Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32May 31 2015 24 AUDITED FINANCIAL STATEMENTS Ontario Electronic Stewardship Statement of Operations 5 1 0 2 1 3 r e b m e c e D d e d n e r a e y e h t r o F 2014 Revenue Steward fees $ 72,088,800 $ 87,755,147 Investment income 278,052 248,871 72,366,852 88,004,018 Direct operating costs Material management costs 60,587,012 63,055,055 Other expenses Shared promotion and education 2,970,260 2,374,585 Waste Diversion Ontario administration and program delivery 404,481 302,043 Program delivery and administration (Note 6) 4,210,540 4,654,799 7,585,281 7,331,427 68,172,293 70,386,482 Excess of revenue over expenses for the year $ 4,194,559 $ 17,617,536 The accompanying notes are an integral part of these ļ¬nancial statements.