December 31, 2017, with comparative information for 2016 Operations Fund Insurance Program Fund Total 2017 2016 2017 2016 2017 2016 ASSETS Current assets: $ $ $ $ $ $ Cash 1,292,163 1,917,901 564,987 1,436,722 1,857,150 3,354,623 Short-term investments (note 2) 25,807,988 20,983,642 23,415,223 20,712,985 49,223,211 41,696,627 Accounts receivable 879,900 809,578 102,621 87,253 982,521 896,831 Prepaid insurance premiums - - 18,608,224 18,054,053 18,608,224 18,054,053 Deposits and prepaid expenses 460,399 568,176 - - 460,399 568,176 28,440,450 24,279,297 42,691,055 40,291,013 71,131,505 64,570,310 Capital assets (note 3) 2,422,900 1,985,775 - - 2,422,900 1,985,775 Intangible assets (note 4) 2,571,997 2,768,441 - - 2,571,997 2,768,441 33,435,347 29,033,513 42,691,055 40,291,013 76,126,402 69,324,526 LIABILITIES AND ACCUMULATED FUND BALANCES Current liabilities: Accounts payable and accrued liabilities 1,748,253 1,397,628 18,448 17,558 1,766,701 1,415,186 Accrued insurance premiums - - 233,147 307,259 233,147 307,259 Government fee payable (note 5) 165,000 165,000 - - 165,000 165,000 Deferred lease inducement (note 6) 95,268 95,268 - - 95,268 95,268 Deferred registration fees (note 7(a)) 12,010,365 10,708,420 - - 12,010,365 10,708,420 Deferred insurance fees (note 7(b)) - - 21,075,762 20,262,048 21,075,762 20,262,048 14,018,886 12,366,316 21,327,357 20,586,865 35,346,243 32,953,181 Deferred lease inducement (note 6) 309,621 404,889 - - 309,621 404,889 Deferred registration fees (note 7(a)) 4,451,103 3,947,403 - - 4,451,103 3,947,403 18,779,610 16,718,608 21,327,357 20,586,865 40,106,967 37,305,473 Accumulated fund balances: Investment in capital assets and intangible assets (notes 3 and 4) 4,948,459 4,693,937 - - 4,948,459 4,693,937 Restricted insurance program fund balances (Schedule 2) - - 21,363,698 19,704,148 21,363,698 19,704,148 Internally restricted operating reserve 6,000,000 2,000,000 - - 6,000,000 2,000,000 Unrestricted 3,707,278 5,620,968 - - 3,707,278 5,620,968 14,655,737 12,314,905 21,363,698 19,704,148 36,019,435 32,019,053 Commitments and contingencies (notes 9, 10 and 11) 33,435,347 29,033,513 42,691,055 40,291,013 76,126,402 69,324,526 See accompanying notes to financial statements. Real Estate Council of Ontario Statement of Financial Position 54/ RECO 2017 ANNUAL REPORT/INDEPENDENT AUDITORS' REPORT