Annual Report 2024-25

The Association of Professional Engineers and Geoscientists of the Province of British Columbia Notes to Non-consolidated Financial Statements June 30, 2025

10 Commitments

The Organization has operating lease commitments for office equipment for the next two years requiring the following minimum payments:

$

2026 2027

23,808 13,919

37,727

11 Defined contribution plan

The Organization has established a defined contribution plan for its employees, under which employees contribute 5% of their qualifying gross earnings and the Organization contributes 7.85% of qualifying employees’ gross earnings. Defined contribution plan expense for the year was $1,169,209 (2024 – $1,014,302).

12 Controlled funds

The Organization controls the operations and provides accounting and administration services to the Foundation and registrant-supported branches and divisions. The Branches and divisions programs and assets were transferred to BCSEG effective March 11, 2025. The results and net assets of these operations are not consolidated in the non-consolidated financial statements of the Organization.

Summary financial information on the Foundation controlled funds is as follows:

2025 $

2024 $

Total assets Total liabilities

1,703,477 798,389

1,740,303 766,112

Net assets

905,088

974,191

Revenue – contributions and investment income

136,801

183,316

Expenses and grants

205,904

145,915

Cash flows from operating activities Cash flows used in investing activities

(39,323) (136,286)

317,005 (209,130)

Registrant supported branches and divisions

The Organization has a number of special interest divisions that allow registrants with common technical backgrounds or other interests to share and disseminate information and to review and develop policy in that area.

(7)