 2019-01-11 · saskatchewan teachers’ federation statement...

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