member value operational excellence...

Marketing Research and Intelligence AssociationL’Association de la recherche et de I’intelligence marketing

2014ANNUAL REPORT

8vuethe digital magazine of the Marketing Research

and Intelligence AssociationInstitute for Professional

Development

QUALITYGROWTH

MEMBER VALUEOPERATIONALEXCELLENCE

In member-based organizations, where the ability to be creative, competitive and relevant rests on thesupport and engagement of the membership, associations are faced with unique challenges andopportunities. These include identifying trends and potential threats that can be mitigated through carefulplanning and implementation. Opportunities include adopting a strategic approach that brings productsand services to market before competition. Building a culture of “vision and action” rather than one of“hindsight and reaction” is crucial to the competitiveness and growth of the Marketing Research andIntelligence Association (MRIA).

Vision MRIA is a nimble, flexible and proactive industry and professional association which embraces the excitingchanges in the burgeoning world of research, intelligence, and insight; redefines its industry; and isgrowing significantly.

MRIA and its members take pride in and responsibility for Canadians “having a say” in business, policy andprogram decisions, through insight, research, intelligence, data collection and monitoring, and analytics, alldeveloped, obtained or undertaken in a disciplined and rigorous manner.

Values MRIA operating under the highest ethics and professional standards is committed to the following values: • Excellence in everything we do • Trust and integrity • Open, honest and transparent • Embracement of diversity • Adaptable and innovative • Supportive and responsive

Goals • Recognized as the pre-eminent credential in the marketing research industry in Canada • Be an indispensable resource for MRIA members • Target quality growth of membership • Sought after as a thought leader in all issues pertaining to Marketing Research and Intelligence in Canada • Be a key influencer of standards and advocacy of the profession • Deliver excellence in targeted themes

Key Success Factors• Stakeholder engagement • Thematic targeting • Strategic partnerships • Talent management • Knowledge management • Public protection

Key Operating FactorsMRIA’s key operating factors are designed to focus the organization on achieving our vision. They havebeen organized into the strategic themes of quality growth, member value and operational excellence toprovide the organization with a clear line- of- sight. It also indicates where MRIA will focus its resources inany given area for specific business planning cycle.

ORGANIZATIONAL

OVERVIEW

4 C h a i r ’ s L e t t e r

5 C h i e f E x e c u t i v e O f f i c e r ’ s R e p o r t

6 O f f i c e r s , D i r e c t o r s & S t a f f

7 M R I A P r o d u c t s a n d S e r v i c e s

8 M R I A E v e n t s

9 M R I A 2 0 1 4 E x c e l l e n c e A w a r d s

1 0 F i n a n c i a l D a s h b o a r d

1 1 2 0 1 4 A u d i t e d F i n a n c i a l S t a t e m e n t s

TA B L E O F C O N T E N T S

“It was the best of times and it was the worst of times.”A Tale of Two Cities (1859) by Charles Dickens

As incoming Chair, I planned from the start to bring some new thinking to this vital role on ourBoard. I manage a medium-sized research company and most of the work I do in marketingresearch is based outside of Canada, which means I bring an international perspective to my roleas Chair. I approach MRIA as a business that effectively manages expectations and developsstrategies to help overcome current business challenges.

MRIA implemented significant organizational changes, with the goal of becoming a moreresponsive and dynamic association, and to better serve the needs of our valued membership. In2014, we hired new staff to implement new initiatives and designed a strategic plan that focusedon operational excellence, advocacy and creating member value.

In the past year, MRIA has undertaken several key initiatives to ensure that our members are up-to-date on important legal issues; that our standards meet international best practices; and that ourcertification is achievable at many levels. Details of some initiatives include:

• Advocated for the industry in regards to Canada’s Anti-Spam Legislation (CASL) and appearedbefore the Senate of Canada as our industry’s voice for The Digital Privacy Act

• MRIA Standards have been updated, effective January 1, 2015 and align with ESOMAR’s Code

• Multiple pathways have been launched to facilitate obtaining the Certified Marketing ResearchProfessional (CMRP) designation.

These initiatives and more, will allow MRIA to grow with your continued support. We have anexciting year planned for 2015 that includes changes to our job bank for greater careeradvancement opportunities and delivering world-class events such as the QRC Conference, NetGain and MRIA’s National Conference, while continuing to increase awareness of MRIA.

Our members are the most important part of our association and they embody our commitment toexcellence. As an organization, we are committed to change, improve, and provide increasing valueto our entire membership.

From coast to coast, our members help internal and external clients make game-changingdecisions. Together we instill confidence. We shape the ‘new’. We are all part of the solution tohelp the MRIA become a vibrant association in the coming years.

Be part of the solution. You are the MRIA.

C h a i r ’ s L e t t e r

Shane Skillen

4 M R I A 2 0 1 4 A n n u a l R e p o r t C h a i r ’ s L e t t e r

Shane Skillen, CMRP, MRIA Chair, 2014-15

C E O ’ s R e p o r t M R I A 2 0 1 4 A n n u a l R e p o r t 5

In 2014, I went cross country to meet with members and hear what they had to say about theorganization. More importantly I was, perhaps selfishly, looking for feedback on what needed tochange. I asked the question, “what do you want from the organization” and I heard loud andclear: advocacy and standards.

Not only standards, but the enforcement of standards, the “teeth” that would make the industrystand up and take notice of what MRIA members were required to adhere to in order to belongto the membership. So, by the end of the tour, I had my marching orders from you, themembership. As a result, the following initiatives have been undertaken to fulfill these needs:

• MRIA standards and code of conduct were completely revamped and refreshed. With the priorstandards being in place since 2007, there were many changes required to incorporate the everchanging market research industry. These new standards are effective January 1, 2015, andI encourage all members to review them at http://mria-arim.ca/about-mria/standards/code-of-conduct-for-members.

• MRIA’s complaint procedure has been completely overhauled. In the past, the feedbackreceived was that the process was too long, too convoluted, and fraught with errors. Theseissues have been dealt with in the new process, resulting in a more responsive, streamlinedapproach to ensure that complaints are dealt with efficiently.

• MRIA continues to be a strong advocate for the market research industry in Canada. With theimplementation of the new Canadian Anti-Spam Legislation (CASL) in July 2014, we have beenat the forefront of the issue, from offering advice to members, to holding webinars, to workingwith the CRTC to ensure that the industry is not adversely impacted has been a top priority. To date, the organization has been able to show that market research should be exempt fromaspects of CASL as our members are not soliciting or marketing under the guise of research – a considerable WIN for our members. http://mria-arim.ca/about-mria/advocacy/casl

• A Compliance Officer is being recruited to join the MRIA team. This role will entail conductingGold Seal certifications, monitoring industry reporting, and auditing CMRPs for professionaldevelopment requirements.

I am confident that these changes are positive steps which will increase the level of confidenceamongst members that the organization is taking its role as enforcer of the standards seriously.

C h i e f E x e c u t i v e O f f i c e r ’ s R e p o r t

Kara Mitchelmore, MBA, FCMA, CMRP, CEO

Kara Mitchelmore

6 M R I A 2 0 1 4 A n n u a l R e p o r t O f f i c e r s , D i r e c t o r s & S t a f f

Kara Mitchelmore, MBA, FCMA,CMRP, Chief Executive Officer

Anne Marie Gabriel, CAEManager, Communications & Managing Editor, eVue

Erica KlieManager, Member Support Services

Fiona SomervilleCustomer Relations and EventsCoordinator

Lucy Pizunski, CPA, CMA Controller

Etta Wahab, CB Executive Assistant/Accounts Payable

Karl MacIsaac, CMRPSocial Media Coordinator

Dan Jackson, CMRPMember Development Officer

O f f i c e r s , D i r e c t o r s & S t a f f

Shane Skillen, CMRPChair

Carolyn O’Keefe, CMRPVice-Chair / Chapter Council Chair

Anastasia ArabiaPast-Chair

Tricia Benn Treasurer / Chair, Audit & Risk Committee


O f f i c e r s

D i r e c t o r s

S t a f f

Shane Skillen, CMRPChair

Carolyn O’Keefe, CMRPVice-Chair / Chapter Council Chair


Fergus Gamble, CMRPAt-Large / Chair ProfessionalDevelopment & CertificationCommittee

Julie Sylvestre, CMRPAt-Large / Chair, QualitativeResearch Committee

Paul StreetAt-Large / Government RelationsCommittee

Joseph ChenChair, Client-Side ResearcherCouncil

Adam FromanChair, Research Agency Council

Mark Wood, CMRPVice-Chair, Research Agency Council / Standards Committee

Kristian GravelleChair, Branding Committee

Dave McVetty, CMRPWestern Canada Region / Chair, Membership

Marketing Research and Intelligence Association (MRIA)L’ Association de la recherche et de l’intelligence marketing (ARIM)21 St. Clair Avenue East, Suite 1102, Toronto, ON M4T 1L9Tel: (416) 642-9793 Fax: (416) 644-9793 Toll Free: 1-888-602-MRIA (6742)Website: www.mria-arim.ca

P r o d u c t s a n d S e r v i c e s M R I A 2 0 1 4 A n n u a l R e p o r t 7

M R I A P r o d u c t s a n d S e r v i c e s

The Marketing Research and Intelligence Association (MRIA) is a Canadian not-for-profit association representing allaspects of the market intelligence and survey research industry, including social research, competitive intelligence, datamining, insight, and knowledge management. Members include over 1,300 practitioners, small to large research houses,and the many buyers of research services, such as financial institutions, major retailers, insurance companies andmanufacturers. The industry accounts for almost three quarters of a billion dollars in market research activities annually.

OUR PRODUCTS AND SERVICES: The MRIA designs and delivers a wide array of products and services for itsmembers, all of which serve to benefit the marketing research professionals and general public whom we deal with on adaily basis:

Certified Marketing Research A standard for professionalism within the industry, second to none Professional (CMRP) Designation in the world.

The Institute for A full slate of courses offered to members, including the fundamentals, Professional Development advanced techniques and more specialized topics such as competitive intelligence, brand equity, web site usability, data mining and focus group moderation.

Advocacy and Lobbying The voice for those that provide, use and benefit from marketing research andintelligence services.

Accreditation/Gold Seal Audit Strict rules of professional conduct and ethical practice that membercompanies must comply with.

Publications A series of products to keep members abreast of the latest trends anddevelopments in the industry, such as the Pulse eNewsletter, and eVue digitalmagazine.

Research Registration System A toll-free number (1-800-554-9996) that allows the public to verify thelegitimacy of a survey and to register a complaint against a member company.

Qualitative Research Registry In accordance with federal privacy laws, the Registry was created to handlethose who do not or should not be contacted when recruiting for qualitativestudies and is a comprehensive “do not call” list.

Ethical and Practice Standards A set of rigorous principles that shape the relationships with clients andmembers of the public.

Industry Surveys and Reports A measurement of the attitudes and opinions of the public towards the industryas a way to identify areas for improvement or enhancement.

International Representation The promotion of the industry's efforts and high standards and the sharing ofbest practices with the international research community.

Career Support A job bank, Linked in and Facebook pages, events and courses, includingpathways towards certification.

Chapters throughout Canada Regional representation and the promotion of standards and continuededucation at the local level.

Annual Conferences and Trade Shows An opportunity for sharing best practices, promoting advancements in theindustry and networking.

NET GAIN 8.0 CELEBRATED INNOVATION AND LEADING EDGE RESEARCH

On January 30, 2014 wemarked the 8th annual Net Gainconference at the St. AndrewsConference Centre in Toronto.

The theme was Transformation.Market Research is changingrapidly but into what? Today, weleverage mixed modes anddifferent channels to produceinsights and strategies. Wherethere once was a well-definedarea of expertise called marketresearch, there is now widearray of analytical approaches tosolve business challenges.

The purpose of Net Gain 8.0was to explore the exciting newdirections for the industry.

Back in the roaring 1920’s a guy named Ted was likely someone you could getanything from, and we mean anything. Fast forward to today and we deliveredour own 1920’s inspired TEDtalks-style presentations from speakers covering:

• The epic impact of shifting demographics in Canada

• Debating whether new technologies for research are disruptive ordisappointing

• The growth and application of research in the public and non-profit sectors

• Rising up and standing tall: The state of MR talent and recruitment challenges

• Predicting the future of market research and key factors influencing itsevolution

E v e n t s

2014 NATIONAL CONFERENCE, SASKATOON, SK

8 M R I A 2 0 1 4 A n n u a l R e p o r t E v e n t s

Net Gain co-chairs, Cam Davis and Sandy Janzen

Lunch is served!

Cam Davis and RAPP student speakers MelissaZazulak, Vincent Cuevas, Samantha Gelinas

Our thanks to Corrin Harper, Insightrix Research, who chaired this year’s event.

M R I A E x c e l l e n c e i n R e s e a r c h A w a r d W i n n e r s

MRIA Excellence in Research Awards serve to recognize and applaud outstanding performance among our members and volunteers.Winners proudly display the distinctive crystal artwork that symbolizes their achievement. Our esteemed winners in 2014 are:

BEST IN CLASS AWARDYahoo Canada, Fresh Intelligence,True Impact MarketingThe Zero Moment of Memory

BEST INTEGRATION AWARDRBC Royal Bank, IpsosICE’ing on the Cake

BEST MULTINATIONAL AWARDMetz Communications, Pfizer,The Forbes Consulting Group

EXCELLENCE BEHIND THE SCENESRogers Connect Market ResearchToday’s Parent Approved

MURRAY PHILP ALTRUISTIC AWARDCorbinPartners, Legal Aid OntarioThe Elusive Client of Modest Means

BEST MASTER OF CEREMONIESAWARDJordan Levitin

PUBLIC POLICY IMPACT AWARDCity of Calgary, IpsosFood and Yard Waste Pilot ProjectCorbinPartners, Legal Aid OntarioThe Elusive ‘Client of Modest Mean

CLIENT-SIDE RESEARCHER IMPACT AND EFFECTIVENESS AWARDJared Prins

AWARD OF OUTSTANDING MERITAnnie Pettit, PhDJoanne O’Connell, CMRP

AWARD OF DISTINCTIONRaj Manocha

VUE MAGAZINE – BEST PAPER: 2013(INAUGURAL, PRESENTED 2014)Perspectives on PollingBrian Singh, CMRP

CHAPTER MERIT AWARDAlberta Chapter

Nichola ForsythAmy Hong NguyenMohamed Ikbal MebroukGhia MojeJacquline PeskettCherie UnderhillJohn Willis

Membership by Chapter:MRIA members enjoy events and networking activities deliveredthroughout the year by seven local chapters

MRIA Individual Membership CertificationN e w C M R P s f o r 2 0 1 4

A w a r d W i n n e r s M R I A 2 0 1 4 A n n u a l R e p o r t 9

The Certified Marketing Research Professional(CMRP) / Professionnel agréé en recherchemarketing (PARM) designation symbolizesknowledge and adherence to quality standards.CMRPs have earned the right to use thedesignation based on substantial pastexperience and/or by passing theComprehensive Marketing Research Exam. In2014, the prestigious CMRP was awarded to:

Chapter Presidents

Chapter Council ChairCarolyn O’Keefe, CMRP

AtlanticChristina Waddy, CMRP

OttawaRanda Bell, CMRP

QuébecDaniel Brousseau, CMRP

AlbertaFrank Grigel, CMRP

British ColumbiaLauren Isaacson

PrairieScott Patton, CMRP

TorontoSean Copeland, CMRP

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MRIA Revenue by Portfolio

MRIA Membership Revenue

MRIA Corporate Membership Types - 2014MRIA Corporate Membership TypesGold Seal – and Corporate (Other)

MRIA Membership Report - Individual Members

MRIA Revenue Generated by Chapters, Councils, Divisions and Committees

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1 0 M R I A 2 0 1 4 A n n u a l R e p o r t D a s h b o a r d

The following charts are at-a-glance views of our financial performance and membership trends. We anticipate stronger performance infuture by implementing new strategies that build relevance and deliver value.

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A u d i t o r s ’ R e p o r t M R I A 2 0 1 4 A n n u a l R e p o r t 1 1

I n d e p e n d e n t A u d i t o r s ’ R e p o r t

To the Members of Marketing Research and Intelligence Association:

We have audited the accompanying financial statements of Marketing Research andIntelligence Association, which comprise the statement of financial position as at December31, 2014 and the statements of changes in net assets, revenue and expense and cashflows for the year then ended, and a summary of significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financialstatements in accordance with Canadian accounting standards for not-for-profitorganizations, and for such internal control as management determines is necessary toenable the preparation of financial statements that are free from material misstatement,whether due to fraud or error.

Auditors’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit.We conducted our audit in accordance with Canadian generally accepted auditingstandards. Those standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the Corporation's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of theCorporation's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made bymanagement, as well as evaluating the overall presentation of the financial statements.

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

OpinionIn our opinion, the financial statements present fairly, in all material respects, the financialposition of Marketing Research and Intelligence Association as at December 31, 2014 andthe results of its operations and its cash flows for the year then ended in accordance withCanadian accounting standards for not-for-profit organizations.

Toronto, OntarioMarch 20, 2015

Chartered Professional Accountants, Licensed Public Accountants

2 0 1 4 A u d i t e d F i n a n c i a l S t a t e m e n t s

Marketing Research and Intelligence AssociationDecember 31, 2014

Statement of Financial Position - Assets 2014 2013Current AssetsCash $ 362,280 $ 1,052,684Accounts receivable

Net assets held by chapters 0 14,430Other 76,212 182,183

Prepaid expenses 73,189 65,929

Total Current Assets 511,681 1,315,226

Capital Assets, Note 4 127,646 68,308

639,327 1,383,534

Statement of Financial Position - Liabilities and Net AssetsCurrent LiabilitiesAccounts payable and accrued liabilities 84,485 186,860Government remittances 21,997 38,563Deferred revenue 286,889 531,525

Total Liabilities 393,371 756,948

Net Assets, per statementUnrestrictedInvested in capital assets 127,646 68,308Contributed surplus 691,951 691,951Operating fund deficiency (573,641) (133,673)

245,956 626,586

639,327 1,383,534

Approved by The Board

Tricia BennDirector

Carolyn O'keefeDirector

The notes on pages 12 through 19 form an integral part of these financial statements.

1 2 M R I A 2 0 1 4 A n n u a l R e p o r t A u d i t e d F i n a n c i a l s

A u d i t e d F i n a n c i a l s M R I A 2 0 1 4 A n n u a l R e p o r t 1 3

Marketing Research and Intelligence AssociationYear ended December 31, 2014

Statement of Changes in Net Assets

Invested inCapital Assets

ContributedSurplus

OperatingFund

DeficiencyTotal2014

Total 2013

Balance beginning $ 68,308 $ 691,951 $ (133,673) $ 626,585 $ 622,397Add (deduct)Purchase of capital assets 112,513 0 (112,513) 0 0Excess of revenue over expense (expenses over revenue) (53,175) 0 (327,455) (380,630) 4,188

Balance December 31 127,646 691,951 (573,641) 245,955 626,585


Statement of Revenue and Expense 2014 2013RevenuePortfolios

Membership $ 498,218 $ 526,006Publications 117,375 148,108Conferences 328,519 441,377Research agency council 295,211 344,159Client side researcher council 7,910 3,950Qualitative research division 11,380 14,648Chapters 65,464 64,286Education 143,655 188,548Marketing 12,799 24,450

OtherInvestment income 12,894 15,034

1,493,425 1,770,566ExpensePortfolios

Membership 4,420 28,937Publications 78,094 115,155Conferences 274,466 270,411Research agency council (515) 76,422Client side researcher council 11,435 4,703Qualitative research division 1,204 2,561Business to business research division 475 635Chapters 98,203 124,145Education 77,082 131,020Marketing 21,855 13,037Government relations 72,001 60,000Standards 51,342 2,543

OtherStaff 802,251 564,525Administration, management 231,813 214,226Board/executive governance 96,754 135,629Amortization 53,175 22,429

1,874,055 1,766,378

Excess of Revenue over Expense (Expense over Revenue) (380,630) 4,188



Marketing Research and Intelligence AssociationYear ended December 31, 2014

Statement of Cash Flows 2014 2013Operating ActivitiesExcess of revenue over expense (expense over revenue) $ (380,630) $ 4,188Items not affecting cashAmortization, Note 4 53,175 22,429

(327,455) 26,617Add (deduct) changes in non-cash working capital componentsDecrease (increase) in current assets 113,141 63,409Increase (decrease) in current liabilities (118,941) 110,858(Decrease) increase in deferred revenue (244,636) 185,368

Provided By (Used In) Operating Activities (577,891) 386,252

Investing ActivitiesPurchase of capital assets (112,513) (21,755)

Cash Used In Investing Activities (112,513) (21,755)

Net cash increase (decrease) during the year (690,404) 364,497

Cash position beginning of year 1,052,684 688,187

Cash position end of year 362,280 1,052,684





Notes to Financial Statements

Nature of Business

The Marketing Research and Intelligence Association was incorporated without share capitalunder The Canada Corporations Act on November 8, 2004. The Association claims an exemptionfrom income tax under section 149(1)(l) of the Income Tax Act. No portion of the Association'sincome is available for the personal benefit of any member. Its principal purposes are to providea forum to encourage the development of improved techniques and standards in the field ofmarketing and social research and to encourage the highest ethical practices in the conceptionand utilization of marketing and social research.

Note 1 Significant Accounting Policies

Basis of Accounting

These financial statements have been prepared in accordance with Canadian accountingstandards for not-for-profit organizations.

Scope of Financial Statements

These financial statements include the accounts of Marketing Research and IntelligenceAssociation National Board of Directors as well as its Regional Chapters.

Revenue Recognition

Paid membership in Marketing Research and Intelligence Association is for the period January 1stto December 31st each year. It is the policy of the Association that new members joining afterOctober 1st in a given year will be charged full year membership dues and their member benefitswill extend to the end of the following membership year. Any such fees to be applied to the 2015membership year have been shown as deferred revenue.

Deferred revenue consists of membership fees, registrations, education, sponsorships and tradeshow booths paid in advance.

All other revenue including publications, tradeshow, education, communications, standards,chapters, research agency council and qualitative research is recognized as services are delivered.

Investment income is recognized as it is earned.

Donated Services

The work of Marketing Research and Intelligence Association is dependent on the voluntaryservice of many members. Since these services are not normally purchased by MarketingResearch and Intelligence Association and because of the difficulty of determining their fair value,donated services are not recognized in these financial statements.

N o t e s t o F i n a n c i a l S t a t e m e n t s


Note 1 Significant Accounting Policies - continued

Use of Estimates

The preparation of financial statements in conformity with Canadian generally acceptedaccounting principles requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosure of contingent assets and liabilities at thedate of the financial statements and the reported amount of revenues and expenses during theyear. Actual results could differ from those estimates.

Financial Instruments

(a) Measurement of Financial Instruments

The Association initially measures its financial assets and financial liabilities at fair value,except for certain non-arm's length transations.

The Association subsequently measures all its financial assets and financial liabilities atamortized cost, except for investments in equity instruments that are quoted in an activemarket, which are measured at fair value. Changes in fair value are recognized in netincome.

Financial assets measured at amortized cost include cash and acccounts receivable.

Financial liabilities measured at amortized cost include accounts payable.

(b) Impairment

Financial assets measured at cost are tested for impairment when there are indicators ofimpairment. The amount of the write-down is recognized in net income. The previouslyrecognized impairment loss may be reversed to the extent of the improvement, directly orby adjusting the allowance account, provided it is no greater than the amount that wouldhave been reported at the date of the reversal had the impairment not been recognizedpreviously. The amount of the reversal is recognized in net income.

Capital Assets Amortization (straight-line)

Furniture and fixtures Five yearsOffice equipment Five yearsComputer equipment Three yearsLeasehold improvements Five years (term of lease)Information systems Five yearsOnline courses Five years

1





Note 2 Financial Instruments

Risk Management Policy

The Association is exposed to various risks through its financial instruments. There have been nosignificant changes in the risk exposure and processes for risk management and measurementfor the period. The following analysis provides a measure of the entity's risk exposure andconcentrations at December 31, 2014.

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligationand cause the other party to incur a financial loss. Accounts receivable from members are duewithin 30 days. The Association is not dependent on any one customer or concentration ofcustomers. Management believes that the credit risk associated with respect to its accountsreceivables is low.

Liquidity Risk

Liquidity risk is the risk that the Association will encounter difficulty in meeting obligationsassociated with financial liabilities. The Association is exposed to this risk mainly in respect of itslong term commitments. This risk is somewhat reduced because of funds held.

Market Risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates,foreign exchange rates, and commodity and equity prices. These fluctuations may be significant.The methods and assumptions management uses when assessing market risks have not changedsubstantially from the prior period and are summarized below:

i) Interest Rate Risk

The Association's investments have variable interest rates. As at December 31,2014 the Association did not carry any debt exposed to interest rate risk. As aresult, it is the opinion of management that the Association is not exposed tosignificant interest rate risk.

ii) Foreign Currency Risk

The Association's functional currency is the Canadian dollar. The Association hasa small amount of transactions in US dollars and therefore is subject to gains andlosses due to fluctuations in the currency exchange rates. The Association is notengaged in any hedging activities to try to mitigate this risk as managementbelieves the risk is low and the exposure is minimal.



Note 3 Commitments

The Association is committed to a lease of premises to June 30, 2025. The monthly lease amountincludes a schedule of basic rent of $3,735 plus taxes and operating costs. There is a rent freeperiod from February 1, 2015 to June 30, 2015. The benefit of the rent free period will bedeferred and recognized over the life of the lease.

The Association is committed to a usage agreement for its member information managementsystem for 4 years to June 6, 2018. The annual fee payment is $15,420 plus applicable taxes.

Future minimum obligations for both commitments payments are estimated to be:

2015 $ 60,6262016 105,8322017 107,0772018 99,3272019 94,147

The Association is also committed to contracts with various hotels for the annual conventionsthrough to 2018 with a minimum cancellation fee as at December 31, 2014 of $90,000.

Note 4 Capital Assets 2014 2013

CostAccumulatedAmortization Net Book Value Net Book Value

Furniture and fixtures $ 24,860 $ 21,094 $ 3,766 $ 413Office equipment 15,048 14,931 117 3,089Computer equipment 62,516 41,124 21,392 745Information systems 208,464 121,699 86,765 40,893Online courses 56,038 40,432 15,606 23,166

366,926 239,280 127,646 68,306


C o n t a c t U s M R I A 2 0 1 4 A n n u a l R e p o r t 1 9

C o n t a c t U s

Marketing Research and Intelligence Association (MRIA)L’ Association de la recherche et de l’intelligence marketing (ARIM)21 St. Clair Avenue East, Suite 1102Toronto, ON M4T 1L9Tel: (416) 642-9793Fax: (416) 644-9793Toll Free: 1-888-602-MRIA (6742)Website: www.mria-arim.caVisit us on LinkedIn and Facebook

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