Spinal Cord Injury Canada (SCI Canada) is incorporated under the Canada Not-for-profit Corporations Act. We are dedicated to assisting people with spinal cord injuries and other physical disabilities to achieve independence, self-reliance, and full community participation. The Organization is a registered charity under the Income Tax Act.
Preparation of our annual financial statements follows the Canadian Accounting Standards for Not-for-Profit Organizations described in the Chartered Professional Accountants Canada Handbook. This requires management to make estimates and assumptions about assets and liabilities and about revenues and expenses. The audit of SCI Canada’s financial statements for the fiscal year April 01, 2019 – March 31, 2020 was done by Marcil Lavallée. The audited financial statements were approved at SCI Canada’s Annual General Meeting on June 29, 2020.
For the year ending March 31, 2020 SCI Canada had revenue of $419,838 and expenses of $429,865. We incurred a significantly lower operating loss this fiscal year of $10,027 as compared to the operating loss in the prior fiscal year of $19,568. We continue to strive to minimize operating costs as much as possible while still providing high quality support and services. SCI Canada is committed to improving its revenue by building our fee for services and donations revenue lines. Despite the fiscal year closing with a loss, SCI Canada’s financial position continues to show a healthy financial outlook as the organization has sufficient cash float and reserves.
SCI Canada receives most of its funding from the Government of Canada. Other sources of revenue come from Provincial Corporate Membership Fees, fees for services and donations generously given by organizations and people. A large part of the fiscal year operating expenses can be attributed to Salaries and Benefits, Contracted Services and General and Administration expense lines. We provided $69,000 to our eight Provincial Corporate Members to support front line services. We also provided Scholarships to five deserving students through our SunLife Financial, Copnick-Hilliard and Kirby Rowe scholarship programs.
Details of the financial position can be found in the audited report: