SEIMA FS Apr 25 611940

Saskatchewan Environmental Industry and Managers Association Inc. Financial Statements April 30, 2025 Independent Practitioner’s Review Engagement Report To the Board of Saskatchewan Environmental Industry and Managers Association Inc.: We have reviewed the accompanying financial statements of Saskatchewan Environmental Industry and Managers Association Inc. (the "Association") which comprise the statement of financial position as at April 30, 2025, and the statements of operations, 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. Practitioner’s Responsibility Our responsibility is to express a conclusion on the accompanying financial statements based on our review. We conducted our review in accordance with Canadian generally accepted standards for review engagements, which require us to comply with relevant ethical requirements. A review of financial statements in accordance with Canadian generally accepted standards for review engagements is a limited assurance engagement. The practitioner performs procedures, primarily consisting of making inquiries of management and others within the Association, as appropriate, and applying analytical procedures, and evaluates the evidence obtained. The procedures performed in a review are substantially less in extent than, and vary in nature from, those performed in an audit conducted in accordance with Canadian generally accepted auditing standards. Accordingly, we do not express an audit opinion on these financial statements. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the financial statements do not present fairly, in all material respects, the financial position of Saskatchewan Environmental Industry and Managers Association Inc. as at April 30, 2025, 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. Saskatoon, Saskatchewan October 9, 2025 Chartered Professional Accountants MNP LLP 119 4th Ave South, Suite 800, SaskatoonSK,S7K 5X21.877.500.0778 T: 306.665.6766 F: 306.665.9910 MNP.ca Saskatchewan Environmental Industry and Managers Association Inc. Statement of Financial Position As at April 30, 2025 20252024 Assets Current Cash285,406126,510 Accounts receivable3,4959,172 Prepaid expenses2,2831,947 Goods and Services Tax receivable-722 291,184138,351 Liabilities Current Accounts payable and accruals88,4616,805 Deferred revenue11,45013,400 Goods and Services Tax payable1,243- 101,15420,205 Net Assets Internally restricted net assets(Note 4), (Note 5)43,32342,246 Unrestricted net assets146,70775,900 190,030118,146 291,184138,351 Approved on behalf of the Board DirectorDirector The accompanying notes are an integral part of these financial statements 1 Saskatchewan Environmental Industry and Managers Association Inc. Statement of Operations For the year endedApril 30, 2025 20252024 Revenue Event registrations139,12692,883 Sponsorship62,83752,500 Memberships23,22920,675 Interest1,0771,106 226,269167,164 Expenses Bad debts79- Bank charges and interest5,1544,415 Board expenses8,8243,865 Consulting15,00015,093 Event fees82,26997,185 Insurance1,9121,937 Management fees17,00017,000 Office supplies and expenses10,9507,466 Professional development892- Professional fees7,4537,422 Subscriptions3,9493,991 Telephone495498 Travel4082,118 154,385160,990 Excess of revenues over expenses71,8846,174 The accompanying notes are an integral part of these financial statements 2 Saskatchewan Environmental Industry and Managers Association Inc. Statement of Changes in Net Assets For the year endedApril 30, 2025 Internally restricted net assets Unrestricted net assets 20252024 Net assets, beginning of year42,24675,900118,146111,972 Excess of revenues over expenses1,07770,80771,8846,174 Net assets, end of year43,323146,707190,030118,146 The accompanying notes are an integral part of these financial statements 3 Saskatchewan Environmental Industry and Managers Association Inc. Statement of Cash Flows For the year endedApril 30, 2025 20252024 Cash provided by (used for) the following activities Operating Excess of revenues over expenses71,8846,174 Changes in working capital accounts Accounts receivable5,6781,529 Goods and Services Tax receivable / payable1,965(365) Prepaid expenses(336)510 Accounts payable and accruals81,655(2,532) Deferred revenue(1,950)3,300 Increase in cash resources158,8968,616 Cash resources, beginning of year126,510117,894 Cash resources, end of year285,406126,510 The accompanying notes are an integral part of these financial statements 4 Saskatchewan Environmental Industry and Managers Association Inc. Notes to the Financial Statements For the year ended April 30, 2025 1.Incorporation and nature of the organization Saskatchewan Environmental Industry and Managers Association Inc. (the “Association”) is incorporated in Saskatchewan under The Non-Profit Corporations Act, 1995 as a not-for-profit organization and is registered as a Non-Profit Organization under the Income Tax Act. The Association operates programs aimed at promoting professional environmental management principles and appropriate standards from the point of view of the environmental manager. 2.Change in accounting policies Customer’s accounting for cloud computing arrangements Effective May 1, 2024, the Association adopted the Accounting Standard for Private Enterprises’ ("ASPE") new guideline AcG-20 Customer’s Accounting for Cloud Computing Arrangements. Applying the new guideline results in the recognition, measurement, and disclosure of cloud computing arrangements, including the allocation of the arrangement consideration to significant separable elements of cloud computing arrangement. The simplification approach has been applied. There was no material impact on the financial statements from the application of the new accounting guideline. 3.Significant accounting policies The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations and include the following significant accounting policies: Cash and cash equivalents Cash and cash equivalents include balances with banks and short-term investments with maturities of three months or less. Cash includes unrestricted and restricted amounts. Restricted cash includes cash received from various operating sources that were restricted by the Association’s Board of Directors to maintain a reserve fund. Income taxes No provision has been made for income taxes as none of the activities carried on by the Association are subject to income taxes. Revenue recognition The Association follows the deferral method of accounting for contributions. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Event registrations are recognized when services are provided, the price is determinable and collection is reasonably assured. Membership revenue received in advance is deferred and recognized in the year to which it relates. Sponsorship amounts are recognized as revenue when the amount to be received can be reasonably estimated and ultimate collection is reasonably assured, and if related to an event, subsequent to the event taking place. Financial instruments The Association recognizes financial instruments when the Association becomes party to the contractual provisions of the financial instrument. Arm's length financial instruments Financial instruments originated/acquired or issued/assumed in an arm’s length transaction (“arm’s length financial instruments”) are initially recorded at their fair value. At initial recognition, the Association may irrevocably elect to subsequently measure any arm’s length financial instrument at fair value. The Associationhas not made such an election during the year. The Association subsequently measures all financial assets and liabilities at amortized cost. Transaction costs and financing fees are added to the carrying amount for those financial instruments subsequently measured at amortized cost. 5 Saskatchewan Environmental Industry and Managers Association Inc. Notes to the Financial Statements For the year endedApril 30, 2025 (Unaudited) 3.Significant accounting policies (Continued from previous page) Financial asset impairment The Association assesses impairment of all its financial assets measured at cost or amortized cost. The Association groups assets for impairment testing when there are numerous assets affected by the same factors. Management considers whether the issuer is having significant financial difficulty and whether there has been a breach in contract, such as a default or delinquency in interest or principal payments in determining whether objective evidence of impairment exists. When there is an indication of impairment, the Association determines whether it has resulted in a significant adverse change in the expected timing or amount of future cash flows during the year. The Association reduces the carrying amount of any impaired financial assets to the highest of: the present value of cash flows expected to be generated by holding the assets; the amount that could be realized by selling the assets at the statement of financial position date; and the amount expected to be realized by exercising any rights to collateral held against those assets. Any impairment, which is not considered temporary, is included in current yearexcess of revenues over expenses. The Association reverses impairment losses on financial assets when there is a decrease in impairment and the decrease can be objectively related to an event occurring after the impairment loss was recognized. The amount of the reversal is recognized in excess of revenues over expenses in the year the reversal occurs. Measurement uncertainty (use of estimates) The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are reviewed periodically and, as adjustments become necessary they are reported in excess of revenues over expenses in the years in which they become known. 4.Cash The Association has internally restricted $43,323 (2024 - $42,246) of its cash balance as described in Note 5. The Association maintains a separate bank account to segregate the restricted cash from the Association's operating account. This account has $40,000 in it at April 30, 2025, plus interest earned on the balance. 5.Restrictions on net assets Internally restricted net assets During the year ended April 30, 2017, the Association's Board of Directors internally restricted $13,000 of net assets to be held for future Sustain Tech conference obligations, in the event the conference does not generate net profits. In addition during the year ended April 30, 2017, the Association’s Board of Directors internally restricted net assets of $20,000 to fund an operating reserve with the intention of growing the reserve to an amount equal to the Association’s annual operating budget. During the year ended April 30, 2019, the Association's Board of Directors internally restricted net assets of $7,000 associated with the intention of growing the reserve mentioned above. There is also accumulated interest earned to date of $3,323. These restricted amounts are not available for other purposes without approval of the Board of Directors and are funded by $43,323 of cash as outlined in Note 4. 6 Saskatchewan Environmental Industry and Managers Association Inc. Notes to the Financial Statements For the year endedApril 30, 2025 (Unaudited) 6.Financial instruments The Association, as part of its operations, carries a number of financial instruments. It is management's opinion that the Association is not exposed to significant interest, currency, credit, liquidity or other price risks arising from these financial instruments. Credit concentration As at April 30, 2025, 1customer (2024 - 3) accounted for 69% (2024 - 66%) of the accounts receivable. The Association believes that there is no unusual exposure associated with the collection of these receivables. The Association performs regular credit assessments of its customers and provides allowances for potentially uncollectible accounts receivable. 7.Comparative figures Certain comparative figures have been reclassified to conform with current year presentation. 7