Financial Statements of the
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
and Independent Auditors' Report thereon

For the Year Ended March 31, 2020

Financial Statements For the Year Ended March 31, 2020 (PDF version, 180 KB)

STATEMENT OF MANAGEMENT RESPONSIBILITY INCLUDING INTERNAL CONTROL OVER FINANCIAL REPORTING

As at March 31

Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2020, and all information contained in these statements rests with the management of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These financial statements have been prepared by management using the Government's accounting policies, which are based on Canadian public sector accounting standards.

Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management's best estimates and judgment, and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of FINTRAC's financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada, and included in FINTRAC's Departmental Performance Report, is consistent with these financial statements.

Management is also responsible for maintaining an effective system of internal control over financial reporting (ICFR) designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Financial Administration Act and other applicable legislation, regulations, authorities and policies.

Management seeks to ensure the objectivity and integrity of data in its financial statements through careful selection, training and development of qualified staff; through organizational arrangements that provide appropriate divisions of responsibility; through communication programs aimed at ensuring that regulations, policies, standards, and managerial authorities are understood throughout FINTRAC and through conducting an annual risk-based assessment of the effectiveness of the system of ICFR.

The system of ICFR is designed to mitigate risks to a reasonable level based on an ongoing process to identify key risks, to assess effectiveness of associated key controls, and to make any necessary adjustments.

FINTRAC is subject to periodic Core Control Audits performed by the Office of the Comptroller General of Canada (OCG) and uses the results of such audits to comply with the Treasury Board Policy on Internal Control.

A Core Control Audit was performed in 2016–17 by the OCG. The Audit Report and related Management Action Plan are posted on FINTRAC's website.

The firm of KPMG LLP has expressed an opinion on the fair presentation of the financial statements of FINTRAC, which does not include an audit opinion on the annual assessment of the effectiveness of the department's internal controls over financial reporting.

___________________
Nada Semaan
Director and Chief Executive Officer
FINTRAC
Ottawa, Canada
Date: October 9, 2020
___________________
Annette Ryan
Chief Financial Officer
FINTRAC
Ottawa, Canada
Date: November 5, 2020

KPMG LLP
150 Elgin Street, Suite 1800
Ottawa, ON K2P 2P8
Canada
Telephone 613-212-5764
Fax 613-212-2896

INDEPENDENT AUDITORS' REPORT

To the Director and Chief Executive Officer of the Financial Transactions and Report Analysis Centre of Canada

Opinion

We have audited the financial statements of the Financial Transactions and Report Analysis Centre of Canada (FINTRAC) which comprise:

(Hereinafter referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of FINTRAC as at March 31, 2020, its net cost of its operations, change in departmental net debt and its cash flows for the year then ended in accordance with the accounting policies generally applied by the Government of Canada for government departments and agencies as stipulated in Treasury Board accounting policies.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the "Auditors' Responsibilities for the Audit of the Financial Statements" section of our auditors' report.

We are independent of FINTRAC in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter – Basis of Accounting and Restriction on Use

Without modifying our opinion, we draw attention to note 2 to the financial statements, which describes the basis of accounting. The financial statements are prepared for the information and use of the management of FINTRAC and the Treasury Board of Canada Secretariat. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for the management of FINTRAC and the Treasury Board of Canada Secretariat, and should not be used by other parties.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting policies generally applied by the Government of Canada for government departments and agencies as stipulated in Treasury Board accounting policies; this includes determining that the basis of accounting is an acceptable basis for the preparation of these financial statements in the circumstances, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the FINTRAC's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate FINTRAC or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing FINTRAC's financial reporting process.

Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with Canadian general accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.

We also:

Chartered Professional Accountants, Licensed Public Accountants
Ottawa, Canada
September 25, 2020

STATEMENT OF FINANCIAL POSITION (Audited)
As at March 31
2020
(in dollars)
2019
(in dollars)
Liabilities
Accounts payable and accrued liabilities (note 4) $8,679,443 $5,532,743
Vacation pay and compensatory leave 2,154,017 1,801,278
Employee future benefits (note 5) 1,574,861 1,648,361
Total liabilities 12,408,321 8,982,382
Financial assets
Due from the Consolidated Revenue Fund 7,334,011 4,759,029
Accounts receivable and advances (note 6) 1,573,538 815,623
Total Financial Assets 8,907,549 5,574,652
Financial assets held on behalf of Government
Accounts receivable and advances (note 6) (43,516) (127,620)
Total financial assets held on behalf of Government (43,516) (127,620)
Total Net Financial Assets 8,864,033 5,447,032
Departmental Net Debt 3,544,288 3,535,350
Non-financial assets
Prepaid expenses 1,068,495 694,604
Tangible capital assets (note 7) 3,420,598 17,918,996
Total non-financial assets 4,489,093 18,613,600
Departmental net financial position $944,805 $15,078,250

Contractual obligations (note 8)
The accompanying notes form an integral part of these financial statements.

___________________
Nada Semaan
Director and Chief Executive Officer
FINTRAC
Ottawa, Canada
Date: October 9, 2020
___________________
Annette Ryan
Chief Financial Officer
FINTRAC
Ottawa, Canada
Date: November 5, 2020

STATEMENTS OF OPERATIONS AND DEPARTMENTAL NET FINANCIAL POSITION
For the Year Ended March 31
  Planned Results 2020
(in dollars)
2020
(in dollars)
2019
(in dollars)
Expenses
Compliance Program $18,630,649 $20,041,853 $18,739,529
Financial Intelligence Program 17,630,783 30,707,558 14,793,005
Internal Services 19,637,988 21,123,378 18,500,618
Total Expenses 55,899,420 71,872,789 52,033,152
Revenues
Non-respendable revenue - 34,558 40,525
Other revenue - 25 217
Revenues earned on behalf of Government - (34,558) (40,525)
Total Revenues - 25 217
Net cost of operations before Government funding and transfers 55,899,420 71,872,764 52,032,935
Government funding and transfers
Net cash provided by Government 51,824,081 51,785,000 52,146,460
Change in due from the Consolidated Revenue Fund (219,925) 2,574,982 (930,586)
Services provided without charge by other government departments (note 9) 3,263,477 3,379,337 2,931,730
Net cost of operations after Government funding and transfers 1,031,787 14,133,445 (2,114,669)
Departmental net financial position – beginning of year 15,027,356 15,078,250 12,963,581
Departmental net financial position – end of year $13,995,569 $944,805 $15,078,250

Segmented information (note 10)

The accompanying notes form an integral part of these financial statements.

STATEMENT OF CHANGE IN DEPARTMENTAL NET DEBT
For the Year Ended March 31
  Planned Results
2020

(in dollars)
2020
(in dollars)
2019
(in dollars)
Net cost of operations after Government funding and transfers $1,031,787 $14,133,445 ($2,114,669)
Change due to tangible capital assets
Acquisition of tangible capital assets 943,223 345,689 2,474,505
Amortization of tangible capital assets (2,046,090) (393,015) (477,202)
Net loss on disposal of tangible capital assets - (14,451,072) -
Total change due to tangible capital assets (1,102,867) (14,498,398) 1,997,303
Change due to prepaid expenses (24,154) 373,891 212,504
Net increase in departmental net debt (95,234) 8,938 95,138
Departmental net debt – beginning of year 3,612,046 3,535,350 3,440,212
Departmental net debt – end of year $3,516,812 $3,544,288 $3,535,350

The accompanying notes form an integral part of these financial statements.

STATEMENT OF CASH FLOWS
For the Year Ended March 31
  2020
(in dollars)
2019
(in dollars)
Operating Activities
Net cost of operations before government funding and transfers $71,872,764 $52,032,935
Non-cash items:
Amortization of tangible capital assets (393,015) (477,202)
Net loss on disposal of tangible capital assets (14,451,072) -
Services provided without charge by other government departments (3,379,337) (2,931,730)
Variations in Statement of Financial Position:
Increase (decrease) in accounts receivable and advances 842,019 (1,830)
Increase in prepaid expenses 373,891 212,504
Decrease (increase) in accounts payable and accrued liabilities (3,146,700) 820,273
Increase in vacation pay and compensatory leave (352,739) (117,175)
Decrease in employee future benefits 73,500 134,180
Cash used in operating activities 51,439,311 49,671,955
Capital investing activities
Acquisition of tangible capital assets 345,689 2,474,505
Cash used by capital investing activities 345,689 2,474,505
Net cash provided by Government of Canada $51,785,000 $52,146,460

The accompanying notes form an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended March 31

1. Authority and objectives

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was legislated into existence in July 2000 to be Canada's Financial Intelligence Unit. The Centre exists to assist in the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control. FINTRAC's Financial Intelligence and Compliance programs strive to disrupt the ability of criminals and terrorist groups that seek to abuse Canada's financial system and to reduce the profit incentive of crime.

FINTRAC acts at arm's length and is independent from the law enforcement agencies and other entities to which it is authorized to disclose financial intelligence. It reports to the Minister of Finance, who is in turn accountable to Parliament for the activities of the Centre. FINTRAC was established by, and operates within, the ambit of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations.

To effectively pursue its mandate, FINTRAC aims to achieve the following strategic outcome: A Canadian financial system resistant to money laundering and terrorist financing.

2. Summary of significant accounting policies

These financial statements have been prepared in accordance with the Government's accounting policies stated below, which are based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.

Significant accounting policies are as follows:

(a) Parliamentary authorities

FINTRAC is financed by the Government of Canada through Parliamentary authorities. Financial reporting of authorities provided to FINTRAC do not parallel financial reporting according to generally accepted accounting principles since authorities are primarily based on cash flow requirements. Consequently, items recognized in the Statement of Operations and Departmental Net Financial Position and in the Statement of Financial Position are not necessarily the same as those provided through authorities from Parliament. Note 3 provides a reconciliation between the bases of reporting. The planned results amounts in the "Expenses" and "Revenues" sections of the Statement of Operations and Departmental Net Financial Position are the amounts reported in the Future-Oriented Statement of Operations included in the 2019–20 Reports on Plans and Priorities. The planned results amounts in the "Government funding and transfers" section of the Statement of Operations and Departmental Net Financial Position and in the Statement of Change in Departmental Net Debt were prepared for internal management purposes and have not been previously published.

(b) Net cash provided by Government

FINTRAC operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by FINTRAC is deposited to the CRF, and all cash disbursements made by FINTRAC are paid from the CRF. The net cash provided by Government is the difference between all cash receipts and all cash disbursements, including transactions between departments of the Government.

(c) Amounts due from or to the CRF

Amounts due from or to the CRF are the result of timing differences at year-end between when a transaction affects authorities and when it is processed through the CRF. Amounts due from the CRF represent the net amount of cash that FINTRAC is entitled to draw from the CRF without further authorities to discharge its liabilities.

(d) Revenues

(e) Expenses

Expenses are recorded on the accrual basis:

(f) Employee future benefits

(g) Accounts receivable

Accounts receivable are stated at the lower of cost and net recoverable value. A valuation allowance is recorded for receivables where recovery is considered uncertain.

(h) Contingent liabilities

Contingent liabilities are potential liabilities that may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded. If the likelihood is not determinable or if an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the financial statements.

(i) Tangible capital assets

All tangible capital assets and leasehold improvements having an initial cost of $5,000 or more are recorded at their acquisition cost. FINTRAC does not capitalize intangibles, works of art and historical treasures that have cultural, aesthetic or historical value, assets located on Indian reserves and museum collections.

Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset as follows:
Asset Class Amortization Period
Machinery and equipment 5 years
Informatics hardware 5 years
Software (purchased and developed) 5 years
Other equipment, including furniture 5 to 10 years
Leasehold improvements Lesser of remaining lease term or 10 years

(j) Measurement uncertainty

The preparation of these financial statements, in accordance with Canadian public sector accounting standards, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses reported in the financial statements. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. The most significant items where estimates are used are the liability for employee severance benefits, the useful life of tangible capital assets and the economic increase amount disclosed as a subsequent event. Actual results could significantly differ from those estimated. Management's estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the financial statements in the year they become known.

3. Parliamentary authorities

FINTRAC receives most of its funding through annual parliamentary authorities. Items recognized in the Statement of Operations and Departmental Net Financial Position and the Statements of Financial Position in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, FINTRAC has different net results of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

(a) Reconciliation of net cost of operations to current year authorities used
  2020
(in dollars)
2019
(in dollars)
Net cost of operations before Government funding and transfers $71,872,764 $52,032,935
Adjustments for items affecting net cost of operations but not affecting authorities:
Amortization of tangible capital assets (Note 7) (393,015) (477,202)
Services provided without charge by other government departments (Note 9) (3,379,337) (2,931,730)
Increase in vacation pay and compensatory leave liability (352,739) (117,175)
Net loss on disposal of tangible capital assets, net of recoveries (13,701,072) -
Decrease in employee future benefits liability 73,500 134,180
Decrease in accrued liabilities not charged to authorities 263,798 17,383
Bad debt expense (22,828) -
Refund of prior years' expenditures 196,073 13,468
Total items affecting net cost of operations but not affecting authorities (17,315,620) (3,361,076)
Adjustments for items not affecting net cost of operations but affecting authorities:
Acquisitions of tangible capital assets (Note 7) 345,689 2,474,505
Increase in prepaid expenses 373,891 212,504
Salary overpayments to be recovered 6,017 32,203
Proceeds from disposal of non-capital assets 25 217
Total items not affecting net cost of operations but affecting authorities 725,622 2,719,429
Current year authorities used $55,282,766 $51,391,288
  
                                                                               
(b) Authorities provided and used
  2020
(in dollars)
2019
(in dollars)
Authorities provided
Vote 1 – Operating expenditures $50,903,480 $46,614,069
Statutory amounts 5,444,038 5,277,106
Total: 56,347,518 51,891,175
Transfer from Treasury Board
Vote 1 – Operating expenditures 4,478,302 3,048,971
Statutory amounts (629,524) (350,935)
Total: 3,848,778 2,698,036
Less:
Authorities available for future years (25) (217)
Lapsed Vote 1 – Operating expenditures (4,913,505) (3,197,706)
Current year authorities used $55,282,766 $51,391,288

4. Accounts payable and accrued liabilities

The following table presents details of FINTRAC's accounts payable and accrued liabilities.
  2020
(in dollars)
2019
(in dollars)
Accounts payable – Other government departments and agencies $1,064,710 $472,666
Accounts payable – External parties 1,649,739 982,188
Total accounts payable 2,714,449 1,454,854
Accrued salaries and wages 5,764,476 4,001,473
Accrued liabilities 200,518 76,416
Total accounts payable and accrued liabilities $8,679,443 $5,532,743

5. Employee future benefits

(a) Pension benefits

FINTRAC's employees participate in the public service pension plan (the "Plan"), which is sponsored and administered by the Government of Canada. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 percent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Québec Pension Plan benefits and they are indexed to inflation.

Both the employees and FINTRAC contribute to the cost of the Plan. Due to the amendment of the Public Service Superannuation Act following the implementation of provisions related to Economic Action Plan 2012, employee contributors have been divided into two groups – Group 1 relates to existing plan members as of December 31, 2012 and Group 2 relates to members joining the Plan as of January 1, 2013. Each group has a distinct contribution rate.

The 2019–20 expense amounts to $4,814,489 ($4,925,954 in 2018–19). For Group 1 members, the expense represents approximately 1.01 times (1.01 times in 2018–19) the employee contributions and, for Group 2 members, approximately 1.00 times (1.00 times for 2018–19) the employee contributions.

FINTRAC's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan's sponsor.

(b) Severance benefits

Severance benefits provided to FINTRAC's employees were previously based on an employee's eligibility, years of service and salary at termination of employment. However, since 2011 the accumulation of severance benefits for voluntary departures progressively ceased for substantially all employees. Employees subject to these changes were given the option to be paid the full or partial value of benefits earned to date or collect the full or remaining value of benefits upon departure from the public service. By March 31, 2019, all settlements for immediate cash out were completed. Severance benefits are unfunded and, consequently, the outstanding obligation will be paid from future authorities.

The changes in the obligations during the year were as follows:
  2020
(in dollars)
2019
(in dollars)
Accrued benefit obligation – Beginning of year $1,648,361 $1,782,541
Expense for the year (164,581) (118,991)
Benefits paid during the year 91,081 (15,189)
Accrued benefit obligation – End of year $1,574,861 $1,648,361

6. Accounts receivable and advances

The following table presents details of FINTRAC's accounts receivable and advances balances:
  2020
(in dollars)
2019
(in dollars)
Receivables – Other government departments and agencies $1,526,795 $673,768
Receivables – External parties 51,730 200,895
Employee advances 3,939 4,750
Subtotal 1,582,464 879,413
Allowance for doubtful accounts on receivables from external parties (8,926) (63,790)
Gross accounts receivable and advances 1,573,538 815,623
Accounts receivable held on behalf of Government (43,516) (127,620)
Net accounts receivable and advances $1,530,022 $688,003

7. Tangible capital assets

COST
(in dollars)
  Opening balance Acquisitions Transfers from Assets Under Construction Disposals and write-offs Closing balance
Machinery and equipment $1,715,857 $- $- $- $1,715,857
Informatics hardware 6,682,370 140,180 271,384 - 7,093,934
Software (purchased and developed) 16,170,907 65,657 - - 16,236,564
Other equipment, including furniture 6,623,892 21,151 - - 6,645,043
Leasehold improvements 8,633,801 118,701 - - 8,752,502
Assets under construction 14,722,456 - (271,384) (14,451,072) -
Total $54,549,283 $345,689 - $(14,451,072) $40,443,900
ACCUMULATED AMORTIZATION
(in dollars)
  Opening balance Amortization Transfers from Assets Under Construction Disposals and write-offs Closing balance
Machinery and equipment $1,331,041 $98,985 $- $- $1,430,026
Informatics hardware 6,376,237 99,634 - - 6,475,871
Software (purchased and developed) 15,880,149 30,155 - - 15,910,304
Other equipment, including furniture 6,275,065 52,960 - - 6,328,025
Leasehold improvements 6,767,795 111,281 - - 6,879,076
Total $36,630,287 $393,015 $- - $37,023,302
NET BOOK VALUE
(in dollars)
  2020 2019
Machinery and equipment $285,831 $384,816
Informatics hardware 618,063 306,133
Software (purchased and developed) 326,260 290,758
Other equipment, including furniture 317,018 348,827
Leasehold improvements 1,873,426 1,866,006
Assets under construction - 14,722,456
Total $3,420,598 $17,918,996

During the year, FINTRAC wrote-off assets under construction relating to the analytical modernization project as a result of management's determination that the project would not produce the expected service potential.

FINTRAC has been working to upgrade its analytics systems over the past several years. Through this modernization process, FINTRAC has been able to capture and refine its complex intelligence requirements, identify key business processes to streamline, and implement foundational components in support of the ongoing modernization of its analytics systems. FINTRAC remains focused on the modernization of its analytics systems in order to keep pace with the rapid technological innovation that is taking place in the financial sector and all sectors around the world.

8. Contractual obligations

The nature of FINTRAC's activities can result in some large multi-year contracts and obligations whereby FINTRAC will be obligated to make future payments when the services are received. FINTRAC has entered into lease agreements with Xerox for copiers and with Public Services and Procurement Canada for office space in four locations across Canada. The minimum aggregate annual payments for future fiscal years are as follows:

The minimum aggregate annual payments for future fiscal years
Fiscal Year (in dollars)
2020–21 $4,012,201
2021–22 3,909,784
2022–23 3,642,072
2023–24 and thereafter 9,082,407
Total $20,646,464

9. Related party transactions

FINTRAC is related as a result of common ownership to all government departments, agencies, and Crown corporations. FINTRAC enters into transactions with these entities in the normal course of business and on normal trade terms. During the year, FINTRAC received common services which were obtained without charge from other government departments as disclosed below.

(a) Common services provided without charge by other government departments

During the year, FINTRAC received services without charge from certain common service organizations, related to the employer's contribution to the health and dental insurance plans and workers' compensation coverage. These services provided without charge have been recorded in FINTRAC's Statement of Operations and Departmental Net Financial Position as follows:

Common services provided without charge by other government departments
  2020
(in dollars)
2019
(in dollars)
Employer's contribution to the health and dental insurance plans $3,379,337 $2,931,730

The Government has centralized some of its administrative activities for efficiency, cost-effectiveness purposes and economic delivery of programs to the public. As a result, the Government uses central agencies and common service organizations so that one department performs services for all other departments and agencies without charge. The costs of these services, such as the payroll and cheque issuance services provided by Public Services and Procurement Canada, are not included in FINTRAC's Statement of Operations and Departmental Net Financial Position. The costs of information technology infrastructure services provided by Shared Services Canada of $4,338,585 are also not included in FINTRAC's Statement of Operations and Departmental Net Financial Position.

(b) Other transactions with related parties

Other transactions with related parties
  2020
(in dollars)
2019
(in dollars)
Expenses – Other government departments and agencies $11,929,867 $10,940,787

10. Segmented information

Presentation by segment is based on FINTRAC's program alignment architecture. The presentation by segment is based on the same accounting policies described in the Summary of Significant Accounting Policies in note 2. The following table presents the expenses incurred and revenues generated for the main programs, by major object of expenses and type of revenue. The segment results for the period are as follows:

The segment results for the period
  2020
2019
(in dollars)
Financial Intelligence Program Compliance Program Internal Services Total Total
Operating Expenses
Salaries and employee benefits $13,455,924 $15,929,005 $15,233,690 $44,618,619 $40,538,945
Accommodations 1,109,923 1,685,439 1,315,465 4,110,827 4,210,915
Professional and special services 552,460 892,092 2,408,990 3,853,542 2,183,105
Rentals 559,031 282,459 742,867 1,584,357 1,212,777
Travel and relocation 263,454 482,642 116,424 862,520 818,472
Acquisition of machinery and equipment 259,256 152,743 403,623 815,622 1,266,092
Repairs and maintenance 268,363 182,283 356,077 806,723 254,996
Information services 189,163 105,408 111,367 405,938 397,320
Amortization of tangible capital assets 135,983 108,865 148,167 393,015 477,202
Utilities, materials and supplies 96,707 131,909 124,765 353,381 313,452
Transportation and telecommunication 116,216 65,901 154,686 336,803 353,177
Other expenditures 13,701,078 23,107 7,257 13,731,442 6,699
Total Operating Expenses 30,707,558 20,041,853 21,123,378 71,872,789 52,033,152
Total Expenses 30,707,558 20,041,853 21,123,378 71,872,789 52,033,152
Revenues
Non-respendable revenue 4 34,384 170 34,558 40,525
Other revenue - - 25 25 217
Revenues earned on behalf of Government (4) (34,384) (170) (34,558) (40,525)
Total Revenues - - 25 25 217
Net cost from continuing operations $30,707,558 $20,041,853 $21,123,353 $71,872,764 $52,032,935
Date Modified: