Board Meeting Agenda - Four County Labour Market Planning Board

Meeting Date July 15, 2020 Meeting Location Zoom Meeting Platform

Start Time 5:00pm Finish Time

Chair Dave /Shirley Minute Taker

Attendees: Regrets

Item No.

Agenda Item Lead Purpose Time

1. Call to Order a) Introductions, Regrets b) Quorum Call c) Conflict of Interest d)

Dave

5 min

2. Approval of Agenda Consent Agenda Items: a) Minutes of June 10th meeting b) EDs Report – Q1

Dave

Approval

5 mins

3. Business Arising

a) Policy Review Committee Update Shirley/Gail

Ad-Hoc committee to report back to directors on the work thus far FYI

10 mins

b) Safe Space Dave Safe place to bring forward your questions and concerns

5 mins

c) Meeting Schedule – Governance Coaching/Training Schedule

Shirley Possibly changing meeting day - Confirm schedule where these items will be added to the agenda Approval

5 mins

d) Director Reports Dave Change in process for next 6 meetings

5 mins

4. New Business

a) SRER Andrew - Auditor

Review and approval of draft SRER for submission to MLTSD Approval

15 mins

b) Financial Review P&Ls Andrew Review of Q1 P&L for financials tracking by directors Approval 10 mins

5. Governance Coaching a) Session #1 with Ralph Kikkert – Agenda

attached

Shirley - Ralph

Board Professional Development – Refer to the attached agenda to prepare for this session

60 mins

6. Adjournment Next Meeting – August 19, 2020

One Voice - Elevator Speech We offer timely, relevant research, workshops, and projects that assist our community in understanding the ever-changing local labour market. By providing information on industry and employment factors we add value to the economic and education planning at the grass roots. We provide presentations to municipalities, schools and businesses on opportunities that exist within the region. Check us out at www.planningboard.ca.

Board Meeting Agenda

http://www.planningboard.ca/

Meeting Date June 10, 2020 Meeting Location Zoom Online Meeting

Start Time 5:20pm Finish Time 6:30pm

Chair Shirley Keaveney and Dave Trumble

Minute Taker Gemma Mendez-Smith

Attendees: Shirley Keaveney, Dave Trumble, Andrew Coghlin, Rozella Johnston, Gail Walden, Waleed Aslam, Andy Swan, Hazel Pratt-Paige, Emily Morrison, Sharif Rahman, Lisa Taylor, Kathy Sebastian

Regrets Gemma Mendez-Smith, ED

Item No.

Agenda Item Decisions/Recommendations/Actions

1. Call to Order a) Introductions, Regrets b) Quorum Call c) Conflict of Interest

a) Joined the meeting after start: Kathy Sebastian,

Andrew Coghlin b) Quorum – Yes c) No conflicts of interest declared.

2. Approval of Agenda

Consent Agenda a) Minutes of May 12th meeting

Agenda Approved by Consensus a) Moved by Dave Seconded by Gail Consensus

3. Director Nominations a) Lisa Taylor, ED of Georgian College Owen

Sound Campus b) Sharif Rahman, Restaurant Owner

Business Grey County

a) Moved by Waleed Seconded by Hazel Consensus

b) Moved by Waleed Seconded by Hazel Consensus

Waleed shared comments: this bears testament that diversity is growing in the region and immigrant business owners moving from the city into the area are becoming involved in the community.

4. Business Arising a) RFP Negotiations b) Ad-Hoc Committee c) Meeting Schedule - Governance

Coaching/Training Schedule

a) Accept negotiated price of $12,800 by IOG and enter into a contract with the company. Moved by Dave Seconded by Andrew Consensus

b) Ad-Hoc committee (3) to work with consultant for vetting purposes on the Policy Review. Rozella, Gail, Andy will take on this role. Moved by Hazel Seconded by Waleed Consensus

c) Monthly meetings to March 31, 2021. Three months of Governance Coaching/Training with Ralph Kikkert. Meetings to start July with the regular day and time.

5. New Business

a) SRER b) Safe Space

a) Meeting in July for SRER approval b) Successful board development needs a good

start. Safe space is part of this. Safe space is a respectful place for conversation. Directors were asked to think about this session on the agenda

Board Meeting Minutes

Gemma Mendez-Smith

7/7/2020

EXECUTIVE DIRECTOR’S

REPORT Q1 - 2020-21 Key Performance Indicators

This report updates the Board of Directors on the delivery of the Key Performance Indicators as outlined in the Strategic Plan.

Updates are in bold throughout the document

Executive Director’s Report – Q1 2020-21 7/7/2020

1

Executive Director’s Report Q1 - 2020-21 Key Performance Indicators

Customer Needs: Data/Information in User Friendly Format(s)

Introducing new data set: Labour underutilization rate (specific definition to measure the COVID-19 impact) combines all those who were unemployed with those who were not in the labour force but wanted a job and did not look for one; as well as those who remained employed but lost all or the majority of their usual work hours for reasons likely related to COVID-19 as a proportion of the potential labour force.

EmployerOne Survey: all Local Lens will be released between Q1 and

Q2 highlighting information collected in the January 2020 survey.

Quality Product(s):

The Local Labour Market Plan Update is due to MLTSD1 February 26, 2021 and we will be releasing the document by year end.

EdgeFactor will be developed as a community hub through the

Planning Board. We are working with our school board partners to develop this careers resource that will be available to all students across Bruce/Grey/Huron/Perth through the school boards and the general population through the Four County Community Hub. Stay tuned for the release later in the Fiscal Year!

connect2JOBS.ca was launched on June 18. This site aggregates job

postings for Bruce/Grey/Huron/Perth from 18 national, provincial and local job boards to form a one-stop-search for jobs in the region. It

1 Ministry of Labour, Training & Skills Development

NEW DATA sets for COVID-19, Precarious Employment and unemployment


2

also has other unique job research and career mapping tools. We have also created a How-To video to accompany the site. Jobs Demand report feature will be live by July 15, 2020. User stats for June:

Image-To Be Known: Presentations and participation requests keep growing.

Keynote speaker at the Huron Manufacturing Association’s AGM

Member of the Huron Manufacturing Association

Presentation to the Welcoming Communities employer training series on the immigrant workforce

Member of the Bruce Grey Data Sharing and Information Collaborative

(BG DISC)

Member of the Bruce County Economic Recovery Taskforce

Member of the Saugeen Shores Economic Strategy Advisory Committee

Member of the Huron County Local Immigration Partnership


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Continuous Improvement Performance Measurement System

Twitter – 511 followers up from 505 Twitter is linked to Facebook and LinkedIn accounts Facebook – 470 Followers up from 411

Core Projects for 2020-21 Please see attached document

Ministry of Labour, Training & Skills Development’s Agreement deliverables 2020-21

Four County Labour Market Planning Board | Page | 1

Local Labour Market Plan: Lead Staff: Tingting

Deliverable: A comprehensive analysis of the local labour market highlighting any shift in trends around the demands in the labour market. EmployerOne data will be used to highlight any perspectives relevant to the discussion and direction of the information collected. In addition, Labour Force Survey and relevant job posting databases etc. will be used to narrate the story of the regional issues of the labour market. Stakeholder information on the report will form any action plans developed.

Performance Measure: Report disseminated to counties (4) Service providers (6+) Business associations (10) Additional stakeholders (25) Document will also be distributed via social media platforms (3)

Expected Outcome: Completion of the update Local Labour Market Plan report available in electronic and hard copy format in both official languages. It will be posted to the boards website and presented to community stakeholders. This plan will be used to improve the understanding of the local labour market. It will be used to inform the development of community strategic plans and as evidence in organizational funding proposals.

Labour Market Education Resource: Lead Staff: Sarah

Deliverable: Labour Market Educator Resource Creation and distribution of labour market research tools to be utilized by local teachers to assist students with career research.

Performance Measure: Share resource with 8 schools across the region within the 4 school boards Collect feedback from users with a 70% satisfaction rate

Why is this issue a priority in your area?

Based on our success giving classroom presentations, we have been asked to create a resource that teachers can use to educate their high school students about career research and local labour market information. This resource will allow teachers to learn more about tools that are available to assist their students with understanding local labour market trends and the importance of research in their career decisions. By creating resource guides exploring local labour market needs, trends and outlooks teachers will be equipped to have these conversations on an ongoing basis. This is intended to provide a resource that has been identified as a need by high school educators in our region.

Expected Outcome: These activities will be designed so that educators can easily update key information as labour market data changes. Equip local Careers and/or Co-op educators with resources to assist students with exploring labour market trends and recognizing their importance for career research.

Precarious Employment Report: Lead Staff: Tingting (Consultant: Paul Knafelc)

Deliverable: Precarious Employment in the Four County region Report highlighting precarious work and its impact in Stratford-Bruce Peninsula.

Ministry of Labour, Training & Skills Development’s Agreement deliverables 2020-21

Four County Labour Market Planning Board | Page | 2

Performance Measure: Report disseminated to 10 community groups and other organizations that support employment services in our region. Document will also be distributed via social media platforms. (200 reach) Response rate of 70% on report satisfaction

Why is this issue a priority in your area? Our region is characterized by high numbers of both seasonal and self-employed individuals. Given this, understanding how precarious employment impacts our workforce is crucial for understanding the factors influencing this section of our labour market.

Expected Outcome: A clearer understanding of the impact of precarious employment in the Stratford-Bruce Peninsula region. A clearer understanding of who is affected by precarious employment in the region. This information will be used for planning services and supports to precariously employment people in the region.

COVID-19 Worker Impact Survey. Lead Staff: Sarah

Deliverable: Infographic final report (March 2021) focusing on responses from two surveys designed to understand the impact of COVID-19 on workers and job seekers in our region. Supporting data will be gathered through research (Statistics Canada releases) as needed.

Performance Measure: Infographic final report (March 2021) analyzing data from both surveys will be produced and distributed. The focus will be primarily on changing worker experiences during this Pandemic.

Why is this issue a priority in your area? COVID-19 has created a new labour market reality; this project is designed to understand how work has changed (including unemployment), and whether there are demographic differences among who is most impacted (age of employees, industries, etc.) by the current changes.

Expected Outcome: Year-end report distributed on social media, website, and to partners to share information collected from survey data.

EmployerOne Sector Review. Lead Staff: Sarah

Deliverable: An analysis of key EmployerOne variables (such as hard-to-fill positions, hiring, separations, and availability of qualified workers) will be compared for the last 3-6 years - depending on availability of data - for the top 5 sectors in the four county region.

Performance Measure: Reports demonstrating changes over time for key EmployerOne variables will be created for: Agriculture, Construction, Healthcare, Retail Trade, and Manufacturing.

Why is this issue a priority in your area? The EmployerOne report was conducted in our region for 6 years. The changing data in key sectors can be challenging to interpret year-after-year, in order to assess important changes. The current project will look at changing trends - by sector - in order to help employers and job seekers understand how these variables have changed in different sectors of the local labour market over time.

Expected Outcome: Five sector reports, highlighting EmployerOne changes over time.

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FOUR COUNTY LABOUR MARKETPLANNING BOARD

FINANCIAL STATEMENTS

MARCH 31, 2020

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FOUR COUNTY LABOUR MARKETPLANNING BOARD

INDEX TO THE AUDITED FINANCIAL STATEMENTS

MARCH 31, 2020

Page

Independent Auditor's Report 1 - 2

Statement of Financial Position 3

Statement of Changes in Net Assets 4

Statement of Operations 5

Schedule 1 - Schedule of Ministry of Training, Colleges andUniversities Core Funding 6

Schedule 2 - Schedule of Ministry of Training, Colleges, andUniversities SkillsAdvance Ontario 7

Schedule 3 - Schedule of Projects 8

Statement of Cash Flows 9

Notes to the Financial Statements 10 - 14

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INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of:Four County Labour Market Planning Board

Opinion

We have audited the accompanying financial statements of Four County Labour Market PlanningBoard, which comprise of the statement of financial position as at March 31, 2020, the statements ofoperations, changes in accumulated net assets, schedule of Ministry of Training, Colleges, andUniversities Core, schedule of Ministry of Training, Colleges, and Universities Skills AdvanceOntario, schedule of projects, and cash flows for the year then ended, and notes to the financialstatements, including a summary of significant accounting policies and other explanatory information.

In our opinion, the financial statements present fairly, in all material respects, the financial position ofFour County Labour Market Planning Board as at March 31, 2020 and its financial performance and itscash flows for the year then ended in accordance with Canadian accounting standards for not-for-profitorganizations.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Ourresponsibilities under those standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the organization inaccordance with the ethical requirements that are relevant to our audit of the financial statements inCanada and we have fulfilled our other ethical responsibilities in accordance with these requirements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.

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Responsibilities of Management and Those Charged with Governance for the FinancialStatements

Management is responsible for the preparation and fair presentation of these financial statements inaccordance with Canadian accounting standards for not-for-profit organizations and for such internalcontrol as management determines is necessary to enable the preparation of financial statements thatare free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the organization's abilityto continue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless management either intends to liquidate the organization or tocease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the organization's financial reportingprocess.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with Canadian generally accepted auditing standards will always detecta material misstatement when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

A further description of the auditor's responsibilities for the audit of the financial statements is locatedon Davis Martindale LLP's website. This description forms part of our auditor's report.https://www.davismartindale.com/auditors_report.

London, Ontario Chartered Professional AccountantsDATE Licensed Public Accountants

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FOUR COUNTY LABOUR MARKET PLANNING BOARD

STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2020

ASSETSInvested in

Internally TangibleRestricted Restricted Capital Assets 2020 2019

Current AssetsCash $ 177,898 $ - $ - $ 177,898 $ 43,365Accounts receivable 10,958 - - 10,958 5,188Contribution funding receivable 96,778 - - 96,778 122,187HST receivable 121,330 - - 121,330 67,380Prepaid expenses 1,090 - - 1,090 1,090Due from restricted fund - 89,618 - 89,618 89,618

408,054 89,618 - 497,672 328,828

Tangible Capital Assets (note 3) - - 9,790 9,790 5,749$ 408,054 $ 89,618 $ 9,790 $ 507,462 $ 334,577

LIABILITIES AND NET ASSETS

Current LiabilitiesAccounts payable and accrued liabilities $ 145,587 $ - $ - $ 145,587 $ 68,105Government remittances payable 12,002 - - 12,002 15,332Deferred contributions (note 4) 76,697 - - 76,697 49,626Due to internally restricted fund 89,618 - - 89,618 89,618Contribution funding repayable (note 5) 58,929 - - 58,929 -

382,833 - - 382,833 222,681

Deferred Tangible Capital Asset Contributions (note 6) - - 9,790 9,790 5,749382,833 - 9,790 392,623 228,430

Net Assets (note 7) 25,221 89,618 - 114,839 106,147$ 408,054 $ 89,618 $ 9,790 $ 507,462 $ 334,577

APPROVED ON BEHALF OF THE BOARD:

_____________________________ Co-Chair _____________________________ Co-Chair

The attached Independent Auditor's Report and accompanying notes

form an integral part of these audited financial statements.

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STATEMENT OF CHANGES IN NET ASSETS

AS AT MARCH 31, 2020

Invested inInternally Tangible

Restricted Restricted Capital Assets 2020 2019

Balance, Beginning of Year $ 16,529 $ 89,618 $ - $ 106,147 $ 95,804

Excess of Revenues over Expenditures 8,692 - - 8,692 10,343

Balance, End of Year $ 25,221 $ 89,618 $ - $ 114,839 $ 106,147



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STATEMENT OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2020

Invested inTangible

Restricted Capital Assets 2020 % 2019 %

RevenueCore Funding (Schedule 1) $ 327,500 $ - $ 327,500 24 $ 284,500 21SkillsAdvance Ontario (Schedule 2) 988,541 - 988,541 73 1,031,579 75

Other Project Funding (Schedule 3) 36,018 - 36,018 3 50,089 4Amortization of Deferred Capital

Contributions - 4,776 4,776 - 3,307 -

1,352,059 4,776 1,356,835 100 1,369,475 100Expenditures

Core Funding (Schedule 1) 323,403 - 323,403 24 289,303 21SkillsAdvance Ontario (Schedule 2) 933,709 - 933,709 69 1,034,781 76

Other Project Funding (Schedule 3) 27,326 - 27,326 2 30,779 2Amortization expense - 4,776 4,776 - 3,307 -

Total Expenditures 1,284,438 4,776 1,289,214 95 1,358,170 99

Excess of Revenue Over Expendituresfrom Operations 67,621 - 67,621 5 11,305 1

Contribution Funding Repaid/Repayable (58,929) - (58,929) (4) (962) -

Excess of Revenue Over Expenditures $ 8,692 $ - $ 8,692 1 $ 10,343 1



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Schedule 1FOUR COUNTY LABOUR MARKET PLANNING BOARD

SCHEDULE OF MINISTRY OF TRAINING, COLLEGES, AND UNIVERSITIES

CORE FUNDING


2020 % 2019 %(note 11)

RevenueMTCU program funding $ 327,500 100 $ 284,500 100

ExpendituresAdministrative costs 6,560 2 20,636 7

Communications and marketing 2,378 1 7,783 3

Office costs 21,535 7 21,709 8

Office lease 20,484 6 18,809 7

Partnership costs 50,799 16 19,414 7

Professional fees 11,288 3 18,569 7

Salaries and benefits 190,190 58 162,387 57

Staff training and development 7,517 2 880 -

Staff travel, meals, and accommodations 12,652 4 19,116 7

323,403 99 289,303 103

Excess (Deficiency) of Revenue OverExpenditures from Operations 4,097 1 (4,803) (2)

Ministry program funds repaid/repayable (4,097) (1) (962) -

Excess (Deficiency) of Revenue OverExpenditures $ - - $ (5,765) (2)



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SCHEDULE OF MINISTRY OF TRAINING, COLLEGES, AND UNIVERSITIESSKILLSADVANCE ONTARIO


Perth Bruce Grey 2020 2019(note 11)

RevenueMTCU program funding (note 9) $ 516,558 $ 471,983 $ 988,541 $1,030,416Other source funding - - - 1,163

516,558 471,983 988,541 1,031,579Expenditures

Partnership development andmanagement costs 792 1,675 2,467 8,280

Administrative costs 52,515 57,892 110,407 60,287

Other operating costsCommunications and marketing 3,896 8,853 12,749 22,138Office costs 2,674 1,997 4,671 43,378Office lease 46,753 9,870 56,623 50,156Partnership costs 32,127 15,721 47,848 24,774Professional services 213,969 117,285 331,254 419,384Staff salaries and benefits 120,710 157,703 278,413 328,583Staff training and development 2,111 7,059 9,170 9,174Staff travel, meals, and accommodation 8,907 - 8,907 8,334

431,147 318,488 749,635 905,921

Financial SupportsEmployer costs 1,684 6,314 7,998 4,024Participant costs 30,420 32,782 63,202 56,269

32,104 39,096 71,200 60,293

Total Expenditures 516,558 417,151 933,709 1,034,781

Excess (Deficiency) of Revenue overExpenditures from Operations - 54,832 54,832 (3,202)

Ministry program funds repayable - (54,832) (54,832) -

Excess (Deficiency) of Revenue overExpenditures $ - $ - $ - $ (3,202)



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SCHEDULE OF PROJECTS

MARCH 31, 2020

SkillsOpportunities Other

Showcase Projects 2020 2019(note 11)

RevenueSkills Opportunities Showcase

Sponsorship $ - $ - $ - $ 4,675Bruce Grey Data Info Sharing Consortium - 297 297 12,408Survey Monkey/ Fluid Survey - 11,942 11,942 11,942Other - 23,779 23,779 21,064

- 36,018 36,018 50,089Expenditures

Communications and marketing - - - 137Insurance - - - 1,461Office costs - 12,347 12,347 13,896Partnership costs - 14,813 14,813 603Staff salaries and benefits - - - 14,026Staff training and development - - - 14Staff travel, meals, and accommodation - 166 166 642

- 27,326 27,326 30,779

Excess of Revenue over Expenditures $ - $ 8,692 $ 8,692 $ 19,310



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STATEMENT OF CASH FLOWS

MARCH 31, 2020

2020 2019

(note 11)

Cash Flows From Operating ActivitiesExcess of revenue over expenditures $ 8,692 $ 10,343Items not requiring an outlay of cash:

Amortization of tangible capital assets 4,776 3,307Amortization of deferred capital contributions (4,776) (3,307)

8,692 10,343Change in non-cash working capital:

Accounts receivable (5,770) 62,540Contribution funding receivable 25,409 (122,187)HST receivable (53,950) (8,427)Accounts payable and accrued liabilities 77,482 (2,933)Government remittances payable (3,330) 3,202Deferred contributions 27,071 (6,100)Contribution funding repayable 58,929 (69,400)

125,841 (143,305)

Net Cash Provided By (Used In) Operating Activities 134,533 (132,962)

Cash Flows From Investing ActivitiesPurchase of tangible capital assets (8,817) -Increase in deferred capital contributions 8,817 -

Net Cash Provided By (Used In) Investing Activities - -

Net Increase (Decrease) In Cash 134,533 (132,962)

Cash, Beginning of Year 43,365 176,327

Cash, End of Year $ 177,898 $ 43,365



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NOTES TO THE FINANCIAL STATEMENTS


1. Purpose of the Organization

Four County Labour Market Planning Board ("the organization") was incorporated as a not-for-profit organization under the laws of the Province of Ontario. Working with community partners,the Board proactively advocates and pursues local solutions to overcome training andemployment barriers in order to ensure the development of a skilled workforce in the counties ofBruce, Grey, Huron, and Perth. The organization is exempt from income tax under Section 149on the Income Tax Act of Canada.

2. Significant Accounting Policies

The financial statements have been prepared in accordance with Canadian accounting standardsfor not-for-profit organizations. Those policies that are considered to be significant are outlinedbelow:

a) Tangible Capital Assets and Amortization

Purchased tangible capital assets are recorded at cost. Contributed tangible capital assets arerecorded at the fair value at the date of contribution. Amortization of equipment is calculatedusing the straight-line basis over the expected life noted in note 3, with half a year ofamortization in the year of purchase.

b) Fund Accounting

To ensure observance of limitations and restrictions placed on the use of the resourcesavailable to the organization, the accounts are maintained in accordance with the principles ofFund Accounting. Under these principles, resources for various purposes are classified foraccounting and reporting purposes into funds that are in accordance with activities orobjectives specified. Separate accounts are maintained for each fund.

Restricted FundThe Restricted Fund of the organization records amounts used for the administrative,operational and project costs financed by Ministry grants, private sponsorships, andinvestment revenues.

Internally Restricted FundThe Internally Restricted Fund of the organization records amounts designated by the board tobe used in the event of a wind down of the organization.

Invested in Tangible Capital Assets FundThe Invested in Tangible Capital Assets Fund accounts for the costs of acquiring equipmentwhich is expected to have an economic life of more than one accounting period.



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2. Significant Accounting Policies (continued)

c) Revenue Recognition

The organization follows the deferral method of accounting for project contributions.Deferred project contributions are recognized as revenue in the year in which the relatedexpenses are incurred. Unrestricted project contributions are recognized as revenue whenreceived or receivable if the amount to be received can be reasonably estimated and collectionis reasonably assured.

d) Contributed Services

Volunteers contribute a number of hours per year to assist the Four County Labour MarketPlanning Board in carrying out its service delivery activities. Because of the difficulty ofdetermining their fair value, contributed services are not recognized in the financialstatements.

e) Inter-Program Revenue/Expenditures and Transfers

The organization's policy is to operate and account for its various programs and activities on astand-alone basis wherever possible. Accordingly, certain inter-program revenue/expendituresand transfers are recorded in the accounts to reflect services rendered between programs.These transactions are identified and eliminated in the summary statement of receipts anddisbursements to arrive at the organization's combined net funding and expenditures for theyear.

f) Use of Estimates

The preparation of the financial statements of the organization, in conformity with Canadianaccounting standards for not-for-profit organizations, requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilities, the disclosure ofcontingent assets and liabilities at the date of the financial statements, and the reportedamounts of the revenues and expenses during the reporting period. Actual results could differfrom those estimates.

g) Impairment of Long-lived Assets

Long-lived assets are tested for impairment when events or changes in circumstances indicatethat their carrying value may not be recoverable. An impairment loss is recognized when thecarrying value exceeds the total undiscounted cash flows expected from their use and eventualdisposition. The amount of the impairment loss is determined as the excess of the carryingvalue of the asset over its fair value.



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2. Significant Accounting Policies (continued)

h) Financial Instruments

The organization's financial instruments consist of cash, accounts receivable, HST receivable,accounts payable and accrued liabilities, and government remittances repayable. Theorganization initially recognizes these financial instruments at fair value and subsequently, atamortized cost.

3. Tangible Capital Assets and Amortization

Accumulated Net NetCost Amortization 2020 2019

Office equipment SL 3 yr $ 8,817 $ 1,469 $ 7,348 $ -Computer hardware SL 3 yr 8,070 6,761 1,309 3,399Furniture SL 5 yr 6,798 5,665 1,133 2,350

$ 23,685 $ 13,895 $ 9,790 $ 5,749

4. Deferred Project Contributions

Deferred project contributions represent unspent resources externally restricted for operatingfunding received in the current period that is related to the subsequent period and were asfollows:

2020 2019

Skills Opportunities Showcase - Sponsorship $ 26,695 $ 11,697Bruce Grey Data Info Sharing Consortium 19,175 9,472Bruce Grey Career Symposium 18,326 18,326Skills Gap Study 6,167 6,167Survey Monkey/Fluid Survey 2,622 1,540Student Training Awareness Conference 1,955 1,955Growing your workforce 1,288 -First Lego 469 469

$ 76,697 $ 49,626

5. Contribution Funding Repayable

Under the terms of the funding agreements with MTCU, the excess of revenue over expendituresrealized during the year will be repaid to the funding organization in proportion to the sponsors'funding contribution. As at March 31, 2020, the organization is required to repay contributionfunding for the SkillsAdvance project totaling $54,832 and to the Core project totaling $4,097(2019 - $ 962 for the Core project).



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6. Deferred Tangible Capital Asset Contributions

Deferred contributions related to tangible capital assets represent restricted contributions used topurchase furniture and computer hardware. These contributions are being amortized into incomeon the same basis as the related tangible capital assets. The changes in the deferred contributionsbalance for the year are as follows:

2020 2019

Balance, beginning of year $ 5,749 $ 9,056Less: amortization of deferred capital contributions (4,776) (3,307)Add: contributions received for capital purposes 8,817 -Balance, end of year $ 9,790 $ 5,749

7. Net Assets

Internal Restrictions

The board passed a motion in a prior year that authorized the organization to designate sufficientfunds from the project account to be placed in a board closing account. The principal of the fundsis to be used only in the event of a wind down of the organization. Internally restricted fundsrelated to operations are to be used to provide programs which are not government funded.

8. Allocation of Expenses

Expense allocation which include costs incurred for salaries and benefits are allocated among theappropriate projects at the discretion of management.

9. Capital Asset Purchases

During the year, the organization purchased a trailer with funds from the Ministry of Training,Colleges, and Universities SkillsAdvance Ontario. These funds are to be deferred over the life ofthe asset and recognized each year as the asset depreciates.

Revenue received $ 480,800Revenue deferred from the purchase of capital assets (8,817)Revenue allocated for expenses in the year $ 471,983



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10. COVID-19

As of the year end, the COVID-19 pandemic had spread across Ontario and is impacting localeconomic activity. This global pandemic poses the risk that the organization or its clients,employees, sales partners and suppliers may be unable to conduct regular business activities foran indefinite period of time. While it is not possible at this time to estimate the impact thatCOVID-19 could have on the organization's business, the continued spread of COVID-19 acrossCanada and the measures taken by the federal, provincial and municipal governments to containits impact could adversely impact the organization's business, financial condition or results ofoperations. The extent to which the COVID-19 outbreak impacts the organization's results willdepend on future developments that are highly uncertain and cannot be predicted, including newinformation that may emerge concerning the spread of the virus and government actions.

11. Comparative Figures

Certain of the prior years figures have been reclassified to conform to the financial statementpresentation adopted in the current year.



14

Four County Labour Market Planning BoardBUDGET VS. ACTUALS CORE

April - June, 2020

Accrual Basis Friday, July 10, 2020 12:22 PM GMT-04:00 1/1

TOTAL

ACTUAL BUDGET % OF BUDGET

Income

40000 MTCU Contributions -2 71,124 71,124 100.00 %

Total Income $71,124 $71,124 100.00 %

GROSS PROFIT $71,124 $71,124 100.00 %

Expenses

60010 Staff Salaries 46,015 42,550 108.00 %

60020 EI 1,002 1,000 100.00 %

60030 CPP 2,249 2,063 109.00 %

60040 Extended Health 1,584 1,750 91.00 %

70010 Staff Travel/Meals/Accom. 2,750

70020 Staff Training & Development 625

70030 Professional Services 4,428 1,250 354.00 %

70040 LMI Data Purchase 500

70050 Mail/ Couriers 259 150 172.00 %

70060 Office Lease/ Rental 4,954 5,500 90.00 %

70070 Utilities/Maintenace 60 250 24.00 %

70080 Equipment/Lease/Rental/Service 1,072 1,250 86.00 %

70090 IT Services 125

70100 Office Supplies 61 1,125 5.00 %

70110 Printing/Photocopying 97 675 14.00 %

70120 Telecommunications 1,074 1,375 78.00 %

70130 Insurance 1,568 4,500 35.00 %

70140 Banking 315 375 84.00 %

70160 LLMP Consultations 375

70180 Website Maintenance 497 250 199.00 %

70190 Annual General Meeting 625

70200 Memberships 190 250 76.00 %

70220 Partnerships

70221 Project A 727 500 145.00 %

70222 Project B 500

70223 Project C 500

70224 Project D 2,800

70226 Project F 259 1,125 23.00 %

Total 70220 Partnerships 986 5,425 18.00 %

70230 Translation 0

70240 Meetings 36 750 5.00 %

70250 Director Travel/Accommodations 625

70260 Board Training & Development 0

70270 Other Board Costs 125

Total Expenses $66,446 $76,237 87.00 %

NET OPERATING INCOME $4,678 $ -5,113 -91.00 %

NET INCOME $4,678 $ -5,113 -91.00 %

Four County Labour Market Planning BoardBUDGET VS. ACTUALS SAO M

April - June, 2020


TOTAL


Income

40200 MTCU-SAO 141,970 169,065 84.00 %

Total Income $141,970 $169,065 84.00 %

GROSS PROFIT $141,970 $169,065 84.00 %

Expenses

60010 Staff Salaries 52,384 43,912 119.00 %

60020 EI 1,159 1,125 103.00 %

60030 CPP 2,552 1,875 136.00 %

60040 Extended Health 1,520 1,500 101.00 %

60050 Consulting Services 4,251 18,750 23.00 %

70020 Staff Training & Development 301 1,667 18.00 %

70030 Professional Services 8,558 15,833 54.00 %


70170 Marketing Materials/Reprints 2,643 2,500 106.00 %

70220 Partnerships

70221 Project A 1,000

70222 Project B 528 4,935 11.00 %

70223 Project C 4,116

70224 Project D 3,845 2,000 192.00 %

70225 Project E 2,500

70226 Project F 24 4,050 1.00 %

Total 70220 Partnerships 4,398 18,601 24.00 %

70240 Meetings 188

70270 Other Board Costs 15,908 18,774 85.00 %

Total Expenses $105,126 $137,225 77.00 %

NET OPERATING INCOME $36,844 $31,840 116.00 %

NET INCOME $36,844 $31,840 116.00 %

Four County Labour Market Planning BoardBUDGET VS. ACTUALS SAO H&T

April - June, 2020


TOTAL


Income

40200 MTCU-SAO 95,804 166,002 58.00 %

Total Income $95,804 $166,002 58.00 %

GROSS PROFIT $95,804 $166,002 58.00 %

Expenses

60010 Staff Salaries 38,913 45,412 86.00 %

60020 EI 861 1,125 77.00 %

60030 CPP 1,901 1,875 101.00 %

60040 Extended Health 375

60050 Consulting Services 30,591 8,333 367.00 %

70020 Staff Training & Development 286 1,667 17.00 %

70030 Professional Services 360 15,833 2.00 %


70170 Marketing Materials/Reprints 2,616 1,667 157.00 %

70220 Partnerships

70221 Project A 0

70222 Project B 0

70223 Project C 0

70224 Project D 3,433 2,500 137.00 %

70225 Project E 2,778

70226 Project F 6,722

Total 70220 Partnerships 3,433 12,000 29.00 %

70240 Meetings 648 150 432.00 %

70270 Other Board Costs 14,785 18,212 81.00 %

Total Expenses $96,228 $115,024 84.00 %

NET OPERATING INCOME $ -424 $50,978 -1.00 %

NET INCOME $ -424 $50,978 -1.00 %

April 16 April 17 May June 10 July 15 August 19 September 16 October 21 November 18 December 16 January 20 February 17March 11-

12 or 25-26

EDs Report Strategic Plan, KPIs, Projects- Previous Year

Audit - Due to MTCU June 12

Audit - SRER Approval Q1 Financials

Financials - Mid Year - 2nd Q and 3rd Q projections

Review Director Survey - Online Board Evaluation

Financials - Q3 spending and Q4 projections

Financials - Previous Year

Financials - Q1

EDs Report- Projects/ Strat Plan/KPIs

EDs Report: Strategic Plan, KPI, Projects

Business Plan Submission?

EDs Report: Strategic Plan, KPI, Projects

Recruitment Strategies

Governance Training - Ralph Kikkert

Governance Training - Ralph Kikkert AGM? IOG Policy Work IOG Policy Work IOG Policy Work

Board Evaluation - Review and Recommendations

AGM PlanningEDs Report-Q1

Governance Training - Ralph Kikkert

RETREAT

FCLMPB Annual Board Meeting Agenda Items 2020-21 REVISEDMeeting schedule 3rd Wednesday of month except for retreat - ALL MEETINGS BY ZOOM UNTIL FURTHER NOTICE

NO

MEETING

RETREAT -

which date

works best

FCLMPB Governance Foundations Session July 2020 Draft Agenda

Homework Be ready to share how has COVID -19 changed your life and one issue or question you have about governance. Draft Objective Enhance your governance understanding Enhance understanding of your roles and responsibilities Address specific questions you have regarding governance Draft Agenda Introductions and Opening comments – Chairs Governance review

Direct and Protect Types of Boards Owners and Customers Secret Formula of Organizational Effectiveness Committees Q& A

Documents

Board Meeting Agenda - Four County Labour Market Planning Board