Canadian Soccer Association – l’Association canadienne de soccer

DATE:

October 17, 2015

TO:

CSA Board of Directors

FROM:

Steve Reed, Vice President and Chair, Audit and Finance Committee

RE:

Financial Package – August 2015

Overview
The financial information contained herein has been prepared to illustrate the regular
operating activities of the CSA and is unaudited and prepared for management purposes
only.
Due to system issues, the FWWC books are not closed for the August period,
consequently a full consolidated report could not be completed. This report consists of
the regular CSA operations.
A detailed analysis of actual results to date has not been prepared in favor of focusing
on a high level overview, appropriate for governance with an emphasis on the forecast
for the year. A detailed report is supplied to the Audit & Finance Committee and is
available upon request.

2015 Forecast
Major changes to forecast:




1

A spike in unbudgeted sponsorship revenue in a sale to Teck for $300K.
Sport Canada funding was reduced by ($60K). Also, ($120K) of funding will be
recognized in 2016 instead of 2015 to correspond to a delay of spending the
money to 2016.
1
Other revenue increased by $100K resulting from retroactive 2014 sanctioning
fees to the MLS for 2014.
1,2
$600K increase of appearance fee revenue resulting from the WNT
progressing to the round of 16 in the FWWC. This is offset by higher player
compensation in Senior Teams of ($500K).
2
($250K) increase in forecasted expenses for the MNT additional unbudgeted
friendly in the USA planned for October, offset by $100K savings in player
compensation at the first two sets of qualification games.
1

SOCCER CANADA
Rue 237 Metcalfe Street, Ottawa, Ontario, Ontario, K2P 1R2
tel/tél: (613) 237-7678, fax/téléc: (613) 237-1516
www.CanadaSoccer.com

1

Canadian Soccer Association – l’Association canadienne de soccer

5

Technical expenditures are down, an A license course planned for July was not
held and savings on expenses relating to NCCP Physical Literacy documents
combined for savings of $75K.
7, 2
$140K of estimated savings in contribution to the NWSL is offset by higher
costs in the WNT ($130K) as players were pulled out of NWSL in favour of a
residency camp in preparation for the FWWC.

SOCCER CANADA
INCOME STATEMENT FORECAST
CDN$ (000's)
(UNAUDITED PREPARED BY MANAGEMENT)

Income Statement (000's)
Revenue
Operating Expenses
Senior Teams
Youth Teams
Nat/Tech Office, Sport Equip & Staging
Technical
Marketing & Communications
National Events
Competitions
General & Administration
Total Operating Expenses
Excess (deficit) of revenues over Expense
excluding FIFA 2014 & 2015

$

2015

2015

Total
Budget

Aug
Actual

2015

Variance
to Budget

Forecast

20,556

14,902

21,997

1,441

(1)

6,847
3,707
2,098
1,332
2,095
894
1,342
2,351
20,666

4,795
2,160
756
658
1,554
195
199
1,599
11,917

8,163
3,144
2,428
968
2,247
697
1,366
2,401
21,414

(1,316)
563
(330)
364
(152)
197
(24)
(50)
(748)

(2)

(111) $

2,985

$

583

$

(3)
(4)
(5)
(6)
(7)
(8)
(9)

694
3.4%

Major changes previously reported


1

Sport Canada revenue of ($250K) was moved from Q1 2015 to 2014 to match
with the actual timing of expenses.
1
Added additional one time FIFA funding of $300K and estimated gate receipts
for the MNT qualification game in November of $250K.
1
FIFA funding has increased $166K resulting from a favorable affect resulting
from the strengthening value of the US dollar.

SOCCER CANADA
Rue 237 Metcalfe Street, Ottawa, Ontario, Ontario, K2P 1R2
tel/tél: (613) 237-7678, fax/téléc: (613) 237-1516
www.CanadaSoccer.com

2

Canadian Soccer Association – l’Association canadienne de soccer










Gate receipts for the May game in Hamilton are substantially higher than budget
but offset by lower than expected gate receipts for the Men’s game in June for an
overall increase of $150K.
2
PanAm games updated forecast materialized $50K of savings.
2
Added November the next round home and away qualification games for the
MNT ($520K). Added PanAm games for the MNT of ($100K).
3
The Girls U17 have moved a camp from Nov 2015 to Jan 2016 for better timing
in their overall development plan. This provides a savings of $110K this year, but
will create a deficit in 2016.
3
Increased investment of ($60K) in the BU17 qualification attempt offsetting
previously reported savings.
3
Savings resulting from BU17 and BU20 teams not qualifying for World Cups
$450K.
4
Increased staging costs for MNT home qualification game in November ($140K).
4
Staging expenses are running higher by ($70K) and ($55K) was required to
invest in a new lettering and numerical system unique only to Canada Soccer.
5
Vacant technical staffing positions are forecasted to provide a savings of $200K.
6
Increased advertising for the MNT home qualification game in November ($70K)
9
Contribution to the Ethics Centre and increased EHT costs due to greater
staffing levels result in higher costs of ($60K).

SOCCER CANADA
Rue 237 Metcalfe Street, Ottawa, Ontario, Ontario, K2P 1R2
tel/tél: (613) 237-7678, fax/téléc: (613) 237-1516
www.CanadaSoccer.com

3

Canadian Soccer Association – l’Association canadienne de soccer
SOCCER CANADA
BALANCE SHEET FORECAST
CDN$ (000's)
(UNAUDITED PREPARED BY MANAGEMENT)

2015

2015

2015

Dec
Budget

Aug
Actual

Dec
Forecast

Assets
Cash
Short Term Investments
Accounts Receivable
Due From FWWC 2015
Inventory
Prepaid
Capital Assets
Total Assets

4,410
2,743

12,016
6,000
3,527
21
69
673
22,306

5,462
2,188
21
69
753
8,493

1,136
171
2,699

1,888
11,461
461
167
13,977

1,464
931
171
2,566

Net Assets (Equity)
Unrestricted
Current year surplus (deficit)
Total Unrestricted Net Assets

2,859
(111)
2,748

2,859
2,985
5,844

2,859
583
3,442

Internally Restricted - Reserve
Internally Restricted - Project Fund
Invested in Capital Assets
Total Restricted Net Assets

1,500
510
475
2,485

1,500
510
475
2,485

1,500
510
475
2,485

22
215
542
7,932

Liabilities
Accounts Payable
Due to FWWC 2015
Deferred Revenue
Deferred Building Contribuition
Total Liabilities

Total Liabilities and Net Aets

1,392

$

7,932

$

22,306

$

8,493

SOCCER CANADA
Rue 237 Metcalfe Street, Ottawa, Ontario, Ontario, K2P 1R2
tel/tél: (613) 237-7678, fax/téléc: (613) 237-1516
www.CanadaSoccer.com

4

Canadian Soccer Association – l’Association canadienne de soccer

Appendix
Forecast Revenue

Merchandise, 0%
Other,
7%

Gate/Appearance Fees, 10%

Membership
Fees, 35%
Grants, 19%

Sponsorship, 29%

Forecast Expenses

Forecast Expenses

90%
80%

General & Administration, 11%

70%

Marketing & Communications,
11%

60%
Senior Teams, 38%

50%
40%
30%

Nat/Tech Office, Sport Equip &
Staging, 11%

20%
10%

Technical, 5%

Competitions, 6%

SOCCER CANADA
Rue 237 Metcalfe Street, Ottawa, Ontario, Ontario, K2P 1R2
tel/tél: (613) 237-7678, fax/téléc: (613) 237-1516
www.CanadaSoccer.com

5

Off-field
Activities

Youth Teams, 15%

On-field
Activities

0%

Canadian Championship, 3%