LENNOX & ADDINGTON SENIORS OUTREACH SERVICES INC. FINANCIAL STATEMENTS AS AT MARCH 31, 2016

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1 FINANCIAL STATEMENTS AS AT MARCH 31, 2016

2 TABLE OF CONTENTS AS AT MARCH 31, 2016 Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Fund Balances 3 Statement of Operations 4 Statement of Cash Flows 5 Notes to Financial Statements 6-15 General Fund - Schedule of Revenues 16 General Fund - Schedule of Subsidized Activities Expenses 17 Non-Ministry Fund - Schedule of Expenses 18

3 WILKINSON Integrity, Knowledge, Solutions INDEPENDENT AUDITORS' REPORT To the Members of Lennox & Addington Seniors Outreach Services Inc. Report on the Financial Statements We have audited the accompanying financial statements of Lennox & Addington Seniors Outreach Services Inc., which comprise the statement of financial position as at March 31, 2016 and the statements of fund balances, operations and cash flows for the year then ended, 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. Auditor s 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 is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Lennox & Addington Seniors Outreach Services Inc. as at March 31, 2016, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organization. BELLEVILLE, Canada June 29, 2016 Chartered Accountants Licensed Public Accountants Wilkinson & Company LLP - Chartered Accountants Telephone Toll Free Fax P.O. Box 757, 139 Front Street, Belleville, Ontario K8N 5B5

4 STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, Fifty-Five Inter-fund General Enhancement Non-Ministry Plus Eliminations Total 2015 $ $ $ $ $ $ $ ASSETS CURRENT Cash 5, ,483 6,659 17,283 40,000 Short-term investments - Note 3 42,973 42,973 42,275 Accounts receivable 71,620 71,620 77,834 Due from other funds 5, ,137 5,824 11,565 (140,271) 82, ,155 11,307 18,224 (140,271) 131, ,109 TANGIBLE CAPITAL ASSETS - Note 4 105,729 19, , , , ,155 30,915 18,224 (140,271) 257, ,817 LIABILITIES CURRENT Demand bank loan - Note 5 45,000 45,000 Accounts payable and accrued liabilities 99,031 99,031 39,567 Due to other funds 134,526 5,745 (140,271) Due to Ministry 1,132 1,132 Deferred revenue 7,811 7,811 7,276 Government remittances payable 85,135 85,135 23,555 Current portion of long-term debt , ,824 NIL 6,496 7,811 (140,271) 238,860 75,447 LONG TERM Capital lease payable - Note Deferred revenue relating to tangible capital assets - Note 7 31,111 10,981 42,092 48,834 31,111 NIL 10,981 NIL NIL 42,092 49,586 FUND BALANCES Operating (282,363) 160,155 5,562 10,413 (106,233) 89,711 Capital 74,618 7,876 82,494 73,073 APPROVED ON BEHALF OF THE BOARD Director (207,745) 160,155 13,438 10,413 NIL (23,739) 162,784 Director 188, ,155 30,915 18,224 (140,271) 257, ,817 The accompanying notes form an integral part of these financial statements

5 STATEMENT OF FUND BALANCES Fifty-Five General Enhancement Non-Ministry Plus Total 2015 $ $ $ $ $ $ FUND BALANCES - BEGINNING OF YEAR Operating (127,361) 187,401 3,560 26,111 89,711 85,954 Capital 62,910 9, ,073 95,839 (64,451) 187,401 13,328 26, , ,793 EXCESS OF EXPENSES OVER REVENUE FOR YEAR (164,056) 704 (185) (22,986) (186,523) (19,009) TRANSFERS BETWEEN FUNDS 20,762 (27,950) 295 6,893 FUND BALANCES - END OF YEAR (207,745) 160,155 13,438 10,413 (23,739) 162,784 CONSISTING OF: Operating (282,363) 160,155 5,562 10,413 (106,233) 89,711 Capital 74,618 7,876 82,494 73,073 (207,745) 160,155 13,438 10,413 (23,739) 162,784 The accompanying notes form an integral part of these financial statements

6 STATEMENT OF OPERATIONS Fifty-Five REVENUE General $ Enhancement $ Non-Ministry $ Plus $ Total $ 2015 $ Ministry of Health and Long-Term Care - Operating grant 670, , ,812 - One-time funding 147, ,476 5,044 Amortization of deferred tangible capital assets revenue 10,031 3,086 13,117 15,848 Other government funding 3,861 3,861 9,701 Ontario Sports and Recreation Grant 45,000 Lennox and Addington County Grant 20,000 20,000 20,000 Referral income 7,661 7,661 12, ,759 NIL 10, , ,752 Subsidized activities - Schedule I 412,967 NIL NIL 33, , ,056 Fundraising Program donations 29, ,705 30,438 Fundraising 20,370 1,063 21,433 31,759 Interest income Nevada , ,648 52,738 63,026 TOTAL REVENUES 1,314, ,643 35,118 1,361,681 1,323,834 EXPENSES Subsidized activities - Schedule II 1,437,521 1,437,521 1,137,672 Nevada ,313 Minor capital equipment 2,127 2, Other - Schedule III 1,141 57,709 58, ,853 Loss on disposal of tangible capital assets 3,087 5, ,606 Amortization of tangible capital assets 35,537 4,903 40,440 44,505 TOTAL EXPENSES 1,478,272 NIL 11,828 58,104 1,548,204 1,342,843 EXCESS OF EXPENSES OVER REVENUE FOR YEAR (164,056) 704 (185) (22,986) (186,523) (19,009) The accompanying notes form an integral part of these financial statements

7 STATEMENT OF CASH FLOWS $ $ OPERATING ACTIVITIES Net expenses over revenue for year (186,523) (19,009) Adjustment for items which do not affect cash - Amortization of tangible capital assets 40,440 44,505 Loss on disposal of tangible capital assets 8,606 (137,477) 25,496 Net change in non-cash working capital balances related to operations - Note ,227 (30,837) CASH FLOWS PROVIDED FROM (USED IN) OPERATING ACTIVITIES 35,750 (5,341) INVESTING ACTIVITIES Purchase of tangible capital assets - Note 4 (55,301) (12,479) Increase (decrease) in deferred revenue related to tangible capital assets 1,883 (4,762) CASH FLOWS USED IN INVESTING ACTIVITIES (53,418) (17,241) FINANCING ACTIVITIES Repayment of long-term debt (5,049) (4,499) NET DECREASE IN CASH AND CASH EQUIVALENTS FOR YEAR (22,717) (27,081) CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 40,000 67,081 CASH AND CASH EQUIVALENTS - END OF YEAR 17,283 40,000 REPRESENTED BY: Cash 17,283 40,000 The accompanying notes form an integral part of these financial statements

8 NOTES TO FINANCIAL STATEMENTS 6 1. NATURE AND PURPOSE Lennox & Addington Seniors Outreach Services Inc. was incorporated without share capital on March 24, Lennox & Addington Seniors Outreach Services Inc. provides services for senior citizens through a program of enhancement of their physical and emotional well-being consistent with applicable provincial legislation and regulations. Ministry funding is provided for Meals On Wheels, Diner's Club, Social Programs, Footcare, Transportation, Friendly Visiting, Respite Care and an Adult Day Program. Local Health Integration Network funding was provided for the purchase of tangible capital assets. In addition to Ministry funded programs, the corporation maintains a separate fund for other programs, the monies provided by referral fees, non-ministry funding, fundraising and donations. Lennox & Addington Seniors Outreach Services Inc. is a registered charity under the Income Tax Act and accordingly is exempt from income taxes. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Outlined below are those accounting policies and reporting practices considered to be significant to the corporation: (a) Basis of Accounting These financial statements are prepared in accordance with Canadian Accounting Standards for Not-For-Profit Organizations. (b) Accounting Estimates The preparation of financial statements in conformity with Canadian Accounting Standards for Not-For-Profit Organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include valuation of accounts receivable, estimated useful life of tangible capital assets and valuation of deferred revenue and deferred revenue relating to tangible capital assets. Actual results could differ from those estimates. (c) Short-Term Investments Short-term investments are classified as fair value through profit and loss, and are initially recorded at their acquisition cost on the date of trade. Short-term investments are subsequently adjusted to fair value as at the date of the statement of financial position, and the corresponding unrealized gains and losses are recorded in income. Interest income is recorded on an accrual basis, dividend income is recorded as received, and capital gains or losses are recorded as realized.

9 NOTES TO FINANCIAL STATEMENTS 7 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) (d) Tangible Capital Assets and Amortization Tangible capital assets are stated at cost. Gains and losses on the disposition of tangible capital assets are charged to operations in the year of disposal. Amortization of tangible capital assets, which is based on estimated useful life, is calculated on the following bases and at the rates set out below: Asset Basis Rate Computer Declining balance 30% Furniture and equipment Declining balance 20% Van Declining balance 30% Security system Declining balance 20% Nevada equipment Declining balance 20% Telephone equipment under capital lease Declining balance 20% Leasehold improvements Straight line 5 years (e) Restricted Fund Accounting The corporation accounts for its activities in accordance with the principles of fund accounting whereby resources for various purposes are classified for accounting and reporting purposes into funds in accordance with activities or objectives specified. For financial reporting purposes, the corporation has combined funds with similar characteristics into four funds, as follows: (i) (ii) General - accounts for the revenue and expenses and tangible capital assets related to providing Ministry funded programs as directed by the Board of Directors. Enhancement - accounts for donation monies set aside to be used at the discretion of the Board of Directors. (iii) Non-Ministry - accounts for the revenue and expenses including fundraising and tangible capital assets related to providing non-ministry funded programs as directed by the Board of Directors. (iv) Fifty-Five Plus - accounts for the revenue and expenses including fundraising and tangible capital assets related to the Fifty-Five Plus Centre as directed by the Board of Directors. (f) Cash and Equivalents Cash and equivalents consist of cash on deposit and bank term deposits in money market instruments with maturity dates of less than three months from the date they were acquired.

10 NOTES TO FINANCIAL STATEMENTS 8 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) (g) Revenue Recognition (i) (ii) The Corporation is funded primarily by the Province of Ontario in accordance with budget arrangements established by the Ministry of Health and Long-Term Care, through the South- East Local Health Integration Network. Operating grants are recorded as revenue in the period to which they relate. Grants approved for the current fiscal year, but not received at the end of an accounting period are accrued. Where a portion of a grant relates to a future period, it is deferred and recognized in that subsequent period. These financial statements reflect agreed arrangements approved by the Ministry with respect to the year ended March 31, Donations are recognized as revenue when received. (iii) Referral, rental and investment income is recognized at the time that it is earned. (h) Deferred Revenue Deferred revenues relates to funding received in the current year which are specified for projects and expenses to be incurred in the following fiscal year. (i) Deferred Revenue Relating to Tangible Capital Assets Grants and other revenue received relating to the purchase of tangible capital assets are deferred and amortized over future periods. The amortization period is based on the period used to amortize the corresponding tangible capital assets. (j) Contributed Services A substantial number of volunteers contribute a significant amount of their time each year. Because of the difficulty of determining the fair value, contributed services are not recognized in the financial statements. (k) Financial Instruments (i) Measurement of Financial Instruments The corporation initially measures its financial assets and liabilities at fair value adjusted by, in the case of a financial instrument that will not be measured subsequently at fair value, the amount of transaction costs directly attributable to the instrument. The corporation subsequently measures all its financial assets and financial liabilities at amortized cost. Changes in fair value are recognized in the excess of revenue over expenses (expenses over revenue) for year. Financial assets measured at amortized cost include cash, accounts receivable and due from other funds. Financial liabilities measured at amortized cost include accounts payable and accrued liabilities, government remittances payable and due to other funds.

11 NOTES TO FINANCIAL STATEMENTS 9 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) (k) Financial Instruments (Cont'd) (ii) Impairment Financial assets measured at amortized cost are tested for impairment when there are indicators of possible impairment. When a significant adverse change has occurred during the period in the expected timing or amount of future cash flows from the financial asset or group of assets, a write-down is reflected in excess of revenue over expenses (expenses over revenue) for year. When events occurring after the impairment confirm that a reversal is necessary, the reversal is recognized in excess of revenue over expenses (expenses over revenue) for year up to the amount previously recognized as impaired. 3. SHORT-TERM INVESTMENT (a) The book value and estimated market value of the investment, including accrued interest, as at March 31 is as follows: Book Market Book Market Value Value Value Value $ $ $ $ Term deposit 42,973 42,973 42,275 42,275 (b) The investment consists of one GIC maturing November 7, 2016 and has an effective interest rate of 1.65%. 4. TANGIBLE CAPITAL ASSETS Accumulated Accumulated Cost amortization Cost amortization $ $ $ $ General fund Computer 20,504 11,502 73,460 58,442 Furniture and equipment 205, , , ,174 Van 79,068 67,773 79,068 62,932 Leasehold improvements 82,631 66,105 82,631 49, , , , ,127 Cost less accumulated amortization $ 105,729 $ 90,027

12 NOTES TO FINANCIAL STATEMENTS TANGIBLE CAPITAL ASSETS (Cont'd) Accumulated Accumulated Cost amortization Cost amortization $ $ $ $ Non-Ministry fund Equipment 47,337 35,921 57,893 34,592 Computer 2,315 1,769 19,639 15,663 Furniture and equipment 1,251 1,014 Nevada equipment 3,457 3,243 Telephone equipment under capital lease 16,907 9,261 16,907 7,349 66,559 46,951 99,147 61,861 Cost less accumulated amortization $ 19,608 $ 37,286 Fifty-Five Plus Security system NIL NIL 1, Cost less accumulated amortization $ NIL $ 395 During the year, the corporation acquired tangible capital assets at an aggregate cost of $55,301 and were financed by cash. In the prior year, the company made acquisitions of $12,479 financed by cash. 5. CREDIT FACILITIES The corporation has an available operating line of credit of $50,000. The operating line is due on demand, bearing interest at the bank prime rate plus 2.50%, and is secured by a general security agreement over all assets of the corporation. At year end, the amount drawn on this facility is $45,000.

13 NOTES TO FINANCIAL STATEMENTS CAPITAL LEASE PAYABLE The capital lease agreement bears interest at 11.6% and consists of 48 monthly payments of $438 plus applicable taxes beginning October 1, The lease includes a bargain purchase option to acquire equipment for $10 at the expiry of the 48 month lease term. The following is a schedule of the future minimum lease payments with the balance of the obligation under capital lease: $ Total minimum lease payments 761 Amount representing interest at 11.6% (10) Balance of obligation 751 Less current portion of minimum lease payments (751) NIL 7. DEFERRED REVENUE RELATING TO TANGIBLE CAPITAL ASSETS As at March 31, deferred revenue relating to tangible capital assets is comprised of the following: $ $ Beginning of year 48,834 53,596 Add amounts received related to tangible capital assets: South East LHIN 15,000 11,086 63,834 64,682 Deduct amount recognized as revenue in year (13,117) (15,848) Deduct amount recognized as revenue on write-off of tangible capital assets (8,625) End of year 42,092 48,834 During the year, the corporation wrote-off tangible capital assets that were no longer in use. Deferred revenue of $8,625 relating to these tangible capital assets has been recognized as revenue and applied against the loss that resulted from the write-off of the assets.

14 NOTES TO FINANCIAL STATEMENTS COMMITMENTS (a) Office Space The corporation's lease for 310 Bridge Street in Napanee ended September Rental payments for this property totalled $56,610 in the year ended March 31, The lease for the new office space commenced October 1, 2015 upon completion of renovations. The lease has monthly payments of $13,617, increasing yearly at pre-determined amounts until expiry. The term of the lease is ten years, and the corporation has an option to renew for an additional term of ten years. Rental payments under the lease agreement amounted to $84,924 for the year ended March 31, (b) Phone Equipment In 2012, the corporation entered into a capital lease for new telephone equipment. The terms of this commitment are outlined in Note 6. (c) Adult Day Program (Loyalist Site) The corporation leases facilities to operate its Adult Day Program. The lease has monthly lease payments of $1,300, increasing yearly at pre-determined amounts, plus common costs of $3 per square foot, until expiry in January The corporation has an option to renew for two additional five year terms. Rental payments under the lease agreement amounted to $21,906 for the year ended March 31, CONTRACT WITH ONTARIO MINISTRY OF HEALTH & LONG-TERM CARE Lennox & Addington Seniors Outreach Services Inc. has a contract with the Ontario Ministry of Health and Long-Term Care through the South-East Local Health Integration Network. One requirement of the agreement is the production by management of an OHRS Transfer Payment Annual Reconciliation which shows a summary of all revenues and expenditures and any resulting net difference related to the agreement. Upon review of the reconciliation, any portion of the net difference that is to be recovered by the Ministry of Health and Long-Term Care through the South-East Local Health Integration Network, is reflected in the Statement of Fund Balances.

15 NOTES TO FINANCIAL STATEMENTS NET CHANGE IN NON-CASH WORKING CAPITAL BALANCES RELATED TO OPERATIONS Cash provided from (used in) non-cash working capital is compiled as follows: (INCREASE) DECREASE IN CURRENT ASSETS $ $ Short-term investments (698) 10,628 Accounts receivable 6,214 (5,015) INCREASE (DECREASE) IN CURRENT LIABILITIES 5,516 5,613 Accounts payable and accrued liabilities 167,176 (9,358) Deferred revenue 535 (27,092) 167,711 (36,450) NET CHANGE IN NON-CASH WORKING CAPITAL BALANCES RELATED TO OPERATIONS 173,227 (30,837) 11. FINANCIAL RISKS AND CONCENTRATION OF RISK Financial instruments consist of cash, accounts receivable, short-term investments and accounts payable and accrued liabilities. The carrying amounts approximate their fair market value due to the immediate or short-term maturity of these financial instruments. The corporation has a comprehensive risk management framework to monitor, evaluate and manage the principal risks assumed with financial instruments. The risks that arise from transacting financial instruments include interest rate risk, liquidity risk, and market (other price) risk. Price risk arises from changes in interest rates, foreign currency exchange rates and market prices.

16 NOTES TO FINANCIAL STATEMENTS FINANCIAL RISKS AND CONCENTRATION OF RISK (Cont'd) Credit Risk Credit risk is the risk of financial loss if a debtor fails to make payments of interest and principal when due. The corporation is exposed to this risk relating to its debt holdings in its investment portfolio. This risk is mitigated through the corporation s investment policy which is risk averse and consists of only fixed income instruments. All fixed income portfolios are monitored by management on a monthly basis and all purchases and sales are reported to the Board of Directors. Accounts receivable are short-term in nature and are not subject to material credit risk. The maximum exposure to credit risk and concentration of this risk is limited to the carrying value of these instruments. There have been no significant changes from the previous period in the exposure to risk or policies, procedures and methods used to measure this risk. Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of market factors. Market factors include three types of risk: currency risk, interest rate risk, and equity risk. Interest Rate Risk Interest rate risk is the potential for financial loss caused by fluctuations in fair value or future cash flows of financial instruments because of changes in market interest rates. The corporation is exposed to interest rate risk through its interest-bearing investments as discussed in Note 3 of these financial statements, and its credit facilities as discussed in Note 5. As prevailing interest rates increase or decrease, the market value of the interest-bearing investments will change. If the interest rates were to change by 1%, with all other variables being held constant, then the effect on the income earned by these investments would be approximately $430. There have been no significant changes from the previous period in the exposure to risk or policies, procedures and methods used to measure this risk.

17 NOTES TO FINANCIAL STATEMENTS FINANCIAL RISKS AND CONCENTRATION OF RISK (Cont'd) Liquidity Risk Liquidity risk is the risk that the corporation will not be able to meet all cash outflow obligations as they come due. The corporation's exposure to liquidity risk is dependent on the receipt of funds from its operations. The corporation mitigates this risk by monitoring cash activities and expected outflows. Management is of the opinion that the corporation will be able to meet all of its cash flow obligations as they come due and are not subject to significant liquidity risk There have been no significant changes from the previous period in the exposure to risk or policies, procedures and methods used to measure this risk. 12. ECONOMIC DEPENDENCE The corporation relies on the Ontario Ministry of Health & Long-term Care through the South East Local Health Integration Network for a substantial portion of its income, and accordingly, is economically dependent for the continuation of its operations on funding from these sources.

18 GENERAL FUND SCHEDULE OF REVENUES 16 Schedule I $ $ SUBSIDIZED ACTIVITIES - Other Service Recipient Payments Meals on wheels 95,220 99,971 Transportation 67,305 98,059 Ministry of transportation funding 34,334 Diner's club 15,528 19,715 Respite care 92,394 81,091 Oasis meal program 8,646 Adult day program 42,101 63,290 Foot Care 55,115 56,559 SUBSIDIZED ACTIVITIES - Other Income 410, ,685 Social programs 149 Newsletter 1,775 1,725 Busing 400 FIFTY-FIVE PLUS REVENUES 2,324 1, , ,410 Program fees 22,330 25,248 Membership 11,140 11,367 TransHub 55,031 33,470 91,646 TOTAL REVENUES 446, ,056 The accompanying notes form an integral part of these financial statements

19 GENERAL FUND SCHEDULE OF SUBSIDIZED ACTIVITIES EXPENSES 17 Schedule II $ $ TOTAL SALARIES AND BENEFITS 796, ,191 Office supplies 70,629 42,366 Housekeeping 21,242 15,399 ADS supplies TOTAL SUPPLIES 92,592 58,246 Transportation 56,616 83,415 Service club busing 11,863 14,500 Van expenses 7,906 10,296 Fundraising 10,905 4,869 Advertising and public relations 9,605 11,718 Staff training and conferences 29,344 9,368 Bank charges 6,633 7,300 Insurance 3,166 4,743 Travel and transportation 80,793 72,208 Telephone 9,175 9,694 Utilities 3,852 3,380 Volunteer recognition 3,830 2,007 Professional fees 9,451 9,521 Association membership fees 1,629 1,317 Bad debts 1,797 TOTAL SUNDRY 246, ,336 EQUIPMENT LEASE 3,795 3,804 Meals on wheels 106,775 79,371 Diner's club 15,533 20,621 Oasis meal program 26,659 CONTRACTED SERVICES 148,967 99,992 Rent 142,183 90,433 Maintenance 6,656 3,670 BUILDING AND GROUNDS 148,839 94,103 TOTAL SUBSIDIZED EXPENSES 1,437,521 1,137,672 The accompanying notes form an integral part of these financial statements

20 NON-MINISTRY FUND SCHEDULE OF EXPENSES 18 Schedule III $ $ NON-MINISTRY EXPENSES Advertising and promotion 929 Bad Debts (1,665) Conferences and training 731 5,698 Minor capital 1,090 Supplies FIFTY-FIVE PLUS EXPENSES 1,141 7,012 Bank Instructor fees 9,599 10,933 Art class Conferences and training 997 Advertising 2,079 Fundraising 2,059 Wages 20,668 16,745 Employee benefits 1,860 2,983 Rent 21,257 59,774 Social expenses 425 Supplies 1,808 16,016 Travel 17 TransHub 41,740 57, ,841 The accompanying notes form an integral part of these financial statements