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2015 ANNUAL REPORT | Workplace Safety & Prevention Services 23 Ahead of the Curve | WSPS.CA/AnnualReport Workplace Safety & Prevention Services Notes to Financial Statements December 31, 2015 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Defined contribution pension plan The Association's contributions to a multi-employer, defined contribution pension plan are expensed when contributions are due. Investment in Centre for Health & Safety Innovation (CHSI) The Association is a founding member of CHSI, a not-for-profit organization that provides shared premises for the Association and one other Ontario health and safety organization. Under its membership agreement, the Association is determined to be a party to a joint venture with one other party. The Association paid a fee equivalent to 74.36% of the start-up and operating costs of CHSI. The Association has chosen to use the equity basis to account for its proportionate share of the annual operating results of CHSI (note 4). Use of estimates The preparation of the financial statements in conformity with the basis of accounting as described in note 2 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. 3. INVESTMENTS Short-term investments comprise the following: 2015 2014 Canadian money market mutual funds $ — $ 1,057,587 Market-linked guaranteed investment certificates maturing May 17, 2016 200,000 — Guaranteed Investment Certificates maturing between January 8, 2016 and November 21, 2016 yielding between 1.00% and 1.88% (2014 – April 1, 2015 and December 5, 2015 yielding between 1.25% and 1.91%) 34,669,327 35,592,279 $ 34,869,327 $ 36,649,866 Long-term investments comprise market-linked guaranteed investment certificates maturing between July 17, 2018 and December 4, 2018.