E-1Financial Statements - Redacted
12 passages
Opinion We have audited the consolidated financial statements of EfficiencyOne ("the Corporation"), which comprise the consolidated statement of financial position as at December 31, 2023, and the consolidated statements of operations, cha...
AI summary The audit opinion confirms that EfficiencyOne's consolidated financial statements for the year ended December 31, 2023, are presented fairly in accordance with Canadian accounting standards for not-for-profit organizations.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Ca...
AI summary This section outlines the responsibilities of management and those charged with governance in preparing and overseeing the consolidated financial statements of the Corporation, in accordance with Canadian accounting standards for not-for-profit organizations.
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether...
AI summary The auditor's responsibilities include obtaining reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error, and issuing an auditor's report. The auditor evaluates accounting policies, internal controls, and the appropriateness of the going concern basis of accounting.
Basis of accounting and consolidation These consolidated financial statements include the assets, liabilities, revenue and expenses of the Corporation and its subsidiary HCi3. The Corporation accounts for investment in EfficiencyOne Servic...
AI summary The consolidated financial statements include the Corporation and its subsidiary HCi3, with the Corporation using the equity method to account for its investment in EfficiencyOne Services Inc. The statements follow Canadian accounting standards for not-for-profit organizations.
Revenue recognition The Corporation follows the deferral method of accounting for revenue. Restricted fee-for-service or contribution revenue is recognized as revenue within the appropriate fund in the year in which the related expenses ar...
AI summary The Corporation uses the deferral method for revenue recognition, with specific rules for restricted contributions, interest income, and investment income related to the HCi3 endowments. Revenue is recognized in the appropriate fund based on when expenses are incurred or revenue is earned.
Financial instruments The Corporation initially measures its financial assets and financial liabilities at fair value. Investments are subsequently measured at fair value and all remaining financial assets and financial liabilities at amor...
AI summary The Corporation measures its financial assets and liabilities at fair value or amortized cost. Financial assets measured at amortized cost include cash, accounts receivable, and loan receivable, while financial liabilities measured at amortized cost include accounts payable and loan payable.
Impairment Financial assets measured at amortized cost are tested for impairment when there are indicators of impairment. The amount of any write-down is recognized in net surplus. Any previously recognized impairment loss may be reversed...
AI summary The text discusses the impairment testing of financial assets measured at amortized cost, stating that write-downs are recognized in net surplus and may be reversed under certain conditions.
Related party transactions Financial assets and financial liabilities obtained in related party transactions are initially measured at cost. Gains or losses arising on initial measurement differences are generally recognized in net surplus...
AI summary The document outlines the accounting treatment for financial assets and liabilities from related party transactions, including initial and subsequent measurement at cost, with exceptions for gains, losses, and impairment considerations.
Use of estimates The preparation of the consolidated financial statements in accordance with Canadian Accounting Standards for Not-For-Profit Organizations requires management to make estimates and assumptions that affect the reported amou...
AI summary The consolidated financial statements require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates are used for items such as allowance for doubtful accounts, useful lives of capital assets, and fair market value of investments.
For more information see canada.ca/taxes or Guide T4012, T2 Corporation - Income Tax Guide. 055 Do not use this area Did the corporation use the International Financial Reporting Standards (IFRS) when it prepared its financial statements?...
AI summary The document provides a form related to a corporation's tax reporting, including questions about the use of IFRS, revenue sources, and taxable income. It includes fields for financial data such as net income and losses, and information about the corporation's activities and eligibility for quarterly instalment remittances.
tion 1104(3.4) of the Regulations The immediate expensing limit has to be prorated if your tax year is less than 365 days. You cannot carry forward any unused amount of the immediate expensing limit. - 2. UCC of the DIEP: total of column 1...
AI summary The text explains the proration of the immediate expensing limit for tax years shorter than 365 days and outlines rules for calculating the Undepreciated Capital Cost (UCC) of a Deemed Investment in Eligible Property (DIEP). It also details the classes of assets and their respective factors for determining CCA rates.
DECEMBER 31, 2023 Page COMPILATION ENGAGEMENT REPORT 2 STATEMENT OF EARNINGS AND RETAINED EARNINGS 3 BALANCE SHEET 4 NOTES TO THE FINANCIAL INFORMATION 5
AI summary The document includes a compilation engagement report and financial statements such as the statement of earnings and retained earnings, balance sheet, and notes to the financial information, dated December 31, 2023.
E-2Financial Statements - Refiled - Redacted
17 passages
Opinion We have audited the consolidated financial statements of EfficiencyOne ("the Corporation"), which comprise the consolidated statement of financial position as at December 31, 2023, and the consolidated statements of operations, cha...
AI summary The auditor has reviewed EfficiencyOne's consolidated financial statements for the year ended December 31, 2023, and found them to be presented fairly in accordance with Canadian accounting standards for not-for-profit organizations.
Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial S...
AI summary The audit was conducted in accordance with Canadian generally accepted auditing standards, ensuring independence and ethical compliance. The auditor's responsibilities are outlined in the report, and sufficient evidence was obtained to form an opinion.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Ca...
AI summary This section outlines the responsibilities of management and those charged with governance regarding the preparation and oversight of the consolidated financial statements, emphasizing adherence to Canadian accounting standards and internal controls to ensure accuracy and fairness.
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether...
AI summary The auditor's responsibilities involve obtaining reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error. This includes assessing risks, evaluating accounting policies, and ensuring the financial statements present transactions fairly.
Basis of accounting and consolidation These consolidated financial statements include the assets, liabilities, revenue and expenses of the Corporation and its subsidiary HCi3. The Corporation accounts for investment in EfficiencyOne Servic...
AI summary The consolidated financial statements include the Corporation and its subsidiary HCi3. The Corporation uses the equity method for its investment in EfficiencyOne Services Inc. and follows Canadian Accounting Standards for Not-For-Profit Organizations.
Revenue recognition The Corporation follows the deferral method of accounting for revenue. Restricted fee-for-service or contribution revenue is recognized as revenue within the appropriate fund in the year in which the related expenses ar...
AI summary The Corporation uses the deferral method for revenue recognition, with specific rules for restricted fees, contributions, and investment income. Revenue is recognized in the appropriate fund when expenses are incurred or in the year revenue is earned, with special handling for endowment contributions and investment income from the HCi3 endowments.
Financial instruments The Corporation initially measures its financial assets and financial liabilities at fair value. Investments are subsequently measured at fair value and all remaining financial assets and financial liabilities at amor...
AI summary The Corporation measures its financial assets and liabilities using fair value and amortized cost. Financial assets measured at amortized cost include cash, accounts receivable, and loan receivable, while financial liabilities measured at amortized cost include accounts payable and loan payable.
Related party transactions Financial assets and financial liabilities obtained in related party transactions are initially measured at cost. Gains or losses arising on initial measurement differences are generally recognized in net surplus...
AI summary The text outlines the accounting treatment for financial assets and liabilities from related party transactions, specifying initial and subsequent measurement based on cost and impairment considerations.
Investments Investments consist of a mix of guaranteed investment certificates and pooled fund investments. All investments are stated at fair value on a trade date basis. Any change in fair value is reflected as direct increases or decrea...
AI summary The document outlines the composition of investments, including guaranteed investment certificates and pooled fund investments, and explains how they are valued at fair value. Short-term fixed income investments are classified as such based on their maturity date.
Use of estimates The preparation of the consolidated financial statements in accordance with Canadian Accounting Standards for Not-For-Profit Organizations requires management to make estimates and assumptions that affect the reported amou...
AI summary The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates are used for items such as allowance for doubtful accounts, useful lives of capital assets, and fair market value of investments.
Cost allocation methodology Corporation's name Business number Tax year end Year Month Day EfficiencyOne 80494 7976 RC0001 2023-12-31 General Index of Financial Information Notes to the financial statements
AI summary The document outlines the cost allocation methodology used by EfficiencyOne, including financial information notes and tax details for the 2023 fiscal year.
The Corporation follows a Cost Allocation Methodology ("CAM") to allocate expenses not directly related to a fund, as disclosed in Note 14. There was no change to the CAM from prior years. Use of estimates The preparation of the consolidat...
AI summary The Corporation uses a consistent Cost Allocation Methodology to manage expenses and adheres to Canadian accounting standards. It has entered into multiple multi-year agreements with Nova Scotia Power and the Province of Nova Scotia for demand-side management and other energy efficiency initiatives, with specific funding and revenue figures outlined.
Corporation's name Business number Tax year end Year Month Day EfficiencyOne 80494 7976 RC0001 2023-12-31 General Index of Financial Information Notes to the financial statements Operating $ 4 $ 1 Change in Cash $ 4 $ 1 Cash - beginning of...
AI summary The document provides a General Index of Financial Information for EfficiencyOne, including details on operating cash flow, capital assets, deferred revenue, and interfund transfers. It discusses financial transactions with EfficiencyOne Services Inc. and the NSUARB-approved Code of Conduct. Capital assets include furniture, fixtures, and leasehold improvements, while interfund transfers are based on the FTE allocator defined in the CAM.
Part 2 – CCA calculation (continued) - The UCC adjustment for property acquired during the year (formerly known as the half-year rule or 50% rule) does not apply to certain property (including AIIP, property included in Classes 54 to 56, a...
AI summary This section outlines the calculation of Capital Cost Allowance (CCA), including adjustments for property acquired during the year, rules for recapture and terminal loss, proration for tax years shorter than 365 days, and specific provisions for various classes of property. Special rules apply to certain assets, such as AIIP and DIEP.
DECEMBER 31, 2023 Page COMPILATION ENGAGEMENT REPORT 2 STATEMENT OF EARNINGS AND RETAINED EARNINGS 3 BALANCE SHEET 4 NOTES TO THE FINANCIAL INFORMATION 5
AI summary The document contains financial statements and related notes from a regulatory proceeding as of December 31, 2023, including a compilation engagement report, statement of earnings and retained earnings, balance sheet, and notes to the financial information.
Fund accounting a) The Operating Fund is used to account for the operations of the Organization including the operating grant received and expenses incurred to identify, select, design, deliver, evaluate, scale and report on mandate relate...
AI summary The text outlines the structure and purpose of three funds: the Operating Fund, which covers operational expenses and grant-related activities; the Endowment Fund, which holds principal for perpetuity and manages investment income; and the Stabilization Fund, which serves as a reserve for years with lower-than-expected proceeds and supports non-performing investments.
Impairment The Organization removes financial liabilities, or portion of, when the obligation is discharged, cancelled or expires. Previously recognized impairment losses are reversed to the extent of the improvement providing the asset is...
AI summary The Organization addresses the removal of financial liabilities when obligations are discharged, cancelled, or expire. Previously recognized impairment losses are reversed if the asset's carrying amount is less than it would have been without the impairment loss, with any write-downs or reversals recognized in net surplus.