E-1Financial Statements - Redacted
17 passages
1. NATURE OF OPERATIONS EfficiencyOne ("the Corporation") was incorporated in July 2014 under the Canada Not-for-profit Corporations Act. Under Section 79C of the Public Utilities Act, the Corporation, as the franchise holder, has the excl...
AI summary EfficiencyOne, a not-for-profit corporation incorporated in 2014, operates under the Public Utilities Act to provide demand-side management services to NS Power. It holds endowment funds in trust for the Federation of Canadian Municipalities and the Province of Nova Scotia, with investment income attributable to the contributors for tax purposes.
Fund accounting a) The Demand-Side Management ("DSM") Fund is used to account for the operations of the Corporation including the fee-for-service revenues received and expenses incurred for the delivery of DSM programs and services. The Su...
AI summary The text discusses three funds used by the Corporation for accounting purposes: the DSM Fund, the PNS Fund, and the Other Business Fund. Each fund is restricted to specific operations, with interest income retained within the respective fund for its designated uses.
Efficiency Nova Scotia Revenue Effective January 1, 2023, the Corporation entered into a three-year supply agreement with NS Power to provide demand-side management. The agreement provided funding of $173,000 over three years in monthly in...
AI summary Efficiency Nova Scotia entered into a three-year supply agreement with NS Power starting January 1, 2023, providing demand-side management services. The agreement includes a total funding of $173,000 over three years, with $53,000 in fee-for-service revenue recorded in 2023.
5. LOAN RECEIVABLE/PAYABLE The NSUARB requested that the Corporation assess the viability of external financing of NS Power's DSM deferral balance of $35,000 from 2015 ("2015 DSM Deferral"). The Corporation determined that such external fi...
AI summary The NSUARB requested the Corporation to assess external financing of NS Power's 2015 DSM Deferral balance of $35,000. In 2016, the Corporation borrowed $30,625 and $2,048 from TD and advanced these amounts to NS Power, with NS Power agreeing to repay the loans. Both loans were repaid in full by 2023.
11. 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 specific timeframe. Estimated commitment values for 2023 include a total of $93,737, with shares allocated to the DSM Fund, PNS Fund, and Other Business Fund.
ii) Accounts receivable and loan receivable Credit risk associated with accounts receivable is mitigated by the fact that the majority of receivables outstanding are from NS Power, which is a regulated public utility, mandated by its regul...
AI summary The credit risk of accounts receivable is reduced because most receivables are from NS Power, a regulated public utility required by its regulator to fund DSM activities.
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 and those requiring allocation. Direct costs for DSM, PNS, and Other Business are detailed, and non-direct costs are allocated using FTE and Direct Costs as defined in the ENSC Cost Allocation Methodology Report, which is subject to review by the NSUARB.
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.
In Thousands GL Account GL Account Description Financial Statement Grouping GL Balance ssets 1070 BMO - DSM Account Cash 16,875 1095 TD - DSM Financing Cash - Subtotal - Cash 16,875 1100 Accounts Receivable Accounts receivable 525 1120 Oth...
AI summary The table presents financial data related to assets, including cash, accounts receivable, prepaid expenses, and capital assets. The 'DSM Account' and 'DSM Financing' are highlighted under cash, indicating financial activities related to demand-side management. EfficiencyOne is mentioned as a key entity.
Statement of Financial Position - Details by General Ledger Account - Demand-Side Management (DSM) Fund As at December 31, 2023
AI summary The document presents a detailed Statement of Financial Position for the Demand-Side Management (DSM) Fund as of December 31, 2023, categorized by General Ledger Account.
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 allocate expenses and has entered into several multi-year agreements with NS Power and the Province of Nova Scotia for demand-side management and energy efficiency programs, with specific funding amounts and timelines outlined.
Deferred in Other Business Fund (94) - Unrealized fair market value adjustments (1,185) 1,286 Recognized investment income $ 321 $ 281 i. The Stabilization allocation is an amount held in reserve and used for the purpose of funding eligibl...
AI summary The document discusses the funding of NS Power's DSM deferral balance through external financing, including loans arranged by the Corporation with TD, and the obligation of NS Power to make repayments. The NSUARB directed the Corporation to proceed with funding the unamortized portion of the 2015 DSM Deferral.
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 that offer future incentive payments based on the completion of program criteria within a specific time frame. The estimated value of these commitments is $93,737 as of December 31, 2023, with shares allocated to the DSM Fund, PNS Fund, and Other Business Fund.
13. RISK MANAGEMENT (continued) ii) Accounts receivable and loan receivable Credit risk associated with accounts receivable is mitigated by the fact that the majority of receivables outstanding are from NS Power, which is a regulated publi...
AI summary Credit risk for accounts receivable is mitigated as most receivables are from NS Power, a regulated public utility required to fund DSM activities.
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.
RELATED AND ASSOCIATED CORPORATIONS Name of corporation Business Number Tax year end Year Month Day EfficiencyOne 80494 7976 RC0001 2023-12-31 - Complete this schedule if the corporation is related to or associated with at least one other...
AI summary The document section provides information about EfficiencyOne, including its business number and tax year end. It also instructs to complete the schedule if the corporation is related to or associated with another corporation.
E-2Financial Statements - Refiled - Redacted
17 passages
1. NATURE OF OPERATIONS EfficiencyOne ("the Corporation") was incorporated in July 2014 under the Canada Not-for-profit Corporations Act. Under Section 79C of the Public Utilities Act, the Corporation, as the franchise holder, has the excl...
AI summary EfficiencyOne, a not-for-profit corporation, was established in 2014 under the Canada Not-for-profit Corporations Act. It holds exclusive rights to provide demand-side management services to NS Power under the Public Utilities Act. The Corporation manages endowment funds on behalf of FCM and the Province of Nova Scotia, with investment income attributable to the contributors for tax purposes.
Fund accounting a) The Demand-Side Management ("DSM") Fund is used to account for the operations of the Corporation including the fee-for-service revenues received and expenses incurred for the delivery of DSM programs and services. The Su...
AI summary The document outlines the fund accounting structure for three specific funds: the DSM Fund, the PNS Fund, and the Other Business Fund. Each fund is restricted to specific operations, with cash and interest income retained within the fund for its designated purposes.
Efficiency Nova Scotia Revenue Effective January 1, 2023, the Corporation entered into a three-year supply agreement with NS Power to provide demand-side management. The agreement provided funding of $173,000 over three years in monthly in...
AI summary Efficiency Nova Scotia entered into a three-year supply agreement with NS Power starting January 1, 2023, providing demand-side management services. The agreement includes a total funding of $173,000 over three years, with $53,000 in fee-for-service revenue in 2023.
5. LOAN RECEIVABLE/PAYABLE The NSUARB requested that the Corporation assess the viability of external financing of NS Power's DSM deferral balance of $35,000 from 2015 ("2015 DSM Deferral"). The Corporation determined that such external fi...
AI summary The NSUARB requested the Corporation to assess external financing of NS Power's 2015 DSM Deferral balance. In 2016, the Corporation borrowed from TD and advanced funds to NS Power, creating repayment obligations. A second loan was arranged in 2017 for accrued returns. Both loans were repaid by 2023.
11. 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 makes future incentive payments based on customer applications meeting program criteria within specific time frames. The estimated value of these commitments is $93,737, with shares allocated to the DSM Fund, PNS Fund, and Other Business Fund as of December 31, 2023.
ii) Accounts receivable and loan receivable Credit risk associated with accounts receivable is mitigated by the fact that the majority of receivables outstanding are from NS Power, which is a regulated public utility, mandated by its regul...
AI summary The credit risk of accounts receivable is low due to the majority of receivables being from NS Power, a regulated public utility required to fund DSM activities.
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 details the direct and non-direct costs incurred by the Corporation in 2023 for various programs, including DSM and PNS, and explains how non-direct costs are allocated using the ENSC Cost Allocation Methodology Report and FTE of staff resources assigned to the programs.
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.
In Thousands GL Account GL Account Description Financial Statement Grouping GL Balance ssets 1070 BMO - DSM Account Cash 16,875 1095 TD - DSM Financing Cash - Subtotal - Cash 16,875 1100 Accounts Receivable Accounts receivable 525 1120 Oth...
AI summary The document presents a financial summary of assets, including cash balances, accounts receivable, and capital assets, with specific references to the BMO - DSM Account and TD - DSM Financing. The data highlights financial positions related to demand-side management (DSM) and other receivables.
Statement of Financial Position - Details by General Ledger Account - Demand-Side Management (DSM) Fund As at December 31, 2023
AI summary The document provides a detailed breakdown of the Statement of Financial Position for the Demand-Side Management (DSM) Fund as of December 31, 2023, organized by General Ledger Account.
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.
Deferred in Other Business Fund (94) - Unrealized fair market value adjustments (1,185) 1,286 Recognized investment income $ 321 $ 281 i. The Stabilization allocation is an amount held in reserve and used for the purpose of funding eligibl...
AI summary The NSUARB requested the Corporation to assess external financing for NS Power's 2015 DSM deferral balance. The Corporation borrowed funds from TD and advanced them to NS Power, with repayment obligations tied to TD. Additional loan arrangements were made in 2017 for accrued returns.
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.
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.
13. RISK MANAGEMENT (continued) ii) Accounts receivable and loan receivable Credit risk associated with accounts receivable is mitigated by the fact that the majority of receivables outstanding are from NS Power, which is a regulated publi...
AI summary Credit risk for accounts receivable is mitigated as most receivables are from NS Power, a regulated public utility required to fund DSM activities.
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.