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

13 Financial instruments and risk management

Currency risk

Currency risk is the risk the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Organization is not exposed to significant currency risk.

Interest rate risk

Interest rate risk is the risk the value of a financial instrument will fluctuate due to changes in market interest rates. The Organization is exposed to interest rate risk on short-term deposits and investments. Management frequently reviews the interest rates to mitigate risk and uses professional investment management services.

Market risk and other price risk

Market risk and other price risk is the risk the value of a financial instrument will fluctuate as a result of changes in market prices. The Organization is not exposed to significant market risk and other price risk. Credit risk Credit risk is the risk one party to a financial instrument will fail to discharge an obligation and cause the other party to incur financial loss. The Organization does not have a significant concentration of credit risk in any single party or group of parties. Accounts receivable are due primarily from the government. Liquidity risk Liquidity risk is the risk an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Organization is not exposed to significant liquidity risk.

There have not been any significant changes in risk exposure from prior years. 14 Miscellaneous revenue

2024 $

2023 $

Discipline recoveries

82,291 34,231 61,250 158,761 250,149 282,800 115,300 110,080 43,602

267,117 58,567 60,650 123,645 189,469 419,400 664,000 97,149 25,501

Other

Return to practice/reinstatement

Bank interest Notarius service fee

Penalty fee

CE (Continuing Education) compliance AR (Annual Reporting) compliance

Late fee –Individual Late fee –Firms

1,138,464

1,905,498

(8)