Workplace Safety & Prevention Services 2012 Annual Report
33
December 31, 2012
Workplace Safety & Prevention Services
Notes to Financial Statements
16. Internally Restricted Fund for CHSI Capital Expenditures
The Board approved setting up an internally restricted fund at December 31, 2012 for the Association's
share of future capital expenditures relating to CHSI. The fund was designated based on a reserve fund
study performed on CHSI in 2011. In the current year, the Association allocated $283,158 (2011 – $nil)
to this fund and transferred $760,138 (2011 – $nil) from unrestricted surplus. These amounts represent
the Association's share of CHSI's replacement reserve and unrestricted net assets.
17. Internally Restricted for Long Term Plans
The Board approved setting up an internally restricted fund at December 31, 2012 to fund certain
commitments and long term plans and activities. In the current year, the Association allocated $nil
(2011 – $nil) to this fund and transferred $750,000 (2011 – $nil) from unrestricted surplus.
18. Unrestricted Net Assets
Based on a directive from WSIB, there is a requirement to build up the unrestricted net assets to
$3,750,000. Starting in 2010, a minimum of $250,000 of unrestricted excess of revenue over expenses
is required for 15 years in order to achieve the directive.
19. Workplace Safety & Insurance Board / Ministry of Labour Funding
2012 2011
WSIB funding consists of the following:
Approved funding allocation – operations $ 7,894,386 $ 31,936,022
Add: expenditures of deferred amounts from prior years 56,000 1,337,577
Less: approved amounts for future operation expenditures – (416,339)
approved amounts for deferred surplus (Note 13) – (550,000)
7,950,386 32,307,260
MOL funding consists of the following:
Approved funding allocation – operations 25,209,739 –
Less: approved amounts for future operation expenditures (1,534,955) –
23,674,784 –
$ 31,625,170 $ 32,307,260
