îìíìrîìíív vµo Z }€¦ · looking for a more in-depth learning experience within a small group • special sessions with Big Daddy Tazz (mental health in the workplace)

2010-2011 Annual Report

TABLEOFCONTENTS3 Vison|Mission|GuidingPrinciples

4 President’sReport

5 Operational Year in Review:OrganizationalStructure

6 Operational Year in Review:Membership

7 Operational Year in Review:CHRP

8 Operational Year in Review:Learning&Development

9 Operational Year in Review:SpecialEvents

10 Financials:ReviewEngagementReport

11 Financials:StatementofOperations

12 Financials:ChangeinNetAssets

13 Financials:StatementofFinancialPosition

14 Financials:StatementofCashFlows

15 Financials:NotestoFinancialStatements

HRMAM Annual Report: 2010-2011 | Page 3

AboutUs

OurVisionThe Human Resource Management Association of Manitoba, the largest and most vibrant HumanResourcescommunity, isrecognizedandrespectedasthepremiereassociationandcentreofbusinessexcellenceforHRprofessionalsinManitoba.

OurMissionThe Human Resource Management Association of Manitoba exists to deliver rich connections toinformation,knowledge,professional relationships,andnetworks toensureourmembership can leadandcontributetothesustainablesuccessoforganizationsandcommunities.

OurValues&GuidingPrinciplesWearecommittedtodeliveringourservicesandprogramsbasedonthefollowingcorevaluesandguidingprinciples:

• LEADERSHIPisthefundamentalcornerstoneofourassociation.Weleadbyexampleanddemonstratecommitment to ourmembers and the HR profession by achieving our vision andmissionwith aleadership style that is respectful, collaborative, innovative, empowering, engaging, and resultsoriented.

• WeareaCREDIBLEorganizationthatinstillspublicconfidenceandhasastrongreputationformakingdecisionsthatarebasedonin-depthHRknowledge,aswellasconcreteandtangibleevidence.

• WeactwithINTEGRITYbyfollowingthroughonouractionsinamannerthatallowsustotakerisksandovercomebarriers,andregularlyreviewingoutcomesusingaconstructiveandreflectiveapproach.

• WeareACCOUNTABLEtoourmembershipbylisteningandrespondingtotheirneeds,whileadheringtosolidfiscalresponsibility.

• We foster business EXCELLENCE for human resources by developing, promoting, and embracingleadingpractices,highqualitystandards,andacommitmenttocontinuousimprovement.

• WeareanINCLUSIVEorganizationthatisunbiased,accessible,andrespectfulofdiversity.

President’sReport

Page 4 | HRMAM Annual Report: 2010-2011

TheHumanResourceManagementAssociationofManitoba(HRMAM) represents over 1,400 diverse HR and businessprofessionals across Manitoba. Our membership consists ofdynamichumanresourcepractitionerswholeadandcontributetothesustainabilityoftheirorganizationsandcommunities.

2010-2011 has been a challenging fiscal year. We haveexperienced much growth, which is seen throughout areassuch asourmembership categories andnewbrand identity.The yearhas also seen theAssociation continue toworkonthe three-year strategic planpresented to the Association’smembersinMay2009.

One of the strategic plan’smajor objectives was completedinSeptember2010whenHRMAMunveileditsnewbrand,website,anddatabase.Thebrand,symbolizingacommunitywell,representsacentralgatheringplacewherepeoplecan congregate to share knowledge and resources. The website and database allowHRMAMtomaintainanddevelop its relationshipswithmembersand formembers tobetterconnecttoHRMAM,toresources,andtooneanother.Together,thesechangesrepresent a major investment in image and infrastructure aimed at enhancing theconnectionsandsupportamonghumanresourceprofessionalswithinManitoba.

TheBoardhascompletedextensiveworkonamendingtheAssociation’sbylawssothatthey are transparent and reflect our Association today. The Board has also begun agovernancereviewsothattheAssociation’sactivitiescanbemoreeffectiveandefficient.Thisreview,whichbeganinspring2010,willcontinue,andisscheduledtobecompletedin2012. In the fallof2011, theBoardofDirectorswillenteranewstrategicplanningcycle.ThenewplanwillbuildonthestrengthsoftheAssociationandprovidedirectionforthefutureofHRMAM.

TheBoardwouldliketocongratulateClaudeChapman,FCHRP,whowasgiventheFellowCertifiedHumanResourcesProfessional(FCHRP)designationatthe9thAnnualExcellenceinLeadershipAwardsGalaonMarch9,2011.Claudeisthe6thFCHRPintheAssociation’shistory.

The2010/2011fiscalyearwitnessedagreatdealofchange.Regardlessofopportunityorchallenge,theheartoftheAssociationisandwillcontinuetobethecontinualsupportofHRMAMmembers,volunteers,staff,andBoard.Itisonlythroughthecombinedeffortsof these individuals that the Association continues to provide value based programs,services,andeventstoitmembersandcommunitypartners.ThankyoutoeveryonefortheircontinuedcommitmenttotheAssociationandtothehumanresourcesprofession.

Dr.NeilFassina,CHRP

Executive Director

Administrative

Coordinator

Board of Directors

Membership

Marketing &

Communications

Coordinator

Manager, Member

& Volunteer

Relations

Manager, Learning

& Development

Administrative

Assistant

Part‐time


OperationalYearinReviewOrganizationalStructure:Volunteers

BOARDOFDIRECTORSPresident:NeilFassina,CHRPPast President:DianePanting,CHRPTreasurer:JenniferOsseni,CHRP,CAProfessional Designation/CHRP:CathyGamby,CHRPMembership Services:CatherineSchinkel,CHRPGovernment Relations:ShandraCzarneckiDirectors at Large:YvonneThompson,CHRPTimKist(partialterm)BeverlyBraun-Allard,CHRPNikoleneDay,CHRPMaryLavigne,CHRP

OrganizationalStructure:Staff

PERMANENTSTAFFExecutive Director:MarkHollingsworthManager, Learning & Development:IreneFriesen-Hughes,CHRPManager, Member & Volunteer Relations:LoriThomasMarketing & Communications Coordinator: ElizabethHolmstromAdministrative Coordinator:JaimeKyleAdministrative Assistant:KaetheFriesen-Hughes(part-time)

COMMITTEES• Connect2010ConferenceSteeringCommittee

(tradeshow/sponsorship,program,marketing)• AboriginalInitiativeCommittee• LeadershipAwards(Evaluation)Committee• LeadershipAwards(Planning)Committee• CHRPRecertification&CHRPAuditCommittee• GovernmentLegislativeReviewCommittee• ComplaintsInvestigation&DisciplineCommittee• GovernanceReviewCommittee• NominatingCommittee• MembershipAdvisoryCommittee• ProfessionalMentoringPilotProgramCommittee• WestmanChapterAdvisoryCouncil• PembinaValleyChapterAdvisoryCouncil• ProfessionalDesignationCommittee


OperationalYearinReview

Membership

HRMAM’smembershipoverflowswithawealthofknowledgeandresources.Committedtothehumanresourceprofession,ourmembersarefullofpassionandvitality.

With 1455 members, our Association has seen a decrease in membership of 3.96%.However, we welcomed 252 new members and have seen growth in a number ofmembershipcategories.

InSeptember2010,HRMAMlauncheditsnewbrand,website,andmemberdatabase.AfterconsultingwiththeHRMAMmembershipinthespringof2010viasurvey,HRMAMdeveloped a new brand and identity to better represent the Association’s diversemembership and modernize the organization’s image. These projects represent asignificantfinancialinvestment;thewebsiteanddatabasewillprovideourmembershipwith new ways to connect, access resources, and participate in online forums anddiscussiongroups.

TheLearningCentre

HRMAM’sLearningCentreisastate-of-the-artfacilitythathasvisualpresentation,videoconference,andteleconferencecapabilities.Primarily used for HRMAM’s Learning &Development workshops and seminars,the Learning Centre is also used for theAssociation’svolunteercommitteemeetingsand is available for rent by members andnon-members. 31 bookingsweremade by14 different renters. In total, the LearningCentre was rented for a total of 53 daysthroughout the year - 41 full days and 12halfdays.



CertifiedHumanResourcesProfessional(CHRP)

TheCHRPdesignation,pronouncedC-H-R-P(eachletterissaidindividually),isthenationallyrecognizedandtransferabledesignationforHumanResourceprofessionals.ItsetsabenchmarkforthepracticeofeffectiveHRandemphasizesthestrategicroleofHRmanagementinbusiness.

In2010-2011,131memberspassedtheNationalProfessionalPracticeAssessment(NPPA)and55memberspassedtheNationalKnowledgeExam(NKE).595membersnowholdtheCHRPdesignation,110membersareCHRPCandidates,andsixmembersareFCHRPs.Comparedto2009-2010,thisisa27.41%increaseinCHRPmembers,a19.12%decreaseinCHRPCandidates,anda20.00%increaseinFCHRPs

OnJanuary12,2011,HRMAMhostedits2ndAnnualCHRPGraduationDinner.With161attendees,theeveningrecognizedallgraduatingCHRPsfrom2010.

Comparedto:

May2010 May2011 %Differencebetween2010&2011

CHRPs 467 595 27.41%

CHRPCandidates 136 110 -19.12%

FCHRPs 5 6 20.00%

TotalMembership 1515 1455 -3.96%



Learning&Development

HRMAM’s Learning & Development program connects our members to workshops,seminars,andpresentationsthatwilldeveloptheirskillsandcompetence.Akeytotheirpersonal and professional success, this enhanced knowledgewill help our participantsbetterapproachchallengesandopportunitiesintheirorganizationswithconfidence.

Theorganizationhosted33eventsduringtheyear,whichincluded:• 4dinnermeetings• 9workshops&seminars• 1employment&labourlegislationupdate• 5CHRPprepcourses• 6HRmetricsdemos(in partnership with BCHRMA)• 7webinars(in partnership with BCHRMA & CCH)• 1executiveforumforseniorHRandbusinessprofessionals

(in partnership with Protegra)

ProfessionalMentoringProgramHRMAM’sProfessionalMentoringProgram(PMP)offersaformalnetworkingandlearningopportunity for members to connect with other HR professionals to enhance theirprofessional development in ameaningful and supportiveway. This relationship-basedprogramisgearedforpeoplelookingtotransitiontoanewfieldofinterest,takingonanewcapacitywithintheirorganizations,orinterestedindevelopingnewskillsforfuturecareeraspirations.

Thepilotprogrambeganinthespringof2010andendedinthefallof2010,with12pairsbeginning thementorship relationship together. In the fallof2010,HRMAM launchedasecondmentorshipprogramandhad26pairsbeginthementoringprogram.Becausemorementorsjoinedtheprogram,agrowthrateof117%waspossible!

Connect2010ConferenceOnOctober26&27,2010,HRMAMhelditsConnect2010:ChangeofFocusconference.Attractingmorethan400delegates,theconferencehadanoverallsatisfactionrateof96%.

Inadditiontoimpactfulanddynamickeynotespeakers,diverseconcurrentsessions,andatradeshowthatsoldouttwomonthsinadvance,theConnect2010conferenceintroducedsomenewelementstotheHRMAMconference:• on-sitebookstorewithkeynotespeakerbooksignings• earlymorningyogaandgroupwalk• athreehourworkshopwithonekeynotespeakerforthose

lookingforamorein-depthlearningexperiencewithinasmallgroup• specialsessionswithBigDaddyTazz(mentalhealthintheworkplace)

andHarpaulSambhi(socialmediaandHR)

“ThiswasthemostvaluableworkshopI’veparticipatedin-theinformationwasdirectlytransferable

totheworkplace,thepresenterwas

veryknowledgeable,madetheinformationaccessible,andIfeel

confidentinmyabilitytousewhatwas

presented.”-Statement Analysis

with Marc Robichaud

“Ibenefitedfromtheabilitytoprovide

someinsightandknowledgetoanotherHRpractitionerwhoisjuststartinghercareer.Itreaffirmedmyownpersonalgrowthas

weencounteredmanyunexpectedlearning

opportunities.”- Mentor Feedback

“TheHRMAMconferenceisoneofthebestconferencesIattendandIattendalotofconferences.Iamexcitedabout

attendingandfeelitisanexcellentvalue.”

- Anonymous



2010AnnualGolfClassicOnJune2,2010,HRMAMhosteditsAnnualGolfClassicattheKingswoodGolfCourseinLaSalle,MB.With144golfers,thetournamentsoldoutforthethirdyearinarow.Duetothegenerosityofthegolfersinattendance(throughtheirpurchaseofmulligans),thetournamentraisedenoughmoneyfortwouniversityscholarships.Thankyoutooureventsponsor,Pinnacle,whohelpedorganizeagreatdayofgolf.

WinterOpenHouseHRMAMinvitedthemembershiptoattendits2ndAnnualWinterOpenHouseonDecember9, 2010. A Toyland theme transformedHRMAM’s Learning Centre into a playfulatmosphere. Guests were encouraged tobringanunwrappedtoyforHRMAM’schosencharity, the Salvation Army’s Toy MountainCampaign - and did people ever embodythe spirit of the season! The event’s 126registeredattendeesgenerouslydonatedanentiretruckloadoftoysthatwerethenaddedtotheToyMountainatTheForks!

9thAnnualExcellenceinLeadershipAwardsGalaThe9thAnnualExcellenceinLeadershipAwardsGalawasheldonMarch9,2011.Thisyear,theeventwasmovedtotheVictoriaInntoaccommodateitsgrowingaudience.375peoplecameoutforasemi-formaleveningofhonouringcolleagues,organizations,andfellowHRpractitionerswithinManitoba.Withasatisfactionrateof94%,theAwardsGalarecognized13organizationsand10individualsfortheircontributionstohumanresourcesin the province. HRMAM also presented the FCHRP designation to Claude Chapman,makingClaudethe6thFCHRPintheAssociation’shistory.

“ThisisalwaysthebesttourneyIentereachyear.Keepupthegreatwork!!”

- Anonymous

“Reallyenjoyedthenewvenue,muchmorespacious.”

- Anonymous

“Ithoughtitwasastellareventandcommend

thoseinvolvedinitsinceptionandexecution.Well

done.”- Anonymous

“Theeventwasverywellputtogether

andexecutedbeautifully.”- Anonymous

“Itwasaverywellplanned

event.Dynamic,professionalandveryenjoyable.”

- Anonymous

ORGANIZATIONALAWARDS:OrganizationalDevelopment&StrategicInitiativeAwardFinalists: CanadianWheatBoard&WinnipegTransitOperationsNominees: CAAManitoba,MTSAllstream,WawanesaInsurance,WinnipegRegionalVolunteerManagementGroup

Health&SafetyAwardFinalist: ManitobaLotteries

WorkplaceEducation&EmployeeDevelopmentAwardFinalist:RangerInsuranceNominee:MacDonIndustriesLtd.

Diversity&CulturalAwarenessAwardFinalist:RBCRoyalBankNominee:EnterpriseHoldings

Health&WellnessAwardFinalist:ManitobaLiquorControlCommissionNominee:ManitobaHydro

INDIVIDUALAWARDSRisingStarFinalist: JodiFunkClements,CHRPNominees: GeorgeHakim,CHRP,JodyMilburn,CHRP,SusanYoung,CHRP

InnovativePractitionerFinalist:DaveLeschasin,CHRP

VisionaryLeaderFinalist:BarbaraBowes,FCHRPNominee:KimLaCarte,CHRP

FellowCHRPAwardRecipientClaudeChapman,FCHRP

ScholarshipAwardRecipientsJaysaNachtigallReenaShah

Salvation Army’s Toy Mountain at The Forks

Grant Thornton LLP 94 Commerce Drive Winnipeg, MB R3P 0Z3

T (204) 944-0100 F (204) 957-5442 www.GrantThornton.ca

Audit • Tax • Advisory Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd

1

Review Engagement Report

To the Members of Human Resource Management Association of Manitoba Inc.

We have reviewed the statement of financial position of Human Resource Management Association of Manitoba Inc. as at May 31, 2011 and the statements of operations, changes in net assets and cash flows for the year then ended. Our review was made in accordance with Canadian generally accepted standards for review engagements and accordingly consisted primarily of enquiry, analytical procedures and discussion related to information supplied to us by the Association.

A review does not constitute an audit and consequently we do not express an audit opinion on these financial statements.

Based on our review, nothing has come to our attention that causes us to believe that these financial statements are not, in all material respects, in accordance with Canadian accounting principles.

Winnipeg, Manitoba

September 13, 2011 Chartered Accountants


See accompanying notes to the financial statements. 2

Human Resource Management Association of Manitoba Inc. Statement of Operations Year Ended May 31 2011 2010 (Unaudited)

Revenue Biannual conference $ 246,092 $ - Membership dues 241,586 241,377 Professional development events 114,304 127,110 Professional designation fees 103,068 186,501 Advertising 63,645 46,821 Member events 75,048 66,670 Interest 7,983 8,687 Webinar revenue 6,185 6,198 Rental revenue 16,863 3,175

874,774 686,539

Expenses Advertising $ 4,724 $ 12,663 Bad debt 7,706 824 Bank and visa charges 17,666 17,417 Biannual conference 215,300 - Business development 22,704 10,449 CCHRA 57,503 87,221 Committees 4,328 3,736 Consulting fees 3,000 10,475 Depreciation 72,880 26,839 Insurance 2,355 2,229 Interest on capital leases 12,678 9,230 Member services 88,507 66,017 Office and courier 9,454 15,051 Printing, postage and stationery 19,240 8,916 Professional development events 63,080 63,034 Professional fees 34,423 15,986 Rent and occupancy costs 108,354 82,877 Repairs and maintenance 743 4,583

Security - 282 Sponsorships 4,982 3,000 Technology and training 520 465 Telephone 14,594 13,174 Travel 2,425 10,318 Wages and employee benefits 371,566 308,713 Website 13,176 9,643

1,151,908 783,142

Deficiency of revenue over expenditures $ (277,134) $ (96,603)



Human Resource Management Association of Manitoba Inc. Statement of Changes in Net Assets Year Ended May 31 (Unaudited) 2011 2010

Capital Asset Unrestricted Fund Restricted Total Total

Balance, beginning of year $ (106,557) $ 335,975 $ 240,000 $ 469,418 $ 566,021

Deficiency of revenue over expenditures (204,254) (72,880) - (277,134) (96,603)Interfund transfer for capital asset purchases (47,960) 47,960 - - - Transfer to restricted net assets (Note 9) (10,000) - 10,000 - -

Balance, end of year $ (368,771) $ 311,055 $ 250,000 $ 192,284 $ 469,418



Human Resource Management Association of Manitoba Inc. Statement of Financial Position May 31 2011 2010 (Unaudited)

AssetsCurrent Cash and cash equivalents $ - $ 133,896 Temporary investments 222,772 105,252 Receivables (Note 4) 88,599 124,787 Prepaid expenses 13,629 54,430

325,000 418,365Term deposits (Note 5) 29,068 144,361 Capital assets (Note 6) 311,057 335,976

$ 665,125 $ 898,702

LiabilitiesCurrent Bank indebtedness $ 9,619 $ - Accounts payable and accruals 96,306 84,499 Current portion of obligation under capital lease (Note 7) 29,409 25,024 Deferred revenue (Note 8) 256,501 217,372

391,835 326,895 Obligation under capital lease (Note 7) 81,006 102,389 472,841 429,284

Net AssetsRestricted (Note 9) 250,000 240,000 Invested in capital assets 311,055 335,975 Unrestricted (368,771) (106,557)

192,284 469,418

$ 665,125 $ 898,702

Commitment (Note 10)

On behalf of the Association

Director Director




Human Resource Management Association of Manitoba Inc. Statement of Cash Flows May 31 2011 2010 (Unaudited)

Increase (decrease) in cash and cash equivalents

Operating activities Deficiency of revenue over expenditures $ (277,134) $ (96,603) Depreciation 72,880 26,839 Change in non-cash operating working capital Temporary investments (117,520) 336,317 Receivables 36,188 (15,398) Prepaid expenses 40,801 (37,013) Accounts payable 11,807 78,917 Deferred revenue 39,129 (1,071)

(193,849) 291,988

Financing Principal repayments of obligation under capital lease (25,934) (37,959)

Investing activities (Purchase) redemption of term deposits (net) 115,293 (5,872) Purchase of capital assets (39,025) (184,350)

76,268 (190,222)

Net increase (decrease) in cash and cash equivalents (143,515) 63,807

Cash and cash equivalents, beginning of year 133,896 70,089

Cash and cash equivalents, end of year $ (9,619) $ 133,896


Human Resource Management Association of Manitoba Inc. Notes to the Financial Statements May 31, 2011 (Unaudited)

1. Purpose of association

The Human Resource Management Association of Manitoba exists to deliver rich connections to information, knowledge, professional relationships, and networks to ensure our membership can lead and contribute to the sustainable success of organizations and communities.

As a not-for-profit association, the Association is a tax-exempt corporation under the provisions of the Income Tax Act.

2. Summary of significant accounting policies

Revenue recognition

The Association follows the deferral method of accounting for membership dues and professional designation recertification fees. Other membership and program revenues are recognized as received or receivable as long as collection is reasonably assured. Investment income is recognized as earned.

Temporary investments

Temporary investments are recorded at the lower of cost and market value.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, balances with banks and short-term deposits with original maturities of three months or less.

Capital assets

Capital assets are recorded at cost and amortized based on the declining balance method using the following rates:

Furniture and equipment 20% Computer 30% Database project 30% Leasehold improvements 15 year straight-line

Contributed services

Members contribute a significant number of hours per year to assist the Association in carrying out its service delivery. Because of the difficulty in determining the fair market value, contributed services are not recognized in the financial statements.

Use of estimates

In preparing the Association’s financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from these estimates.

Page 16 | HRMAM Annual Report: 2010-2011 7


3. Financial instruments

For cash and cash equivalents, accounts receivable, and accounts payable, the carrying amounts of these financial instruments approximate fair market value due to their short-term maturity or capacity for prompt liquidation. Temporary investments and term deposits which include a money market fund consist of rates varying from 2.15% to 5.30%, and maturity dates extending to 2012.

4. Receivables 2011 2010

Accounts receivable $ 88,482 $ 120,064 Accrued interest receivable 5,231 5,547

93,713 125,611

Less: Allowance for doubtful accounts (5,114) (824)

$ 88,599 $ 124,787

5. Term deposits

The term deposit earns interest at 2.75% and has a maturity date that extends to 2013.

6. Capital assets 2011 2010

Accumulated Net Net Cost Depreciation Book Value Book Value

Furniture and equipment $ 172,249 $ 48,008 $ 124,241 $ 130,372 Computer equipment 52,395 21,433 30,962 43,312 Database project 96,608 25,226 71,382 71,563 Leasehold improvements 93,858 9,386 84,472 90,729 $ 415,110 $ 104,053 $ 311,057 $ 335,976

During the year, furniture and computer equipment in the amount of $8,937 were acquired by means of capital leases.

Total furniture and computer equipment under capital lease at May 31, 2011 is recorded with a cost of $174,314 with accumulated amortization of $51,415.

As part of the Association’s lease agreement, in the current year the landlord has provided a tenant improvement allowance of $49,500. This allowance has been applied against the leasehold improvement purchases.



7. Obligations under capital lease 2011 2010

Accurate Leasing, obligation under capital lease, repayable in monthly lease payments of $242 inclusive of interest, due April 2015, secured by assignment of insurance and the equipment under lease. $ 8,141 -

Concentra, obligation under capital lease, repayable in monthly lease payments of $2,080 inclusive of interest, due September 2014, secured by assignment of insurance and the equipment under lease. 72,351 90,403

National Leasing Group Inc., obligation under capital lease, repayable in monthly lease payments of $811 inclusive of interest, due August 2014, secured by the assignment of insurance and the equipment under lease. 25,434 31,257

National Leasing Group Inc., obligation under capital lease, repayable in monthly lease payments of $191 including interest, due November 2013, secured by the assignment of insurance and the equipment under

lease. 4,489 5,753

110,415 127,413 Less: amounts due in one year 29,409 25,024

$ 81,006 $ 102,389

Principal repayments in each of the next four years are due as follows:

2012 $ 29,409 2013 32,730 2014 35,279 2015 12,992

Total $ 110,410

8. Deferred revenue 2011 2010

Membership fees $ 233,993 $ 175,951 Golf tournament 19,453 20,250 Biannual conference fees - 13,471 Unearned revenue 1,055 3,700 Magazine 2,000 4,000

$ 256,501 $ 217,372

Page 18 | HRMAM Annual Report: 2010-2011 9


9. Restricted net assets

The Association has established a restricted fund to ensure financial stability of the organization. The amount is to approximate six months of normalized annual operating expenses. During the year, $10,000 was transferred to restricted net assets (2010: $83,000).

10. Commitment

The Association has entered into an agreement to lease office space from September 1, 2009 to August 31, 2019, with an option to renew to August 31, 2024. The lease calls for payments of $8,250 per month from September 1, 2009 to August 31, 2014 and $9,167 per month from September 1, 2014 to August 31, 2019. The lease payments for the renewal period (September 1, 2012 to August 31, 2024) are to be negotiated between the Association and the Landlord.

11. Comparative figures

Certain of the prior year’s comparative figures have been reclassified to conform to the presentation adopted for the current year.

HumanResourceManagementAssociationofManitoba1700-275PortageAvenue|Winnipeg,MB|R3B2B3P:(204)943.2836|F:(204)943.1109W:www.hrmam.org|E:[email protected]

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îìíìrîìíív vµo Z }€¦ · looking for a more in-depth learning experience within a small group • special sessions with Big Daddy Tazz (mental health in the workplace)