NEXT Canada F22 ANNUAL REPORT - Report - Page 33
F22 FINANCIALS
Statement of Operations and Changes in Net Assets for the year ended August 31, 2022.
REVENUE
2022
2021
Grants
$340,000
$318,204
Donations
$1,278,157
$1,344,281
$1,346,666
$1,216,666
$98,278
$814,766
($0)
($719)
$11,981
$17,972
Interest Income
$30,713
$13,568
Other Income
$112,185
$547,981
$3,217,980
$4,272,719
$1,929,046
$1,679,546
Educational Programming
$307,897
$662,670
Administration
$610,788
$628,617
Marketing, Applications & Selection
$95,737
$114,134
Advancement
$25,467
$27,536
$2,968,935
$3,112,503
$249,045
$1,160,216
$3,973,031
$2,812,815
$4,222,076
$3,973,031
Sponsorships
Return On Educational Programming
Gain On Disposal Of Capital Asset
Amortization Of Deferred Capital Contribution
EXPENSES
Staff And Faculty
Excess (deficiency) of revenue over expenses for the year
Unrestricted net assets – Beginning of year
Unrestricted net assets – End of year
The summary financial information above is derived from the audited financial statements of NEXT Canada for the year ended August 31, 2022. The complete audited
financial statements, including the related notes to the financial statements and auditors report thereon are available on request from julie.vankessel@nextcanada.com.
F22 FINANCIAL NOTES
The financial highlights for the year show a decrease in revenue and expenses compared to the previous year due primarily to a smaller return on
programming and decreased wage and rent subsidies. On the other hand, the decrease in costs is due to adopting a hybrid programming approach.
Other income includes $45,534 in exchange gains plus CEWs and CERs subsidies.
This financial report reflects the activities of NEXT Canada. The NEXT AI Montreal program is managed separately under HEC at the University de Montreal.
GOVERNANCE NOTES
Conflicts of interest have been declared with respect to Board members who are currently executives at RBC, Osler and BDC, as well as Brainmaven (which provides
academic consulting services to NEXT Canada). The board is mindful of these conflicts and abstentions are exercised when appropriate and necessary.
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