ANNUAL REPORT 2016 - registration.iccrc-crcic.ca · organizational stability as well as with our push to further enhance the standards of practice: • With the launch of the RISIA

ANNUAL REPORT 2016

5years

Regulating Immigration Professionals. Protecting the Public.

Annual Report 2015–2016(July 1, 2015 to June 30, 2016)

© 2016

Immigration Consultants of Canada Regulatory Council (ICCRC)www.iccrc-crcic.ca

Head Office 5500 North Service Road Suite 1002 Burlington, Ontario L7L 6W6

Burnaby 3292 Production Way Suite 502 Burnaby, British Columbia V5A 4R4

Markham3000 Steeles Avenue, EastSuite 204Markham, Ontario L3R 4T9

Saint-Laurent 100 Alexis-Nihon Boulevard Suite 592 Saint-Laurent, Québec H4M 2P1

TABLE OF CONTENTSIntroduction Abbreviations & Acronyms...................................................................................................................................... About ICCRC............................................................................................................................................................. Industry Profile......................................................................................................................................................... Governance and Management Board of Directors.................................................................................................................................................... Standing Committees............................................................................................................................................... Senior Management Team...................................................................................................................................... Message from the Chair........................................................................................................................................... Message from the Registrar and Acting President & CEO...................................................................................... Strategic Planning Outcomes Strategic Goals......................................................................................................................................................... Consumer Protection............................................................................................................................................... Organizational Excellence........................................................................................................................................ Public Trust............................................................................................................................................................... Sustainability............................................................................................................................................................ Treasurer’s Report.................................................................................................................................................... Audited Financial Statements.............................................................................................................................................. Annual General Meetings 2011 - 2016................................................................................................................................

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4 ICCRC 2014 ANNUAL REPORT

Burlington, Ontario Mayor Rick Goldring officialy opens ICCRC head office in 2012

INTRODUCTION5years


Annual General Meeting .......................................................... ....................................AGMCanada Not-for-profit Corporations Act ......................................................................CNCACanadian Bureau for International Education.....................................................................CBIEContinuing Professional Development.............................................................................CPDDiscipline, Appeals, Review and Complaints...................................................................DARCEntry-to-Practice Exam....................................................................................................EPEFull Skills Exam.................................................................................................................FSEInternational Student Advisor ........................................................................................ ISAImmigration and Refugee Protection Act......................................................................IRPAImmigration Consultants of Canada Regulatory Council ......................................... ..ICCRCImmigration, Refugee and Citizenship Canada..............................................................IRCCPractice Management Education...................................................................................PMERegulated Canadian Immigration Consultant .............................................................. RCICRegulated International Student Immigration Advisor ............................................... RISIA

ABBREVIATIONS & ACRONYMS

ICCRC 2016 ANNUAL REPORT 7

ABOUT ICCRCICCRC is the national organization that oversees regulated Canadian immigration professions. Designated by the federal minister of Immigration, Refugees and Citizenship Canada, ICCRC began regulating immigration consultants in 2011, and citizenship consultants and international student advisors in 2014.

MissionTo protect consumers of immigration services through effective regulation of immigration consultants and promotion of the benefits of using only authorized immigration representatives.

VisionTo be an effective, fair and transparent regulator of the Canadian immigration consulting profession.

ValuesTransparencyImportant decisions, policies and procedures will be provided to Members, and, where appropriate, the public on the ICCRC website.

ExcellenceAchieve a high level of excellence in all endeavours.

FairnessPolicies, practice, procedures and decisions will be justified and well-understood.

AccountabilityThe Board of Directors and staff will take full responsibility for actions and decisions.

IntegrityThe highest moral and ethical standards will be maintained.

CommunicativeMembers, stakeholders and the public will be welcome to contact ICCRC on any matter relating to the regulation of the Canadian immigration consulting profession.

INDUSTRY PROFILE

MEMBERSHIP BY YEARS OF IMMIGRATION CONSULTING EXPERIENCE

63%0–5 years

25%5–15 years

12%15+ years

3,711 RCICs ON JUNE 30, 2016

SNAP-SHOTJUNE 30, 2016

Active Practicing Members 3,633

On Leave of Absence 78

Total “in good standing” Members 3,711

Percent Members on Leave of Absence 2.10%

Suspensions 49

Percent Members under Suspension 1.30%

Potential Active Membership 3,760

49%Male

51%Female

GENDER

20-29

AGE

30-39 40-49 50-59 60-69 70-79 80-89

YEARS

0%

5%

20%

30%

35%

10%

15%

25%

JURISDICTION

0 200 400 600 800 1000 1200 1400 1600

MEMBERS

INTERNATIONAL

NU

NT

YT

NL

NS

PE

NB

QC

ON

MB

SK

AB

BC

MEMBER DISTRIBUTION


2014 Annual General Meeting in Toronto, Ontario GOVERNANCE AND MANAGEMENT5

years


BOARD OF DIRECTORS

Ronald McKay, RCIC

Chair Western Canada

Joan Page, BA, RCIC

Vice-ChairWestern Canada

Sardara Singh Chera, BA, MA, RCIC

DirectorOntario

Tarek Allam, RCIC

DirectorQuébec

Peter Bernier, BSc, BBA, BA, RCIC

DirectorOntario

Nasiralli (Alli) Amlani, C.Dir., RCIC

DirectorOntario

Merv Hillier, MBA, MScHRM, CPA, CMC, C.Dir.

Public Interest Director

Debbie DouglasPublic Interest Director


Latifa El-Ghandouri, RCIC DirectorQuébec

Juanita Maldonado, RCIC

DirectorOntario

Rhonda Williams, MA, RCIC

DirectorWestern Canada

Melanie Wen, BEng, BComm, RCIC

DirectorWestern Canada

Javier VinsomePublic Interest Director

Richard Dennis, BA, RCIC DirectorAtlantic Canada, Territories and International

Edward Dennis, PhD, RCIC

DirectorAtlantic Canada, Territories and International

STANDING COMMITTEES

Finance and Audit Committee (FAC)

Chair: Edward DennisVice Chair: Merv HillierMembers: Prateek Babbar Anna Peggy Fridriksdottir Jeremiah Shea

Practice Management and Education Committee (PMEC)

Chair: Javier VinsomeVice Chair: Juanita MaldonadoMembers: Pavel Ananyev Anthony Chea Yeuchuan Choo Izabela Kowalewski

Governance and Nominating Committee (GNC)

Chair: Nasiralli (Alli) AmlaniVice Chair: Joan PageMembers: Chris Daw Bill Howie Kim Ly Mark Varnam

Registration and Membership Committee (RAM)

Chair: Richard DennisVice Chair: Sardara Singh CheraMembers: Marie Deitz Jonathon Driscoll Dianne Russell

14 ICCRC 2016 ANNUAL REPORT ICCRC 2016 ANNUAL REPORT 15

Human Resources and Compensation Committee (HRCC)

Chair: Rhonda WilliamsVice Chair: Debbie DouglasMembers: Judy Griff Yiu Wing Terri Ng Peter Perram

Taskforce on making practical experience an additional mandatory requirement to becoming an RCIC

Chair: Juanita MaldonadoVice Chair: Peter BernierMembers: Renu Goel Roxanne Jessome Joe Kenny Jean Toews

Outreach and Communications Committee (OCC)

Chair: Tarek AllamVice Chair: Latifa El-GhandouriMembers: Ildiko Hegyi Ayana Ibrahimi Victor Kok Brandon Miller

Taskforce on specialist standard

Chair: Melanie WenVice Chair: Latifa El-GhandouriMembers: Dirk Propp Joel Tencer


SENIOR MANAGEMENT TEAM

Lawrence E. Barker, RPR

Acting President & CEO, Registrar & Corporate Secretary

Rodelio Ramos, CPA, CGA

Director of Finance & Corporate Treasurer

Dr. Hafeeza BassirullahDirector of Education


M. Daniel RoukemaDirector of Communications

Dace StripnieksManager of Operations


MESSAGE FROM THE CHAIR OF THE BOARDRonald McKay, RCIC

As Chair of ICCRC, I have had the distinct pleasure of working with the Board of Directors and Senior Management Team to achieve the goals we set in our Strategic Plan for the 2015-2016 fiscal year. I am pleased that we have continued, as in years past, to advance our role as an effective regulatory body.

This past July 1st, ICCRC celebrated its fifth anniversary, and having been a Member since the Council was first designated the regulator in 2011, I can’t help but be struck by our achievements in this relatively short timeframe. The Board, staff and countless volunteers have come together each day since ICCRC’s inception to discuss matters of importance and make decisions that have contributed to this regulatory body’s successful and unconditional commitment to protecting the public.

Five years ago we had just over 1,700 Members, a vision to create a better regulatory body, and an electric determination to succeed. A small group of staff was assembled to put into action the plan that was to be a national regulatory body. Since then our membership has ballooned to almost 4,000; our staff complement includes many more highly talented professionals who have come to ICCRC to drive this organization forward; and more and more stakeholders across Canada and around the world are hearing

about our work, learning about the laws of providing immigration services, and meeting the many consultants whose exemplary work has increased the reputation of the professions we regulate.

Our achievements of this year are presented in this Annual Report based on our Strategic Plan and goals. A joint effort by the Board of Directors and the Senior Management Team, I am truly pleased with the continued organizational stability as well as with our push to further enhance the standards of practice:

• With the launch of the RISIA program and profession in 2014, we established a partnership with Canada’s leading international education organization, the Canadian Bureau for International Education (CBIE) to provide education and training for International Students Advisors (ISAs);

• Committed to further improving our entry-to-practice standards, ICCRC’s education providers will, commencing in 2017, be required to provide a minimum of 500 hours instruction to students pursuing the RCIC designation;

• Our complaints and professional standards processes have been overhauled to reduce the administrative backlog and the financial

burden that we have endured in the past. We are pleased that this system now allows complainants to obtain resolutions to complains more quickly;

• In this past fiscal year, we reached tens of millions worldwide using social media to communicate our regulatory mandate and the law surrounding Canadian immigration advising;

• We began establishing new language benchmarks to ensure that professional entering the immigration consulting practice have a greater command of English or French;

• ICCRC’s staff adopted service standards committing themselves to timely responses to the public and Members’ matters;


• As requested by Members at the 2015 Annual General Meeting (AGM), we have established task forces of Board, staff and volunteers to study the feasibility of creating an occupational specialization within the RCIC profession, as well as to determine the viability of launching an internship program for professionals entering the occupation; and

• The Council on Licensure, Enforcement and Regulation awarded ICCRC the 2016 Consumer Protection Award for innovatively contributing to enhancing a broader public understanding of regulatory issues with respect to consumer and public protection, and citizen advocacy.

In the immediate future the Board will begin working on matters of great importance to the public and the profession including achieving statutory authority. We are also building relationships with Canadian provincial governments to reduce double regulation by determining ways in which ICCRC can provide regulatory oversight on their behalf. Achieving these plans will be defining legacies in ICCRC’s history and I encourage the new members of the Board of Directors and all RCICs and RISIAs to support us in achieving these important milestones.

As my term as Chair comes to an end, I reflect on my years as a member of the Board with many fond memories. My accomplishments would not have been realized without the support of the Board, the hard work of staff, and the ongoing commitment of Members who volunteer in our Standing Committee and task forces. I extend a heartfelt thank you to all of you and wish you the very best as you continue to build this profession through excellent regulatory management.

It’s been a good twelve months and a tremendous five years.

Ron E. McKayChair

“The Council on Licensure, Enforcement and Regulation awarded ICCRC the 2016 Consumer Pro-tection Award for innovatively contributing to enhancing a broader public understanding of regu-latory issues with respect to consumer and public protection, and citizen advocacy.”

MESSAGE FROM THE REGISTRARAND ACTING PRESIDENT & CEO

Lawrence E. Barker, RPR


Consumer protection is ICCRC’s mandate as instructed by the federal department of Immigration, Refugees and Citizenship Canada (IRCC). After five years in operation as Canada’s regulatory body of immigration and citizenship consultants, ICCRC is marking this half-decade anniversary with motivation for what is to come and reflection on how to even better serve the public.

The number of consultants that ICCRC regulates has almost doubled since 2011. With the steady increase in membership, the Council has been able to significantly increase its role as an effective regulator, as well as its services to Members without requiring an increase in annual dues for the fourth year in a row.

With strong interest in the RCIC Full Skills Exam (FSE) and the new RISIA Entry-to-Practice Exam (EPE) continuing, the outlook suggests continued positive net growth in membership going forward into fiscal 2016-2017. Looking at the overall membership statistics, it is interesting to further note that the combined number of Members in British Columbia and Alberta continues to equal that of Ontario in terms of the major population centres for RCICs. A further analysis reveals that 59.5% of RCICs are aged 30 – 49 years old and therefore have potentially upwards of

20 more years of further practise before considering retirement. This is extremely positive when compared to other organizations that are starting to experience a growing retiree membership.

In contrast to the number of individuals joining the profession, ICCRC has seen just 365 individuals resign in the past five years, an average of 73 per year or six per month. The most significant reason cited for leaving is a lack of interest in the profession. That being said, it is important to note that a number of individuals who have resigned were only performing immigration-related work on a part-time basis as their primary employment was in another occupation.

We have also been able to pay down our start-up debt. We are grateful for the support received from IRCC during startup and are pleased that we, as required in our Contribution Agreement, have been able to generate enough revenues to build this national regulatory body, despite earlier operational challenges. In the area of Complaints and Professional Standards, the Complaints Committee has been holding multiple meetings per month to address the inventory of cases. In the last year the Discipline Committee has decided more cases than in the previous four years. The department has also added a staff position to assist with administrative processing of complaint files along with other staff resources from the Registrar’s

Office being redeployed to assist. The Council has further retained the services of another Discipline Counsel to assist in prosecuting cases which are referred forward from the Complaints Committee to the Discipline Committee in a timelier manner.

In the past year, the Senior Management team presented 26 new or updated Regulations to the Board of Directors for their consideration to enhance our regulatory process, better protect the public, and also to respond to Members’ needs. We developed a Code of Ethics for RISIAs and revamped the Code of Professional Ethics for RCICs, which was amended to create a much stronger profession by holding immigration consultants more accountable for their professional actions.

We also committed ourselves to establishing an expedited complaints and discipline process for minor offences where the Code of Professional Ethics was not breached. Similar to a traffic court system, we are now able to resolve complaints at a faster pace with less process, and achieve a resolution to an incident without a laboriously time-consuming and costly system that would yield the same outcome.


Communications have been a source of great strength for the regulator in 2015-2016. Our annual Fraud Prevention campaign proved highly effective when this year, the Competition Bureau, invited ICCRC to become a member of the Fraud Prevention Forum, a collective of 125 leading businesses and organizations across Canada who collectively commit to warning consumers of fraud awareness.

We also introduced an aggressive social media campaign which, in one month netted a reach of more than 3 million worldwide through our various applications. In addition, with the introduction of a bi-weekly newsletter cycle for Members and thousands of additional stakeholders throughout Canada and abroad, we have been successful in increasing our visibility. We are thankful for our stakeholders who forward our communications to their own stakeholders, which has been proven to be highly effective in informing the public of ICCRC’s mandate as a regulator and the law that requires anyone who provides immigration services for a fee or other consideration must be a member in good standing of a law society in Canada, the Chambre des notaires du Québec, or ICCRC.

As ICCRC marks the first five years of operations, we look forward to stronger consumer protection. The Board of Directors and staff are looking forward to welcoming a new President & CEO. We also look forward to achieving other plans set

forth including working to achieve statutory authority, addressing double regulation, and building strong and sustainable relationships with IRCC and its provincial and territorial counterparts.

Thank you to all staff for all the hard work and for contributing to another successful operational outcome.

Respectfully,

Lawrence. E. Barker, RPRRegistrar and Acting President & CEO

"With the steady increase in membership, the Council has been able to significantly increase its role as an effective regulator, and increase services to Members, without requiring an increase in annual dues for the fourth year in a row.”

STRATEGIC PLANNING OUTCOMES5

yearsICCRC Board of Directors 2012-2013


STRATEGIC GOALS


ICCRC’s Strategic Planning Outcomes is a combined report from the Board of Directors and the Senior Management team. It summarizes the achievements of significant initiatives achieved in this Annual Report’s fiscal year in relation to ICCRC’s Strategic Plan.

CONSUMER PROTECTION

STRATEGIC OBJECTIVES OUTCOMES

Enhance education standards to meet the changing needs of the marketplace

• ICCRC designated the CBIE as the English and French online education provider for the RISIA profession.

• Exam-takers were surveyed throughout the year to better understand their perspectives on their education experience. The information collected provides opportunities for continued dialogue with accredited education providers and to address improvements in education.

• The Director of Education monitored on a consistent basis, the pass rates of exams to assess the effectiveness of accredited education programs and determine actions to be taken with colleges whose exam-takers receive a low pass rate over two consecutive exams.

Maintain a rigorous admissions process

• 633 new RCICs were admitted into the profession, and with the inaugural RISIA examination in November 2015, 19 international student advisors were admitted into the RISIA profession.

• Three entry-to-practice exams were administered to admit international student advisors into the RISIA profession.

Increase the knowledge and competence of registrants

• The Education department launched the Managing an Immigration Consulting Practice, Practice Management Education (PME) course and offered 252 online and in-class sessions for RCICs.

• The Continuing Professional Development (CPD) program was continually evaluated throughout the year to ensure that regulated professionals were receiving the required level of education.

• Audits of new Members were conducted on July 1, 2015 and January 1, 2016, to determine professional compliance and identify gaps.

26 ICCRC 2016 ANNUAL REPORT ICCRC 2016 ANNUAL REPORT 27


Maintain a fair and effective complaints and discipline process

• The Complaints and Discipline department was renamed Complaints and Professional Standards department.

• ICCRC implemented a new and more streamlined complaints, discipline and professional standards process, which reduces processing times at each stage of the complaints process.

• ICCRC added additional investigative and prosecution counsel resources to expedite complaint files.

• The Board of Directors approved and implemented ICCRC’s new Code of Professional Ethics and developed an expedited traffic-court style discipline system for summary regulatory offences that do not involve complaints of ethical breaches.

• ICCRC implemented new occupational benchmarking standards through the Centre for Canadian Language Benchmarks for RCIC applicants.

Provide relevant and timely information to consumers

• The Director of Communications launched an aggressive social media schedule using Facebook, Twitter and LinkedIn to provide daily information about the regulator and the immigration consulting profession to the public, which reached more than 3 million in one month.



Ensure that all By-law, policies, and procedures are consistent with current legislation and regulations

• The Corporate Secretary reviewed and updated ICCRC’s By-law, Regulations, policies and procedures to ensure compliance with the Canada Not-for-Profit Corporations Act (CNCA).

• ICCRC revised and standardized all Charters and Mandates of Standing Committees, Task Forces and Discipline, Appeals, Review and Complaints (DARC) committees.

• ICCRC’s Code of Professional Ethics was revamped to reflect the regulator’s new Regulations and procedures.

Fulfill requirements of the Contribution agreement and government regulation

• The President & CEO submitted quarterly reports as required to IRCC.

• Submitted five-year operations and governance report to IRCC.

• IRCC received year-end governance and operational reports from ICCRC, as required in the Immigration and Refugee Protection Regulation, the Citizenship Act, and the IRCC/ICCRC Contribution Agreement.

Increase IM/IT efficiencies • ICCRC conducted an extensive review of the Council’s IM/IT infrastructure, and updated and improved systems for greater efficiency.

Ensure corporate communications standards are in place

• The Director of Communications produced a Use of Logo Policy and began developing the Use of Logo Regulation to define the use of ICCRC’s corporate emblems by Members.

ORGANIZATIONAL EXCELLENCE



Increase the profile of ICCRC with stakeholders and the public

• ICCRC developed strategies to establish effective working relationships with federal/provincial and territorial governments and other stakeholders.

• ICCRC launched the Ambassador Program to increase the regulator’s visibility and promote its mandate by enabling the Board and staff to address stakeholders on the regulatory body at events throughout Canada.

• The Communications team successfully carried out information campaigns for Fraud Prevention Month (March 2016) and Citizenship Week (October 2015).

• The Fraud Prevention Forum, established and managed by the Competition Bureau, welcomed ICCRC in 2016 as a member to combat fraud with more than 150 other Canadian businesses, organizations and government departments.

• On invitation by the RCMP, the Director of Communications participated in a press conference with stakeholders that concluded Fraud Prevention Month 2016.

• ICCRC attended the 18th national Metropolis Conference in Toronto. The Conference Getting results : migration, opportunities and good governance assembled hundreds of prominent leaders in Canada’s immigration sector and leveraged ICCRC’s visibility, its mandate, and information on the law.

• ICCRC attended the Salon de l’immigration et de l’intégration, a trade show in Montréal attended by almost 10,000 immigrants who sought information and guidance on settlement in Canada.

• ICCRC accredited CBIE, a global leader in international education, as the exclusive provider of training for the RISIA entry-to-practice program.

PUBLIC TRUST

Increase public awareness of the value of working with a regulated immigration professional

• ICCRC launched www.immigrationfraud.ca, a website that provides information on the requirement to only retain authorized representatives, and alerting consumers to current immigration fraud activities.

• ICCRC distributed more than 2,000 information cards to stakeholders across Canada that provide information on the regulator, its mandate, and the requirement to only retain authorized representatives.

• ICCRC produced and made available on its website, downloadable immigration fraud awareness posters.

Ensure ongoing good Board governance and effective use of committees

• ICCRC assessed Committees and Board performances and submitted recommendations for improvement.

• The Board completed a successful campaign to recruit new Committee members.

SUSTAINABILITY


Maintain a sound financial and operational framework

• By managing ICCRC’s operations with fiscal prudence, the regulator has successfully accumulated a fiscal surplus for unforeseen contingencies.

• The Director of Finance enhanced the speed and efficiency of accounts receivables with new payment methods for RCICs.

• The Director of Finance and the Senior Management Team launched ICCRC’s internal Business Continuity Plan to ensure timely and effective post-disaster management and effective recovery of business operations.

• Through fiscal prudence and cost controls, ICCRC’s long-term debt has been reduced by 75% since ICCRC’s inception in 2011.

TREASURER’S REPORTThe financial activities of ICCRC for the fiscal year 2016 were marked by strong membership growth, increased scope of regulation, risk management initiatives and improved processing of complaints and discipline cases.

The significant financial highlights compared to prior years reflected those activities which explain the significant variances on some of the items in the audited financial statements.

2016 2015 INCREASE RATE

REVENUES 7,221,146 6,285,452 935,694 15%

EXPENSES 6,096,064 5,357,013 739,051 14%

EXCESS OF REVENUES OVER EXPENSES 1,125,082 928,439 196,643 1%

STATEMENT OF OPERATIONS


Revenues in 2015-2016 increased by 15% and expenses increased by 14% compared to last year. The increase in revenues overshadowed the increase in expenses resulting in a 1% increase in Excess of Revenues over Expenses ratio.

The increase in revenues of $935,694 is attributed to significant membership growth and successful recovery of bad debts. The year recorded 424 net new regulated professionals totalling 3,700 members in good standing at the end of the fiscal year. There were 921 exam-takers for Full Skills Examinations (FSE) that increased the Examinations revenue.

The increase in expenses of $739,051 is due to the increased cost of processing complaints and professional standards cases, managing membership growth and implementing operational risk mitigation strategies. In 2015-2016, there were 329 cases that were processed and closed by the Discipline, Appeals, Review and Complaints (DARC) committees, which resulted in the reduction of the over 2,600 complaints filed since ICCRC’s inception. The costs to handle and close these files increased expenditures by $273,500.

The changing scope of ICCRC’s mandate, which now includes regulating international student advisors (RISIAs), increased examination and practice management costs by $235,500 from the previous fiscal year.

Legal expenses, which totalled $509,138 in 2015-2016, continued to bear significant cost on ICCRC: Litigations were $200,417; By-law and regulations changes, $127,860; employment law $98,944; AGM and Elections $43,783; trademarks $17,611; federal statute, $12,349; and privacy law $8,175.

Overall, the result of operations for the year was $1,125,081 Excess of Revenues over Expenses which was $196,343 more than prior year or 1% increase in Revenues over expenses ratio.

The increase in overall operations had contributed to the increase in accumulated surplus by $1.1 million as shown in the following comparative summarized financial position.


STATEMENT OF FINANCIAL POSITION

2016 2015 INCREASE(DECREASE) RATE

ASSETS

CURRENT ASSETS 2,301,209 1,015,015 1,286,194 127%

CAPITAL ASSETS 409,428 492,606 (83,178) 17%

TOTAL ASSETS 2,710,638 1,507,622 1,203,016 80%

LIABILITIES

CURRENT LIABILITIES 1,255,056 949,146 305,910 32%

LONG TERM LIABILITIES 251,758 479,736 (227,978) 48%

TOTAL LIABILITIES 1,506,814 1,428,882 77,932 5%

ACCUMULATED SURPLUS 1,203,824 78,740 1,125,084 1.429%

TOTAL LIABILITIES AND ACUMMULATED SURPLUS 2,710,638 1,507,622 1,203,016 80%

The increase in Total Assets of $1.2 million particularly in the Current Assets are due to Short-Term Investments arising from the operating surplus and termination of implementing ICCRC’s planned system integration project to provide more time to seek more efficient and sustainable solutions for the organization. The funds intended for the project was kept in Short-Term investments.

The Current Liabilities increased due to the accrual of various litigation expenses while the Long-Term Liabilities decreased due to the repayment of the loan to IRCC and the payment of leases to the financing companies. The Accounts Payable and Accrued Liabilities of $929,059 represent incurred but unpaid expenses for Trade Payables, Professional Fees, Salaries and Benefits, Governance, Office and Administration and Examination and Practice Management. They were subsequently paid off the following fiscal year.

The Accumulated surplus of $78,741 as of the beginning of fiscal period was further increased by $1,125,081, as a result of the excess of revenues over expenses for the fiscal year. The current accumulated surplus now stands at $1,203,081. Overall, ICCRC is ahead of the strategic plan to accumulate a $1 million accumulated surplus by the end of FY2018.


STATEMENT OF CASH FLOWS

2016 2015

CASH FROM OPERATING ACTIVITIES 1,608,484 67,206

CASH FROM (TO) FINANCING ACTIVITIES (245,279) (265,491)

CASH FROM (TO) INVESTING ACTIVITIES (1,402,266) 134,224

INCREASE (DECREASE) IN CASH (39,061) (64,061)

ADD, CASH AT THE START OF THE YEAR 92,351 156,412

CASH AT THE END OF THE YEAR 53,290 92,351

Cash from Operating Activities was primarily due to the result of excess of revenues over expenses. Cash to Financing Activities was the repayment of loans to IRCC and repayment of capital lease obligations to the financing companies. Cash to Investing Activities was the investment of cash surplus to short-term GICs. The comparative Statement of Cash Flows showed increased investment activities for 2016 as a result of positive operating surplus, which was placed in cashable GICs as a prudent financial strategy to have immediate cash in case of unforeseen contingencies.

RISK MANAGEMENTMitigating risk to ensure the sustainable operation of ICCRC requires effective operational management and the execution of initiatives that enhance the organization’s stability. In the 2015-2016 fiscal year, ICCRC initiated a medium-term process to enhance its web technologies and Member communications platforms. Other initiatives included the revising of the Code of Professional Ethics, updating the By-law, and reviewing investments and financial policies.

With its principal mandate of protecting the public, ICCRC has successfully met its challenges of membership growth and increased expenditures in 2015-2016, with prudent financial management that includes savings for eventualities to ensure sustainable future operations.


AUDITED FINANCIAL STATEMENTS5

years2015 Annual General Meeting, Vancouver, British Columbia


ICCRC 2014 ANNUAL REPORT 3938 ICCRC 2014 ANNUAL REPORT




Toronto, 2012

Vancouver, 2015

ANNUAL GENERAL MEETINGS 2011-2016

5years

Documents

ANNUAL REPORT 2016 - registration.iccrc-crcic.ca · organizational stability as well as with our push to further enhance the standards of practice: • With the launch of the RISIA