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ANNUAL REPORT
college
industry
sponsor university innovation community local creativity helping students enterprise economy passion competition
success commitment SMART FAIR academic
Milun Tesovic Owner, Metroleap Media, Inc. 2009 Student Entrepreneur National Champion 2009 Global Student Entrepreneur Champion Alumnus, Simon Fraser University
Maeghan Smulders SIFE Student Mount Royal University
Scotiabank & SIFE Go Green Challenge
SIFE Financial EDUCATION CHALLENGE
Campbell’s Let’s Can Hunger Challenge
Thanks to generous support from
SIFE teams are empowered to find
As one of three participating countries,
Scotiabank, this competition focuses
unique ways to address financial
our
our students on finding economically
literacy challenges facing diverse
hunger issues as part of this global
viable
students
tackle
critical
local
groups in need. Since 2006, this
competition supported by Campbell
issues in their communities and has
challenge
has
engaged
Soup Company.
had incredible reach – since 2010,
students
across
the
country,
years, 903 students from 40 SIFE teams
1,139 students have reached 93,808
resulting in the delivery of 528
have collected 415,159 pounds of food
community participants through 158
financial
for local food banks.
green projects.
projects
solutions
to
environmental
education and
directly
3,355
outreach impacting
68,950 community participants.
Over the past two
1,000+ INDUSTRY voLunteers
287,427 hours volunteer
UNIVERSITY OF WINDSOR WINDSOR, ON
Once the leading industry in the region, manufacturing has been in steady decline in the Windsor area, negatively impacting the local economy. The SIFE Windsor team saw an opportunity to encourage small business to fill the gap, and created Start to Finish, a threephase program involving networking events, demo camps to pitch entrepreneurial ideas, and one-on-one consulting sessions. This year, the students engaged 364 entrepreneurs and after 16 pitches, helped launch six new businesses. In addition, they provided customized support to 14 businesses, resulting in $545,000 in new revenues and 17 new jobs.
ST. LAWRENCE COLLEGE KINGSTON, ON
With increasing levels of poverty in their community, SIFE St. Lawrence saw an opportunity to help a local food bank become better equipped to meet the growing demand for its services. The students conducted a business model audit for the Partners In Mission Food Bank, and developed an action plan to transform it by using green business practices and technology. Thanks to the work of the SIFE students, the food bank replaced inefficient vehicles as well as heating and cooling systems, plus created a new revenue stream through the production and sale of renewable energy from solar panel installations. Over $200,000 was donated to the food bank in goods and services to turn the plan into reality, resulting in an increased food storage capacity of 960,000 pounds, estimated savings of $7,210, the diversion of 34,000 pounds of CO2, and $10,000 in new annual revenue. The impressive results earned the team recognition from the Association of Fundraising Professionals with the 2010 Outstanding Youth In Philanthropy Award.
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OUR PARTNERs ACE is fortunate to have long-term, sustainable partnerships with some of Canada’s leading enterprises. With a shared commitment to shaping the economic, social and environmental landscape of Canada, we work with our partners to find unique and customized programmatic opportunities that benefit both our students and the individuals they work with. In addition to cultivating and inspiring our emerging leaders, our partners also have access to unique business opportunities such as engaging employees in a shared cause and recruiting top talent, all while being recognized for their involvement with an elite network of Canada’s student, faculty and industry leaders. Here are a few examples of the winning partnerships we are building with our donors.
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As a leading global food company, The Campbell Soup Company is committed to addressing hunger issues in the communities where they live and work. A long-time supporter of SIFE Worldwide, the company saw a unique opportunity to leverage the network to expand its impact through the Let’s Can Hunger Challenge, a competition that empowers students to raise awareness about hunger relief, satisfy urgent hunger needs, and develop long-term solutions to the causes of hunger. As one of three countries involved, Canada made an impressive impact, with 44 SIFE teams leading 146 initiatives and collecting over 315,000 pounds of food for food
The Campbell Soup Company
banks across the country, an increase of 215 percent over last year’s results. The company also provided soup to “nourish” all students at the 2011 National Exposition, a unique opportunity to further build their brand.
Since 2006, our partnership with Scotiabank has evolved from an annual donation to a wellrounded relationship that provides tremendous value to both organizations. In line with their commitment to be a responsible steward of the environment, the national bank supports the Scotiabank & SIFE Go Green Challenge, which empowers SIFE teams to provide others with the knowledge required to make positive environmental decisions in both their personal and professional lives. Since starting this challenge two years ago, nearly 94,000 community participants have been impacted through 158 projects, with 996 tonnes of CO2 diverted, over 710,000 litres of water conserved, and more than 1.7 tonnes of compost diverted from landfills.
Scotiabank
Scotiabank has also realized the opportunity to find top emerging talent through our student and alumni networks, and regularly participate in interviews and information sessions at the Regional and National Expositions, resulting in six hires this year alone. The company also led our donor network with the most volunteer hours: 67 Scotiabank employees gave 413.5 hours of service, providing them with a rewarding and valuable community involvement opportunity.
JOHN DOBSON ACE FELLOWS
PRODUCTION AND LIVE MANAGEMENT
INC.
June 30
2011
2010
$
$
ASSETS Current Cash
199,827
78,492
369,351
368,206
45,922
31,389
615,100
648,710
Long-term deposits
10,581
10,200
Capital assets [note 4]
21,316
3,382
646,997
662,292
Accounts payable and accrued liabilities
111,459
159,068
Deferred revenue [note 5]
157,200
39,700
268,659
198,768
378,338
463,524
646,997
662,292
Short-term despoits Accounts receivable [note 3] Prepaid expenses
170,623
LIABILITIES Current
NET ASSETS Unrestricted
Year ended June 30
2011 $
2010 $
Balance, beginning of year
463,524
438,613
Excess (deficiency) of revenue over expenses for the year
(85,186)
24,911
Balance, end of year
378,338
463,524
Year Ended June 30
2011
2010
$
$
Revenue Corporate
902,291
1,082,862
Foundation
151,930
187,025
Individuals
101,009
123,740
18,836
27,380
6,901
6,307
1,180,967
1,427,314
Program
878,525
973,491
Operations and administration
331,653
265,899
55,975
163,013
1,266,153
1,069,097
(85,186)
24,911
Government [note 6] Administration fees and other
Expenses
Development
Excess (deficiency) of revenue over expenses for the year
Year Ended June 30
2011
2010
$
$
OPERATING ACTIVITIES Excess (deficiency) of revenue over expenses for the year Add item not involving cash Amortization
(85,186)
24,911
3,444
3,169
(81,742)
28,080
Changes in non cash working capital items (Increase) decrease in accounts receivable
(1,145)
41,952
(Increase) decrease in prepaid expenses
(14,533)
(18,600)
Increase (decrease) in accounts payable and accrued liabilities
(47,609)
(3,288)
117,500
(142,973)
(27,529)
(94,829)
Purchase of capital assets
(21,378)
(3,856)
Net redemption (purchase) of term deposits
170,242
(57,205)
148,864
(62,278)
121,335
(157,107)
78,492
235,599
199,827
156,247
Increase (decrease) in deferred revenue
INVESTING ACTIVITIES
Net change in cash during the year Cash, beginning of year Cash, end of year
Leasehold improvements Computer equipment
Accumulated
Net Book Value
Cost
Amortization
2011
2010
$
$
$
$
19,910
1,264
18,646
-
6,541
3,871
2,670
3,382
26,451
5,135
21,316
3,382
2011
2010
$
$
Balance, beginning of year
39,700
182,673
Less amount recognized as revenue in the year
(7,500)
(153,173)
Add amounts received or pledged relating to future years
125,000
10,200
Balance, end of year
157,200
39,700
$ 2012
34,275
2013
34,275
2014
34,275
2015
34,275
2016
31,418 168,518
The organization is also committed to its share of utility costs.
8. RELATED PARTY TRANSACTIONS The organization paid rent of $48,952 (2010 ‑ $51,053) to a company of which one of the principals is a director of ACE. This transaction was in the normal course of operations and is measured at the exchange amount which is the amount of consideration established and agreed to by the related parties. At the end of the year, there were no amounts due to or from related parties.
Unrestricted net assets
2011
2010
$
$
378,338
463,524
The organization’s objectives when managing capital are to hold sufficient unrestricted net assets to enable it to withstand negative unexpected financial events. The organization seeks to minimize the exposure to capital deficiencies and to maintain sufficient liquidity to enable it to meet its obligations as they come due.
11. COMPARATIVE AMOUNTS Certain items in the prior year financial statements have been reclassified for comparative purposes to conform with the method of presentation adopted in the current year.