Not for profit organizations (NPOs) provide an important role in our society.  NPOs have different purposes:  some are for specific users or members only, such as a municipality or condominium corporation, others are for the benefit society as a whole such as a charity.


At Edward & Manning LLP we provide a financial statement auditor approach which gives Municipalities in Ontario the peace of mind that their financial statements are in good order and will be completed on an accurate and timely basis to meet all regulatory reporting requirements.

Municipalities in Ontario are required to prepare their annual financial statements in accordance with Canadian Generally Accepted Accounting Principles (GAAP) as recommended by the Public Sector Accounting Board (PSAB).   As of January 1, 2009, changes to PSAB principles require municipalities to prepare their financial statements on a full accrual basis. This produces a more comprehensive indication of the financial position of municipalities.

The Ministry of Municipal Affairs and Housing requires these financial statements to be audited and submitted no later than April 30th of each year following a fiscal year.

The financial statements and auditors’ report satisfy a legislated reporting requirement as set out in the Municipal Act of Ontario.

There are four required financial statements:

-statement of financial position

-statement of operations

-statement of change in net financial assets, and

-statement of cash flow

Ontario Municipalities are also required to submit an annual Financial Information Return (FIR). The FIR is the main data collection tool used by the Ministry of Municipal Affairs and Housing to collect financial and statistical information on Municipalities. The FIR is a standard document comprised of a number of Schedules which are updated each year to comply with current legislation and reporting requirements.

We at Edward & Manning LLP are familiar with all the annual reporting requirements of municipalities and we provide a level of audit service to ensure all requirements are met.


Charitable Organizations

Charities try to maximize the services provided with the donations received.  This can mean that the administration can understaffed and as a result controls can sometimes be overlooked.

In this constrained environment, it is important to maintain proper governance throughout the organization.  The “tone at the top” from the board of directors needs to be clear and empowers management execute the charities’ mission.  Proper internal controls need to be implemented and effective which can be difficult at times.

Often charities receive substantial donations directed to a specific program or goal.  As part of proper accounting, these donations and related expenses or gifts need to be maintained in a separate fund from general donations.

Edward & Manning LLP provides a wide range of support for charities including:

  •  Financial statement audit or review
  • Charity tax filing
  • Advisory services on controls, operating structure

Condominium Corporations

The condominium concept is not a new one; the existence of similar arrangements is reported by scholars in early civilizations. For example, the Romans, from whose language the word condominium was derived, used this form of housing.

It wasn’t until the latter half of the 20th century that Condominium Corporations came into existence in Ontario.  The responsibilities of the Condo Board under the Condominium Act in the preparation of financial statements is set out in Section 66 and related regulations as follows: “a corporation shall have its financial  statements prepared in the manner and in accordance with the accounting principles specified  in the Handbook of the Canadian Institute of Chartered Accountants.”  The Act also requires that an annual financial statement audit is performed for all condominium corporations with more than 25 units.

 At Edward & Manning LLP we have extensive experience providing financial statement audits to Condominium Corporations.  Our team of audit professionals has a strong understanding of the unique accounting needs and audit approach required for Condominium audits.

We pride ourselves as not only the auditors for the Condominiums we serve but also as valuable professionals always available to answer questions throughout the year, not only during the year end audit.

 As always, included in our audit fee is visit to the Condominium’s Annual General Meeting to present the audited financial statements and answer any questions that the Condominium Board and Members might have.


Other NPOs that our team has experience with:

Charitable Foundations and Organizations
Industrial and Professional Associations
Sports Associations
Unions and Trade Associations