Financials

The following information is a summary of CREA's operational and financial condition for the fiscal year ending December 31, 2012 and should be read in conjunction with the audited financial statements posted below.

FINANCIAL STATEMENTS
Years ended December 31, 2012 and 2011 Download

Schedule of Assets, Liabilities and Accumulated Surplus
Schedule of Revenue and Expenditures
Schedule of Accumulated Surplus
For the Year Ended December 31, 2012 Download

Overview

The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 106,000 real estate Brokers/agents.

The 2012 membership increased by 2.3% over 2011. New members have decreased over 2011 (2012 – 8,616; 2011 – 9,822).

The total revenue includes revenue from CREA's office building. The total expenses include expenses for the Legal Defence Fund, $1,540.9K and expenses for the Futures Fund, $898.4K.

Selected Annual Information – Consolidated

	2012 Actual	2011 Actual	2010 Actual
Fee	$290	$270	$220
Membership	106,944	104,440	101,068
	($000’s)	($000’s)	($000’s)
Membership Revenue	24,212.0	23,039.8	22,961.7
New Member Initiation Fee	1,696.2	2,215.0	2,248.8
Total Revenue	34,214.8	33,460.9	27,906.6
Total Expenses	31,782.4	30,247.8	27,335.6
Net Revenue	2,432.4	3,213.1	570.9
Fund Balances	24,392.0	21,959.6	18,746.5

Expenses

The chart below outlines the actual expenses compared against the previous year. In August the Board approved the 2013 budget and a three year strategic plan, 2013 to 2015. As a result of these items and the work of the Futures Implementation Team, some projects were either not undertaken in 2012 or delayed to 2013.

	Actual Dec. 31/12	Actual Dec. 31/11
External Relations	785,112	674,638
Communications	715,898	1,037,892
Legal	777,814	691,316
National Ad Campaign	5,760,170	7,811,861
Committees/Task Force	1,063,097	1,648,992
Representation	1,012,737	1,171,751
General Overhead	1,368,963	1,060,472
Salaries/Benefits	8,926,613	8,146,143

External Relations:

The actual expense increased over 2011 due to increased research projects and work conducted on the REALTOR® Action Network.

Communications:

The actual expense decreased over 2011 due to the trademark promotion that took place in 2011. The 2012 expense includes a member engagement strategy.

Legal:

The expense is higher than 2011 due to the applications for the .mls domain name and .REALTOR domain name.

National Ad Campaign:

The national ad campaign is well below 2011 actual due to the fact that only one ad was produced in 2012 following positive post-campaign research after the Spring run; expenses for 2012 production and licensing were expensed in 2011; and less than projected take-up from the Radio Co-op program.

Committees/Task Forces:

The 2012 expense is below 2011 due to costs incurred in 2011 for the Futures Project. The Futures Fund was approved and created for 2012 expenses; no expenses for FIT went through the 2012 Committee/Task Forces budget.

Representation:

The 2012 expenses are below 2011 due to less international travel.

General Overhead:

The general overhead expense increased over 2011 as it included repayment of credit card charges to Boards who submit receipts for repayment, $440K.

Salaries and Benefits:

The increase in salaries/benefits over 2011 was the result of the additional staff resources, mainly in the IT Services and Marketing departments as a continuation of the implementation of the MTC Vision document. CREA is consistently able to maintain the overall staff budget below 30% of total expenses, a benchmark for Not for Profits.