E-1Financial Statements - Redacted
8 passages
Expense recognition The Corporation recognizes incentive costs, such as customer rebates, when energy savings are recognized. Energy savings are recognized at milestones within a contract or when the contract is complete. An accrued liabil...
AI summary The Corporation recognizes incentive costs, like customer rebates, when energy savings are recognized at milestones or upon contract completion. An accrued liability is established when energy savings are recognized but payment is pending. All other expenses are recorded when incurred.
Cost allocation methodology The Corporation follows a Cost Allocation Methodology ("CAM") to allocate expenses not directly related to a fund, as disclosed in Note 13. There was no change to the CAM from prior years.
AI summary The Corporation uses a Cost Allocation Methodology (CAM) to allocate expenses not directly related to a fund, as disclosed in Note 13. The CAM has remained unchanged from prior years.
The Corporation has an agreement with NS Power to extend financing to certain Business, Non-Profit and Institutional ("BNI") customers participating in either the Small Business Energy Solutions, Affordable Multi-Family Housing, BNI Custom...
AI summary The Corporation has an agreement with NS Power to provide financing to BNI customers participating in specific energy programs. Financing costs are paid monthly to NS Power, and the Corporation is contingently liable for defaults. A liability of $51 was established for accounts at risk, with total financing extended reaching $2,007 as of December 31, 2023.
b) Liquidity risk Liquidity risk is the risk of being unable to meet cash requirements or fund obligations as they come due. It stems from the possibility of a delay in realizing the fair value of investments. The Corporation manages its l...
AI summary Liquidity risk refers to the risk of not being able to meet cash obligations as they come due. The Corporation manages this risk by monitoring cash flows and holding liquid assets. Accounts payable and accrued liabilities are typically paid within 90 days, with some exceptions based on contract terms. HST and loan payable payments are made monthly.
For the Year Ended December 31, 2023 In Thousands GL Account GL Account Description Financial Statement Grouping GL Balance Direct Expense of DSM Fund Fund through Cost Allocation Methodology 4000 DSM Revenue Revenue 53,000 4140 Recognitio...
AI summary The document outlines financial details for the year ended December 31, 2023, including revenue and incentive expenditures related to demand-side management (DSM) programs. Key figures include DSM revenue of $53,000, incentive costs totaling $29,437, and expenses related to evaluation and program support.
b) Liquidity risk Liquidity risk is the risk of being unable to meet cash requirements or fund obligations as they come due. It stems from the possibility of a delay in realizing the fair value of investments. The Corporation manages its l...
AI summary The text discusses liquidity risk management by the Corporation, including monitoring cash flows and holding liquid assets. It outlines obligations such as accounts payable, accrued liabilities, and HST payable. The Corporation also addresses market risks, particularly interest rate risk, and explains that short-term deposits are not significantly impacted by interest rate fluctuations.
14. 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 Allocator Provincial Fund Al...
AI summary The document outlines the cost allocation methodology used by EfficiencyOne, detailing how expenses are distributed across different funds, including the Provincial Fund, Other Business Fund, and DSM Fund. It provides a breakdown of various cost categories such as amortization, incentives, information technology, marketing, and professional fees.
The costs reported in the Consolidated Statement of Operations, include direct costs of the programs which are comprised of, but not limited to, customer payments, program support costs, and other program and administrative costs directly...
AI summary The document outlines the direct and non-direct costs incurred by the Corporation in 2023, including program-specific costs such as those related to DSM, PNS, and Other Business, as well as non-direct costs like salaries, administrative overhead, and general program administration.
E-2Financial Statements - Refiled - Redacted
10 passages
Cost allocation methodology The Corporation follows a Cost Allocation Methodology ("CAM") to allocate expenses not directly related to a fund, as disclosed in Note 13. There was no change to the CAM from prior years.
AI summary The Corporation uses a Cost Allocation Methodology ('CAM') to allocate expenses not directly related to a fund, as disclosed in Note 13. There was no change to the CAM from prior years.
The Corporation has an agreement with NS Power to extend financing to certain Business, Non-Profit and Institutional ("BNI") customers participating in either the Small Business Energy Solutions, Affordable Multi-Family Housing, BNI Custom...
AI summary The Corporation has an agreement with NS Power to provide financing to BNI customers in specific energy programs, with repayment terms up to 48 months. Financing costs are paid monthly to NS Power, and the Corporation is contingently liable for defaults. A liability of $51 was established for accounts at risk, with $2,007 in total financing extended as of December 31, 2023.
For the Year Ended December 31, 2023 In Thousands GL Account GL Account Description Financial Statement Grouping GL Balance Direct Expense of DSM Fund Fund through Cost Allocation Methodology 4000 DSM Revenue Revenue 53,000 4140 Recognitio...
AI summary The document presents financial data related to the Demand Side Management (DSM) Fund for the year ended December 31, 2023, including revenue, incentives, evaluation, and program support expenses. It outlines the allocation of costs and revenues under various categories such as customer rebates, program equipment, and consultant costs.
12. COMMITMENTS a) In the course of business, the Corporation approves customer applications that offer future incentive payments based on the completion of program criteria within a specific time frame. The value of these commitments is e...
AI summary The Corporation approves customer applications with future incentive payments based on meeting program criteria within a timeframe. The estimated value of these commitments is $93,737, with specific shares allocated to the DSM Fund, PNS Fund, and Other Business Fund as of December 31, 2023.
12. COMMITMENTS (continued) Program Basis of Estimate Home Energy Assessment Number of eligible homes anticipated to complete the program at the historical average rebate rate plus final audit costs to be paid to Delivery Agents. SolarHome...
AI summary The text outlines various program commitments, including the number of eligible homes and customers for different energy efficiency and solar programs, along with associated costs. It also mentions multi-year agreements and a lease agreement with specific annual payments from 2024 to 2028.
b) Liquidity risk Liquidity risk is the risk of being unable to meet cash requirements or fund obligations as they come due. It stems from the possibility of a delay in realizing the fair value of investments. The Corporation manages its l...
AI summary The document discusses liquidity risk, which is the risk of being unable to meet cash requirements. The Corporation manages this risk by monitoring cash flows and holding liquid assets. Accounts payable and accrued liabilities are typically paid within 90 days, with some exceptions based on contract terms. The Corporation is also exposed to market risks, including interest rate risk, though short-term deposits are not significantly affected by interest rate fluctuations.
14. 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 Allocator Provincial Fund Al...
AI summary The document outlines the cost allocation methodology used by EfficiencyOne, detailing expenses across various funds including the Provincial Fund, Other Business Fund, and DSM Fund. It includes categories such as amortization, incentives, information technology, marketing, and professional fees, with specific dollar amounts allocated to each.
The costs reported in the Consolidated Statement of Operations, include direct costs of the programs which are comprised of, but not limited to, customer payments, program support costs, and other program and administrative costs directly...
AI summary The document outlines the direct and non-direct costs incurred by the Corporation in 2023, including program-specific expenses such as DSM, PNS, and Other Business, as well as shared costs like salaries and administrative overhead that require allocation across programs.
Allocated expenses The Organization incurs expenditures related to salaries, benefits and rent that are not directly attributable to mandate-related programs. These expenses are allocated to program costs based on the percentage of time em...
AI summary The Organization incurs expenses such as salaries, benefits, and rent that are not directly tied to mandate-related programs. These expenses are allocated to program costs based on the percentage of time employees spend on mandate-related activities.
2023 2022 Information technology $ 11,125 $ 8,747 Office and insurance 5,546 7,539 Rent 17,420 21,689 Salaries and benefits 96,842 52,972 Training and development 1,378 839 $ 132,311 $ 91,786 7. DEFERRED REVENUE Operating Fund Stabilizatio...
AI summary The document presents a comparison of various expense categories between 2023 and 2022, including information technology, office and insurance, rent, salaries and benefits, and training and development. It also includes details on deferred revenue for the Operating Fund and Stabilization Fund, along with an amount due to EfficiencyOne.