Financial Accountability and Reporting

A Healthy Financial Outlook Milestone Agreements Canadian Mining Games

Financially, the 2019 fiscal year was a banner year. All revenue streams performed exceptionally well. Events throughout the year generated over $5 million in sales; CIM Magazine advertisements generated over $1 million in sales; Individual and Corporate memberships generated $927,000 in sales; and CIM’s investment portfolio generated $190,000 in revenue. Combining this revenue with tight control on expenses has helped create a result that speaks for itself. Two milestone letters of agreement were signed with CIM in 2019, the first in the spring with the Metallurgy and Materials Society (MetSoc), and the second in the fall with the Canadian Mineral Processors Society (CMP).

In January 2019, MetSoc’s finances and accounting were transferred to the CIM National finance team, who are now responsible for the complete accounting cycle and financial reporting presented to the MetSoc Board of Directors. Scheduled for January 2020, the CMP’s accounting cycle and financial reporting will be transferred to the CIM National and will be reported to the CMP Board of Directors.

MetSoc and CMP were the last two CIM Societies remaining that did not have their finances and accounting completed by CIM National. CIM expects to have consolidated financial statements for the entire group of constituents by the end of 2020. The Memorandum of Understanding (MOU) between the Canadian Mining Games and CIM was revised and renewed at the end of 2019. CIM National’s finance team provides comprehensive accounting services and financial reporting to the different levels of government and the CMG Board of Directors. The MOU specifies that CIM is now the custodian of all CMG records and to ensure continuity and financial oversight, CIM’s Chief Financial Officer is named one of the administrators of CMG.