Audited Financials

Overview

The Mount Pleasant Group has been serving GTA communities for almost 200 years. In fact, we’re older than the city of Toronto. Everything we do is guided by our fundamental objective to fulfil our perpetual care obligations and continue to serve the GTA long into the future. The foundation of our success will be driven by a strong financial performance.

As a not-for-profit organization, all revenues earned in excess of expenses are retained within the organization. These funds are used to secure new lands to meet the needs of the Greater Toronto Area’s rapidly-growing population; to develop new facilities and enhance existing ones; and to create products and services that meet the changing needs of families throughout the GTA. Below are some highlights from our latest fiscal year:

	2018	2017
Number of Employees	532	538

Families Served
Funeral Services	4,005	3,811
Cremation - with ceremony	38%	38%
Cremation - no ceremony	21%	22%
Burial/Entombment	41%	40%
Cremations	2,343	2,330
Burials/Entombments	8,600	8,380
Sales / Other Revenue	$84.4 Milion	$85.0 Million
Contribution to Perpetual Care Trust Fund	($13.3 Million)	($13.2 Million)
Net Revenue	$71.3 Million	$71.8 Million
Costs
Directs	$19.7 Million	$20.7 Million
General & Administrative	$40.2 Million	$39.8 Million
Cemetery Maintenance Expenses	$13.3 Million	$12.8 Million

 

For those of you who are unfamiliar with our industry, the concepts of a Perpetual Care Trust Fund and a Prepaid Trust Fund may be new, but they are critical to our operations and to everyone in our industry across Canada. The Perpetual Care Trust Fund generates income to pay for the maintenance of our cemeteries. It is legislated by the Province of Ontario and the principal cannot be touched, only the annual income. Under law, 40% of the selling price of the interment rights for every grave is set aside in the Fund.

Similarly, 20% of the crypt interment rights and 15% of niche interment rights are also directed to the Fund. The annual income from the Fund must be used for specific maintenance to ensure the general upkeep and appearance of the cemetery property.

The Prepaid Trust Fund is administered along similar lines. All revenues from people purchasing cemetery and funeral services in advance of need are held in a trust fund until that product or service is delivered.

	2018	2017
Perpetual Care Trust Fund	$432 Million	$401 Million
Prepaid Trust	$203 Million	$194 Million

Capital Expenditures 2014 - 2018	$97 Million