高顿网校小编为您介绍Management Discussion and Analysis-Operations：
 
　　Canada establishes the designation’s certification requirements and professional standards, offers professional development, conducts research and advocacy and represents CGAs nationally and internationally.
 
　　Operations
　　The excess of revenues over expenses totaled $849,000 in fiscal 2013. This represents a decrease of $505,000 over fiscal 2012. The decreased amount results from a net operational deficit of $832,000 over fiscal 2012 and an increase in the net insurance proceeds of $327,000, resulting a net decrease of $505,000.
 
　　The insurance fund is managed with a view to remaining competitive within the marketplace. The insurance fund paid an annual fee of $35,000 to CGA-Canada for management and accounting services provided to the fund in fiscal 2013. Even with the yields on the fund’s investment in fiscal 2013, the absolute annual growth of the fund is expected to decline with each passing year given increased exposure to self-retention.
 
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