Financial Results

CRKN’s operations continue to be funded by members through both membership fees and Heritage Content Access and Preservation (HCAP) fees. CRKN also relies on past accumulated surpluses, monitoring cash flow, and interest and other revenues where appropriate. CRKN conducts our content licensing activities on a cost-recovery basis. Licensing revenues and member licensing costs recognized for the past fiscal year were $129M CAD.

The following charts describe CRKN’s revenue sources for the current and past fiscal years.

Financial Outlook

CRKN has realized a series of surpluses over the past few years including in 2022-2023, in part due to savings on meetings and travel during the pandemic. CRKN’s financial reserves and management practices provide the FAC and the Board with the flexibility and confidence to support deficit budgets as needed to reinvest in the organization’s capacity, in alignment with our approved strategic plan. The Board approved a deficit budget for fiscal year 2023-2024. The budget includes governance expenses for one in-person meeting each for the Board and all other committees as well as a return of staff travel to conferences and meetings and an increase in professional fees for consulting services to support the Canada Foundation for Innovation (CFI) grant application.