Management review of financials


Overall revenues were $170.1 million (2021 = $132.2 million) with an additional $9.6 million (2021 = $6.5 million) in restricted endowment contributions. These were incredibly positive revenue results, being higher than budgeted and NCC’s highest since NCC’s inception in 1962. These results benefitted from the unexpected opportunity for NCC to acquire the Boreal Wildlands (West) property in Ontario; the Yarrow Creek property in Alberta; land donations for Kenauk (phase 4) property in Quebec and Howick property in Ontario, along with higher sales of carbon credits.

NCC prudently budgeted revenues due to ongoing pandemic uncertainties; however, NCC’s supporters have continued endorsing the organization through this period. NCC’s cost containment measures during the year were equally beneficial.

Our Funders
5 Years Average (from 2017-18 to 2021-22)
As per Audited Financials


Total expenses were $159 million (2021 = $110.8 million), of which $129 million (2021 = $86.9 million) related directly to our program activities in land conservation, stewardship and science. NCC reports its overhead ratio based on a five-year average in recognition that this metric can vary year over year with periodic investments in such non-program areas as fundraising initiatives and technology. Our five-year average overhead ratio is 21 per cent, which has decreased from the prior year (2021 5-year ratio = 23%) due to increased growth in program activities over this period.

Following transfers to internally restricted net assets, NCC posted a surplus of $1.8 million (2021 = $1.6 million), reflecting continuing responsible fiscal management.

Total funds in stewardship and science endowments are $184.8 million, representing 21 per cent of NCC’s land portfolio balance sheet value. This reflects a continued commitment towards ensuring these properties will be cared for over the long term.

NCC continues to maintain a healthy balance sheet and reserves with no debt.

Donor Funds Invested
5 Years Average (from 2017-18 to 2021-22)
As per Audited Financials

Summarized financial statements

May 31, 2022

Independent auditor’s report

To the Members of
The Nature Conservancy of Canada

The summary financial statements of The Nature Conservancy of Canada (the “Conservancy”), which comprise the summary statement of financial position as at May 31, 2022, and the summary statement of operations and changes in operating surplus for the year then ended, and related notes, are derived from the complete audited financial statements of the Conservancy for the year ended May 31, 2022.

In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements, on the basis described in note 1.

Summary financial statements
The summary financial statements do not contain all of the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon

The audited financial statements and our report thereon
We expressed an unmodified audit opinion on the audited financial statements in our report dated September 22, 2022.

Management’s responsibility for the summary financial statements
Management is responsible for the preparation of the summary financial statements in accordance with the basis described in note 1.

Auditor’s responsibility
Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard 810, Engagements to Report on Summary Financial Statements.

Chartered Professional Accountants
Licensed Public Accountants

Toronto, Canada
September 22, 2022

Summary statement of financial position

As at May 31

Cash and cash equivalents51,262,537 77,982,036
Short-term investments48,000,000
Accounts receivable and other [note 8]12,872,1777,858,887
Total current assets112,134,71485,840,923
Capital assets, net886,475760,152
Conservation lands and agreements [note 3]888,513,278817,046,069
Liabilities and net assets
Accounts payable and accrued liabilities2,979,8542,455,930
Deferred contributions79,603,40061,338,717
Total current liabilities82,583,25463,794,647
Guarantees and contingencies [notes 6 and 7]
Net assets
Internally restricted
Invested in conservation lands and agreements888,513,278817,046,069
Operating surplus5,288,8743,487,898
Science and Stewardship Endowments184,765,235175,494,803
Total net assets1,110,426,8481,022,033,442

See accompanying notes

On behalf of the Board:

Mike Pedersen
Board Chair

Dorothy Sanford
Audit Committee Chair


Summary statement of operations and changes in operating surplus

Year ended May 31

Donations of conservation lands and agreements24,272,79516,588,238
Other donations and grants [note 8]127,973,98694,718,858
Proceeds from property sales50,850
Conservation lands and agreements acquired
Loan repayments for prior-year acquisitions1,634,500
Contributions to properties acquired and property-related
expenses incurred by others
Excess of revenue over expenses for the year11,132,22421,479,330
Net transfer to internally restricted net assets(5,711,878)(11,848,668)
Net transfer from (to) internally endowed net assets(3,619,370)(7,992,515)
Net increase in operating surplus1,800,9761,638,147
Operating surplus, beginning of year3,487,8981,849,751
Operating surplus, end of year5,288,8743,487,898

See accompanying notes

Notes to summary financial statements

May 31, 2022

1. Summary financial statements
The summary financial statements are derived from the complete audited financial statements, prepared in accordance with Canadian accounting standards for not-for-profit organizations as at May 31, 2022, and for the year then ended.

The preparation of these summary financial statements requires management to determine the information that needs to be reflected in the summary financial statements so that they are consistent, in all material respects, with or represent a fair summary of the audited financial statements.

These summary financial statements have been prepared by management using the following criteria:

[a] Whether information in the summary financial statements is in agreement with the related information in the complete audited financial statements; and
[b] Whether, in all material respects, the summary financial statements contain the information necessary to avoid distorting or obscuring matters disclosed in the related complete audited financial statements, including the notes thereto.

Management determined that the statements of changes in net assets and cash flows do not provide additional useful information and, as such, has not included them as part of the summary financial statements.

The complete audited financial statements of The Nature Conservancy of Canada [the “Conservancy”] are available upon request by contacting the Conservancy.

2. Revenue recognition
The Conservancy follows the deferral method of accounting for contributions. Revenue related to the sale of carbon offset credits is recognized when the Conservancy has transferred to the buyer the significant risks and rewards of the ownership of the carbon credits, the amount is fixed and determinable and collectability is reasonably assured.

3. Conservation lands and agreements
Purchased conservation lands and agreements are recorded at cost when title is transferred. The purchases are recorded as an expense to the extent that the purchase is internally financed. Repayments of debt related to property acquisitions are expensed when made. An amount equal to the expense related to purchases and debt repayments is added to net assets invested in conservation lands and agreements. When a loan is obtained in a subsequent year related to an internally financed purchase, an amount equal to the debt is transferred from net assets invested in conservation lands and agreements to operating surplus.

Contributed conservation lands and agreements are recorded at fair market value when title is transferred. When purchased conservation lands and agreements are acquired substantially below fair market value, the difference between consideration paid and fair value is reported as contributed conservation lands and agreements. The contributions are recorded as revenue and expenses and also as an asset offset by net assets invested in conservation lands and agreements.

Properties transferred to others are recorded as a reduction of conservation lands and agreements and net assets invested in conservation lands and agreements.

Conservation lands and agreements, either purchased or donated, are assets held as part of the Conservancy’s collection. Conservation agreements are legal agreements entered into by the Conservancy under which a landowner voluntarily restricts or limits the type and amount of development that may take place on his or her land to conserve its natural features. Once registered on title, that agreement runs with the title and binds all future owners.

4. Allocation of expenses
Salaries and benefits expenses are allocated between property-related and support expenses based on the primary job responsibilities of the employee’s position. No support expenses are allocated to property-related expenses.

5. Donated materials and services
Donated materials and services are not recognized in the summary financial statements.

6. Credit facilities
The Conservancy has credit facilities with one financial institution in which it has provided a general security agreement over all of its assets, excluding conservation lands and agreements and financial assets. In addition, in fiscal 2022, the Conservancy obtained a $13,000,000 revolving demand facility, from the same financial institution, available by way of Letters of Guarantee, secured by cash collateral in the form of Guaranteed Investment Certificates. As of May 31, 2022, the Conservancy had drawn one Letter of Guarantee in the amount of $11,735,000.

7. Contingencies
The nature of the Conservancy’s activities is such that there is often litigation pending or in progress. Where the potential liability is likely and able to be estimated, management records its best estimate of the potential liability. With respect to claims as at May 31, 2022, it is management’s position that the Conservancy has valid defences and appropriate insurance coverage to offset the cost of unfavourable settlements, if any, which may result from such claims. In other cases, the ultimate outcome of the claims cannot be determined at this time, and, as such, no accruals have been made as at May 31, 2022.

Officers and directors



Mike Pedersen, Chair
Toronto, Ontario

Janice Wattis, Vice Chair
West Vancouver, British Columbia

Catherine Grenier, President & CEO
Quebec City, Quebec

Elana Rosenfeld, Past Chair
Invermere, British Columbia

Michael Paskewitz, Secretary
Toronto, Ontario



Celine Legendre
Westmount, Quebec

Alexandra Blum
Oakville, Ontario

Bruce Cooper
Toronto, Ontario

Chloe Dragon Smith
Yellowknife, Northwest Territories

Paul Genest
Toronto, Ontario

Wayne King
Ottawa, Ontario

Judith May
Regina, Saskatchewan

Maureen McCaw
Edmonton, Alberta

Michael Paterson
Winnipeg, Manitoba

Mike Pedersen
Toronto, Ontario

Tamar Pichette
Montebello, Quebec

Dave Phillips
Lumsden, Saskatchewan

Rob Prosper
Kemptville, Ontario

Elana Rosenfeld
Invermere, British Columbia

Dorothy Sanford
Toronto, Ontario

Bob Sutton
Calgary, Alberta

Janice Wattis
West Vancouver, British Columbia

Ann Worth
Bonshaw, Prince Edward Island

Bruce Wright
Vancouver, British Columbia

Regional board of directors

British Columbia

Lesley Bentley
Kai Chan
Eric Denhoff
Karen Hamberg
Steve Hilts
Eliza Mitchell
Melissa Polak
Robert M Shaunessy
Janice Wattis
Bruce Wright, Chair


Jill Angevine
Janet Annesley
Michael Crothers
Kara Flynn
Michael Freeborn
Alan Harvie
Hal Kvisle
Bob Sutton, Chair
Barry Worbets
Kelly Smith-Fraser
Alex Pourbaix


Ryan Brook
Lorne Calvert
Crystal Fafard
Carmen Leibel
Judith May, Chair
Steve Mazurak
Bernadette McIntyre
Candice Pete
David Phillips
Cam Taylor
Dorothy Thomson


Bill Elliott
Jonathan Giller
Grant McPhail
Jenny O’Connor
Michael Paterson, Chair
Brodie Quinton
Michael Walker
Anita Wortzman


James Bowland
Cameron Clark
Alana Gavin
Paul Genest, Chair
John Grandy, Past Chair
Jenna Hinds
Patricia A. Koval, Vice Chair
David Love
Miptoon (Anthony Chegahno)
Erin Prendergast
John Riley
Mary M. Thomson
Doug Varty
Jeff Watchorn
Rodney Wilts
Michele Wright


Paul Archer
Kenneth Atlas
David Blair, Chair
Marie-Josée Blanchet
Nathalie Brown
Paul Corriveau
Sylvie de Blois
Monica Dingle
Josée Duplessis
Michèle Lefaivre
Viviane Maraghi
Michael McAdoo
Éric Rondeau
Meghan Rose

Atlantic Canada

Hari Balasubramanian
John Caraberis
Rob Crosbie
Leslie Grattan
Hon. Diane Griffin
Neil Hardy
Eleanor Humphries
Bill Jones
Kevin McNamara
Don McNeil
Deidre Puddister
Rodney Weston
Ann Worth, Chair

Board committee membership

Audit & Risk Committee

Shamir Alibhai
Paul Archer
Karly Healy
Wayne King
Karen McGuiness
Howard Phillips
Tamar Pichette
Dorothy Sanford, Chair

Investment Committee

Bruce Cooper, Chair
Mike Downs
Ian Griffin
Erin O’Brien
Dorothy Sanford
Julie Wood
Chris Young

Governance, Nominating and Human Resources Committee

Maureen McCaw
Mike Pedersen
Dave Phillips
Elana Rosenfeld
Dorothy Sanford
Bob Sutton
Janice Wattis, Chair

Fundraising Committee

Shelley Ambrose (retired March 2022)
Alana Gavin
Paul Genest
Nathalie Pratte
Janice Wattis, Chair
Bruce Wright

Conservation Committee

Sylvie de Blois
Chloe Dragon Smith
Ken Mould
Nathalie Pratte
Michael Paterson
Dave Phillips, Chair
Rob Prosper