2019/2020 Annual Report

THE GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE 19th ANNUAL GENERAL MEETING

Wednesday, September 23rd, 2020 at 10:30am Virtual – on Zoom AGENDA

1. Welcome 2. Call to Order 3. Adoption of Minutes 4. Chair’s Remarks 5. Financial Report 6. Appointment of Auditors 7. Ratification of Chamber Business 8. Results of the 2020 Election of the Board 9. Official Induction of the 2020-2021 Board of Directors – Mayor Berry Vrbanovic 10. Acknowledgements and Recognition SPECIAL MEETING OF THE BOARD TO ELECT THE EXECUTIVE COMMITTEE: A.

Appointment of the Executive Committee for 2020-2021

B.

Adjournment of Board Meeting

11. Other Business and Adjournment of Annual General Meeting 12. Introduction of Derek Burleton, Vice President and Deputy Chief Economist for TD Bank Group 13. Chair’s Closing Remarks – Adam Smith 14. Reception PO Box 2367, 80 Queen Street North, Kitchener Ontario N2H 6L4 Tel: (519) 576-5000 Fax: (519) 742-4760 Website: www.greaterkwchamber.com E-mail: admin@greaterkwchamber.com

2020-2021 Slate of Candidates Carleen Carroll Assistant Vice President, External Relations Wilfrid Laurier University Nick Heffner Operations Manager Heffner Lexus Toyota Shelley Forwell Business Unit Leader, Civil Engineering WalterFedy

THE GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE 18th ANNUAL GENERAL MEETING University of Waterloo (E7) Engineering Building, 2nd Floor Tuesday, September 24th, 2019 at 4:30 p.m.

WELCOME Chamber Board Chair, Renata Rusiniak, extended a welcome to Chamber members and guests in attendance.

CALL TO ORDER Chamber Board Chair, Renata Rusiniak, called to order the business portion of the 18th Annual General Meeting of the Greater Kitchener Waterloo Chamber of Commerce, declaring a quorum (25 members).

With notice having been properly given, she declared the meeting properly constituted to conduct business.

APPROVAL OF THE MINUTES Renata Rusiniak calls for a motion for approval of the 2018 Annual General Meeting Minutes.

M: Patrick Klann /S: Mark Christensen that the Minutes of the Annual General Meeting of the Greater Kitchener Waterloo Chamber of Commerce held September 24th, 2019 be adopted as circulated. Carried CHAIR’S REMARKS Chamber Chair Renata Rusiniak summarized her term as Chair of the Board of Directors during 20182019. She highlighted the many successes and accomplishments of the Chamber during the past year and recognized the significant contribution of Chamber board members, volunteers and staff.

FINANCIAL REPORT Chamber Audit Finance Committee Chair, Patrick Klann, reviewed the Chamber’s Financial Statements at year ended June 30th, 2019. On the recommendation of the Board of Directors, Mr. Klann moved their acceptance.

M: Patrick Klann/ S: Rene Gatien that the Financial Statements year ended June 30th, 2019, as audited by the firm of RLB LLP be approved. Carried

APPOINTMENT OF THE AUDITORS Renata Rusiniak advised that the Board of Directors recommends to the membership that the firm of RLB LLP be appointed auditors for the next fiscal year.

18th Annual General Meeting – September 24th, 2019

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M: Andrea Vrbanac S: Mark Christensen that the firm of RLB LLP be appointed auditors for the Greater Kitchener Waterloo Chamber of Commerce for the 2019-2020 fiscal year. Carried RATIFICATION OF BUSINESS Renata Rusiniak calls for a motion for ratification of Chamber Business.

M: Kelly McManus /S: Andrea Vrbanac that by-laws, resolutions, minutes, contracts, appointments and payments, acts and proceedings of the Board of Directors and Officials of the Greater Kitchener Waterloo Chamber of Commerce, up to the present time, be hereby ratified and approved and said Directors and Officers released from all liability herewith. Carried RESULTS OF THE 2019 ELECTION OF THE BOARD Kelly McManus, on behalf of the Nominating Committee, explained the election process and noted that as no independent nominations were received, an election was not required.

Secretary of the Board, Rene Gatien, confirmed that in accordance with our by-laws, a slate of candidates was set by the Nominating Committee and notice sent to Chamber voting delegates representing our member firms in good standing and that an election was not required.

Kelly McManus read the Nominating Committee’s Slate of names and asked the membership to raise their official voting card to confirm. announced the names of the Board of Directors for 2019-2020: The Slate of Nominees to the 2019-2020 Board of Directors:

Brad Dunbar, Goetz & Dunbar Professional Corporation Richard Jaques, BMO Financial Group Wendi Campbell, The Food Bank of Waterloo Region Kelly McManus called for a motion for appointment of directors for an additional 2-year term. These individuals are currently at the end of their 2-year term and will be appointed for another 2-year term:

Scott Gilfillan, PricewaterhouseCoopers LLP Kris Ronan, Ronan Consulting Sean Sullivan, Gowling LLP Andrea Vrbanac, Axonify M: Rene Gatien/S: Kris Ronan move that Scott Gilfillan, Kris Ronan, Sean Sullivan and Andrea Vrbanac be appointed for a 2-year term commencing the 2019 – 2020 fiscal year.” Carried These individuals join other Directors currently serving terms on the Board:

Adam Smith, My IT Guy, Allison Bourke, Oxford Learning Centre, Glenn Thorpe, FlyGTA Airlines, Jeff MacIntyre, So There Business Solutions, Kelly McManus, University of Waterloo, Mark Christensen, WalterFedy, Patrick Klann, BDO Canada LLP, Renata Rusiniak, eSentire, Rene Gatien, Waterloo North Hydro Inc., Scott Gilfillan, PWC

18th Annual General Meeting – September 24th, 2019

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OFFICIAL INDUCTION OF THE 2019-2020 BOARD OF DIRECTORS City of Waterloo Mayor, Dave Jaworsky, officially inducted the members of the Board of Directors for the Greater Kitchener Waterloo Chamber of Commerce for 2019-2020.

ACKNOWLEDGEMENT & RECOGNITION Renata Rusiniak thanked the Chamber’s Corporate Partners for their support of the Chamber and mentioned that the partners were listed in the Chamber’s Annual Report which was part of each attendee’s package.

Retiring Directors: Ted McKechnie Julie Barker-Merz Thomas Manuel

MEETING OF THE BOARD OF DIRECTORS OF THE GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE Renata Rusiniak announced that a short meeting of the Board of Directors would now be held to appoint the Executive Committee for 2019-2020. She then called the meeting to order.

Appointment of the Executive Committee for 2019-2020 Renata Rusiniak stated that in accordance with Chamber by-laws, the Board of Directors recommends the appointment of the members of the Executive Committee for a one-year term.

M: Sean Sullivan/S: Allison Bourke that the Appointed Officers for a one-year term on the 20182019 Executive Committee be: Kelly McManus, Chair, Renata Rusiniak, Past-Chair, Patrick Klann, Treasurer, Rene Gatien, Vice Chair, Adam Smith, Vice Chair, Scott Gilfillan, Secretary.

Carried.

Adjournment of Board Meeting Renata Rusiniak called for a motion to adjourn the Board meeting.

M: Kris Ronan/S: Scott Gilfillan that all business having been conducted, the Board meeting is adjourned. Carried.

Renata Rusiniak announced the new Executive Committee for 2018-2019 as above.

Other Business & Adjournment of Annual General Meeting Renata Rusiniak inquired as to whether there is any further business and called for a motion adjourning the Annual General meeting.

M: Kris. Ronan/S: Glenn Thorpe that all business having been conducted, the Annual General Meeting is adjourned. Carried.

18th Annual General Meeting – September 24th, 2019

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Introduction of Sanjeev Gill, Associate Vice President of Innovation at the University of Waterloo Kelly McManus provided short remarks and introduced Associate Vice President of Innovation at the University of Waterloo, Sanjeev Gill.

Chair’s Closing Remarks Kelly McManus thanked our sponsors, Cowan Insurance Group, Cushman & Wakefield Waterloo Region, Ernst & Young, Home Hardware, University of Waterloo and Wilfrid Laurier University. Also, thank you to The University of Waterloo for providing this beautiful space. Drinks and appetizers are now available in the hall during the reception. .

Printed Name of Meeting Presiding Officer: Kelly McManus ____________________________________ Signature of Meeting Presiding Officer:

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18th Annual General Meeting – September 24th, 2019

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ANNUAL REPORT HIGHLIGHTS

2019-2020

The Voice of Business Since 1886

Table of Contents

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Chair’s Comments 2019 - 2020 Board of Directors President’s Comments Honorary Members 2019 - 2020 Volunteer Committees 2019 - 2020 Volunteer Committees Health Care Article CHCRC Sponsor Recognition Education & Networking Education & Networking Advocacy & Looking Ahead for 2020-2021 Accessing Student Talent Chamber Staff Corporate Partners

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Chair’s Comments KELLY MCMANUS, CHAIR, BOARD OF DIRECTORS The Business Excellence Awards and Gala is always the premiere community and business event of the year. You may have been there this year, as we celebrated the achievements and innovation of our local business leaders. It was February 20, 2020. Little did we expect that, only weeks later, our world would dramatically change as we saw the immediate shut down of our community and economy because of the COVID-19 global pandemic.

adapt, to advocate, and to collaborate - in true Waterloo region fashion. Daily briefings to our members kept you in the know in rapidly changing circumstances. Early pivots to online networking and education events kept our members connected and linked to top resources and experts.

We mobilized swiftly with the Waterloo Economic Development Corporation, Communitech, and the Cambridge Chamber of Commerce to strike the Business and Economic Support Team (BEST) Waterloo Region.

BEST ensured a united regional voice to Prime Minister Trudeau and Premier Ford on policy It may feel that there has not matters that will keep our local been much to celebrate given economy strong and protected. what has unfolded since midMarch. Indeed, many of our Through BEST, and alongside local businesses have been hurt our colleagues at the Ontario and by the pandemic, with layoffs Canadian Chambers of and closures that have impacted Commerce, we advocated - and our friends and neighbours. continue to advocate - tirelessly While we aim to shop local and on behalf of our members. We boost our small and medium were vocal about the need for sized businesses, we timely and appropriate acknowledge that many local emergency responses such as the businesses may not survive the Canada Emergency Response longstanding repercussions of Benefit, and for rent and wage COVID-19. subsidies to keep doors open.

As phased-in strategies unfolded Yet, in the face of such change, to reopen business, we were there IS, in fact, a lot to take there to advocate for tools and pride in. supports, like mandatory mask by-laws, that worked for the Your Greater Kitchener and greater good of our businesses Waterloo Chamber of and our community.

Commerce immediately rose to

Thanks to the leadership of GKWCC President and CEO, Ian McLean, we have engaged a nimble staff team, a core of dedicated volunteers, and countless partners, all of whom have been instrumental in steering the GKWCC and our community through stormy waters.

To our members, partners and supporters, a hearty thank-you for your steadfast confidence in the GKWCC. Together, we will continue to weather the uncharted times ahead.

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Kelly McManus

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ANNUAL REPORT 2019 - 20

2019 - 2020 Board of Directors Kelly McManus, Chair University of Waterloo

Allison Bourke Oxford Learning Centres

Mark Christensen WalterFedy

Renata Rusiniak, Past Chair eSentire

Andrea Vrbanac Axonify

Richard Jacques BMO Bank of Montreal

Adam Smith, My IT Guy

Brad Dunbar Goetz + Dunbar Professional Corporation

Sean Sullivan Gowling WLG LLP

Chair Elect

Rene Gatien, Vice Chair Waterloo North Hydro Inc. Patrick Klann, Treasurer BDO Canada LLP Scott Gilfillan,

Glenn Thorpe Flightpath Charter Airlines Jeff MacIntyre So There Business Solutions

Secretary

PricewaterhouseCoopers LLP

Wendi Campbell The Food Bank of Waterloo Region

Kris Ronan Ronan Consulting

Jeff MacIntyre So There Business Solutions

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ANNUAL REPORT 2019 - 20

President’s Comments IAN MCLEAN PRESIDENT & CEO services. Our first virtual event was conducted in The past year has been highly challenging for May of this year and the calendar is currently Waterloo Region businesses, elected officials and crammed with new offerings to connect local community organizations such as our Chamber. businesses and assist you with your daily operations.

I advise all employers to monitor our calendar and Six months into COVID-19, we have transitioned attend these events whenever possible. While many from viewing the pandemic as an emergency to have changed in their delivery, I trust you will find understanding that the effects on the local economy the content highly beneficial for making decisions will be significant over a much longer than on moving forward with your business. originally anticipated period. All levels of As always and this year in particular, I would like to government are starting to recognize that relief extend my sincere appreciation to the hundreds of programs must support businesses throughout this volunteers who contributed their vast expertise and on-going crisis. knowledge to the daily operations of the Chamber.

Your commitment to the local community and The local response to COVID-19 has been highly business sector is exemplary. collaborative and effective. In Late March as the challenges of the pandemic were increasingly I look forward to connecting with you personally evident, leaders of the Waterloo Economic over the next year as we continue to seek your input Development Corporation, Cambridge Chamber of on how we can better serve your business. Thank Commerce, Communitech, and our organization you for your continued support of the Greater collectively formed the Business and Economic Kitchener Waterloo Chamber of Commerce.

Support Team (BEST) of Waterloo Region. With the support of staff from regional municipalities and The road ahead is extremely challenging however by other organizations, we have identified and working collaboratively Waterloo Region will advocated for measures from the senior levels of emerge stronger and remain a great and improved government that will position our local economy as location for growing a business. an ideal location for jobs and investment as the economic recovery proceeds. ~ Ian McLean Since the start of the pandemic our Chamber has appeared before Regional Council and the Standing Committee on Finance and Economic Affairs of the Ontario Legislature to advance recommendations that will assist in our recovery. As we noted at a Region of Waterloo Council meeting on the mask by-law, since the start of the COVID-19 crisis it has been the responsibility of governments to keep businesses operating. Those efforts continue but it is now up to all of us, including the business community, to keep citizens safe and leading by example.

Despite the daily challenges presented by COVID19, our Chamber continues to serve the membership and community through an extensive roster of

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ANNUAL REPORT 2019 - 20

Honorary Members Honorary Members are those who have distinguished themselves by exemplary contributions to the Chamber and community. These members are elected by a majority vote by the Greater Kitchener Waterloo Chamber of Commerce Board of Directors. We appreciate the work these Members have done for our Chamber and our community.

Art Bamford *

Paul Eichinger

Armand Klinck *

Peter Sims*

Bernie Hermsen

R. Ross Wells

Bill Gladwish

Rev. Gary Alcock

Brian Bennett

Robert G. Heer

Brother Clifford Bringleson *

Roger Farwell

Charles E. Greb *

Ron Carther

Dennis Myer

Rosa Lupa

Diane Wolfenden

Rosemary Smith

Eugene Moser

Sabrina Fitzgerald

F. Clay B. Hall *

Sandra Stone

Frank Varga

Scott Carson

Greg Weiler

Sidney S. Bergstein *

Harold Chapman *

Terry Flynn

Howard Jasper *

Tom Burns

Ian Marr *

Wally Teichroeb

Jack Duffy

William D. McGregor*

James Beingessner

W.T Townsend *

James F. Robertson * Jeff MacIntyre Jim Harper John Acheson* John B. (Jack) Forbes* John Bowman John Doherty Kathi Smith Kenneth I. Tyers Mark Kreller * Mary D’Alton Morgan Fisher * Murray Costello Neil Richardson Owen Lackenbauer

* Deceased

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2019 - 2020 Volunteer Committees BUSINESS EXCELLENCE AWARDS NOMINATION COMMITTEE

NETWORKING BREAKFAST COMMITTEE

FEDERAL AND PROVINCIAL AFFAIRS COMMITTEE

Jeff Collins

Mackenzie Baker

Jessica Dupuis

Scott Gilfillan

Delton Clarke-Brighton

Paul Grivicic

Stephen Goodfellow

Alan Keeso

Nick Heffner

Ed Lemont

Mary Cathryn Lorentz

Mike Hewitson

John Stevens

Stephen McInnes

Charlene Le Duc

Tim Strome

Jane Marshall

Matthew Stubbings

Joe Popkey

Mike McCaffrey

Sean Sullivan

Jordan Schmidt

Paula Stanghetta

Leslie Hepditch Laura Hewitson Mike Hewitson

Curtis Montgomery Beth Palmer

Michelle Tupman

Greg Wood

CHAMBER YOUNG PROFESSIONALS COMMITTEE

BUSINESS AFTER 5 COMMITTEE

WOMEN’S LEADERSHIP COMMITTEE

Mohsan Abdullah

Alison Bourke Bob Foster

Allison Bourke

Mackenzie Ainley

Susan Cranston

Courtney Cassel

Rebecca Hempey

Mark Dickens

Kat Katsambrokos

Mallory McKewan

Nahla Kor

Taylor McNaughton

Kathy MacDonald

Karen Segura

Janice McVey

Adam Smith

Carrie Mulrooney Ian Inglis Jeff Sheppard Jordan Snider Mark Morrison Steve Ashton

GOLF SCRAMBLE COMMITTEE

Amanda Melnick

Chris Chipman

Sandra Stone

Don Wales

Karen Temple

Mike McCaffrey

Lesley Warren

Rachel Sommers

Kim Wilhelm

Tyler Abela

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2019 - 2020 Volunteer Committees REGIONAL AND MUNICIPAL AFFAIRS COMMITTEE

ENVIRONMENT COMMITTEE

PHYSICIAN LIAISON TASK FORCE

Brian Bennett

Micah Jarvis

Mark Christensen

Andrew Bingeman

Claire Cochrane

Cory Bluhm

David Flynn (Phillips Lytle)

Emir Ceric

David Flynn (Stantec)

Jeff MacIntyre

Karl Ditorio

Scott Freiburger

Laura Hewitson

Paul Grivicic

Larry Freiburger

Michael Hewitson

Ian MacDonald

Leanne Lobe

Justin McFadden

Ian Macdonald

Eric Saulesleja

David Roewade

David Sunday

David Sisco David Steele

Lana Hillier

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ANNUAL REPORT 2019 - 20

Health Care AGM PHYSICIAN RECRUITMENT HIGHLIGHTS 2019/2020 Healthcare is a significant issue for all of us and having access to health care professionals is critical to the wellbeing of families in our region. However, many families, locally and across the province, do not have the benefit of being under the care of a family practitioner.

This is why the Chamber’s physician recruitment program is an important community healthcare initiative.

The Chamber Health Care Resources Council oversees a number of programs throughout the year to attract new family physicians to serve the health care needs of our residents. Since the program was launched in 1998, the Chamber has successfully attracted well over 240 family practitioners. The successes we have achieved would not be possible without the support and involvement of our community partners.

Funded through generous corporate, municipal and personal support, we are able to better primary healthcare for all of us.

It is important that they are recognized for their commitment.

Their names and logos are listed here and we ask Chamber members to note who they are and to recognize them for their contributions.

The most essential program that they support is the Annual Family/Emergency Medicine Resident Weekend held in November where we host 20 family medicine and emergency residents and their partners, showcasing Kitchener-Waterloo-Woolwich as a great place to live and work.

The Family/Emergency Medicine Resident Weekend has proven to be one of our most successful recruitment tools and has drawn many family physicians to local community practices over the past twenty years. We have historically recruited three to four new family practitioners each year through this initiative alone.

Our physician recruitment sponsorship partners’ generous investment and support also helps the Chamber to recruit physicians throughout the year as we arrange personal community visits for new grads and established practitioners to meet with local practice groups offering family medicine opportunities.

It is in times like this that our need to recruit becomes even more evident and important. We will continue to work to bring more physicians to this great community, because every resident that wants a family physician should have access to one.

Our successes to date is the direct result of ongoing financial support from the local business community and the municipalities, that have continued to support this critical initiative and our goal to solve the physician shortage.

The Chamber Health Care Resources Council sincerely thanks all of our partners for their generous investment in this important community health care initiative.

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ANNUAL REPORT 2019 - 20

CHCRC Sponsor Recognition

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ANNUAL REPORT 2019 - 20

Education & Networking The Greater Kitchener Waterloo Chamber of MNP NETWORKING Commerce is dedicated to the strengthening BREAKFAST SERIES of the local business community through The first event in the Networking networking, as well as knowledge sharing Breakfast Series began with Chief and skill development. To assist in these Bryan Larkin of the Waterloo efforts, we hosted almost 90 events last year Regional Police Services who gave with a whopping 6500+ attendees. The an update on some changes in law. following are some highlights from the past year.

We also heard from Carol Leaman in November to hear about Axonify’s exceptional workplace culture and ANNUAL EVENTS their innovative human resources Our 2020 Business Excellence Awards Gala best practices. The Annual Speed was the premier networking event of the year Networking Event helped 130+ where we presented 14 awards and enjoyed professionals make new connections the evening with 900+ attendees. Our feature events this past year included Chamberfest at in January and May. In March, we Concordia Club, the 100 Mile Feast: Taste of welcomed a fantastic sports panel, Thailand, Business Expo with the Cambridge Building the Region Through Sport, consisting of Steve Bienkowski of the and Guelph Chambers, and Manufacturing Kitchener Rangers, Leon Martin of Summit. . the KW Titans, and Bill Pegg from the Kitchener Panthers. Moderated

by Minto Schneider of the Waterloo POINT OF VIEW LUNCHES Regional Tourism Marketing The lunches featured a wide variety of Corporation. speakers and topics, including: Honourable Rod Phillips, Ontario’s Minister of Finance, who spoke about the future of Waterloo Region and how Ontario plans to support businesses and residents. We also heard from the Honouable Perrin Beatty from the Canadian Chamber of Commerce, and Karen Redman, Regional Chair; Sandy Shantz, Mayor of the Township of Woolwich; and Tony LaMantia, President & CEO of Waterloo EDC. Jennifer Roggeman, Jennifer Roggeman Immigration Law & Bill MacGregor, Gowling WLG LLP spoke about the legalities surrounding hiring immigrants in your organization.

We welcomed the Honourable Steve Clark, Minister of Municipal Affairs & Housing.

He gave an update on the rising housing costs and better transit connections across Ontario.

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Education & Networking HEFFNER WOMEN’S LEADERSHIP The first event in the season sold out with 650 attendees at the 13 th Annual Inspiring Women Event. We heard from Courtney Fonseca, Founder & Mother Hustr of Hustl & Flow, Samantha Brookes, Founder & CEO of Mortgages of Canada and Author is Cash is Queen, Serena Ryder, JUNO Award-Winning Musician and Mental Health Advocate, and a panel including: Katrina Burch, Canadian Mental Health Association, Jessica Kuepfer, Home Hardware, and Binh Tam Le from Google. We hosted the fall event, Travel Fueling Success, followed by the 2020 International Women’s Day, Each for Equal, in March. This event hosted 400 women and featured a panel of incredible women who discussed what it is like working in a male-dominated industry. Our spring luncheon was hosted in July virtually and brought women together to continue to build community.

LIBRO CHAMBER YOUNG PROFESSIONALS This dynamic series of events included many eager and lively Young Professionals headed to five different event spaces across the Region. These included: Homer Watson House & Gallery, Vivo Pizza + Pasta, Libro Credit Union, Maxwell’s Concerts & Events, Gibson Sound & Vision. In addition, two virtual events brought young professionals together in a brand-new format. .

CHAMBER PLUS NETWORKS Four distinct groups met throughout the year to strengthen their business connections through a structured networking and referral program. These groups enable you to make your business more successful through professional development, business mentorship, sales presentation skills, referrals and connections to likeminded business leaders.

JAY FENCING BUSINESS AFTER 5 This popular series made its way across a number of businesses in the Region where attendees could get a glimpse of how each one operates. The Business After 5 series brought us to McIntyre Group, Waterloo Region Police Services Headquarters, and MCAP. Two other events were hosted virtually to provide attendees with a platform to foster new connections.

MANULIFE CHAMBER ACADEMY This year’s series featured experts from businesses like Future Focus Inc., Intrigue, Axonify, Ronan Consulting, Mulrooney & Associates Inc., and TDG Marketing Inc. The series delivered a variety of topics essential for businesses of all sizes.

PEER 2 PEER GROUPS We hosted a number of Peer2Peer groups this year where industry leaders from the community shared, collaborated, and worked together to collectively grow their businesses. Groups included: Business Development, CEO, Human Resources, Marketing, Operations, More Clients, and Not-For-Profit.

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Advocacy & Looking Ahead for 2020-2021 CHAMBER GOVERNMENT RELATIONS FOR 2019/2020 For the past decade the Greater Kitchener Waterloo Chamber of Commerce Annual Report has included a section related to our lobbying and government relations activities with a primary focus on past achievements and moving forward.

The activities and prospects for 20192020 are unprecedented.

As we are all aware existing economic and political strategies were dramatically revised in mid-March when businesses were required to close and Chamber staff along with thousands of other workplaces across Waterloo Region transitioned to remote operations. However, through these many challenges and changes the Chamber continues our committed and resolute support of local business.

The tourism and hospitality sector was impacted first and with tremendous force. Industry officials frequently note Friday the 13th (March 2020) as the day when billions were lost on cancelled events. The recovery for this industry will be extensive for both businesses and customers.

The primary focus of our Chamber since the early days of the COVID-19 pandemic has been assisting the membership with their many short and long-term priorities. Government support programs for business have brought their critics however the impact of imminent closings and related developments have left few

options beyond financial assistance.

As local MPP Catharine Fife stated on Brian Bourke’s 570 News show Kitchener Today in late August nobody predicted the economic fallout from COVID-19 would be this bad and this quick.

Over the past year the Chamber’s advocacy efforts were strongly assisted by local municipal governments who also recognized our growing economic importance and demonstrates again that through collaboration and a united position we can advance an effective regional economic agenda. As Waterloo Region Chair Karen Redman noted in a news release from local MPPs, everyone in Waterloo Region knows how important the construction of Highway 7 is for the Innovation Corridor connecting the communities of Waterloo Region and Guelph.

Our advocacy efforts during the pandemic are also concentrated around ensuring Waterloo Region, Ontario and Canada are positioned to return stronger and ultimately attract investment and jobs from around the world. A major component of that strategy is ensuring that infrastructure is available for current and perhaps Our Chamber has advanced the more importantly future requirements. position that infrastructure development is required to move A significant achievement for the local goods and people therefore our efforts business community in 2020 was the will continue to bring fast and frequent announcement in July that the two-way, all-day GO passenger provincial government will be service to the Toronto – Waterloo proceeding with the construction of a Region Corridor. We are making new Highway 7 between Kitchener progress with new routes departing and Guelph. While the project carries a from and arriving at the Kitchener long and eventful history there is a station and anticipate a major sense of optimism across Waterloo announcement in the upcoming fall Region and Guelph/Wellington 2020 Ontario Budget.

County that, due to the growing economic importance of these centres Overall, there is still heavy work to be for innovation and higher education, done to ensure Chamber members and work will commence shortly on this businesses can maintain their important linkage. operations through these unprecedented times and contribute to As the Chamber has noted in numerous the economic recovery of Waterloo submissions to the Ontario Region, Canada and Ontario. As government, Highway 7 provides an Perrin Beatty, President and CEO of important route for moving products the Canadian Chamber of Commerce east of Waterloo Region into the large and long-time resident of Fergus, GTA market and has the potential to Ontario has frequently observed, relieve congestion on Highway 401. business will lead the Canadian The new highway is a major trade recovery and our Chamber continues enabling project and significant to support our members. government investment into our business community.

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Accessing Student Talent Businesses have had to adapt their operations in 2020 in drastic ways.

Now more than ever, our small business community requires support in their operations. Students are an untapped source of temporary talent that can help your business and drive productivity. It was recently announced that the Greater Kitchener Waterloo Chamber of Commerce (GKWCC) has partnered with the Business + Higher Education Roundtable (BHER) to expand the Chamber’s Access Student Talent program, which connects small businesses and post-secondary students for work-integrated learning opportunities.

The program has a local and national scope to encourage the building of stronger connections between the business community and post-secondary students.

Locally, the Access Student Talent program aims to educate small businesses about working with postsecondary students and provide resources that will enable businesses to connect with our local educational partners: Conestoga College, the University of Waterloo, and Wilfrid Laurier University.

Nationally, the GKWCC will be creating a “How-To” guide for the Access Student Talent model that will be shared with Chambers and associations across the country who

are interested in connecting businesses and students.

The GKWCC consistently hears from our members that attracting and retaining talent as a small business is challenging. Since the Access Student Talent program was launched in 2018, we have received feedback through surveys and conversations with small businesses that highlight the reasons why they may not be engaging with students: ● ● ● ● ● ●

They didn’t know that they could work with students Time constraints Financial constraints They didn’t know what work to give a student They didn’t know how to connect with students They didn’t know about the different ways that a business can work with a student

Throughout the upcoming year, the GKWCC will be offering educational opportunities for small businesses to learn more about how they can collaborate with students.

These opportunities will cover a variety of important topics, such as the different work-integrated learning opportunities for businesses (for example, field placements, co-op, capstone projects, in-class projects,

apprenticeships, etc.); the financial incentives available to businesses who hire students; the importance of properly integrating a student into their business and how to do it; and how to connect with post-secondary schools.

Educating our small business community on the opportunities they have to work with students sets up our community to continue to grow and prosper. Through networking events, webinars, meetings and social media, we aim to provide educational resources that encourage small businesses to learn more about partnering with students.

Canada’s small businesses are the core of the Canadian economy and their success is critical to Canada’s economic recovery. Connecting these businesses with the country’s next generation of talent will strengthen the growth and development of students, businesses and Canada as a whole.

If you are a small business owner and would like to learn how you might work with a student in your business, please contact Allison Mitchell, Program Manager, Access Student Talent at amitchell@greaterkwchamber.com.

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Chamber Staff Ian McLean President & CEO

Lester Holley Vice President , Finance and Strategic Initiatives

Art Sinclair Vice President , Public Policy & Advocacy

Heather Hutchings Director, Partnerships & Special Projects

Dana Walton Director, Strategic Initiatives & Business Development

Bonnie Frank Business Development Representative

Lisa McDonald Business Development Representative

Darlene Jones Membership Services Lead

Jenna Petker Physician Recruitment Lead

Carolyn Marsh Events Manager

Hannah Kelly Events Coordinator

Natalie Hemmerich Marketing & Communications Manager

Allison Mitchell Program Manager, Access Student Talent

Maria Morrone Marketing Coordinator, Access Student Talent

Saba Shafiq Project Coordinator

Sandra Raposo Finance Lead

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Corporate Partners

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE INDEX TO THE FINANCIAL STATEMENTS YEAR ENDED JUNE 30, 2020 Page INDEPENDENT AUDITOR'S REPORT

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FINANCIAL STATEMENTS Statement of Financial Position

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Statement of Operations and Changes in Net Assets

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Statement of Cash Flows

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Notes to the Financial Statements

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INDEPENDENT AUDITOR'S REPORT

To the Members of: Greater Kitchener Waterloo Chamber of Commerce Opinion We have audited the accompanying financial statements of Greater Kitchener Waterloo Chamber of Commerce, which comprise the statement of financial position as at June 30, 2020 and the statements of operations and changes in net assets and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, these financial statements present fairly, in all material respects, the financial position of Greater Kitchener Waterloo Chamber of Commerce as at June 30, 2020 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not for profit organizations.

Basis of 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 Statements section of our report. We are independent of the Greater Kitchener Waterloo Chamber of Commerce in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not for profit organizations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the organization's ability to continue as a going concern, disclosing, as applicable, matters related to a going concern and using the going concern basis of accounting unless management either intends to liquidate the organization or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the organization's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of the auditor's responsibilities for the audit of the financial statements is located at RLB LLP’s website at: www.rlb.ca/additional-auditor-responsibilities. This description forms part of our auditor's report.

Kitchener, Ontario August 25, 2020

Chartered Professional Accountants Licensed Public Accountants Page 3

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2020 2020

2019

ASSETS CURRENT Cash Accounts receivable (note 4) Wage subsidy receivable Prepaid expenses

$

PROPERTY AND EQUIPMENT (note 5)

164,113 268,895 179,360 20,058 632,426

$

425,764 198,377 0 73,888 698,029

350,073

382,160

40,000

206,800

$ 1,022,499

$ 1,286,989

$

$

INTANGIBLE ASSET (note 6)

LIABILITIES CURRENT Bank loan (note 7) Accounts payable and accrued liabilities Government remittances payable Deferred revenue (note 8) License liability - current portion (note 6) LICENSE LIABILITY (note 6)

30,000 334,406 496 638,337 0 1,003,239 57,000 1,060,239

0 365,268 13,167 688,933 36,000 1,103,368 93,000 1,196,368

NET ASSETS NET ASSETS

(37,740) $ 1,022,499

90,621 $ 1,286,989

APPROVED ON BEHALF OF THE BOARD:

_____________________________ Director

_____________________________ Director

See notes to the financial statements Page 4

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2020 2020 REVENUES Membership fees Group insurance sponsorship income Wage subsidy grant Miscellaneous income Interest income

$

Committees, events and publications (note 9) EXPENDITURES Salaries, benefits and commissions Office services, supplies and promotion Consulting fees Repairs and maintenance Amortization of property and equipment Conference and travel Communication Property taxes Bank charges and interest Memberships and organizations Postage Insurance Staff development Printing Utilities Volunteer management

671,020 183,339 179,360 12,848 1,669 1,048,236 1,305,533 2,353,769

2019

$

1,151,867 74,037 43,728 34,048 32,087 29,828 22,164 21,927 18,784 10,461 9,332 9,268 6,018 5,508 4,847 4,604 1,478,508 891,622 2,370,130

Committees, events and publications (note 9) DEFICIT BEFORE OTHER

1,123,619 101,851 21,768 39,780 23,842 31,732 25,745 21,969 20,844 9,889 13,006 7,543 6,705 7,967 5,487 641 1,462,388 1,017,209 2,479,597

(16,361)

OTHER Gain on forgiveness of debt Impairment of intangible asset

(76,650)

46,000 (158,000) (112,000)

DEFICIENCY OF REVENUES OVER EXPENDITURES for the year NET ASSETS, beginning of year NET ASSETS, end of year

$

679,252 188,106 0 22,080 2,958 892,396 1,510,551 2,402,947

0 0 0

(128,361)

(76,650)

90,621

167,271

(37,740)

$

90,621

See notes to the financial statements Page 5

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2020 2020 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Deficiency of revenues over expenditures for the year Items not requiring an outlay of cash Amortization of property and equipment Amortization of intangible asset Gain on forgiveness of debt Impairment of intangible asset

$ (128,361)

Changes in non-cash working capital Accounts receivable Wage subsidy receivable Prepaid expenses Accounts payable and accrued liabilities Government remittances payable Deferred revenue CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES Bank loan License liability CASH USED IN INVESTING ACTIVITIES Net additions to property and equipment

$

NET CASH, BEGINNING OF YEAR $

(76,650)

32,087 8,800 (46,000) 158,000 24,526

23,842 8,800 0 0 (44,008)

(70,518) (179,360) 53,830 (30,862) (12,671) (50,596) (265,651)

30,410 0 (37,759) 59,349 (961) 7,191 14,222

40,000 (36,000) 4,000

0 (36,000) (36,000)

0

NET DECREASE IN CASH

NET CASH, END OF YEAR

2019

(8,892)

(261,651)

(30,670)

425,764

456,434

164,113

$

425,764

See notes to the financial statements Page 6

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

1.

NATURE OF OPERATIONS The Greater Kitchener Waterloo Chamber of Commerce (the "Chamber") is a not for profit organization incorporated under the laws of Ontario without share capital. The Chamber is exempt from income tax. Its purpose is to serve business in Kitchener, Waterloo and Woolwich and be its voice in the betterment of the community.

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with Canadian accounting standards for not for profit organizations and include the following significant accounting policies: (a)

REVENUE RECOGNITION The Chamber follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which the related expenditures are incurred. Contributions received before the period in which the related expenditures are recognized are reported as deferred revenue on the statement of financial position.

Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.

Membership fees are recognized as revenue in the period earned. Membership fees received or receivable that relate to a future period are recorded as deferred revenue on the statement of financial position.

Group insurance sponsorship income is recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.

Revenues relating to events occurring in a future period are recorded as other deferred revenue on the statement of financial position.

Funding received relating to the Waterloo Region Immigrant Employment Network (IP of WR) and the Chamber Health Care Recruitment Council (CHCRC) Program are recorded as deferred revenue on the statement of financial position. These funds are recognized as revenue as related expenditures are incurred.

(b)

USE OF ESTIMATES The preparation of financial statements in conformity with Canadian generally accepted accounting principles for not for profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the year. Significant areas requiring management's estimates include the carrying amounts of property and equipment, the carrying amounts of intangible assets, provisions for impairment of accounts receivable, accounts payable and accrued liabilities and deferred revenue.

Actual results could differ from those estimates.

Page 7

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (c)

PROPERTY AND EQUIPMENT Property and equipment are recorded at cost and amortized on the basis of their estimated useful life: Building Outdoor improvements Furniture and fixtures Computer equipment Computer software

- 25 - 10 -4 -4 -2

years straight line basis years straight line basis years straight line basis years straight line basis years straight line basis

In accordance with the transitional provisions upon adoption of Canadian accounting standards for not for profit organizations, the Chamber has elected to revalue certain parcels of land acquired before July 1, 2011 to deemed cost, being fair value at the date of transition.

The carrying amount of an item of property and equipment is tested for recoverability when events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the asset's carrying amount is not recoverable and exceeds its fair value. (d)

INTANGIBLE ASSET Intangible assets are amortized on the basis of their useful life using the straight-line method at the following rates: Exclusivity license

- 25 years

The license is tested for impairment if events or changes in circumstances indicate that it might be impaired. (e)

FINANCIAL INSTRUMENTS Measurement of financial instruments The Chamber initially measures its financial assets and liabilities at fair value.

The Chamber subsequently measures all its financial assets and financial liabilities at amortized cost.

Impairment Financial assets measured at amortized cost are tested for impairment when there are indicators of impairment. If an impairment has occurred, the carrying amount of financial assets measured at amortized cost is reduced to the greater of the discounted future cash flows expected or the proceeds that could be realized from the sale of the financial asset. The amount of the write-down is recognized in net surplus. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in net surplus.

Page 8

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (e)

FINANCIAL INSTRUMENTS (continued) Transaction costs The Chamber recognizes its transaction costs in excess of revenues over expenditures in the period incurred. However, financial instruments that will not be subsequently measured at fair value are adjusted by the transaction costs that are directly attributable to their origination, issuance or assumption.

(f)

CHAMBER HEALTH CARE RECRUITMENT COUNCIL PROGRAM The Chamber Health Care Recruitment Council (CHCRC) Program operates to raise funds from the community to finance the recruitment of physicians. The contributions received are to be used only for this program and any unspent funds are recorded as deferred revenue on the statement of financial position.

(g)

WATERLOO REGION IMMIGRANT EMPLOYMENT NETWORK The Chamber is associated with the Waterloo Region Immigrant Employment Network as a signatory on a funding contract with the Immigration Partnership of Waterloo Region (IP of WR). The contract was developed to help employers and immigrants succeed in creating more employment matches. Contributions received are to be used only for this program and unspent funds are recorded as deferred revenue on the statement of financial position.

3.

FINANCIAL INSTRUMENTS Unless otherwise noted, it is management's opinion that the Chamber is not exposed to significant interest, credit, currency, liquidity, or other price risks arising from the financial instruments.

The extent of the Chamber's exposure to these risks did not change in 2020 compared to the previous period except to the extent outlined in note 10.

The Chamber does not have a significant exposure to any individual customer or counterpart.

Transacting in financial instruments exposes the Chamber to certain financial risks and uncertainties. These risks include: Credit risk Credit risk is the risk that a counterparty may default on its contractual obligations resulting in a financial loss. The Chamber is exposed to credit risk which may result from failure to collect accounts receivable. The Chamber assesses, on a continuous basis, accounts receivable and provides for any amounts that are not collectible in the allowance for doubtful accounts.

Liquidity risk Liquidity risk is the risk that the Chamber will encounter difficulty in meeting obligations associated with financial liabilities. The Chamber controls liquidity risk by management of working capital, cash flows and the availability of borrowing facilities.

Page 9

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

4.

ACCOUNTS RECEIVABLE Accounts receivable consist of: 2020 Members Other

$

228,681 46,525 275,206 (6,311)

$

115,513 84,960 200,473 (2,096)

$

268,895

$

198,377

Less allowance for doubtful accounts

5.

2019

PROPERTY AND EQUIPMENT Cost Land Building Outdoor improvements Furniture and fixtures Computer equipment Computer software

Accumulated Amortization

Net 2020

Net 2019

$

342,375 386,707 10,832 118,023 250,322 96,790

$

0 386,707 10,339 118,023 243,117 96,790

$

342,375 0 493 0 7,205 0

$

342,375 13,519 986 10,959 14,321 0

$

1,205,049

$

854,976

$

350,073

$

382,160

The Chamber had the land and building value appraised as of May 2013 for the transition to Canadian accounting standards for not for profit organizations. The land and building appraised value was $700,000.

6.

INTANGIBLE ASSETS The intangible asset represents exclusive rights to revenue in the Chamber's region through ShopCity.com for 25 years. Accordingly, these rights have been amortized on a straight line basis over the life of the agreement. However, based on management's assessment of expected future cash flows from this investment, an impairment of the asset of $158,000 was recorded in the current year. This impairment is included in the accrued amortization figure below.

Exclusivity license rights Accrued amortization on intangible asset

$

220,000 (180,000)

Net value of intangible asset, end of year

$

40,000

Additionally, the signed contract stipulated minimum payments of $3,000 per month over 5 years from the date of signing the agreement. During the year, the current portion of the loan repayable in fiscal 2021 has been forgiven. At year end, the liability related to the license is as follows: Minimum payments due within one year Residual payments due beyond one year

$

0 (57,000)

Total amount owing

$

(57,000)

Page 10

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

7.

BANK INDEBTEDNESS The Chamber has utilized $0 (2019 - $0) of a revolving line of credit with a limit up to a maximum of $150,000. The line of credit is due on demand and bears interest at prime plus 1%. No conditions regarding this loan have been breached at year end and no accrued interest relating to this loan is owing. The total indebtedness is secured by a general security arrangement providing a first fixed and floating charge over all the business assets of the Chamber. Subsequent to year end, the Chamber was approved for an increase to its line of credit to a maximum of $400,000, secured by its land and buildings.

Additionally, the organization qualified for a Canada Emergency Business Account loan.

Accordingly, $40,000 was borrowed through this means, with interest at 0% per annum until December 31, 2022. The remaining balance will then be converted into a three year term loan with interest at 5%. The organization fully expects to repay the loan by this deadline and has, therefore, recognized the forgivable portion of $10,000 against the outstanding balance.

8.

DEFERRED REVENUE Deferred revenue consists of the unexpended portion of revenue received that relates to future periods less related expenditures as follows: 2020 Balance, beginning of the year Plus revenue received during the year Less amount recognized as revenue during the year

$

Balance, end of year

$

688,933 1,925,957 (1,976,553) 638,337

2019 $

$

681,742 2,196,994 (2,189,803) 688,933

Deferred revenue is comprised of the following items: 2020 Deferred revenue - membership fees Deferred revenue - events Deferred revenue - IP of WR Deferred revenue - CHCRC

2019

$

330,619 273,050 13,164 21,504

$

338,813 284,064 58,445 7,611

$

638,337

$

688,933

Page 11

GREATER KITCHENER WATERLOO CHAMBER OF COMMERCE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2020

9.

COMMITTEES, EVENTS AND PUBLICATIONS 2020 Revenues Expenditures Excess of revenues over expenditures

IP of WR $

Revenues Expenditures Excess of revenues over expenditures 10.

217,705 (217,705)

$

2019

CHCRC

0

$

$

$

169,677 (169,677)

$

IP of WR

Other

0

$

918,151 (504,240)

$

1,305,533 (891,622)

$

413,911

$

413,911

CHCRC

337,701 (337,701)

0

$

$

Total

Other

157,934 (157,934)

0

Total

$

1,014,916 (521,574)

$

$

493,342

$

1,510,551 (1,017,209)

493,342

MATERIAL UNCERTAINTY DUE TO COVID-19 Late in the year and subsequent to year end, the impact of the Novel Coronavirus (COVID-19) in Canada and on the global economy increased significantly. This global pandemic has disrupted economic activities and has resulted in the organization cancelling a number of events and reducing the scope of a number of programs. Although the disruption from the virus is expected to be temporary, given the dynamic nature of these circumstances, the duration of business disruption and the related financial impact cannot be reasonably estimated at this time. Further, the timing and amounts realized on the organization’s assets as well as its future ability to deliver all programming may be impacted by the evolving circumstances of the virus.

Page 12