OUR STORIES 2013/14 ANNUAL REPORT INBRIEF
Message from NSI’s CEO We’ve had another stellar year at NSI. Strong course offerings, great staff, board and faculty, supportive partners and sponsors and of course talented students and alumni have all worked together to deliver the kinds of results we can take pride in. The year wasn’t without its challenges, however – with funding cuts and a shifting
Canadian film and television industry, we found ourselves stretched on many fronts. I’m pleased to report that NSI rose to the occasion and met these challenges head-on. We have a lot to celebrate. We’ve continued to broaden our sponsorship base and deepen our relationships with supporters. We signed significant multi-year commitments, including major support of NSI Totally Television from Bell Media that will make this program possible for many years to come. We’ve got big plans on the horizon. There’s a continuing imperative for NSI to evolve as the industry changes, and we’re up for the challenge. We are continually working on industry-relevant programming to meet the everchanging demands of the Canadian media environment. 2014-15 will be a year of special focus on our alumni – they’re an impressive group of individuals with big achievements, great ideas and valuable insights into the industry and its future. We’re having conversations with them and we’re planning to engage them in a way that
John Gill with Wanda Bradley from NBCUniversal
will fundamentally shape our
John Gill at Manito Ahbee with Manitoba Premier Greg Selinger (left) and Metis entertainer Ray St. Germain
organization’s future. I’m looking forward to another great year.
John Gill Chief Executive Officer nsi-canada.ca | 1
Our Stories 2013 | 2014
John Gill
Our highlights NSI New Voices
This year, NSI Aboriginal Documentary
2014 is the 10th anniversary of NSI New
went national, accepting eight students
Voices. Ninety-four young Aboriginal
from across the country. We look forward
adults have graduated and 85%* of them
to seeing their films in 2015.
are working in the industry or pursuing
NSI Features First
further education. To celebrate 10 years of the program, this year’s students made a short film of NSI New Voices memories from the last decade plus new interviews with alumni, sponsors and supporters of the program. It debuted at their
We saw three NSI Features First films
MAKE THE
LEAP
MAUREEN BRADLEY
WRITER/DIRECTOR, Two 4 One
FeaturesFirst
DEADLINE TO APPLY SEPT. 19, 2014
complete principal photography: The Dark Stranger from Chris Trebilcock and Glen Wood, Two 4 One by Maureen Bradley and Bang Bang Baby from Jeffrey St. Jules.
graduation ceremony. 2014 student Sonya Ballantyne won the RBC Emerging Filmmakers Competition at the 2014 Gimli Film Festival. 2011 NSI New Voices grad Leonard Sumner won the 2014 Winnipeg Arts Council RBC On the Rise award for his work as a filmmaker, videographer and musician. NSI was proud to nominate him. NSI Aboriginal Documentary
2013-14 was a huge year for the NSI Online Short Film Festival. The number of short film submissions ballooned from a couple hundred to nearly 1,000 last year. As a result, we now program an average of five
After launching the course last fiscal, the
films each week, a significant
inaugural NSI Aboriginal Documentary
increase from the two films
films had their first screening on March 21, 2014 as part of the Gimme Some Truth Documentary Festival in Winnipeg. The films were presented to a packed theatre, followed by a lively and thoughtful Q&A featuring the filmmakers and some of the
Leonard Sumner and Ursula Lawson with his RBC On the Rise award from the Winnipeg Arts Council
previously programmed.
Larry Wandowich (Manitoba Liquor & Lotteries); Elise Swerhone; Kari DeGroot (Manitoba Liquor & Lotteries); Gabriel Constant (NSI Aboriginal Documentary grad); John Gill (NSI CEO) at Gimme Some Truth Documentary Festival
Along with the chance to win up to $4,500, this year winning films were also eligible for Canadian Screen Award nominations.
subjects of their films. The films are being broadcast on MTS Stories from Home and as a one-hour special on APTN and aptn.ca. *2013 statistic
New NSI Aboriginal Documentary partners - John Gill and Ursula Lawson with RBC's Mark Schollenberg and Glenn Crook
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Message from the chair of NSI’s Board of Directors NSI had a lot to celebrate in 2013-14. NSI Features First has proven to be an effective indicator of our grads’ successes and our market relevance – three films that were developed through the course completed principal photography this year, and in the last three years five features have been shot in total. This is a huge achievement and says a lot about what NSI’s training can do. Norm Bolen
It’s also a big year for NSI’s Aboriginal training programs. NSI New Voices’ 10th
A big thank you to outgoing board co-chairs Raja Khanna and Brad Pelman – they have served the board very capably and I appreciate the opportunity to continue their successes. Congratulations to Prem Gill on her appointment as vice-chair of the board. I’d also like to thank the entire board of directors for their ongoing commitment to NSI. Farewell to longtime board member Bruce Leslie with our gratitude for his dedication to the organization throughout his 14-year tenure. Congratulations go to CEO John Gill, who led the NSI staff through a challenging but rewarding year. I also want to acknowledge NSI’s many associate faculty members for sharing their knowledge and giving our students a quality, well-respected learning experience. And thank you to our sponsors,
NSI staff and board at Banff CLOCKWISE FROM TOP LEFT: Carole Vivier, Prem Gill, Michael Levine, Brendon Sawatzky, Raja Khanna, Shelly Tyler, John Gill, and Bruce Leslie
partners and supporters – their personal and financial contributions are absolutely vital to us. I’m looking forward to leading the NSI Board of Directors and continuing to strengthen this organization.
Norm Bolen Chair, NSI Board of Directors Media & Broadcasting Consultant nsi-canada.ca | 3
NSI’s Cast 2013 | 2014
anniversary and NSI Aboriginal Documentary going national have garnered a lot of
interest from the industry, media, sponsors and participants.
Board of Directors
Staff and Faculty
Norm Bolen (Chair, beginning June 2014) Media & Broadcasting Consultant
John Gill
Trinity Bruce
Prem Gill (Vice-Chair, beginning June 2014)
David Pollock
Julie di Cresce
Melissa Kajpust
Lisa Jackson
Brendon Sawatzky
Sam Linton
Director, Content TELUS
Marlene Kendall (Finance Chair)
Director, Internal Audit & Corporate Compliance Manitoba Liquor & Lotteries Corporation
Brad Pelman
CEO, Kaleidoscope Entertainment and The Fremantle Corporation
CEO
NSI New Voices Program Coordinator
Director, Finance
NSI Features First Program Advisor (beginning September 2013)
Director, Programming (until June 2014)
NSI Aboriginal Documentary Program Advisor (2014)
Director, Programming (beginning June 2014)
NSI Totally Television, NSI Lifestyle & Reality Series Producer Program Advisor
Chris Vajcner
Director, Communications & Revenue Development
Lisa Meeches
Liz Hover
Aboriginal Training Programs Advisor
Brandice Vivier
NSI Aboriginal Documentary Program Advisor (2013)
VP, Original Content Shaw Media
Ursula Lawson
NSI Lifestyle & Reality Series Producer Advisor
Carole Vivier
Elise Swerhone
NSI Features First Program Advisor (2013)
Shelly Tyler
Tactica Interactive
Manager, Programs & Development (beginning March 2014)
Creative and technical partner
Lauren MacDiarmid
Doowah Design Inc.
Raja Khanna
CEO, Television & Digital Blue Ant Media
Christine Shipton
CEO & Film Commissioner Manitoba Film & Music
Jean LaRose
CEO Aboriginal Peoples Television Network (APTN)
Ron Suter
EVP & General Sales Manager for Canada NBCUniversal Television Distribution
Jeff Newman
Director, NSI Online
Allan Novak
Senior Program Manager (until February 2014)
Karen Powell
Manager, Programs & Development Manager, Programs & Development
Creative and technical partner
Communications & Programs Coordinator
Laura Friesen
Communications Coordinator (beginning October 2013)
Michael A. Levine
Chairman, Westwood Creative Artists Consultant, Historica-Dominion Institute
Marcia Martin SVP, Original Content Blue Ant Media
Virginia Thompson President VĂŠritĂŠ Films
Bruce Leslie (until June 2014) Executive Director Conference Board of Canada
Associate Faculty David Barlow Writer/Producer
Chris Bell
Production Executive, Movie Central
Edwina Follows
Network Executive, Bell Media
John Galway
Program President, Harold Greenberg Fund
Kevin Glasier
CEO, Tactica Interactive
Danis Goulet
John Greyson Filmmaker
Martin Katz
President, Prospero Pictures
Jason Ryle
Executive Director, imagineNATIVE Film + Media Festival
Robin Smith
Elizabeth Klinck
President/Founder, KinoSmith
Laura Milliken
Technical Resources Manager Deluxe Post Production
Alanis Obomsawin
Visit nsi-canada.ca for the complete list of 200+ associate faculty
Researcher, E Klinck Research Producer, Big Soul Productions Director, National Film Board
Michael Prini
Mark Thorp
Executive Producer/President, Primevista
Filmmaker
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APRIL/MAY/JUNE 2013 APRIL › My Awkward Sexual Adventure from Sean Garrity (NSI Features First) opens across Canada › Merit Jensen Carr (NSI Global Marketing) wins the Don Haig award at Hot Docs Canadian International Documentary Festival › NSI Aboriginal Documentary students attend Hot Docs MAY › NSI alumni win six Golden Sheaf awards at Yorkton Film Festival › Cheyenne Rae’s One Last Cigarette, developed during her NSI New Voices training, screens at 1st Break Film Festival
Merit Jensen Carr
JUNE › Movie Central Script to Screen announced at Banff World Media Festival Movie Central Script to Screen A writer-oriented development program funded by Movie Central and delivered by the National Screen Institute.
in association with
2013-14 Students Jason Filiatrault • Jessie Gabe • Ravi Steve Jeff Geddis • Doug Karr • Gerald Wexler › NSI Totally Television culminates at Banff NSI Totally Television A hands-on development training course for producer/writer teams serious about getting their series concept made. 2013 Graduates Kate Green • Jennifer Little • Aaron Champion • Alex Alcoba
Cheyenne Rae interviewed by Global News during her 2012 grad
Sponsors and Supporters
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› NSI Totally Television-developed Less Than Kind’s fourth and final season debuts
JUNE/JULY/AUGUST/SEPTEMBER 2013
Elise Swerhone (director mentor) and Justina Neepin
JUNE
SEPTEMBER
› NSI Online Short Film Festival winners • Rhonda’s Party, directed by Ashley McKenzie A&E Short Filmmakers Award and Shaw Media Fearless Female Director Award
› NSI Features First application deadline
• Mimespeak, directed by Tracy D. Smith Bite Comedy Award JULY › Justina Neepin’s (NSI New Voices) short film Mark premieres at Gimli Film Festival
NSI Features First A development training launch pad for producer/writer teams looking to produce their first or second feature film with strong commercial appeal. 2014 Students ABOVE, CLOCKWISE FROM TOP LEFT: Matt Watterworth • Scott Westby • Josh Epstein Kyle Rideout • Chris Craddock • Camille Beaudoin Joe Balass • Eisha Marjara
AUGUST › NSI Online Short Film Festival winners • The Wake of Calum MacLeod directed by Marc Almon A&E Short Filmmakers Award • My Black-Capped Angels/Mes anges à tête noire directed by Juliette Gosselin and Florence Pelletier Shaw Media Fearless Female Director Award • Cattle Call directed by Matthew Rankin and Mike Maryniuk Bite Comedy Award
› Michelle Latimer (NSI Drama Prize) and Jason Lapeyre (NSI Features First) featured in Playback’s 10 to Watch list › Daniel Bekerman (NSI Features First) wins TIFF Pitch This! competition with Daniel Cockburn
Michelle Latimer and Jason Lapeyre
Sponsors and Supporters
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OCTOBER 2013
NSI's Lauren MacDiarmid and Hot Docs' Patrycja Cieniewicz at the Winnipeg Best of Hot Docs
OCTOBER › NSI Lifestyle & Reality Series Producer nomination deadline NSI Lifestyle & Reality Series Producer An advanced training course which focuses on the specific skills required to produce a lifestyle or reality series. 2013-14 Students ABOVE, CLOCKWISE FROM TOP LEFT: Veronica Saluzzi • Sylvie Brownlow • Ryan Valentini Andrew Murray • JD Scott • Meredith Veats
Living Dolls
› Maureen Judge’s (NSI Global Marketing) Living Dolls screens at the Austin Film Festival › NSI’s alumni survey went out › Best of Hot Docs in Winnipeg
› Marie Clements (NSI Storytellers, NSI Featuring Aboriginal Stories Program) and Zoe Leigh Hopkins (NSI Featuring Aboriginal Stories Program) win awards at imagineNATIVE
Sponsors and Supporters
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NOVEMBER/DECEMBER/JANUARY 2014
Ursula Lawson with Shelly Glover, Minister of Canadian Heritage and Official Languages, at the NSI Aboriginal Documentary Traditional Feast
NOVEMBER
JANUARY
› NSI Online Short Film Festival winners • Margo Lily directed by Dane Clark and Linsey Stewart A&E Short Filmmakers Award
› NSI Aboriginal Documentary bootcamp begins
• Seconds directed by Jordan Canning Shaw Media Fearless Female Director Award • Cat vs. Man directed by Zia Marashi Bite Comedy Award DECEMBER › Michael Dowse’s (NSI Drama Prize) The F Word makes TIFF’s Top 10 Films of 2013 › Jordan Canning The F Word (NSI Drama Prize) recognized at the Women’s International Film & Television Showcase (WIFTS) Foundation International Visionary Awards for Canadian women in entertainment
Sponsors and Supporters
NSI Aboriginal Documentary A development launch pad for producer/director teams looking to produce a short documentary. Faculty and 2014-15 Students ABOVE, CLOCKWISE FROM TOP LEFT: Elise Swerhone (Program Manager) • Jennifer Bowen-Allen Bracken Hanuse Corlett • Jenna Neepin • Justina Neepin Ursula Lawson (Program Manager) • Brendon Sawatzky (Producer Advisor) Chantal Rondeau • Amanda Strong • Michelle St. John Rebeka Tabobondung › Wakening directed by Danis Goulet (NSI Drama Prize) and co-produced by Glen Wood (NSI Features First) and Jordana Aarons (NSI Totally Television, NSI Features First), screens at Sundance Film Festival › NSI Online Short Film Festival winners • Clear Blue directed by Lindsay MacKay A&E Short Filmmakers Award and Shaw Media Fearless Female Director Award • The Seder directed by Justin Kelly Bite Comedy Award
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FEBRUARY 2014
NSI New Voices students and Elder Colin Mousseau building a tipi
FEBRUARY › NSI New Voices call for applications goes out
NSI New Voices students learning camera techniques
NSI New Voices A culturally-sensitive training course that exposes young Aboriginal people aged 18-35 to a variety of creative and challenging employment opportunities in the film and television industry. 2014 Graduates ABOVE, CLOCKWISE FROM TOP LEFT: Jared Bone • Joel Chartrand • Jaydon Flett • Maggie Moose Amanda Kindzierski • Luther Alexander • Sonya Ballantyne Gloria Burns • Sage Daniels
Remedy
› Greg Spottiswood’s (NSI Drama Prize) Remedy premieres on Global › NSI Features First-developed Two 4 One by Maureen Bradley begins principal photography
Sponsors and Supporters
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MARCH 2014
H&G
MARCH › NSI Drama Prize bootcamp begins
› H&G from Danishka Esterhazy (NSI Drama Prize, NSI Features First) and Ashley Hirt (NSI New Voices) screens at the Canadian Film Festival
NSI Drama Prize An ambitious course that trains emerging filmmakers to develop and produce a short film. 2014-15 Students ABOVE, CLOCKWISE FROM TOP LEFT: Lora Campbell • Lisa Rose Snow • Melva McLean BJ Verot • Natalie Urquart • Tori Larsen • Shannon Fewster Christine Buijs › Sudz Sutherland (NSI Totally Television) wins a Canadian Screen Award for best direction in a drama program or miniseries for The Phantoms
Standing behind William F. White International CEO Paul Bronfman at their 50th anniversary celebration in Winnipeg: LEFT TO RIGHT: Holly Marchuk (NSI Drama Prize), NSI’s Ursula Lawson and Melissa Kajpust, Dion Telesky (NSI Drama Prize/ NSI New Voices), Krystle Snow (actor), WFW’s Steve Morrisson, NSI’s Chris Vajcner
They are always there: personally, financially and professionally. Without our sponsors and supporters NSI would not exist. Thank you for being part of our stories.
Sponsors and Supporters
Photos: Dominic Chan • Vergil Kanne • David Lipnowski • Ian McCausland • Jalani Morgan • Jan Thijs
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Independent Auditors’ Report
To the Directors of National Screen Institute–Canada: We have audited the accompanying financial statements of National Screen Institute–Canada, which comprise the statement of financial position as at March 31, 2014, and the statements of operations, changes in net assets and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these 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. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of National Screen Institute–Canada as at March 31, 2014 and the results of its operations, changes in net assets and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.
Chartered Accountants Winnipeg, Manitoba June 26, 2014
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Statement of Financial Position As at March 31, 2014 2014
2013
Cash (NOTE 3)
60,389
56,637
Accounts receivable (NOTE 4)
232,135
233,367
Investments (NOTE 5)
484,059
575,966
25,114
38,965
801,697
904,935
Assets Current
Prepaid expenses
23,813
33,087
202,753
197,049
1,028,263
1,135,071
Accounts payable and accruals
274,243
292,228
Deferred contributions (NOTE 8)
527,454
612,707
801,697
904,935
Capital assets (NOTE 6) Restricted funds (NOTE 7)
Approved on behalf of the Board
Marlene Kendall, Finance Chair NSI Board of Directors
Liabilities Current
Norm Bolen, Chair
Net Assets Invested in capital assets Restricted (NOTE 7)
The accompanying notes are an integral part of these financial statements.
23,813
33,087
202,753
197,049
226,566
230,136
1,028,263
1,135,071
NSI Board of Directors
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Statement of Operations For the year ended March 31, 2014
2014
2013
Telefilm
235,666
206,885
Administration
Provincial government
176,700
251,700
Program delivery
Provincial agencies
75,000
57,000
Municipal agencies
25,000
30,000
Private sector
893,961
789,611
Foundations and trusts
25,853
3,333
Project revenue
87,088
94,095
3,798
3,204
1,523,066
1,435,828
-
2,750
1,523,066
1,438,578
Contributions of goods and services
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2013
227,101
244,776
Expenses
Revenues
Interest
2014
Consumption of goods and services
Excess (deficiency) of revenues over expenses
1,299,535
1,183,864
1,526,636
1,428,640
-
2,750
1,526,636
1,431,390
(3,570)
7,188
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets For the year ended March 31, 2014
Invested in Capital Assets
Restricted
Unrestricted
2014
2013
33,087
197,049
-
230,136
222,948
Excess (deficiency) of revenues over expenses
-
-
(3,570)
(3,570)
7,188
Transfers (NOTE 7)
-
5,704
(5,704)
-
-
4,106
-
(4,106)
-
-
(13,380)
-
13,380
-
-
23,813
202,753
-
226,566
230,136
Net assets, beginning of year
Invested in capital assets Amortization Net assets, end of year
The accompanying notes are an integral part of these financial statements.
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Statement of Cash flows For the year ended March 31, 2014
2014
2013
Excess (deficiency) of revenues over expenses
(3,570)
7,188
Amortization
13,380
12,242
9,810
19,430
Cash provided by (used for) the following activities Operating
Changes in working capital accounts Accounts receivable
1,232
90,140
13,851
(8,321)
Accounts payable and accruals
(17,985)
170,670
Deferred contributions
(85,253)
156,465
(78,345)
428,384
Advances (repayment) of restricted funds
(5,704)
1,256
Purchase of capital assets
(4,106)
(20,685)
(9,810)
(19,429)
Increase (decrease) in cash resources
(88,155)
408,955
Cash resources, beginning of year
632,603
223,648
Cash resources, end of year
544,448
632,603
60,389
56,637
484,059
575,966
544,448
632,603
Prepaid expenses
Investing
Cash resources are composed of: Cash Investments
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The accompanying notes are an integral part of these financial statements.
Notes to the Financial Statements For the year ended March 31, 2014
1. Nature of operations
Measurement uncertainty
Revenue recognition
The National Screen Institute–Canada (“NSI”) was incorporated on April 7, 1986, under Part II of the Canada Corporations Act as a corporation without share capital. NSI’s Vision Statement: “NSI is the leading national centre of excellence in the training of the finest content creators for Canada’s film, television and interactive media sectors.” NSI’s Mission Statement: “NSI is the leader in developing the careers and projects of Canadian writers, producers and directors by delivering professional, market-driven and innovative training that gets results.” NSI has its head office in Winnipeg, Manitoba.
The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.
NSI follows the deferral method of accounting for contributions. Restricted contributions are recognized in the year when the related expenses are incurred or as receivable if the amount to be received can be reasonably estimated and the collection is reasonably assured. Unrestricted contributions are recognized when received or the amount to be received can be reasonably estimated and the collection is reasonably assured.
Accounts receivable are stated after evaluation as to their collectability. Provision is made for amortization of capital assets based on an estimate of their useful lives. These estimates and assumptions are reviewed periodically and, as adjustments become necessary they are reported in income in the periods in which they become known.
Contribution of goods and services
Capital assets
NSI is a not for profit charitable organization registered under the Income Tax Act, and as such, is exempt from income taxes and is able to issue donation receipts for income tax purposes.
2. Significant accounting policies The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations as issued by the Accounting Standards Board in Canada and include the following significant accounting policies: Cash and cash equivalents Cash and cash equivalents include balances with banks and short-term investments with maturities of three months or less. Cash subject to restrictions that prevent its use for current purposes is included in restricted cash.
Capital assets are recorded at cost. Amortization is provided using the straight-line method at rates intended to amortize the cost of assets over their estimated useful lives.
NSI records contributions of donated goods and services as both revenue and expenses at estimated fair market value of advertising, travel, and production and technical expenses. Income taxes
Long-lived assets Rate
Computer equipment
20%
Computer software
20%
Furniture and fixtures
12.5%
Office equipment
20%
Lease hold improvements
20%
Program equipment
20%
Long-lived assets consist of capital assets with finite useful lives. Long-lived assets held for use are measured and amortized as described in the applicable accounting policies. NSI performs impairment testing on long lived assets held for use whenever events or changes in circumstances indicate that the carrying value of an asset, or group of assets, may not be recoverable. Impairment losses are recognized when discounted future cash flows from its use and disposal are less than the asset’s carrying amount. Impairment is measured as the amount by which the asset’s carrying value exceeds its fair value. Any impairment is included in operations for the year.
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Notes to the Financial Statements For the year ended March 31, 2014
2. Significant accounting policies (Continued) Financial instruments NSI recognizes its financial instruments when NSI becomes party to the contractual provisions of the financial instrument. All financial instruments are initially recorded at their fair value. NSI subsequently measures investments in equity instruments quoted in an active market at fair market value. Fair value is determined by published prices. Investments in equity instruments not quoted in an active market are subsequently measured at cost less impairment. With the exception of those instruments designated at fair value, all other financial assets and liabilities are subsequently measured at amortized cost.
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Transaction costs and financing fees directly attributable to the origination, acquisition, issuance or assumption of financial instruments subsequently measured at fair value are immediately recognized in the excess (deficiency) of revenues over expenses for the current period. Conversely, transaction costs and financing fees are added to the carrying amount for those financial instruments subsequently measured at amortized cost or cost.
3. Cash Cash balances are maintained in a monthly savings account with tiered interest rates ranging from 0.22% to 0.87%. (2013–0.22% to 0.89%)
4. Accounts receivable Trade receivables GST receivable
2014
2013
227,354
226,213
4,781
7,154
232,135
233,367
5. Investments Investments are held in a money market mutual fund reported at fair market value. The rate of interest earned is floating based on the mutual fund performance.
Notes to the Financial Statements For the year ended March 31, 2014
6. Capital assets
7. Restricted net assets Cost
Accumulated amortization
2014 Net book value
Computer equipment
55,996
42,169
13,827
Computer software
10,965
8,126
2,839
Furniture and fixtures
42,979
39,718
3,261
Office equipment
43,816
40,712
3,104
Lease hold improvements
14,371
13,589
782
Program equipment
11,725
11,725
-
179,852
156,039
23,813
Cost
Accumulated amortization
2013 Net book value
Computer equipment
55,328
37,004
18,324
Computer software
10,633
7,253
3,380
Furniture and fixtures
42,838
35,099
7,739
Office equipment
42,417
38,773
3,644
Lease hold improvements
12,807
12,807
-
Program equipment
11,725
11,725
-
175,748
142,661
33,087
Cash of $202,753 (2013–197,049) maintains internally restricted by NSI’s Board of Directors to provide for the estimated costs in the event of winding up the operations of NSI. Transfers of $5,704 (2013–($1,255)) were approved by the Board of Directors for the purpose of increasing (2013–decreasing) the restricted cash balance.
8. Deferred contributions 2014
2013
9,163
13,341
Aboriginal Documentary
112,627
147,575
Drama Prize
110,355
64,236
Features First
129,575
156,318
Industry Centre
30,000
35,000
New Voices
35,946
42,781
Script to Screen
41,493
38,201
Short Film Festival
53,295
52,255
Totally Television
5,000
63,000
527,454
612,707
Administration
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Notes to the Financial Statements For the year ended March 31, 2014
9. Commitments
10. Financial instruments
NSI has negotiated a $275,000 credit facility with RBC available at the borrower’s option, a $75,000 corporate Visa account for miscellaneous travel and other expenses, and a $200,000 demand operating and/or overdraft loan secured by accounts receivable.
NSI as part of its operations carries a number of financial instruments. It is management’s opinion that the NSI is not exposed to significant interest, currency or credit risks arising from these financial instruments except as otherwise disclosed.
Interest on amounts due are payable at prime plus 1.25%. Security is a general security agreement registered in Manitoba. Notwithstanding compliance with covenants of the credit facility, borrowings are repayable on demand.
Credit concentration
NSI has one year remaining on an office lease for 4,056 square feet at 400–141 Bannatyne Avenue which commenced January 2012. Minimum annual rent is $77,364. NSI has two years remaining on a lease agreement for office equipment. Minimum annual payments are $3,104.
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Financial instruments that potentially subject NSI to concentrations of credit risk consist mainly of accounts receivable from private funders and government bodies. At March 31, 2014, NSI had 31% (2013–79%) in accounts receivable from two (2013–two) sources. These amounts are considered collectible.
11. Economic dependence A major portion of NSI’s revenue is derived from donations and funding grants. As a result, any reduction in funding may affect the NSI’s ability to continue future operations.
2014-2015 IS
THE YEAR OF NSI ALUMNI YOU keep us up-to-date with your projects and successes, and we proudly share them with the world. WE want to talk more about the changes happening in our industry. YOU are the resource that knows us best and you have so much insight and energy for the future. WE want you to be part of an ever-evolving NSI.
TOGETHER we will do great things for the Canadian screen industry.
SO PROUD OF OUR 20 ALUMNI WITH 14 FILMS AT TIFF 2014! National Screen Institute - Canada (NSI) operates with ongoing funding from Core Funders: Manitoba Tourism, Culture, Heritage, Sport and Consumer Protection , the City of Winnipeg through the Winnipeg Arts Council; Benefactors: Shaw Media and Telefilm Canada; Patrons: Bell Media and Corus Entertainment; Builders: Rogers, The Brian Linehan Charitable Foundation and NBCUniversal; Strategic Sponsors: Entertainment One, Super Channel and Blue Ant Media; Friends: ZoomerMedia, Manitoba Liquor & Lotteries, APTN and RBC Emerging Artists Project.
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National Screen Institute – Canada (NSI) Suite 400, 141 Bannatyne Avenue, Winnipeg, Manitoba R3B 0R3 tel: 204.956.7800 | toll free: 800.952.9307 | fax: 204.956.5811 Š 2014 National Screen Institute - Canada