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

Use of estimates

The preparation of non-consolidated financial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the non-consolidated financial statements and revenue and expenses during the year. Areas requiring the use of estimates relate to determining the useful lives of property and equipment and the amount of registration fees received in advance to be deferred. Financial results, as determined by actual events, may differ materially from those estimates.

3 Cash and cash equivalents

2024 $

2023 $

Cash

2,772,199 448,406

4,355,870 423,381

High interest savings accounts

3,220,605

4,779,251

The Organization has access to a pre-approved line of credit, secured by the building and land, with a limit of $500,000, of which $nil was drawn on at year-end (2023 – $nil).

4 Short-term investments

2024 $

2023 $

Guaranteed investment certificates Government of Canada treasury bills

988,909 27,819,293

950,995 23,344,179

28,808,202

24,295,174

5 Accounts receivable

2024 $

2023 $

Government grants Receivables from registrants Project grants (other associations) Other support services Pan-Canadian academic exams

229,167

229,167 1,895 142,550 189,469 361,573 73,024 1,273 64,225 81,790

-

14,895 250,149 568,707 51,017 58,842 207,629 -

Innovation magazine

Due from Geoscientists Canada

GST Other

1,380,406

1,144,966

(4)