2017 ANNUAL REPORT. 1 - Annual Report 2017 Annual Report Mission Statement. Board of Directors & Management Team. President s Report

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1 ITALIAN CULTURAL CENTRE SOCIETY ANNUAL REPORT RESOCONTO ANNUALE 2017

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3 2017 ANNUAL REPORT Mission Statement Board of Directors & Management Team President s Report Executive Director s Report Cultural Director s Report Museum Curator s Report School Director s Report Librarian s Report Catering Director s Report Treasurer s Report Auditor s Report & Financial Statements Donors General Assembly of Delegates Il Centro Board of Directors, Casa Serena, Villa Carital, & ICC Committees Annual Report 2017 Annual Report

4 MISSION STATEMENT Promuovere la cultura italiana e i suoi valori e condividerli con le altre comunità. To promote Italian culture, values and heritage and to share these with other communities. Founded in 1977, the Il Centro s mission, as stated above, is to promote Italian culture, values and heritage and to share these with other communities. Created by volunteers, with support from the Province of BC and the City of Vancouver, the Centre serves as a vital reference and focal point for the Lower Mainland s Italian Canadian Community. The Italian Cultural Centre s programs and activities include: an Italian language school, a heritage museum and gallery, a library and resource Centre, performing arts presentations, film screenings, literary events, a public lecture series, banquet and catering services, wine tastings, cooking classes, and other culinary events. Il Centro has operated for over 40 years and presents a broad spectrum of cultural programming, events and activities on an annual basis. In addition to our cultural program and activities, Il Centro also houses 33 member associations (representing 33 Italian regions, activities, and cities), a resident Montessori School (Westside Montessori, grades: K to 4), a tenant restaurant (Dario s Ristorante), and has developed two separate housing complexes: Casa Serena, a 94 unit seniors housing complex, and Villa Carital, a 80 unit assisted living centre for seniors. Located in East Vancouver, the Italian Cultural Centre has been the hub for the Italian-Canadian community for over 40 years. 2 - Annual Report 2017 Annual Report

5 BOARD & MANAGEMENT 2017 Board of Directors (Front row, left to right): Joe Finamore, Executive Member; Mary McMullen, Treasurer; Luca Citton, President; Randy Rinaldo, Vice-President; Deanna Lythgo, Secretary. (Second row, left to right): Carla Finamore, Chairperson of the Assemby of Delegates; Mike Cuccione, Mike Lombardi, Lino Bussoli. (Missing from the Picture): Steve Comin 2017 Management Team Mauro Vescera Executive Director Fabio Rasotto Catering Director Giulio Recchioni Cultural Director Irada Yuzbayova Financial Controller Edda Onesti School Director Jackson Noah Executive Chef 3 - Annual Report 2017 Annual Report

6 PRESIDENT S REPORT It was another fine year for Il Centro in Most importantly, we expanded our cultural programming with a number of food and cooking related events, while also expanding our extensive repertoire of music, visual arts, language, and heritage events. In total we hosted over 750 events this year and our Italian language school posted record setting numbers of students enrolled in classes! We also hosted the President of Italy, Sergio Mattarella, when he visited British Columbia. In addition to making a concerted effort to ramp up our cultural and language offerings, the Board again prioritized and continued to work on the following two initiatives: (a) a re-examination of our governance structure in light of changes to the Societies Act of British Columbia (the Act ), and (b) an examination of our options with respect to a critical redevelopment of Il Centro s infrastructure. Governance The new Societies Act of British Columbia (also known as Bill 24) was proclaimed into law on November 28, This Act has had significant implications for all existing BC incorporated societies, including Il Centro and all our member societies. Il Centro s governance committee carefully re-examined the entire governance structure of Il Centro and presented a number of recommendations to the Board and Delegates on how to best streamline our current constitution and bylaws. After presenting our governance recommendations, we consulted a law firm that specializes in charity law to help us draft and revise our constitution, bylaws, and policies. We provided drafts of these documents for review by the members in the fall of Then in November, we convened a special information session for our member societies to explain to them the main changes made to the draft bylaws. The information session informed another round of revisions to the drafts, with the intent that the members pass a resolution to amend the constitution and bylaws at this year s AGM. One of the new governance recommendations put forward by the governance committee included aiding our member societies in a re-examination of their own constitutions to ensure they also remain in compliance with the new Act. To that end, we decided to provide financial aid to support our member societies through the transition process. The Board made a $500 credit available to each member society to be applied to the legal costs they would incur for the transition of their respective constitutions and by-laws into the new Act. Our member societies are an integral part of Il Centro, and we want to ensure that they continue to thrive in our community. Redevelopment Il Centro is at a crossroads for two reasons: 1) The physical infrastructure of our building requires upgrades; and 2) we need to remain relevant and capture a younger cohort of members to support the ongoing multigenerational presence of the Italian 4 - Annual Report 2017 Annual Report

7 community in Vancouver. Addressing both of these issues are critical to Il Centro s longterm sustainability and will require us to have a forward-looking strategy for the years ahead. Over the last few years the Directors and the management team of Il Centro conducted an extensive exploration into various redevelopment options available. I believe that we had found such an opportunity to redevelop Il Centro in partnership with Bosa Properties that would have addressed the risks posed by the aging infrastructure and that would have allowed us to have a measure of control over the long-term presence of the Italian culture in Vancouver. On March 9th, 2017 we held an Extra Ordinary Vote of the members to approve this opportunity. The vote did not guarantee that any proposed redevelopment would happen, as there would still be many regulatory hurdles to go through before any final decisions would be made, but it would have authorized the necessary first step: community consent to proceed in conversations with Bosa and the City of Vancouver. The nature of the Extra Ordinary Vote required a 75% majority to vote yes to continue working with Bosa Properties on this initiative. Although the Yes vote won a 70% majority of the votes, that was not enough to allow us to continue with the project. As a result, the Board proceeded to create an Advisory Council composed of community leaders to inform, advise, and recommend ideas to the Board on how to move forward and address the concerns laid out above. We continue to welcome all suggestions that might help secure Il Centro s future success. The majority of the services inherent to our redevelopment inquiry were generously paid for or donated by Bosa Properties. On behalf of Il Centro, I would like to extend a tremendous thank you to Colin Bosa and his team. We continue to be thankful that you came forward and tried to help us realize our dream of sharing Italy with Vancouver for generations to come. A Year in Review There were many highlights in 2017, including an engaging Italian Heritage Month, a very popular and lively Festa della Repubblica, an incredibly successful Italian Day on the Drive, and a momentous visit from the President of Italy, Sergio Mattarella when he visited British Columbia. Additionally, we had a very successful Italian Film Festival and managed to increase the number of Italian food related events. These events significantly increased the visibility and relevance of Il Centro in the greater Vancouver community. For more details on Il Centro s cultural activities in 2017, please see the report of our Executive Director, Mauro Vescera. Financially, this was a fine year for Il Centro. However, as the redevelopment was not approved, we had to embark on many capital upgrades, including repairs to the sewer system and the roof. As a result, we finished the year with a deficit of $117, For more details on Il Centro s financial performance in 2017, please see the report of our Treasurer, Mary McMullen. Finally, I would like to offer my sincerest gratitude to the rest of the Board including the Executive, Randy Rinaldo-Vice President, Deanna Lythgo-Secretary, Mary McMullen- Treasurer and Joe Finamore-Executive Director for their continued efforts. I would also like to thank Il Centro s amazing management team, including Mauro Vescera, Fabio Rasotto, Irada Yuzbayova, Edda Onesti, and Giulio Recchioni, as well as our many volunteers, donors, and business partners. Without their help and support throughout the year, we would not have been able to achieve what we did in I am very proud to have been associated with such people in my third and final year as President of Il Centro, and I am entirely confident that they will make 2018 just as memorable. I have enjoyed my nearly 10 years on the Board, including 3 as Vice-President and the last 3 years as President. While my role in the community will change in 2018, I will continue to support Il Centro as a community member and look forward to whatever new ideas the next President will bring to the organization Luca Citton President 5 - Annual Report 2017 Annual Report

8 RESOCONTO DEL PRESIDENTE Il 2017 è stato un anno eccezionale per il Centro. In totale abbiamo ospitato ben 750 eventi durante l anno mentre la nostra scuola di lingua italiana ha raggiunto numeri da record in termini di registrazione di nuovi studenti. Abbiamo inoltre avuto il piacere e l onore di ricevere una visita del presidente della Repubblica italiana Sergio Mattarella, in occasione del suo viaggio in Canada. Oltre al grande lavoro di gruppo compiuto per arricchire le nostre proposte culturali e scolastiche il consiglio di amministrazione ha nuovamente stabilito di privilegiare l impegno nei confronti delle seguenti iniziative: A) Un riesame della struttura della nostra governance alla luce delle modifiche al Society Act della Columbia Britannica ( l atto ) B) Un analisi delle opzioni che abbiamo a nostra disposizione per la necessaria ristrutturazione del centro Governance Il nuovo Society Act della Columbia Britannica (anche conosciuto come Bill 24) è divenuto legge il 28 novembre Questo decreto presenta implicazioni significative per tutte le esistenti società incorporate nella Columbia Britannica tra cui Il Centro e tutte le sue associazioni. In seguito a un riesame dell intera governance del Centro da parte del comitato addetto alla governance, sono state presentate una serie di raccomandazioni al consiglio di amministrazione e ai delegati su come ottimizzare al meglio l attuale statuto e il regolamento interno. Dopo aver presentato le raccomandazioni per la governance abbiamo chiesto aiuto a uno studio legale specializzato in questioni legali per enti di beneficenza, allo scopo di rivedere e aggiornare il nostro statuto e il nostro regolamento interno. Nell autunno dello scorso anno abbiamo fornito copia di questi documenti ai membri per conoscenza. Quindi in novembre abbiamo organizzato un apposita sessione informativa per le associazioni che fanno parte del centro per spiegare loro le principali modifiche apportate alla bozza dello statuto. La sessione informativa ha comportato un altra serie di modifiche della bozza con l intenzione da parte dei membri di approvare una risoluzione per modificare lo statuto e il regolamento interno alla Assemblea Generale dei Membri di quest anno. Una delle raccomandazioni proposte dal comitato includeva anche un aiuto da fornire alle associazioni legate al Centro per un riesame del loro statuto, in modo da assicurare loro di rimanere in conformità della nuova legge. A questo scopo abbiamo deciso di offrire un sostegno finanziario per sostenere le associazioni durante questa fase di transizione. Il consiglio di amministrazione ha reso disponibile ad ogni associazione un credito di $ 500 per sostenere le spese legali necessarie per aggiornare i rispettivi statuti e le regole interne alla nuova normativa. Le associazioni costituiscono una parte integrante del Centro e vogliamo assicurare loro un futuro brillante all interno della nostra comunità. Ristrutturazione: Il centro si trova a un bivio per due motivi principali: 1) la struttura del nostro edificio richiede interventi necessari; e 2) abbiamo bisogno di rimanere rilevanti e di coinvolgere una nuova massa di giovani membri per continuare a sostenere la presenza multi generazionale della comunità italiana a Vancouver. Affrontare entrambe queste questioni risulta critico per la sostenibilità del centro a lungo termine e richiederà 6 - Annual Report 2017 Annual Report

9 di elaborare una strategia volta al futuro per gli anni a seguire. Durante gli scorsi anni i dirigenti e il management del Centro hanno condotto un esplorazione a tutto campo sulle varie opzioni di ristrutturazione a nostra disposizione. Ritenevo che avessimo trovato una tale opportunità di ristrutturazione del Centro in collaborazione con Bosa Properties, che da una parte avrebbe affrontato i rischi posti dalla struttura che sta invecchiando, e dall altra ci avrebbe consentito di mantenere il controllo sulla gestione della presenza della cultura italiana a Vancouver nel lungo termine. Il giorno 9 marzo 2017 abbiamo organizzato una Votazione Straordinaria da parte dei membri per approvare questa opportunità di ristrutturazione. La votazione non avrebbe garantito la certezza che la ristrutturazione proposta si sarebbe concretizzata, in quanto ci sarebbero stati ancora molteplici ostacoli normativi da superare prima che la decisione finale potesse venire adottata, ma avrebbe consentito di fare un primo passo necessario per andare avanti: l approvazione da parte della comunità a procedere nel dialogo con Bosa e il comune di Vancouver. La natura stessa del voto straordinario richiedeva che una maggioranza del 75% votasse Sì per continuare a lavorare con Bosa su questo progetto. Nonostante il fatto che i voti Sì abbiano ottenuto una maggioranza del 70%, ciò non è stato abbastanza per consentirci di andare avanti con il progetto. Di conseguenza il Consiglio di Amministrazione ha istituito un Comitato Consultivo composto di esponenti di punta della comunità per esaminare, suggerire, e presentare delle proposte al Consiglio su come proseguire e affrontare le questioni che abbiamo indicato sopra. Nel frattempo continuiamo ad accogliere con entusiasmo qualsiasi suggerimento che ci possa aiutare ad assicurare un radioso successo al centro. La maggior parte dei servizi inclusi nella proposta di ristrutturazione del Centro sono stati generosamente pagati o donati da Bosa Properties. A nome del centro vorrei ringraziare di cuore Colin Bosa e la sua organizzazione. Continuiamo ad essere grati della vostra iniziativa e del tentativo che avete portato avanti per aiutarci a realizzare il nostro sogno di condividere la cultura italiana con la città di Vancouver negli anni a venire. Un anno in prospettiva: Durante il 2017 ci sono stati numerosi momenti da ricordare, includendo tra questi un coinvolgente Mese della Tradizione Italiana, una festa della Repubblica vivace e di grande successo, un Italian Day on the Drive davvero incredibile e un momento davvero emozionante vissuto in occasione della visita del Presidente della Repubblica Italiana, Sergio Mattarella, durante il suo viaggio in Canada. Inoltre, voglio aggiungere un Festival del Cinema Italiano estremamente gradito dal pubblico e un significativo aumento nel numero di eventi legati alla gastronomia organizzati dal Centro. Con l insieme di questi eventi abbiamo aumentato in modo significativo l importanza e la visibilità del Centro nel panorama culturale di Vancouver. Per ulteriori dettagli sulle molteplici attività culturali del Centro svolte nel 2017, vi invito a leggere la relazione del Direttore Esecutivo, Mauro Vescera. Dal punto di vista finanziario è stato un ottimo anno per il Centro. Tuttavia, dato che la ristrutturazione non è stata approvata, abbiamo dovuto intraprendere delle spese in conto capitale per migliorie tra cui includiamo le riparazioni al sistema fognario e al tetto dell edificio. Di conseguenza, abbiamo concluso l anno con un deficit di $117, Per ulteriori dettagli sull andamento finanziario del Centro nel 2017, vi invito a leggere il rapporto del nostro Tesoriere, Mary McMullen. In conclusione, vorrei ringraziare di cuore per il loro continuo impegno il resto del Consiglio di Amministrazione, includendo tra questi l Esecutivo, Il Vice Presidente Randy Rinaldo, la Segretaria Deanna Lythgo, il Tesoriere Mary McMullen e il Direttore Esecutivo Joe Finamore. Desidero inoltre ringraziare il meraviglioso gruppo del management del Centro tra cui Mauro Vescera, Fabio Rasotto, Irada Yuzbayova, Edda Onesti e Giulio Recchioni insieme ai numerosi volontari, donatori e ai partner commerciali. Senza il loro aiuto e sostegno durante tutto l anno, non saremmo stati in grado di raggiungere i brillanti risultati del Sono molto orgoglioso di aver potuto collaborare con un tale gruppo di persone durante il mio terzo e ultimo anno come Presidente del Centro e sono pienamente convinto che raggiungeranno anche migliori risultati nel Sono stati per me un vero piacere questi 10 anni in cui ho fatto parte del Consiglio di Amministrazione, di cui 3 anni come Vice Presidente e gli ultimi 3 come Presidente. Nel 2018 il mio ruolo all interno della comunità è destinato a cambiare, ma continuerò a sostenere il Centro come semplice membro, in attesa di vedere quali nuovi contributi e idee verranno sviluppati dal prossimo Presidente. Luca Citton Presidente 7 - Annual Report 2017 Annual Report

10 EXECUTIVE REPORT 2017 was an exciting year for the Italian Cultural Centre Society, Il Centro, which hosted over 700 different events including more than 150 different cultural initiatives and activities. The audience numbers for Il Centro s cultural programs continue to grow, our Italian Language School enrollments have gone up to record levels and the organization`s performance has been quite strong over the past 12 months. Utilizing Il Centro`s core mandate `to promote Italian language, culture and heritage, and to share these values with other communities`, remains the baseline from which we have grown and has proven to be an effective marketing and promotion strategy for the organization. The public s interest in the Italian cultural patrimony is significant and has helped attract new visitors to the Centro in record numbers. Over the past 5 years Il Centro has focused on creating a culturally vibrant, community engaged and financially sustainable organization that connects and weaves Italian language, culture, and heritage into Vancouver s multicultural society. The vision and goals for the organization are to build upon the permanent legacy of Il Centro and create a place that brings together the past, present and future of the Italian Canadian community within the context of a multicultural Canada. As many of you know, after over 5 years at Il Centro, I have moved onto another opportunity and finished my work with the organization at the end of January I am proud of the accomplishments that were brought to fruition during my tenure and wanted to especially thank the work and dedication of the staff team here at Il Centro. Over the past 5 years the organization s audience has tripled and the budget has grown by more than 25%. None of these accomplishments would have been possible without the excellent staff and their commitment to the Italian Cultural Centre Society and their collective belief and passion for Italian Culture and its role in the broader community. The vision and goals for the organization are to build upon the permanent legacy of Il Centro and create a place that brings together the past, present and future of the Italian Canadian community within the context of a multicultural Canada Moving forward the organization is in a strong position to build and prosper, I am confident that Italian Cultural Centre will continue to be a proactive contributor to our collective cultural community. I have enjoyed my time at Il Centro and plan to continue to participate in the Italo- Canadese community, albeit as a community member. To close, I wanted to thank all of you for giving me the opportunity to be part of this incredible organization. Mauro Vescera Executive Director 8 - Annual Report 2017 Annual Report

11 Il 2017 è stato per Il Centro un anno davvero entusiasmante, con oltre 700 diversi eventi, di cui almeno 150 tra attività e nuovi progetti di carattere culturale. I programmi e le attività culturali del Centro continuano a crescere accompagnati da un grande successo di pubblico e, in termini di registrazioni di nuovi studenti, la Scuola di Lingua Italiana ha registrato numeri da record mentre l andamento generale dell organizzazione durante lo scorso anno è stato decisamente positiva. Il nostro mandato che propone la promozione della lingua, della cultura e delle tradizioni italiane in uno spirito di piena condivisione con le altre collettività, rimane il caposaldo da cui siamo partiti, ma rappresenta anche una valida ed efficiente strategia di promozione e di marketing per l intera organizzazione. Il livello di interesse del pubblico nei confronti del patrimonio e delle tradizioni culturali italiane rimane sostenuto e contribuisce in maniera sostanziale a attrarre visitatori sempre più numerosi al Centro. Durante gli ultimi 5 anni il Centro si è posto come primo obiettivo quello di divenire una struttura culturalmente rilevante, sostenibile dal punto di vista economico e impegnata nel sociale, in grado di combinare e intrecciare armoniosamente il linguaggio, la cultura e le tradizioni italiane all interno del tessuto sociale multi-culturale di Vancouver. La visione e gli obiettivi della nostra organizzazione sono quindi quelli di estendere il lascito duraturo de il Centro e di creare un luogo comune che possa avvicinare armonicamente il passato, il presente e il futuro per le diverse generazioni della comunità Italo-Canadese nel contesto multiculturale del Canada. Come molti di voi sanno già, dopo più di 5 anni, ho deciso di accettare un nuovo incarico e alla fine di gennaio ho concluso il mio rapporto di lavoro con Il Centro. Sono però orgoglioso di quanto sono riuscito a realizzare durante il mio mandato e vorrei ringraziare in particolare tutto lo staff del Centro per l impegno e la dedizione nel lavoro. Nel corso degli ultimi 5 anni il pubblico del Centro è triplicato mentre l intera organizzazione ha registrato un aumento del budget intorno al 25%. Niente di tutto ciò sarebbe stato possibile senza il contributo essenziale delle persone con cui ho lavorato e il loro costante impegno nei confronti del Centro Culturale Italiano, insieme al loro profondo amore e attaccamento verso la La visione e gli obiettivi della nostra organizzazione sono quindi quelli di estendere il lascito duraturo de il Centro e di creare un luogo comune che possa avvicinare armonicamente il passato, il presente e il futuro per le diverse generazioni della comunità Italo-Canadese nel contesto multiculturale del Canada. cultura italiana e del ruolo che le compete nel panorama attuale. Per il futuro, l organizzazione è molto ben posizionata per continuare a crescere e rimango fermamente convinto che il Centro Culturale Italiano continuerà ancora a portare numerosi e sostanziali contributi per il benessere della nostra comunità. Conserverò a lungo un gradevolissimo ricordo degli anni passati al Centro e ho intenzione di continuare a ricoprire un ruolo attivo all interno della comunità italo-canadese, anche se solamente come un normale membro. In conclusione, desidero ringraziare tutti voi per avermi offerto l opportunità di essere parte di questa meravigliosa organizzazione. Mauro Vescera Direttore Esecutivo 9 - Annual Report 2017 Annual Report

12 CULTURAL REPORT 2017 was an exciting and surprising year for the Italian Cultural Centre s cultural program because Il Centro registered the highest increase in the number of both events and guests since I have started working here, almost ten years ago. In 2017 Il Centro presented over 290 cultural events which more than 39,000 people attended; this is an increment of 100 events and 12,000 people more than our 2016 program. When I was entrusted with the responsibility of leading the Cultural Department, I was told that the Centre was facing a serious crisis; the aging demographic of its membership. My mission was to reach out to new audiences and revamp what was a cultural program focused more on preserving the past than investing in the future. In 2017 Il Centro presented over 290 cultural events which more than 39,000 people attended Inspired and empowered by our Executive Director, Mauro Vescera, whose dedicated mentoring and courageous vision I will always be thankful for, the Cultural Department focused on the Caboto Series, a series of new partnerships, presentations and collaborative initiatives that placed our brand front and central in Vancouver s cultural panorama. The positive results are a testament to the success of that strategy. We need to give credit when credit is due; nothing extraordinary would have happened to the Centre in 2017 without the hard work and unshakeable dedication from all of my colleagues. They are an inspiration to me, and the Italian community in Vancouver is lucky to have them working for Il Centro. In conclusion, I would also like to thank our established and new partners, our generous sponsors and donors, and our passionate volunteers; they all contributed to the creation of an outstanding lineup of events that made our cultural program so successful and lively in Giulio Rechioni Cultural Director 10 - Annual Report 2017 Annual Report

13 2017 PARTNERS Association of Italian-Canadian Writers Associazione Campani nel Mondo Associazione Culturale Calabrese Associazione Culturale Pugliese della BC Basilicata Society Comitato Generale degli Italiani all Estero (CGIE) Chutzpah Festival The Cinematheque Circolo Abruzzese di Vancouver City Opera Vancouver Coastal Jazz and Blues Society Comitato degli Italiani all Estero (Comites) Commercial Drive BIA Confratellanza Italo-Canadese Consolato Generale d Italia a Vancouver Consulate General of Switzerland in Vancouver Coro Trevigiano-Veneto Cory Weeds Presents The Cultch The Dance Centre Doxa Festival Epic Tellers Famee Furlane Balletto Famiglia Bagnolese Society Federazione dei Club Pugliesi della BC Grunt Gallery International Society for Contemporary Music Italian Canadian Sports Federation Italian Chamber of Commerce Italian Choir of BC Italian Contemporary Film Festival Italian Festival Society Italian Ladies Club Italian Men s Choir of Canada Italian Rod & Gun Club La Società Civitanovese Live Nation Men s Choir of Canada Modern Pantry Music on Main Nuova Icona PuSh International Performing Arts Festival The Rio Theatre Sicilian Folk Club of BC Società Molisana Società Toscana di Vancouver Stile Brands UBC Arts Department Unione Culturale Pugliesi nel Mondo BC Vancouver Civic Theatres Vancouver International Mountain Film Festival Vancouver Opera Vicentini Cultural Society of BC Vancouver International Film Festival (VIFF) Whitecaps FC Women s Health Research Institute Young Moviemakers 11 - Annual Report 2017 Annual Report

14 MUSEUM REPORT The year of 2017 at Il Museo was marked by very successful collaborative projects. The Museum was honoured to continue partnerships with Renfrew-Collingwood Neighbourhood House. As well throughout 2017 the Museum also forged new associations with: Drs. April Liu and Elizabeth Johnson from the Museum of Anthropology; Winnie Cheung from the Museum of Migration, and Linda Lando, Curator from the Zack Gallery at the Jewish Centre. Il Museo also entered new terrain by bringing a major exhibition from Venice to the ICC. This exhibition celebrated the history of the Jewish Ghetto in Venice in honour of its Vth Centenary. The year began with an exhibition of new art works by the established Vancouver artist Leslie Poole. This exhibition entitled: Behind Glass: An Artists Journey Through European Museums conveyed the experience of visiting a European museum through the eyes of a master artist. This thoughtful exhibition explored the humbling, and often overwhelming, feelings evoked when viewing masterpieces and works of immense technological mastery. Second, in April, a show of John Capitano s paintings Real Life in Technicolour brought back memories of old Vancouver, one that is vanishing before our very eyes. Through Capitano s paintings visitors were able to walk through disappearing neighbourhoods and landscapes. This journey asked us to reflect on which qualities make our city unique and what our changing cityscape will look like in the future. feelings evoked when viewing masterpieces and works of immense technological mastery Following in May and throughout the summer were two major exhibitions. The first one examined the cultural legacy of Italian and Cantonese Opera in Vancouver. This exhibition entitled: Common Voices: The Cultural Legacy of Cantonese and Italian Opera in Vancouver focused on the evolution of these two performance media which have evolved and grown independently in this city since immigration began in the late 1800 s. Coincidentally, Vancouver Opera performed the Chinese-themed Italian opera Turandot in October of The Il Museo Curator was invited to bring this exhibition to the Queen Elizabeth Theatre throughout the run of the opera. This exhibition was made possible with a generous grant from the Department of Canada Immigration. Next on July 25th the Italian Cultural Centre brought the monumental exhibition: The Venetian Ghetto: A Virtual Reconstruction from Venice. This exhibition celebrated the five hundred year history of the Jewish community in Venice ( ). The exhibition also commemorated the large Venetian book donation endowed to Il Centro by the late Abraham Rogatnick. Also participating in this project were our esteemed partners: Bard on the Beach and the Jewish Community Centre. Finally, 2017 concluded with the exhibition In Ruins, a textile, photography and ceramic installation. Three artists: Catherine Nicholls, Elizabeth Harris and Ally Nichols collaborated on this beautiful show which explored the process of decay and rebirth: a self-regenerating and repeating cycle fundamental to social change and spiritual development. This insightful and contemplative exhibition was a wonderful way to conclude a very busy and successful In conclusion I would like to take this time to express my deep gratitude to my colleagues at Il Centro: Giulio Recchioni, Edda Onesti, Luca Conte, Lorenzo Schober, Irada Yuzbayova, Fern Lazazzera, Kelsey Marshall, Fabio Rasotto, and of course, our supportive Executive Director Mauro Vescera. Each one played an important role in making 2017 such a successful year for Il Museo. Dr Angela Clarke Museum Curator 12 - Annual Report 2017 Annual Report

15 VENICE, THE JEWS, & EUROPE JULY 25-OCTOBER 30, Annual Report 2017 Annual Report

16 SCHOOL REPORT For at least three decades, the Italian Cultural Centre in Vancouver has been offering a variety of programs and activities to promote the Italian language and culture. A critical component to the success of these efforts has been the activity of the Italian School, more than ever a vibrant reality, thanks to its growth and to the exciting programs launched in the past ten years. The strategic objectives of the School frame the understanding of its long-term commitments as well as the inspiration of the new programs. In particular, its goals are two-fold, and include the following: First, the School aims at the diffusion of the Italian language, both spoken and written and among all ages. Second, a parallel goal is the simultaneous illustration of the historical, geographical, cultural and esthetical wealth of Italy, a goal achieved by engaging students with activities tailored to attract their specific interests. Growing along these lines, in 2017 the School has broadened its offer of daily in-house classes for adults and children at all levels of proficiency, and continued its outreach presence in several private schools of the Vancouver area. These efforts are complemented by the development of solid working relationships with schools and School Boards in the Vancouver Lower Mainland. One of the most successful programs is Scuola d Infanzia, now in its fourth year, offering a preschool program three-days/week. Toddlers as young as two learn Italian almost in a bilingual fashion, by singing, playing and interacting with Italian mother tongue teachers and other children. The success of this initiative is documented by the expansion of the classes, and by the waiting list. We expect to be able to offer a full-time Scuola d Infanzia, inspired by the Reggio Emilia Approach as soon as we are granted a BC license. In 2017 we have continued to offer and in many cases expanded the Children/Youth Program. Classes are held on Saturdays at the ICC and during the week in various public and private schools of the Lower Mainland. Lower availability of outreach students on weekdays has been more than compensated by a significant migration to our Saturday classes. Overall, we have experienced record attendance to our classes. Among the children/youth programs, we are continuing to offer the now classic Filastrocche della Nonna, a course for toddlers held twice a week in the Library at Il Centro, and Vacanze in Italiano, a summer full-immersion camp to learn Italian language and Italian Culture. From beginners to advanced levels, our Adult Program continues to be a great success, as shown by the rising enrollment: for example, in 2017 we recorded 619 registrations! Regular classes for adult students are available during the week, day or evening, or on Saturday mornings. We also offer specialized classes, such as Conversation 1 and 2, Let s Go Italy and the Italian Book Club. All this could not be translated into a successful Language School without the contribution of our dedicated instructors, our support staff, and last but not least without the support from our Board of Directors. In particular, I would like to thank Il Console Generale d Italia and the Education Officer for the great support they bring to our school. Edda Onesti School Director 14 - Annual Report 2017 Annual Report

17 15 - Annual Report 2017 Annual Report

18 LIBRARY REPORT 2017 has been an intense year for the library of the Italian Cultural Centre. Circulation is up substantially mainly because the Italian School continues to attract an increasing number of new students every session. The rental of DVDs of Italian movies is becoming very popular among students and with the latest edition of the VIFF currently happening in town, we anticipate that we will have lots of requests from our current students for films that have been showing this year at the movie festival. In consideration of the always increasing success of the rental of Italian movies, in 2017 we completed two orders of books and DVDs to substantially enrich our selection. We added books for small children with pop-ups and music CDs and also some of the most recent novels published in Italy over the last couple of years (including the always popular Elena Ferrante!). Books for children and toddlers are an essential part of our Kid s Corner and we need more of them in order to attract and entertain the children who participate in the two small classes of Filastrocche della Nonna on Tuesday and Saturday. Last year, as we do every year now since 2013, we hosted two students from Langara College (both from the first year) to do their practicum in our library; both of them worked for more than a month handling circulation mostly but also cataloging new arrivals and the many donations we receive regularly from our members. Overall, they worked hard and completed quite a number of projects for the library (and the School) and their contribution needs to be recognized and appreciated. I am glad to report that, during 2017, we cataloged more than 300 books and DVDs between donations and new arrivals. Other important projects we undertook included weeding old duplicates to free up shelf I am glad to report that, during 2017, we cataloged more than 300 books and DVDs between donations and new arrivals. space and the transfer on audio CDs of old Italian fairy tales. As a final remark, La Biblioteca would like to thank all the volunteers who have generously donated their time and let them know that our library would not be operating every day without their invaluable contribution. Luca Conte Librarian 16 - Annual Report 2017 Annual Report

19 2017 AWARDS HALL OF FAME Sergio Zanatta was inducted into Il Centro s Hall of Fame this year at Festa delle Regioni for his contribution to sports. LIFETIME MEMBERS Julie Casanova and Carmen D Onofrio (not pictured) were both honoured with Lifetime Memberships for their valuable commitment to the community. This occured during Festa delle Regioni this year Annual Report 2017 Annual Report

20 CATERING REPORT This year was another eventful one at our Italian Cultural Centre and if Julia Child was correct when she said People who love to eat are always the best people, well then, here at il Centro we have the distinct privilege of meeting, serving and working with the very best people! here at il Centro we have the distinct privilege of meeting, serving and working with the very best people! We provided our signature warm and delicious Italian brand of hospitality to thousands of customers at over 700 catered events this year. I must agree with Chef Daniel Boulud when he stated that there s no great chef without a great team. Our Chef Jackson Noah leads our culinary team with Sous Chef Jean Vincent (JV) Bouchard. They are supported by a highly motivated and dedicated group in the kitchen. The team also includes the charming and efficient front of house manager, Mr. Mike Cosariu, as well as the office staff. In the office this year we said a grateful arrivederci to Catering Assistant, Ms. Claire McNeil and we welcomed Ms. Kelsey Marshal to our team in her role. In terms of our financial performance, this year was, extraordinarily, not a record breaker. We saw fewer wedding bookings in the summer months which negatively impacted our overall bottom line. These are normal cycles we see in our industry and we can be optimistic to see that summer bookings have picked up for In addition, with the departure of the Business Manager in June the responsibility for the management of the facility and janitorial staff fell to the Catering Department leadership, on an interim basis. We continued our tradition of passionate collaboration with the Cultural Department in supporting the presentation of culinary-themed events including specialized workshops on mushrooms, gnocchi, ravioli, tortelloni, tiramisu, cheese making, Italian baking, and canning for the holidays. Catering staff also supported Italian Heritage Month events and others such as the Jazz buffet dinners, the Italian night market, the summer Long Table Dinner, Serata in Piazza, the Opera Concerts in the piazza, and Good Grains Pizza event. We were very proud to support Bosa s Bella Notte dinner which offered a beautiful holiday meal to 400 less fortunate members of our community. The Taste of the Regions of Italy series continued to grow in popularity. Our culinary team thoroughly enjoyed researching the beautiful regions of Italy and their unique gastronomic specialties and preparing them for our enthusiastic guests. This year we featured the cuisines of Veneto, Basilicata, Puglia and Sicily. At $35 per person, word has spread quickly about this tasty and affordable series. As a result, we are considering moving this event into the Grand Ballroom, pending availability, to accommodate the larger crowds we anticipate in future. To our great delight, Chef Carlo Zarri returned to Vancouver this year and we hosted an opulent dinner celebrating truffles and hazelnuts some of the most renowned culinary treasures of Chef Carlo s native Piemonte. It is always a very special occasion we look forward to when we have the opportunity to welcome chefs from Italy to our kitchen. It is a much-savoured opportunity 18 - Annual Report 2017 Annual Report

21 for professional development and inspiration directly from the motherland of our great traditions. More stimulating gastronomic cultural exchange took place when we welcomed the chefs-in-training from the Istituto Alberghiero di Prato, who arrived on an invitation by the Consul General of Italy. Auguste Escoffier, the French culinary icon, known as the king of chefs and the chef of kings, affirmed that Good food is the foundation of genuine happiness. He wasn t Italian, but I still agree with him and every single day at il Centro, we work hard to bring that genuine happiness to our guests. The testimonials and letters of thanks that we proudly share on our website tell us we re on the right track. I will leave you with the words of George Bernard Shaw: There is no sincerer love than the love of food. It is our sincere honour to preserve, celebrate and share the Italian culture through the conviviality and culinary expression of the Italian table. Fabio Rasotto Director of Catering 19 - Annual Report 2017 Annual Report

22 TREASURER S REPORT It is my pleasure to serve and present the Treasurer s Report and to comment on the audited financial statements for the year ended December 31st, I wish to thank Management, Staff and the Board of Directors, led by Luca Citton, for their dedication and hard work throughout this year. Thank you to all our volunteers who tirelessly work to ensure il Centro is a vibrant cultural and community centre. PREAMBLE: 2017 was a year of change for financial management within the organization. During the year 2017 there was a change in the Treasurer and Finance Director. The Grant Revenue recognition has been changed to Defer Revenue Contribution Method and implemented for the 2017 Fiscal Year. Key Financial Highlights Expenses exceeded revenue this year for a net loss of ($117,538) Our cash position is $534,002 compared to $878,228 in 2016 Gross revenues decreased by $403,337 this year, mainly due to a large donation received last year and fewer catered events, notably weddings in Please refer to Schedule 1 for full disclosure. Bingo net income of $191,671, which is higher by $38,370 than Please refer to Schedule 2 for a full breakdown of Revenue and Expenses. Catering net income contribution was $809,078, compared to $1,036,617 in Schedule 3 explains revenues received and expenses. Note to reader: Related catering expenses for Cultural events remains in Catering. During the year 2016, management, with the support of the board, concluded that catering expenses related to cultural events should remain in catering expenses and not cultural expenses. Therefore, for comparative purposes, when evaluating the financial statements, please remain cognizant of this classification change. Italian Language School net contribution of $36,731 was slightly less that 2016 s of $39,135. However growth continued in registration of both Adult and Children classes. Please refer to Schedule 4 for full details. Our deferred grant contributions increased from $50,632 in 2016 to $105,831 in 2017 Please refer to Note 7 for a full list of grants. Commentary regarding the financial statements and schedules follow below: Statement of Financial Position Our cash position at the end of 2017 was $371,327; compared to $715,553. We have zero balance in our line of credit and our Restricted cash remains at $162,675. Accounts receivable increased by $121,197 due to large catering events held late in 2017 with 90% of these receivables due within 30 days. Prepaid expenses for events to be held in 2018 were lower by $7,260 at $58,078 compared to $65,338 in Capital assets increased by $5,810 in 2017 to $2,713,519 representing assets purchased and the resulting cost of accumulated depreciation. Accounts payable and liabilities where less by $74,790 at $177,188 compared to $251,978 in Unearned revenue is healthy at $154,419 compared to $139,753 in 2016, representing catering deposits held and advanced school fees collected to be used in Deferred contribution increased by $55,199 to $105,831 representing grant money received for grants to be executed in 2018 and beyond. Please refer to Note 7 for a full list of these Grants. Our current portion of capital lease obligation (photocopiers) has reduced to $5,900 in 2017 from $10,233 in 2016 due to refinancing and expiry of one lease. The current portion of long-term debt is our yearly mortgage payment held at Vancouver Savings and Credit Union of $65,854. The changes to the General Fund and the Tangible Capital Asset Fund reflect the net loss 20 - Annual Report 2017 Annual Report

23 for the Society in 2017 of ($117,538); compared to a net gain in 2016 of $320,310. Statement of Operations and Change in Fund Balances Revenues decreased by $403,377 to $4,136,757; compared to $4,540,134 in Please refer to Schedule 1 for a list of all revenues earned in Direct costs to earn this revenue increased by $80,726 to $2,236,455; compared to costs of $2,155,729 in * Note: Related catering expenses for Cultural events remains in Catering. During the year 2016, management, with the support of the board, concluded that catering expenses related to cultural events should remain in catering expenses and not cultural expenses. Therefore, for comparative purposes, when evaluating the financial statements, please remain cognizant of this classification change. General Expenses were lower in 2017 by $32,391 to $2,123,765; compared to expenses of $2,156,156 in Comments regarding notable differences in general expenses: Advertising and promotion increase of $43.5K due to additional radio advertisement, new back up and web hosting cost. Some of 2016 advertising cost was recognized in Cultural costs. In 2017 all Marketing expense were recorded in general expenses Advertising and Promotion. Cultural programs up $54.5K due to more programming during Canada 150. Interest on long term debt decreased by $17.4K due to lower interest rate on mortgage. Repairs and Maintenance higher by $52.4K fixing major plumbing and roof issues. Utilities higher due to double entry made in 2016 corrected in Wages lower due to less management staff for six months of 2017 and Catering Director s salary is now in Catering Labour Cost in Tenant recoveries were higher then year by $13,864, which reduces our total expenses. The deficiency of revenue over expenses for the year 2017 is ($117,538) compared to an excess of revenue last year of $320,310. Statement of Cash Flows This statement refers to all the cash received and disbursed throughout the year. Cash generated by operations decreased this year. In 2017 we have a deficit of ($117,538); compared to a profit of $320,00 in The major difference is in donations received in 2016 and fewer catered events in Cash outflows decreased in 2017 ($101,607) compared to $555,182 in 2016, this represents cash needed to pay our accounts receivable, payable and sales tax payable. And the amount we expect in future payments from unearned revenue and future grants. Cash flows for financing decreased this year as one capital lease was concluded and our lower mortgage payment due to the lower interest rate at Vancouver Savings and Credit Union. Cash ending balance, combined with restricted cash for 2017 is $534,002 compared $ in To should be noted that although we have a net loss of ($117,538) we do have a satisfactory level of cash on hand, and an approved unused line of credit of $300,000 to draw upon in case we have a shortage of cash for any unforeseen expenses or projects in Please refer to Note 8 for a full description of the Society s credit facilities. Budgeting in the Society: The Board of Directors and Delegates approved the 2018 Budget. The concept of budgeting involves planning and budgeting by each department s revenue and expenses for the benefit of the whole organization Il Centro s Office Budget Highlights: Overall Revenues and Expenses remain consistent with prior years, e.g. $2,233,464 and $2,190,235 respectively, forecasting a projected surplus of $43,128, Catering s gross profit is projected to be $776,639, Facility revenue slightly higher at $250,000, Donations, Grants and Fundraiser Revenues remain constant at $406,671, General Expenses remain constant at approximately $1,784,645; Mary McMullen, CPA - CMA Treasurer 21 - Annual Report 2017 Annual Report

24 22 - Annual Report 2017 Annual Report

25 THE ITALIAN CULTURAL CENTRE SOCIETY FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 PAGE AUDITORS' REPORT 1-2 FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF CHANGES IN FUND BALANCES 4 STATEMENT OF OPERATIONS 5 STATEMENT OF CASH FLOWS 6 NOTES TO THE FINANCIAL STATEMENTS 7-13 SCHEDULE 1 - REVENUES 14 SCHEDULE 2 - BINGO 15 SCHEDULE 3 - CATERING AND FESTIVITIES 16 SCHEDULE 4 - LANGUAGE SCHOOL 17 SCHEDULE 5 - EXPENSE RECOVERIES Annual Report 2017 Annual Report

26 HEDDEN CHONG LLP CHARTERED PROFESSIONAL ACCOUNTANTS (A PARTNERSHIP OF INCORPORATED PROFESSIONALS) SINCE 1961 # HENNING DRIVE BURNABY, BC V5C 6P8 TELEPHONE: FACSIMILE: INDEPENDENT AUDITORS' REPORT To The Members of The Italian Cultural Centre Society Report on the Financial Statements We have audited the accompanying financial statements of The Italian Cultural Centre Society, which comprise the statement of financial position as at December 31, 2017 and the statements of operations and changes in fund balances and cash flows for the year ended December 31, 2017, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian Accounting Standards for Not-for-Profit Organizations, 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. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion In common with many not-for-profit organizations, The Italian Cultural Centre Society derives part of its revenue from donations, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, verification of these revenues was limited to the amounts recorded in the accounts of The Italian Cultural Centre Society and we were not able to determine whether, as at or for the years ended December 31, 2017 and December 31, 2016, any adjustments might be necessary to donations, excess of revenues over expenses, assets and fund balances Annual Report 2017 Annual Report

27 Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of The Italian Cultural Centre Society as at December 31, 2017 and December 31, 2016 and the results of its operations and its cash flows for the years ended December 31, 2017 and December 31, 2016 in accordance with Canadian Accounting Standards for Not-for-Profit Organizations. Report on Other Legal and Regulatory Requirements As required by the Society Act (British Columbia), we report that, in our opinion, the accounting principles in Canadian accounting standards for not-for-profit organizations have been applied on a basis consistent with that of the preceding year. February 7, 2018 Burnaby, BC CHARTERED PROFESSIONAL ACCOUNTANTS 25 - Annual Report 2017 Annual Report

28 THE ITALIAN CULTURAL CENTRE SOCIETY STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, $ $ ASSETS CURRENT ASSETS Cash 371, ,553 Restricted cash (Note 4) 162, ,675 Accounts receivable 177,611 56,414 Inventory (Note 5) 73,051 71,800 Prepaid expenses 58,078 65, ,742 1,071,780 ENDOWMENT 26,211 26,211 TANGIBLE CAPITAL ASSETS (Note 6) 2,713,519 2,707,709 3,582,472 3,805,700 LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities 177, ,978 Wages payable 57,046 66,396 Sales taxes payable 867 5,113 Unearned revenue 154, ,753 Deferred contributions (Note 7) 105,831 50,632 Current portion of capital lease obligations (Note 9) 5,900 10,233 Current portion of long term debt (Note 10) 65,854 64, , ,340 CAPITAL LEASE OBLIGATIONS (Note 9) 4,901 23,493 LONG TERM DEBT (Note 10) 1,543,757 1,609,620 FUND BALANCES 2,115,763 2,221,453 GENERAL FUND 184, ,444 TANGIBLE CAPITAL ASSET FUND 1,119,868 1,000,128 CONTINGENCY FUND 62,675 62,675 CULTURAL AND EDUCATIONAL FUND 100, ,000 1,466,709 1,584,247 3,582,472 3,805,700 APPROVED BY THE DIRECTORS: DIRECTOR DIRECTOR (The accompanying notes form an integral part of these financial statements) 26 - Annual Report 2017 Annual Report

29 THE ITALIAN CULTURAL CENTRE SOCIETY STATEMENT OF CHANGES IN FUND BALANCES FOR THE YEAR ENDED DECEMBER 31, General Fund Tangible Capital Asset Fund Contingency Fund Cultural and Educational Fund Total Total $ $ $ $ $ $ BALANCE, beginning of the year 421,444 1,000,128 62, ,000 1,584,247 1,263,937 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES FOR THE YEAR 5,341 (122,879) - - (117,538) 320,310 INTERFUND TRANSFERS Investment in tangible capital assets (155,450) 155, Repayment of capital lease obligations (22,925) 22, Repayment of long term debt (64,244) 64, BALANCE, end of the year 184,166 1,119,868 62, ,000 1,466,709 1,584,247 (The accompanying notes form an integral part of these financial statements) Annual Report 2017 Annual Report

30 THE ITALIAN CULTURAL CENTRE SOCIETY STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, General Fund Tangible Capital Asset Fund Contigency Fund Cultural and Educational Fund $ $ $ $ $ $ REVENUES, Schedule 1 3,701, , ,136,757 4,540,134 DIRECT COSTS Bingo, Schedule 2 98, ,147 85,451 Catering and festivities, Schedule 3 1,900, ,900,899 1,848,269 Language School, Schedule 4 237, , ,009 2,236, ,236,455 2,155,729 EXPENSES Advertising and promotion 105, ,221 61,658 Amortization - 149, , ,131 Bank and credit card charges 45, ,980 55,381 Cultural programs 437, , ,615 Insurance 41, ,890 42,480 Interest on long-term debt - 48, ,208 65,632 Licences and permits 10, ,890 16,307 Office 47, ,552 57,589 Professional fees 64, ,855 54,197 Repairs and maintenance - 302, , ,812 Supplies - janitorial 21, ,663 25,240 Telephone 6, ,239 4,656 Utilities - 164, , ,318 Wages and benefits 677, , ,140 1,459, , ,123,765 2,156,156 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES BEFORE EXPENSE RECOVERIES 5,341 (228,804) - - (223,463) 228,249 EXPENSE RECOVERIES, Schedule 5-105, ,925 92,061 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES FOR THE YEAR 5,341 (122,879) - - (117,538) 320,310 (The accompanying notes form an integral part of these financial statements) 28 - Annual Report 2017 Annual Report

31 THE ITALIAN CULTURAL CENTRE SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, $ $ CASH FLOWS FROM OPERATING ACTIVITIES Excess (deficiency) of revenues over expenses for the year (117,538) 320,310 NON CASH ITEMS Amortization 149, ,131 32, ,441 CHANGES IN NON-CASH WORKING CAPITAL Accounts receivable (121,198) 100,139 Inventory (1,252) (21,066) Prepaid expenses 7,261 6,646 Accounts payable and accrued liabilities (74,791) (9,390) Wages payable (9,350) 36,034 Sales taxes payable (4,246) (412) Unearned revenue 14,666 (23,720) Deferred contributions 55,199 (29,490) (101,607) 555,182 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of capital lease obligations (22,925) (10,197) Repayment of long term debt (64,244) (183,466) (87,169) (193,663) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of tangible capital assets (155,450) (131,324) Proceeds from restricted investments - 103,163 (155,450) (28,161) DECREASE (INCREASE) IN CASH (344,226) 333,358 CASH, beginning of year 878, ,870 CASH, end of year 534, ,228 CASH, CONSISTS OF: Cash 371, ,553 Restricted cash 162, , , ,228 (The accompanying notes form an integral part of these financial statements) 29 - Annual Report 2017 Annual Report

32 THE ITALIAN CULTURAL CENTRE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, NATURE OF OPERATIONS The Italian Cultural Centre Society is registered under the Society Act of British Columbia as a not-for-profit organization and is a registered charity under the Income Tax Act. The Society's primary purpose is to promote the cultural heritage of the Italian community through educational, social, and folkloristic programs. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with Canadian accounting standards for not-forprofit organizations and include the following significant accounting policies: FUND ACCOUNTING The general fund is used for general revenues and expenses and accounts for the Society's general operating activities. The tangible capital asset fund is used for the revenues and expenses related to the Society's facilities. The contingency fund consists of internally restricted funds to be used for building operations, maintenance and contingencies. Investment income earned on resources of the contingency fund is reported in the general fund. The Cultural and Educational Fund consists of internally restricted funds to be used to promote Italian language, culture and heritage, and to share these values with other communities. VALUATION OF INVENTORY Inventory is recorded at the lower of cost and net realizable value. Cost is determined on an average cost basis. TANGIBLE CAPITAL ASSETS Tangible Capital Assets are recorded at cost with depreciation and amortization provided as follows: Rate Method Buildings 40 years Straight-line Equipment 10 years Straight-line Furniture and fixtures 10 years Straight-line Kitchen equipment 3 and 5 years Straight-line Computer equipment 3 years Straight-line Computer software 3 years Straight-line Office equipment 10 years Straight-line Office equipment under Capital Lease 5 years Straight-line Books - permanent collection 5 years Straight-line 30 - Annual Report 2017 Annual Report

33 THE ITALIAN CULTURAL CENTRE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 REVENUE RECOGNITION Revenue is recognized as it is earned in accordance with the following policies: - Bingo revenue is recognized on receipt of the cash. - Catering revenue is recognized as services are rendered. - Cultural and festivity revenue are recognized at the time of the event and as services are rendered. - Membership dues are paid annually and recognized in the year to which they relate. - Language school revenues are recognized in the month classes are provided. - Rental revenue is recognized on a straight-line basis over the lease term. - Unrestricted donations, grants, and fundraising revenues are recognized as revenue of the General Fund when received. - Restricted contributions are recognized as revenue of the appropriate fund, or General Fund if no corresponding fund exists, in the year in which the related expenses are incurred. CONTRIBUTED MATERIALS AND SERVICES Contributed materials and services are not recognized in the financial statements unless they are substantial, a fair value can be reasonably estimated and the materials and services are used in the normal course of operations and would otherwise have been purchased. No contributed materials or services were recognized in the years ending 2017 or FINANCIAL INSTRUMENTS MEASUREMENT OF FINANCIAL INSTRUMENTS The Society initially measures its financial assets and liabilities at fair value, except for certain non-arm's length transactions. The Society subsequently measures all its financial assets and liabilities at amortized cost. Changes in fair value are recognized in net income. Financial assets measured at amortized cost include cash and accounts receivable. Financial liabilities measured at amortized cost include accounts payable and accrued liabilities, capital lease obligations, and long term debt. IMPAIRMENT Financial assets measured at cost are tested for impairment when there are indicators of impairment. The amount of the write-down is recognized in net income. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in net income. TRANSACTION COSTS The Society recognizes its transaction costs in net income in the period incurred. However, financial instruments that will not be subsequently measured at fair value are adjusted by the transaction costs that are directly attributable to their origination, issuance or assumption Annual Report 2017 Annual Report

34 THE ITALIAN CULTURAL CENTRE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 MEASUREMENT UNCERTAINTY The preparation of financial statements, in accordance with Canadian generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are reviewed periodically and as adjustments become necessary, they are reported in earnings in the period in which they became known. 3. FINANCIAL INSTRUMENTS Risks and concentrations The Society is exposed to various risks through its financial instruments. The following analysis provides a measure of the Society's risk exposure and concentrations at the balance sheet date. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Society is exposed to this risk mainly in respect of its long term debt, obligations under capital leases, and accounts payable and accrued liabilities. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Society's main credit risks relate to its accounts receivable. The Society provides credit to its clients in the normal course of its operations. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk, and other price risk. The Society is mainly exposed to interest rate risk. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Society is exposed to interest rate risk on its capital lease obligations and long term debt. Given the current composition of long term debt (proportion of debt at a fixed interest rate compared to a floating interest rate), fixed-rate instruments subject the entity to a fair value risk while the floating rate instruments subject it to a cash flow risk Annual Report 2017 Annual Report

35 THE ITALIAN CULTURAL CENTRE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, RESTRICTED CASH $ $ Contingency fund 62,675 62,675 Cultural and Educational fund 100, , , ,675 Included in the contingency fund is cash which is internally restricted for building repair, maintenance, and renovation purposes. Included in the Cultural and Educational fund is cash which is internally restricted to promote Italian language, culture and heritage. 5. INVENTORY $ $ Food 12,979 14,408 Liquor 27,431 24,571 Books 32,641 32,821 73,051 71, TANGIBLE CAPITAL ASSETS ACCUMULATED NET BOOK VALUE COST AMORTIZATION $ $ $ $ Land 635, , ,251 Buildings 4,674,031 2,827,485 1,846,546 1,816,516 Equipment 1,013, , , ,848 Furniture and fixtures 449, ,422 69,502 76,320 Kitchen equipment 425, ,700 8,709 6,437 Computer equipment 89,007 87,555 1,452 1,863 Computer software 8,997 7,275 1,722 - Office equipment 48,306 48, Office equipment under Capital Lease 48,340 29,004 19,336 29,004 Books - permanent collection 33,293 33, ,425,646 4,712,127 2,713,519 2,707, Annual Report 2017 Annual Report

36 THE ITALIAN CULTURAL CENTRE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, DEFERRED CONTRIBUTIONS Beginning balance Current Year Additions / Transfers Ending balance $ $ $ B.C. Community Gaming Grant - 13,187 13,187 B.C. Museums Association - 19,423 19,423 City of Vancouver - Being Canadian - 22,100 22,100 TELUS Vancouver Community Board - 8,936 8,936 Vancity - Food Hub - 12,185 12,185 Vancity - East Vancouver Green Grants 20,632 (20,632) - Vancouver Foundation - East Vancouver Green 30,000-30,000 50,632 55, , CREDIT FACILITIES The Society has available a Vancity demand operating line of credit of up to $300,000, bearing interest at the bank's prime rate plus 0.25% per annum. As at December 31, 2017 the balance outstanding on the line of credit was $nil ( $nil). The Society also has available with Vancity a letter of credit to the British Columbia Liquor Control Board of up to $15,000, bearing interest at the bank's prime rate plus 0.25% per annum. As at December 31, 2017 the balance outstanding on the letter of credit was $nil ( $nil). Additionally, the Society has available with Vancity two credit cards, authorized to maximum balances of $40,000 and $40,000. The demand operating line of credit and letter of credit are secured as described in Note Annual Report 2017 Annual Report

37 THE ITALIAN CULTURAL CENTRE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, CAPITAL LEASE OBLIGATIONS Capital leases consist of: $ $ GE VFS Canada Limited Partnership capital lease bearing interest at an implied rate of 3.942% per annum, payable in 60 monthly payments of $ The lease was refinanced during the year. - 33,726 Wells Fargo Equipment Finance capital lease payable in 56 monthly payments of $ plus applicable taxes and one monthly payment of $ plus applicable taxes upon the expiration of the lease. The lease expires in March ,848 - Wells Fargo Equipment Finance capital lease payable in 57 monthly payments of $ plus applicable taxes and one monthly payment of $ plus applicable taxes upon the expiration of the lease. The lease expires in September ,953-10,801 33,726 Less: current portion 5,900 10,233 4,901 23,493 The Society is required to make the following payments on capital leases over the next five years: Year $ , , LONG TERM DEBT $ $ Vancity mortgage bearing interest at 2.95% per annum and is repayable in monthly blended payments of $9,371. The loan matures July 1, ,609,611 1,673,855 Less: current portion 65,854 64,235 1,543,757 1,609, Annual Report 2017 Annual Report

38 THE ITALIAN CULTURAL CENTRE SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 The long term debt and credit facilities (Note 8) are secured by a general security agreement, a demand collateral mortgage and assignment of rent in the amount of not less than $1,700,000, providing a first charge over land and buildings. The next five years principal payments are: Year $ 2018 $ 65, , , ,406, CAPITAL MANAGEMENT The Society's capital consists of general, tangible capital asset, contingency fund and cultural and educational fund capital as detailed in the statement of financial position. The Society's objective when managing its capital is to safeguard the Society's ability to continue as a going concern and to serve the needs of its members and the Italian community. The Society is a charitable organization which receives donations and grants and engages in various activities such as Italian language instruction, facilities rental, gaming activities, catering and festivities, and other culutral programs to generate funds to fulfill its objective. In addition, the Society draws upon bank financing for long-term and short-term funding to support its operations. There are no financial covenants associated with these bank loans. The bank loans are secured as disclosed in Note 10 In order to facilitate management of its capital requirements, the Society prepares annual budgets, which are approved by the Assembly of Delegates. Financial statements are prepared on a monthly basis and are approved by the Board of Directors. 12. OTHER REPORTING REQUIREMENTS As required by the Society Act (British Columbia) effective November 28, 2016, we report on annual remuneration of employees earning more than $75,000. During the year, two employees earned more than $75,000 individually, resulting in $213,318 paid in the aggregate. 13. COMPARATIVE FIGURES The comparative figures have been reclassified where applicable in order to conform to the presentation used in the current year Annual Report 2017 Annual Report

39 THE ITALIAN CULTURAL CENTRE SOCIETY SCHEDULE 1 - REVENUES FOR THE YEAR ENDED DECEMBER 31, 2017 SCHEDULE General Fund Tangible Capital Asset Fund Contigency Fund Cultural and Educational Fund $ $ $ $ $ $ GENERAL REVENUE Bingo, Schedule 2 289, , ,752 Grants 51, ,922 59,436 Donations 11, , ,715 Fundraising ,721 Interest income 2, ,004 1,447 Other income 30, ,237 29, , , ,593 ACTIVITIES REVENUE Catering and festivities, Schedule 3 2,709, ,709,977 2,884,886 Language School, Schedule 4 274, , ,134 Cultural programs 292, , ,362 Rent - Facilities - 236, , ,967 Rent - Dario's La Piazza - 105, , ,000 Rent - Westside Montessori - 94, ,614 81,674 Bocce fees 8, ,004 9,811 Membership fees 31, ,849 31,707 3,316, , ,751,672 3,769,541 3,701, , ,136,757 4,540, Annual Report 2017 Annual Report

40 THE ITALIAN CULTURAL CENTRE SOCIETY SCHEDULE 2 - BINGO FOR THE YEAR ENDED DECEMBER 31, 2017 SCHEDULE $ $ REVENUE Gross revenue 823, ,795 Cash prizes (533,475) (499,220) Interest income , ,752 EXPENSES Advertising Interest and bank charges Miscellaneous 10,295 1,142 Office 656 1,371 Repairs and maintenance 16,816 15,643 Supplies 22,181 15,771 Wages and benefits 48,159 51,393 98,147 85,451 EXCESS OF REVENUE OVER EXPENSES 191, , Annual Report 2017 Annual Report

41 THE ITALIAN CULTURAL CENTRE SOCIETY SCHEDULE 3 - CATERING AND FESTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2017 SCHEDULE $ $ REVENUE Main hall 2,041,375 2,246,048 Trattoria 509, ,045 Osteria 82,252 84,182 Bingo cafeteria 51,576 45,234 Miscellaneous 16,497 12,730 Festivities 8,654 1,647 2,709,977 2,884,886 EXPENSES Entertainment 15,019 16,203 Food, liquor and supplies 1,063,920 1,078,755 Wages and benefits 821, ,311 1,900,899 1,848,269 EXCESS OF REVENUE OVER EXPENSES 809,078 1,036, Annual Report 2017 Annual Report

42 THE ITALIAN CULTURAL CENTRE SOCIETY SCHEDULE 4 - LANGUAGE SCHOOL FOR THE YEAR ENDED DECEMBER 31, 2017 SCHEDULE $ $ REVENUE Adult 173, ,016 Children 70,066 65,433 Grants - Italian Government 30,121 34, , ,134 EXPENSES Advertising 1,400 5,851 Books 17, Rent 2,658 3,870 Supplies and workshops 6,278 11,247 Wages and benefits 209, , , ,009 EXCESS OF REVENUE OVER EXPENSES 36,731 39, Annual Report 2017 Annual Report

43 THE ITALIAN CULTURAL CENTRE SOCIETY SCHEDULE 5 - EXPENSE RECOVERIES FOR THE YEAR ENDED DECEMBER 31, 2017 SCHEDULE $ $ TANGIBLE CAPITAL ASSET FUND Dario's La Piazza Restaurant 50,991 50,864 Westside Montessori School 54,934 41, ,925 92, Annual Report 2017 Annual Report

44 2017 DONORS Greater than $20,000 City of Vancouver Province of BC Government of Canada Vancity Credit Union Vancouver Foundation Greater than $5,000 Aquilini Investment Group BC Arts Council Newway Concrete Forming Telus Greater than $1,000 Canadian Museums Association Italian Senior Citizen Over 50 Club Italian Consulate General of Italy in Vancouver Joe Grosso Maria Giardini Montecristo Jewellers Inc Yosef Wosk Greater than $500 Associazione Culturale Calabrese Armando Petronio Soligo Giovanni Armando Esposito Associazione Campani nel Mondo Associazione Culturale Pugliese della BC Famee Furlane of Vancouver Gary Maier Italian Chamber of Commerce in Canada Greater than $100 La Societa Civitanovese Michael Cuccione Michele Coviello Mike Lombardi Siciliani Folk Club of BC Societa Culturale Vicentini We would also like to thank those who kindly donated less than $100, & those who donated anonymously Annual Report 2017 Annual Report

45 GENERAL ASSEMBLY OF DELEGATES The by-laws of the Italian Cultural Centre Society call for 2 elected or appointed delegates from each member society in good standing and a maximum of 34 elected representatives of the Donors Members to sit on the General Assembly of Delegates Member Associations & their Delegates Society President Delegate Associazione Basilicata Vancouver Mike Lombardi Mike Lombardi Dominic Corsetti Associazione Campani nel Mondo Giuseppe Rea Enzo Lombardi Nick Borzillo Associazione Culturale Calabrese Domenico Vicari Domenico Vicari Giuseppe Cuccione Associazione Culturale Pugliese Vito Bruno Vito Bruno Lidia Catalano Associazione Culturale Toscana Stefanie Tuccori Ivo Cagnoni Erasmo Paoletti Associazione Giuliano Dalmati Geni Gallovich Pasquale Roman Armando Petronio Associazione Nazionale Alpini Roberto Zanotto Roberto Zanotto Romano Zadra Circolo Abruzzese Club Giulio Recchioni Giulio Recchioni Danny Milano Club Femminile Italiano Gemma Scotton Gemma Scotton Rosa Citton Confratellanza Italo-Canadese Bruno Tassone Lino Bragagnolo Osvaldo Zappa Cosenza Social Club Frank Corrado Peter Mauro Frank Corrado Famee Furlane of Vancouver Tony Fabbro Aldo Qualizza Diego Marchi Famiglia Bagnolese Society Giulia Mattia Giulia Mattia Marie Bond Grimaldi Club Pietro Pagnotta Pietro Pagnotta Joe Jacoy Italian Canadian Rod & Gun Club Ralph Abbinante Guido Cecchinel Lucio Zucchetto Italian Canadian Sports Federation Jamie Cirotto Don Faccone Yvonne Lombardo Italian Canadian Winemakers Club Flaminio Ferrari Nick Ranzoni Marco De Cotis Italian Choir of B.C. Roslyn Jacobucci Oliva Agosti Anna Snider Italian Mutual Aid Society Claudio Antoniali Rino Bellini Rick Cozzuol Italian Senior Citizens Over 50 Club Armando Esposito Secondo Andreola Berta Fontana La Ciociara Società Culturale & Sportiva Giovanni Ambrosetti Bianca Verrelli La Società Civitanovese Nunzio d Andrea Nunzio d Andrea Liliana Hoogland La Società Molisana Antonio Amoruso Carmelina Cusano Antonio Amoruso 43 - Annual Report 2017 Annual Report

46 Society President Delegate Mammola San Nicodemo Gina Guercio Joe Bruzzese Frank Barillaro Selva Del Montello Claudio Corrà Stefano Gardin Silvano Gastaldo Sicilian Folkloristic Club of BC Stella de Giorgio Stella de Giorgio Concetta Baruca Stella Cometa Vancouver Society (vacant) Lina Silvestre Francesco Cimino Trentino Alto Adige Cultural Society Marco Holzer Marco Holzer Paul Antonioni Trevisani Nel Mondo Settimo Perizzolo Fiorella Pizzolato Dino Bertelli Unione Culturale Pugliesi nel Mondo BC Carmelina Cupo Giuseppe Vero Mary Riglietti Vancouver Italian Folk Chorus Joseph Pighin Elena Pettenon Artura Cusinato Vicentini Cultural Society of BC Maria Pagnan Maria Pagnan Rosa Mattiello 2017 Donor Representatives to the Assembly of Delegates Donor Delegates Elected in 2016 Donor Delegates Elected in 2017 (term expires in February 2018) (term expires in February 2019) Rudi Bonora Natalino Canderle Andreino Citton Luca Citton Michael Cuccione Rinaldo Finamore Anna Foschi Sandra Gagné Marinella Michielin Carlo Piccolo Bortolo Rinaldo Randy Rinaldo Ernesto Salvi Pamela Vio Lino Bussoli Steven Comin Michele Coviello Carmelina Cupo Carla Finamore Joe Finamore Ed Fontana Deanne Lythgo Carmela Moretti Giuseppe Peretti Settimo Perizzolo Maria Piccoli Egidio Scotton Dan Tucci Luigi Unti Rino Vultaggio Antonietta Zanatta 44 - Annual Report 2017 Annual Report

47 GOVERNANCE & COMMITTEES 2017 Il Centro Board of Directors Luca Citton*, President Randy Rinaldo*, Vice-President Deanna Lythgo, Secretary Mary McMullen*, Treasurer Joe Finamore, Exec. Member Lino Bussoli Steven Comin Michael Cuccione* Carmelina Cupo Mike Lombardi Carla Finamore*, Chairperson of the Assembly of Delegates (ex officio member of the Board). *Board members whose term expires in March Casa Serena Board of Directors Anna Terrana, President Stella De Giorgio, Vice-President Carlo Piccolo, Treasurer Carla Finamore, Secretary Rosa Citton Artura Cusinato Berta Fontana Armando Petronio Marisa Tuzi Osvaldo Zappa Lucio Zucchetto 2017 Villa Carital Board of Directors Celso Boscariol, President Penny Nardelli, Treasurer Rosa Citton Stella De Giorgio Joe Finamore Melanie Fung Rebecca Grinti David Marchioro Marinella Michelin Ashlyn Parolin Krista Thompson Pamela Vio 2017 Il Centro Committees Board Executive Committee Personnel Sub-Committee Cultural Committee Museum & Archive Sub-Committee Festivities/Heritage Events Sub-Committee Fundraising, Marketing & Communications Committee Education Committee Library Sub-Committee Finance Committee Facilities Sub-Committee Food Services Committee Social Services Committee Sports & Fitness Committee Governance Committee Gala Fundraiser Working Group 45 - Annual Report 2017 Annual Report

48 Notes

49 Notes

50