EGBC_AnnualReport_2023-2024

The Association of Professional Engineers and Geoscientists of the Province of British Columbia Notes to Non-consolidated Financial Statements June 30, 2024

1 Mandate

The Association of Professional Engineers and Geoscientists of the Province of British Columbia doing business as Engineers and Geoscientists British Columbia (the Organization) is incorporated under the provisions of the Professional Governance Act. The Organization’s mandate is to protect public safety, health and well-being through the application of engineering and geoscience, as well as to ensure the responsible self-governance and vitality of the professions.

The Organization is a tax exempt organization as described in the Income Tax Act (Canada) and as such is exempt from federal and provincial income taxes.

2 Significant accounting policies

These non-consolidated financial statements include the financial activities of the Organization exclusive of the net assets of Engineers and Geoscientists BC Foundation and registrant-supported branches and divisions (note 12).

Basis of accounting

The non-consolidated financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations.

Net assets

The Organization defines its capital as the amount included in its net asset balances. The Organization’s objective when managing capital is to safeguard its ability to continue as a going concern so that it can continue to fulfill its mandate as described in note 1. While there are no external restrictions on any of the net assets, the Board has appropriated certain of the funds for specific purposes as described in net assets.

Appropriated funds

The Appropriated funds are internally restricted funds that comprise the property, equipment and systems replacement fund, the legal and insurance fund and the new Advocacy Body Fund.

The “Property, equipment and systems replacement fund” represents an appropriation by the Board, which serves the long-term objective of setting aside funds to replace and improve property, equipment and systems when required. Any repairs, maintenance and improvement associated with the building are deducted from this fund. The Board reviews the method and the amount appropriated to ensure that the appropriation provides a reasonable basis for property, equipment and systems replacement. All repairs, maintenance and improvement deducted from the fund and property, equipment and systems acquisitions are approved by the Board as part of the annual budgeting process.

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