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BUILDING A BETTER FUTURE
FINANCIAL LITERACYWORK READINESSENTREPRENEURSHIP
Annual Report 2015-2016
A Member of JA Canada
JA Central Ontario
About JAJA Worldwide is one of the largest global NGOs dedicated to addressing fundamental social and economic challenges of young people by educating and empowering them to transform their future and own their economic success. With more than 100 member countries, the JA Worldwide network is powered by over 450,000 volunteers and mentors, reaching more than 10 million young people around the world every year.
From Barrie to Burlington to Bowmanville, JA Central Ontario delivers cutting-edge, experiential learning in financial literacy, work readiness, and entrepreneurship. We broaden the canvas of possibility for young people across Central Ontario and enrich their ability to engage in their own economic development and contribute to the strength of their families, communities, and local economies.
INSPIRE
51,224STUDENTS
CONNECT WITH
3,366VOLUNTEERS
AND
69CORPORATE PARTNERS
REACH
563SCHOOLS
AND
99NEW
SCHOOLS
DELIVER
2,005PROGRAMS
IN FISCAL 2016, JA CENTRAL ONTARIO WAS PROUD TO:
What’s Inside?Leadership Message 1 Award Winning Volunteers 2 Financial Literacy 3 Work Readiness 4 Entrepreneurship 5 Company Program 6 Program Events 7 Corporate Donors 8 Individual Donors 12 Bold Thinkers 13 Governors’ Dinner 14 Golf Classic 15 Auditor’s Report 16 Financial Statements 17 Board of Directors 18Board of Governors 19
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Leadership MessageIt’s tough to be a student these days. While it is true that they don’t have to walk miles in the snow, they do face higher unemployment and under-employment levels, grow up in households with the highest debt ratios in G7 countries, and increasingly find that their academic careers do not prepare them for the workplace.
Throughout this report you will see that the data demonstrates the need for JA programs has never been greater. JA Central Ontario has the potential to improve personal money management skills, our economic prosperity and address Toronto’s severe youth unemployment numbers.
The impact of our programs is significant. In fact, the Boston Consulting Group states that students who participate in our programs will save more, borrow less and be less likely to be on social assistance later in life. In addition, half of our students will open their own business driving new employment and economic growth.
We are very proud of this impact and the opportunity to contribute positively to an improved future state for our community. Our impact, however, is limited by time and money. Last year, only 9% of students in our catchment area received life-altering money management skills at impressionable times in their lives. Annually, hundreds of teachers who request for a JA program in their classroom are placed on a wait list because we do not have the funding or volunteers to honour their requests.
It is for these reasons that our organization has endorsed a new five-Year Strategic Plan. We are excited to work to increase the profile of our brand, to diversify and grow our sources of revenue and to explore new and efficient ways of reaching students. In addition, we are committed to excellence and strive to build a professional culture with a strong work ethic.
To those of you who have supported us with funding and/or volunteers, please accept our heartfelt appreciation for your support. Your investment of time and money is safe with us. We are one of only a few accredited not-for-profit organizations meeting the high standards set by Imagine Canada. In addition, we are financially sound with a strong balance sheet.
There are exciting times ahead. Your support will allow us to increase our impact and address several economic burdens currently compromising our potential. We hope you will join us for this exciting and rewarding ride!
Cathy MacDonaldChair of Board of Directors, EVP,
Information Technology and Operations,
Xplornet Communications Inc.
Jane Eisbrenner
President & CEO, JA Central Ontario
Jane Eisbrenner
President & CEO, JA Central Ontario
Cathy MacDonaldChair of Board of
Directors, EVP, Information Technology and Operations
Xplornet Communications Inc.
2
Larry Chan was one of 25 recipients of the 2015 Toronto Legacy Award. Larry has been a dedicated volunteer with JA Central Ontario for 20 years. He has spent over 2,000 hours mentoring and guiding young people in the ways of business and entrepreneurship, and by supporting them as they transition into post-secondary education. “Over the last 12 years JA has been able to reach over 600,000 students. Larry has been a direct contributor to that impact: through his mentorship, his financial support, and his valuable oversight as a Board Director.” - Jane Eisbrenner, President & CEO, JA Central Ontario
Larry Chan Honoured with the 2015 Toronto Legacy Award
Award Winning Volunteers
We are on a mission to inspire and prepare youth to succeed in a global economy.
The Miskiman Award recognizes volunteers who have immeasurably furthered the aims and objectives of JA in Canada. Mr. Robertson was recognized for his incredible 38+ years of service to JA Central Ontario during which time he has fulfilled a number of board roles including Board Chair, Governor, leadership in the areas of fundraising, volunteer recruitment, financial sustainability and his ongoing commitment to delivering JA programs.
Russ Robertson receives the 2015 Miskiman Award from JA Canada
Kevin Lee awarded as the Enbridge Volunteer of the Year
Kevin Lee awarded as the Enbridge Volunteer of the Year
“Volunteering provides me with a deep sense of fulfilment, to know that I’ve positively impacted someone’s life. JA Advisors don’t volunteer their time to benefit their careers and resumes. Being an advisor is just a title; respect from the students should be earned.” - Kevin Lee, Enbridge Gas
Kevin Lee named Enbridge Volunteer of the Year
Joanna Williams receives RBC Volunteer of the Year AwardJoanna has been a JA volunteer for over fourteen years delivering day programs and serving as a Company Program Advisor. This year she was selected as one of twenty RBC Canadian Banking and Insurance employees to receive its inaugural Global Citizen Award. “Who we are drives what we do and how we spend our time. RBC has always supported me and my work in the community - I am most grateful.” - Joanna Williams, RBC
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FINANCIAL LITERACY
In the News
50%of 18-25 year olds said
they were unprepared to manage their finances
going into post-secondary education.*
38%of 18-25 year olds said
they are not putting any money away on a monthly
basis for long-term savings.*
34%of 18-25 year olds said
their household doesn’t follow a budget. **
Sources: * Capital One Canada Financial Education study, 2016
** Ipsos Reid for ABC Life Literacy Canada, 2011
JA programs prepare students to make life-long smart financial decisions.
JA Financial Literacy curriculum equips students with the vital tools they need to make a budget, live debt-free and become savvy investors. Students learn personal money management skills that they can apply to their lives ... beginning now. During the 2015/2016 academic year, JA provided the following in-school programs:
More Than Money – 780 Elementary School students identified the role of money in everyday life and learned about earning, saving, spending and sharing. Students gained an understanding of how proper money management can improve their lives, and how their financial choices can impact others.
Dollars with Sense – 15,479 Middle School students learned how to make smart financial decisions, live debt-free and become savvy investors. Students evaluated their financial decisions against their goals by developing a money management self-profile, discovering what influences their spending, learning how to make informed consumer decisions, and preparing a budget.
Investment Strategies – 600 Secondary School students learned how to understand the pros and cons of different investments, such as RRSPs, exchange-traded funds and GICs. Students then applied the investing principles they learned in the program by competing in a stock simulation linked to live data from North American stock markets.
“Saving, budgeting and managing money and debt wisely can go a long way in helping young Canadians attain their short and long term goals.”
Jane Rooney | Financial Consumer Agency of Canada, Financial Literacy Leader
Photo: Grade 8 students participating in a JA program
JA Alumni are
3X more likely
to hold senior and middle management positions in their
respective organizations.Source: Making an Impact: Boston Consulting Group 2011
4
WORK READINESS“Increasingly there is a mismatch between what Canada’s youth study and what the economy really needs. That’s why JA is so important.”
Benjamin Tal | Deputy Chief Economist of CIBC World Markets Inc.
Photo: Jelani, JA Student Alumnus
In the News
18.1%Toronto’s Youth
Unemployment Rate*
45.3% Toronto’s Youth
Employment Rate*
21.8%Gap between Toronto’s
youth and adult employment - the highest
it has ever been.*
* Source: Canadian Centre for Policy Alternatives Report, 2013
JA programs give young people the tools they need to succeed in a global economy.
JA Work Readiness curriculum provides youth with foundational career-building skills they will use throughout their lives. Participants learn communication, networking and interview skills and how to collaborate with diverse groups of people to achieve common goals. During the 2015/2016 academic year, JA provided the following in-school programs:
Stronger Together – 3,876 Middle School students discovered the important role teamwork and diversity plays in Canada and in the workplace. Students recognized the benefits of working with diverse teams at school and in the workplace to achieve common goals.
Economics for Success – 22,136 Middle School students mapped their interests, skills and passions into possible careers, learned how to network, identify a mentor, and create a strong personal brand. Students gained the skills they need to set goals, seize opportunities, and envision a future that fuels their passions.
Success Skills – 359 Secondary School students now understand how the skills they develop in school and in everyday life relate to skills they will need in the workplace. This will help them translate their strengths into career success.
$JA Alumni earn
50% moreon average than those who do not
benefit from a JA program.
Source: Making an Impact: Boston Consulting Group 2011
5
ENTREPRENEURSHIP
In the News
“In a nation of innovators, it’s time to foster
a culture of innovation.” - David Johnston, Governor
General Canada, 2015
18%of the Canadian workforce
count themselves as self-employed.*
*Source: Statistics Canada Labourforce Survey, 2016
JA programs inspire students to ask “Do I have what it takes to become an entrepreneur?”
JA Entrepreneurship curriculum helps students understand how to run a successful business enterprise by providing experiential learning opportunities to help them become knowledgeable about entrepreneurship. During the 2015/2016 academic year, JA provided the following programs:
Our Business World –3,398 elementary school students witnessed the power of the entrepreneurial spirit in Canada by learning why businesses are created, how they contribute to the well being of a community, and why innovation is important.
Be Entrepreneurial –1,272 secondary school students laid the foundation for creating their own business by identifying products or services they could take to market, determined their competitive advantage, and defined a target audience as part of their business plan.
Titan Challenge – 683 Secondary school students competed in this ultimate business simulation. See page 9 for more details.
Company Program – 1,304 high school students participated in the 18-week after-school Company Program where they created, managed, and liquidated their own business. They used real money, developed real products, and had actual customers. Students learned leadership skills, how to identify business opportunities, set goals, develop a business plan, create a marketing strategy, and launch a product. See page 8 for more highlights of this year’s Company Program.
“JA is the leading organization nurturing young entrepreneurs - Canada’s future generation of leaders.”
Bruce Rothney | President, CEO & Head of Country (Canada), Barclays, and an alumnus of JA
Photo: Mohammed, JA Student Alumnus
JA Alumni are 50%more likely to open their own business which leads
to innovation, new jobs and wealth creation.
Source: Making an Impact: Boston Consulting Group 2011
6
JA Company Program HighlightsIn 2016, JA Company Program in Central Ontario continued to grow with over 50 student-run Company Programs. In addition to Student Management Training, Interview Night, and student networking events, we introduced new curriculum, re-branded our Company Program Celebration event and hosted our first Trade Show in the heart of the financial district in Toronto. Our students also reached new heights:
• Liat Fainman-Adelman, recipient of Peter Mansbridge Positive Change Award ($10,000).
• Jordan Williams, recipient of Deloitte Inspiration Award ($2,500).
• Vicky Xu, recipient of Loran Scholar Award Winner ($100,000).
• Sitto, a Deloitte JA Company Program, won the national title and completed at the SAGE World Cup Business Pitch Competition in the Philippines.
• 20 delegates represented JA Central Ontario at the JA Canada Next Generation Leaders Forum alongside peers from 12 countries.
For more information about Company Program, visit www.jacocompanyprogram.ca.
PRODUCTS SOLD
267+
18,690
1,304
13,000+
HOURS VOLUNTEERED
STUDENT PARTICIPANTS
COMPANY PROGRAM ADVISORS
SALES GENERATED BY 50+ STUDENT COMPANIES
$112,000 Top: JA Central Ontario Company of the Year Left: Students at VentureON Right: Liat Fainman-Adelman being interviewed on CBC’s The Exchange
$
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JA Titan Challenge683 secondary school students competed in the ultimate business simulation - the JA Titan Challenge. Students worked in teams to make critical production, staffing and capital investment decisions; solve marketing and pricing challenges, and optimize research and development in a competitive environment. This interactive simulation allowed students to see how their decisions impacted business performance. Five Titan events were hosted at GE Mississauga, Seneca College and Sheridan College. Special thanks to the financial sponsors of these five events:
“I enjoyed how we were able to apply what we learned in the morning and actually use it in the competition.”
-James, Grade 11 Student
JA Central Ontario hosted over 1,000 students from Scarborough in a full-day workshop at Centennial College to learn about different forms of payment, investments and smart decision making. The event included keynote speaker: Jean Desgagné, President & CEO, Global Enterprise Services, TMX Group.
PRESENTING SPONSOR
A Member of JA Canada
JA Central Ontario
Financial Literacy Event
IN PARTNERSHIP WITH
May 6, 2016 | Centennial College, Scarborough
An agency of the Government of OntarioUn organisme du gouvernement de l’Ontario
Financial Literacy EventMay 6, 2016 | Centennial College, Scarborough
PRESENTING SPONSOR
A Member of JA Canada
JA Central Ontario
Financial Literacy Event
IN PARTNERSHIP WITH
May 6, 2016 | Centennial College, Scarborough
An agency of the Government of OntarioUn organisme du gouvernement de l’Ontario
1 Day
1,000 + Students
16 Schools
8
Top DonorsWe are most grateful for the generosity of the following donors and are pleased to acknowledge their support for JA Central Ontario’s programs.
Over $100,000 (in alphabetical order)
VOLUNTEERS PROVIDED
CLASSROOMS VISITED
STUDENTS IMPACTED
346
184
281
218 122
130
109
162 4,375
2,949
3,327
3,164
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We are most grateful for all of our corporate donors. Your support made it possible for us to offer JA programs to over 51,000 students across Central Ontario this year. Thank you for all of your support, your kindness, and your leadership.
Over $50,000 (in alphabetical order)
$25,000 - $49,999 (in alphabetical order)
$15,000 - $24,999 (in alphabetical order)
Our Supporters
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List of Corporate ContributorsOn behalf of the over 51,000 students who participated in JA Central Ontario programs last year, thank you to the following contributors. With your support, our students were able to learn what it takes to become an inspired and confident leader of tomorrow.
Anonymous
Accenture
AIG
Alcatel-Lucent Canada
Allstate Insurance Company of Canada
Altus Group Canada
Ashlar Urban Realty Inc.
Aviva Canada
A.W.B. Charitable Foundation
Bridgehouse Asset Managers
Broadridge Financial Solutions (Canada) Inc
Business Development Bank of Canada
Capservco Limited Partnership
Cardio Care
Caterpillar of Canada Corporation
CFA Society Toronto
Chubb Insurance Company of Canada
Cisco
Colliers International
Collins Barrow
Conros Corporation
Cushman & Wakefield
CWB Maxium Financial
DBRS Canada
Direct Sellers Association of Canada
DUCA Financial Services Credit Union
Economical Insurance
Enwave Energy Corporation
Equinix
E.W. Bickle Foundation
EY
Financial Awareness Corporation
Fox’s Bakery & Deli
Franklin Templeton Investment Corp
Fundserv
Gen RE
Govan Brown & Associates
Gowling WLG
Grant Thornton LLP
Great-West Life, London Life and Canada Life
Greystone Managed Investments
HUB International Limited
Investment Industry Association of Canada
International Financial Data Services
Intuit Canada
Investors Group Fairview
Investment Industry Regulatory
Jackman Reinvents
J.P. Bickell Foundation
Kimberly-Clark Corporation
Knightsbridge Human Capital Solutions
LoyaltyOne
Marsh Canada Ltd.
MasterCard Canada Inc
McDonald’s Restaurants of Canada Limited
Medcan Health
National Bank of Canada
Nestlé
Newmarket-Tay Power Distribution Limited
Northbridge Insurance
Office Team
OMERS
Ontario Pharmacists’ Association
Ontario Trillium Foundation
Pelmorex Media Inc.
PricewaterhouseCoopers Canada Foundation
RBC Capital Markets
RBC Insurance Company of Canada
Reckitt Benckiser (Canada) Incorporated
Rich Products Corporation
Rogers Bank
Ronald A. Chisholm Limited
Rotary Club of Ajax
Rotary Club of Barrie
Rotary Club of Mississauga West
Rotary Club of Whitby-Sunrise
SGH Design Partners
Sim & McBurney
Staples Advantage Canada
State Street Canada
Sutter Hill Development Corporation
TATA Consultancy Services Inc.
Tri R Foods
11
Teknion
The Alexander and Bernice De Maio Foundation at the Oakville Community Foundation
The Andy and Beth Burgess Family Foundation
The Diamond on Yonge Street
The HIDI Group
The Printing House
Thomas, Large & Singer Incorporated
TMX Group
TransUnion
TSX Incorporated
TSYS
WIND Mobile
Xerox Canada Ltd
Xplornet Communications
Zuora
Zurich
Gifts In KindBMO Financial Group
Brookfield Properties
Daurio & Franklin LLP
Osler LLP
Seneca College
Sheridan College
Toronto District School Board
Corporate Volunteer Grants
Enbridge
Stefania Covelli
Seymour Korman
Louise Mangalino
Jason Munroe
Lisa Rice
Daniel Richmond
Ian Sandy
Yasad Sarwar
Asia Shahulhameed
Juste Songailaite
Victoria Van Leeuwen
David Waugh
Joanna Williams
TD Bank Group
Ruth Beyene
Kyle Brady
Aditya Chitgopekar
Jessica Croke
Katherine K. Hui
Jeff Hwee
Jorge Jon
Diane Kim
Kristi Lewis
Matthew Luchetti
Patrick Mallay
Jacqueline McCarthy
Laurel Reid
Forum Shah
Kristina Szoke
Melissa Tzimas
Navneet Warrior
Manulife
Lexi Jeyarajan
Meaghan Johns
Paree Katharos
Victor Poon
David Ruta
RBC
Sarah Courtney Allan
Mike Anderson
Danielle Ashman
Anthony Bruin
Keith Burt
Alexandria Chimienti
Heather Dickenson
Bryceson Dodge
Tanya Fernandes
Roosevelt Fernandes
Joy Gonsalves
Umer Iqbal
Kirina Kissoon
Pavan Klotia
Andy Law
Ashley Linkletter
Sylvia Marcos
Erion Moci
Rahul Patel
Liliana Patino Rozo
Amanda Pimenta
Aloma Rasquinha
JA Central Ontario is a registered charity, one of only 176 organizations, out of the 89,000 charitable and non-profit organizations in Canada, accredited by Imagine Canada. In short, your investment is safe with us.
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Jane Eisbrenner
Edward Faulkner
Roy Fraser
Joylan Gonsalves
Lynn Gonsalves
Gerry Guidice
Jennifer Hawkins
Janet Hay
Alexandra Holgate
Evan Hughes
Erica Hughes
Michelle Ing
Gulam Jamal
Jennifer James
Doug Jeoffroy
Chelsea Jin
Derek Johnstone
Nick Katerinakis
Pedram Kaya
Brad King
Randy Lenaghan
Jason Leong
Michael Leroux
Natalya Leshchynska
Derek Leung
Individual DonorsThis past year individuals gave JA Central Ontario $154,000 that helped us reach over 51,000 students with life altering JA programs. Many thanks to the following individuals for taking the lead and for helping us with much needed financial support.
Mark Aboud
Ronald Alepian
Jeff & Lynn Allsop
Linda Antoniuk
Paul & Catherine Beauchesne
Tracey Bissett
Dave Borrelli
Nadine Brown
A. Gianluca Cairo
Kimberly Cheesman
Bruce Clark
Carolyn Coad
Jamie & Karen Collins
Chris D. Cornell
Simone Cowdery
Jennifer Cutajar
Kevin Dane
Stuart Davis
Jo-Ann DeLuca
Jean Desgagné and Kathy Soden
Diane Dobson
Scott Dodd
Rino D’Onofrio
John Duda
Tania Litsos
James Liu
Ryan Lumbers
Patrick Lundy
Cathy MacDonald
Tracey MacDonald
Katherine MacMillan
Louise Mangalino
Chris Manning
Angela Meharg
Dino Melchior
Daren Meyers
Abdul Rasheed Mohammed
Jonathan Moncrieff
Cameron Murray
Britton Nicol
Andrew O’Born
Kent Patterson
David Pauli
Steven Paynter
Camila Pereira
Catherine Perry-Robertson
Maria Pimenta
Elizabeth Psutka
Sandee Qian
Gary Reamey
Daniel Richmond
Russel C. Robertson
David A. Ruston
Rocco Schiavone
Marty Shapiro
Oma Sharma
Muzna Siddiqi
Richard Skippon
Joanne Steel
John Tanfield
Kathleen Taylor
Jon Taylor
Nikolas Tsirgielis
Pafoua Vang-Facey
Robyn Van Zant
Richard D. White
John Wray
Amy Young
Michael Zahra
Anonymous
13
Bold Thinkers Inspiring Leaders Luncheon
The 3rd annual Bold Thinkers Inspiring Leaders event, graciously hosted by BMO Financial Group, provided an invaluable networking opportunity for business executives and a select group of GTA high school students to meet and be inspired. This year’s event, on February 29th, recognized three extraordinary business leaders from Central Ontario: • Kathleen Taylor, Chair of the Board, RBC, Former President & CEO, Four Seasons Hotels and Resorts.
• Joe Jackman, Chief Executive Officer, Jackman Reinvention.
• Derek Szeto, CEO, Wirkin, Founder, RedFlagDeals, JA Alumni.
“Each of this year’s honorees has experienced tremendous success because of their tenacity, creativity and ability to think big. They’re true role models for our students.” said Jane Eisbrenner, President & CEO, JA Central Ontario. The event was emceed by Bruce Sellery, author, columnist and TV personality on CBC’s The Exchange.
Presenting Sponsor:
Venue Sponsor:
14
27 th Annual Governors’ DinnerAmount Raised: $503,000
Date: November 24, 2015
Where: Metro Toronto Convention Centre
Presenting Sponsors: Tangerine & Manulife
Special Thanks to our emcee David Chilton, author and former television personality of CBC’s Dragons’ Den, guest speakers Brian Lang, President of MasterCard Canada, Jacquelyn Cyr, Co-Founder of R3VOLVE and JA Alumni, and James Sun, CO-Founder/CEO of Revlo and JA Alumni.
SAVE THE DATE:
28th Annual Governors’ Dinner on November 22, 2016
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JA Central Ontario 29th Annual Golf Classic
Thank you to everyone who came out to support JA Central Ontario at the 29th Annual Golf Classic at Copper Creek Golf Club in Kleinburg. It was a great day for golf! A special thank you to all of our sponsors: KPMG, Ashlar Urban Realty, Colliers, TMX Group, Grant Thornton LLP and TATA Consultancy Services.
SAVE THE DATE:
30th Annual JA Central Ontario Golf Classic!
When: Monday, June 12, 2017
Where: Mississaugua Golf & Country Club
Amount Raised: $124,500
Date: June 9, 2016
Where: Copper Creek Golf Club
Foursomes: 36
Presenting Sponsor:
22nd Annual Goodfellow Memorial Squash Tournament
Presenting Sponsor:
Since 1995, this annual squash tournament has raised over $550,000. This year’s tournament, held March 30-31st at the Toronto Athletic Club, drew 75 athletes and raised $22,391. Special thanks to Kelly Stewart, Josh McDonald, and Andrew McDougall, for organizing this year’s event. Continued gratitude to Event Founder Roy Fraser and long-time supporter David Ruston.
Thank you to Cadillac Fairview and other event sponsors SIM IP Practice, Deloitte, and Ferguson + Mak LLP.
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Report of the Independent Auditor on the Summary Financial Statements
To the Members of Junior Achievement of Central Ontario,
The accompanying summary financial statements, which comprise the summary statement of financial position as at June 30, 2016, and the summary statement of operations for the year then ended and related note, are derived from the audited financial statements of Junior Achievement of Central Ontario, for the year ended June 30, 2016. We expressed an unmodified audit opinion on those financial statements in our report dated Date of Approval. Those financial statements, and the summary financial statements, do not reflect the effects of events that occurred subsequent to the date of our report on those financial statements.
The summary financial statements do not contain all the disclosures required by Canadian Accounting Standards for Not-For-Profit Organizations. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of Junior Achievement of Central Ontario.
Management's Responsibility for the Summary Financial Statements
Management is responsible for the preparation of the summary financial statements in accordance with Note 1.
Auditor's Responsibility
Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, "Engagement to Report on Summary Financial Statements".
Opinion
In our opinion, the summary financial statements derived from the audited financial statements of the Junior Achievement of Central Ontario for the year ended June 30, 2016, are a fair summary of those financial statements in accordance with the basis disclosed in Note 1.
Chartered Accountants, Licensed Public AccountantsAugust 30, 2016Toronto, Ontario
Auditor Statement
Volunteer Impact = Significant Savings3,366 Volunteers dedicated over 51,000 hours to give 51,200 students the opportunity to participate in a JA program.
Collectively, JA Central Ontario volunteers dedicated enough hours that would equal 26 full time employees for one year.Volunteer HoursStaff Hours
17
Our Financials
2016 2015ASSETSCash and Investments $ 1,907,870 $ 1,764,798Accounts Receivable and Other Assets 371,161 348,799Total Assets $ 2,279,031 $ 2,113,596
LIABILITIESAccounts Payable and Accrued Liabilities 161,156 157,727Deferred Revenue 100,875 53,927Total Liabilities $ 262,031 $ 211,652
NET ASSETSUnrestricted 617,000 501,944Endowment Fund 500,000 500,000Internally Restricted 900,000 900,000Total Net Assets $ 2,017,000 $ 1,901,944Total Liabilities and Net Assets $ 2,279,031 $ 2,113,596
REVENUES
2016 2015
Program Designated Contributions $ 1,489,090 $ 1,572,068Donations and other Contributions 159,405 152,318Special Events 668,311 599,468Interest and Other Income 48,318 18,518Total Revenues $ 2,365,124 $ 2,342,372
EXPENSESProgram and Materials (Note 2) 991,975 931,857Special Events 206,650 197,208Resource Development Personnel 280,395 330,715Administrative Personnel 409,795 395,155Office and General 175,967 170,964Facilities and Amortization 128,775 152,332Total Expenses $ 2,193,557 $ 2,178,231
EXCESS OF REVENUES OVER EXPENSES BEFORE UNDERNOTED ITEM
171,567 164,141
Unrealized Gain (loss) on Investments (56,511) (53,945)Excess of Revenues over Expenses $ 115,056 $ 110,196
SUMMARY STATEMENT OF FINANCIAL POSITION as of June 30, 2016
SUMMARY STATEMENT OF OPERATIONS for the year ended June 30, 2016
NOTE 1: JA Central Ontario has prepared these summary financial statements to be included as part of its annual report. These summary financial statements present the same information as the audited financial statements, except for the full statements of financial position and operations, and the statement of changes in net assets, the statement of cash flows and the notes to the audited financial statements. Complete audited financial statements for the year ended June 30, 2016 are available upon request at www.jacanada.org/annual-reports.
NOTE 2 - excerpt from Note 2(b) of the Notes to the Audited Financial Statements
The Corporation would not be able to carry out its administrative activities without the services of its volunteers who donate a considerable number of hours, including business professionals who directly deliver classroom programs as instructors. Because of the difficulty in determining their fair value, the value of these contributed services are not recognized in these financial statements.
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Board of DirectorsSally AnPartner, Audit & Assurance GroupPwC
Linda AntoniukLeadership Volunteer
Andrew AzizPartnerOsler, Hoskin & Harcourt LLP
Paul BeauchesneNational Director, Commercial BankingProcess & Platform ManagementBank of Montreal
Dave BorrelliArea VP, Commercial Sales CanadaSalesforce
Stephanie BrownVP, Finance, Systems Strategy andImplementationTD Bank
Larry ChanPartnerRosenzweig & Co.
Dave CharlesonVP, Energy Supply & Customer CareEnbridge Gas Distribution Inc.
Chris CornellPartner, Audit Financial Services
KPMG LLP
Denise CostaRegional VP, InvestmentsRBC
John DudaSenior VP, Eastern Canada & National AccountsColliers International
Michael LerouxVP, Credit Risk ManagementCIBC
Chris ManningNational VP, Mid-Market CommercialBankingScotiabank
Cathy MacDonaldEVP Information Technology and OperationsXplornet Communications Inc.
Kevin NicholsVP, FinanceHSBC Bank Canada
Catherine Perry-RobertsonVP, Enterprise ChannelCoupa
Nadira PersaudSuperintendent of EducationToronto District School Board
Hitesh PeshavariaPartnerDeloitte
Richard SkipponPartnerErnst and Young LLP
Jon TaylorPartnerGovan Brown & Associates Ltd.
19
Board of GovernorsJeff AllsopEVP & Managing Director,Head of Global Banking CanadaHSBC
Robert BailliePresident & CEOState Street Canada
Doug BennettPrincipal, Operations & ServiceEdward Jones
Sonia BoyleVP, Human ResourcesGE Canada
A. Gianluca CairoChief of Staff, Public Service andProcurementGovernment of Canada
John ChippindaleVice ChairmanHub International HKMB
Jamie CollinsVP, North American Phone ChannelTD Bank Financial Group
Ian CunninghamCOOTangerine
Rino D’OnofrioPresident & CEO,Canadian Insurance BusinessRBC Insurance
Dennis DarbyCEOOntario Pharmacists’ Association
Stuart DavisChief Anti-Money Laundering OfficerBMO Financial Group
Jean R. DesgagnéPresident & CEOGlobal Enterprise Services, TMX
Dave DruryGeneral ManagerIBM Canada
Christina EatonCharitable Volunteer
Ryan FaganEVP, Ontario & AtlanticAltus Group
Roy FraserAssociate Partner,Marketplace ServicesDeloitte
Alex GiosaCountry Senior OfficerNokia Canada
Nick KanjiPresident & CEOSutter Hill Development Corporation
Edward KeohaneSVP, Wealth ManagementClient SolutionsScotiabank
Brad KingVP & General Manager,Central Sales OperationXerox Canada Ltd.
Rhonda KloslerPartner & COOCollins Barrow Toronto LLP
Tim LefebvreManaging DirectorAccenture
Randy LenaghanSVP, SalesSAP
Patrick LundyPresident & CEOZurich Canada
Katherine MacMillanPresident & CEOInternational Financial Data Services
Darren MyersEVP & CFOCelestica
Andrew O’BornVP, Customer RelationsThe Printing House
Ian PortsmouthGroup Publisher, BusinessRogers Publishing Ltd.
Russel RobertsonEVP & Head, Anti-MoneyLaunderingBMO Financial Group
David RustonPartner/Patent AgentSim & McBurney
Linda SmartVP, Commercial Banking - OntarioNational Bank of Canada
Jason StorahSVPAviva Canada
Benjamin TalDeputy Chief EconomistCIBC
Jay WiltshireVPGreystone Managed Investments Inc.
Mike ZahraPresidentStaples Advantage Canada
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My JA Journey
Hello, my name is Alex Dawson and I am a recent alumni of JA Central Ontario’s Company Program. As I prepare to leave Toronto to pursue my first year of chemistry studies at university, I find myself feeling nostalgic about my secondary school years. Perhaps the most formative experiences were the three years I spent as a Junior Achievement Achiever.
I came to JA an introverted and quiet grade nine student with no awareness of who I was or what my future held. I never felt like I had any real ambition or passion in anything but academics. However, everything changed for me when one of my ambitious friends introduced me to an opportunity to enter the business world with no risk of serious consequence. By throwing myself headfirst into the high energy world of running a startup company, I developed stronger social skills, learned to manage my time more effectively and developed the ability to be adaptable to any situation.
Over my first two years, the adversity of a failed sale, awkward handshake or verbal stumble made for a very stressful situation. By persevering through moments like these, in learning that failure was not something to fear but rather embrace, I truly grew as an individual. In my final year I decided to do something I’d never done before in my life - put myself in a leadership position. I ran for and became President of my company, an accomplishment that both terrified and excited me. My fear of public speaking is still an issue I struggle with although I am making progress in the right direction.
Every facet of Company Program sets Achievers up to succeed in all aspects of their lives. The opportunities available for self-growth, networking, and enriching the future make Company Program something I encourage every student, no matter what their area of study is, to participate in. I can honestly say that JA has changed my life for the better, and I will continue my involvement as an Alumni throughout the rest of my life.
“JA has been so integral in shaping me into the person I am today.”-Alex Dawson, JA Alumni
Our programs are provided (subject to available funding*) at no charge to schools, students or parents. Surprisingly, JA Central Ontario does not receive funding from the federal or municipal government.
Funding the Future
$0* Gratefully, our funding comes from corporations, foundations and individuals who support our mandate to provide elementary, middle, and secondary school students with the financial understanding, workplace readiness and entrepreneurial skills they need to succeed in the local, national and global economy.
How you can helpSupport Programs – Your company can provide funds for in-classroom, day programs to elementary and middle school students with introduction of financial literacy, work readiness and entrepreneurship curriculum.
Sponsorship Opportunities – Corporate event sponsorships provide excellent exposure and affiliation of your brand to middle and secondary school students, and top corporate financial and entrepreneurial partners. Last year, JA Central Ontario hosted 6 events with 23 sponsorship opportunities and this year there will be even more opportunities.
Individual Donations - your personal donation, in any amount, goes a long way towards building a better future for Central Ontario youth. Annual, monthly, United Way and one-time donation options are available at www.jacanada.org/donate-ja-central-ontario.
For more information, please contact Jo-Ann DeLuca, Vice President, Revenue Development at [email protected].
$ + = 126 Funding
Partners3,366
Volunteers51,224
Students Reached
20,488 Students Waitlisted
$0$0
Schools StudentsFederal or Municipal Government
A Member of JA Canada
JA Central Ontario
133 Richmond Street West, Suite 405, Toronto, ON, M5H 2L3 Phone: 416‒360‒5252
Charitable Registration: 10755 4297 RR0001
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www.jacanada.org/central-ontario
Photo Credit (front & back cover): Danielle Hogan
