Consolidated Financial Statements of MUSLIM COMMUNITY FOUNDATION OF CALGARY

Transcription

1 Consolidated Financial Statements of MUSLIM COMMUNITY FOUNDATION OF CALGARY

2 KPMG LLP 205-5th Avenue SW Suite 3100, Bow Valley Square 2 Calgary AB T2P 4B9 Telephone (403) Fax (403) INDEPENDENT AUDITORS' REPORT To the Members of the Muslim Community Foundation of Calgary We have audited the accompanying consolidated financial statements of the Muslim Community Foundation of Calgary, which comprise the consolidated statements of financial position as at December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012, December 31, 2011 and December 31, 2010, the consolidated statements of operations, changes in net assets and cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management's Responsibility for the consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits 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 consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated 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 consolidated financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our qualified audit opinion. KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP. KPMG Confidential

3 Basis for Qualified Opinion In common with many charitable organizations, the Muslim Community Foundation of Calgary derives revenue from donations and fundraising activities, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, verification of these revenues was limited to the amounts recorded in the records of the Muslim Community Foundation of Calgary. Therefore, we were not able to determine whether, as at and for the years ended December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012, December 31, 2011 and December 31, 2010, any adjustments might be necessary to cash collection revenues and excess (deficiency) of revenues over expenses reported in the consolidated statements of operations, excess (deficiency) of revenues over expenses reported in the consolidated statements of cash flows and current assets and net assets reported in the consolidated statements of financial position. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Muslim Community Foundation of Calgary as at December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012, December 31, 2011 and December 31, 2010, and its consolidated results of operations and its consolidated cash flows for the years then ended in accordance with Canadian accounting standards for not-for-profit organizations. Chartered Professional Accountants June 30, 2016 Calgary, Canada KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP. KPMG Confidential

4 Consolidated Statements of Financial Position As at December 31, 2015, 2014, 2013, 2012, 2011 and 2010 Assets Current assets: Cash $ 816,209 $ 426,436 $ 311,561 $ 158,104 $ 205,783 $ 517,628 Accounts receivable (note 8) 10, ,000 4,379 4,272 Deposit held with the City of Calgary (note 3) 41,545 41,545 41,545 41,545 41,545 41,545 Investments (note 4) 2, , , , , , ,273 Property and equipment (note 5) 10,992,799 11,057,091 11,496,317 11,939,927 12,346,803 11,834,073 Liabilities and Net Assets $ 11,860,838 $ 11,625,072 $ 11,853,802 $ 12,139,576 $ 12,598,403 $ 12,395,346 Current liabilities: Accounts payable and accrued liabilities (notes 6 and 8) $ 145,395 $ 31,952 $ 20,993 $ 117,618 $ 137,865 $ 22,500 Deferred capital contribution (note 7) 650 1,950 3,250 4,550 5, ,045 33,902 24, , ,715 22,500 Net assets 11,714,793 11,591,170 11,829,559 12,017,408 12,454,688 12,372,846 Contingencies (note 12) Subsequent events (note 14) $ 11,860,838 $ 11,625,072 $ 11,853,802 $ 12,139,576 $ 12,598,403 $ 12,395,346 See accompanying notes to consolidated financial statements. Approved on behalf of the Board: Director Director

5 Consolidated Statements of Operations Revenues: Receipted donations (notes 8 and 11) $ 444,501 $ 602,844 $ 701,770 $ 484,971 $ 379,322 $ 397,420 Cash collections 817, , , , , ,156 Rental income (note 10) 544, , , , , ,000 Change in unrealized gain / loss on investments (note 4) 300 Realized loss on investments (note 4) (512) Amortization of deferred capital contributions (note 7) 1,300 1,300 1,300 1, ,807,918 1,684,155 1,636,712 1,435,652 1,374,655 1,392,876 Expenses: Salaries and benefits 474, , , , , ,070 Amortization 481, , , , , ,578 Contribution to charities (notes 8 and 10) 69, , ,151 5,270 95, ,107 Prayer and other arrangements 116, , , ,617 55, ,742 Repairs, maintenance and security 159, , , , ,159 38,705 General and administration 256, , , , , ,924 Youth programs 9,958 65,972 68, , ,498 12,414 Rent 98, , , ,090 53,998 Scholarships 18, ,760 2,000 10,000 12,889 1,684,295 1,922,544 1,824,561 1,872,932 1,313, ,429 Excess (deficiency) of revenues over expenses $ 123,623 $ (238,389) $ (187,849) $ (437,280) $ 61,102 $ 483,447 See accompanying notes to consolidated financial statements.

6 OF CALGARY Consolidated Statements of Changes in Net Assets Balance, beginning of year $11,591,170 $11,829,559 $12,017,408 $12,454,688 $12,372,846 $10,533,644 Excess (deficiency) of revenues over expenses 123,623 (238,389) (187,849) (437,280) 61, ,447 Contribution received for land (note 9) 20,740 1,355,755 Balance, end of year $ 11,714,793 $ 11,591,170 $ 11,829,559 $ 12,017,408 $ 12,454,688 $ 12,372,846 See accompanying notes to consolidated financial statements.

7 Statement of Cash Flow Cash provided by (used in): Operations Excess (deficiency) of revenues over expenses $ 123,623 $ (238,389) $ (187,849) $ (437,280) $ 61,102 $ 483,447 Item not involving cash: Amortization of property and equipment 481, , , , , ,578 Amortization of deferred capital contributions (1,300) (1,300) (1,300) (1,300) (650) Change in unrealized gain / loss on investment (300) Realized loss on investments , , ,461 4, , ,725 Change in non-cash operating working capital: Accounts receivable 89,715 (95,621) (4,379) 4,272 (4,272) 209,985 Accounts payable and accrued liabilities 113,443 10,958 (96,625) (20,247) 115,365 (25,832) Proceeds on sale of investments 1,588 Deferred contributions (160,000) 807, , ,457 (11,321) 527, ,878 Investing: Purchase of property and equipment (417,288) (1,520) (36,358) (866,609) (3,210,955) Deferred capital contributions received 6,500 Contributions received for land 20,740 1,355,755 (417,288) (1,520) (36,358) (839,369) (1,855,200) Increase (decrease) in cash 389, , ,457 (47,679) (311,845) (1,099,322) Cash, beginning of year 426, , , , ,628 1,616,950 Cash, end of year $ 816,209 $ 426,436 $ 311,561 $ 158,104 $ 205,783 $ 517,628 See accompanying notes to consolidated financial statements.

8 Notes to consolidated Financial Statements 1. Purpose of the organization: The Muslim Community Foundation of Calgary (the Foundation ) is a non-profit organization which was established on October 3, 1990 under the Societies Act in the Province of Alberta, to serve and empower the Muslim community of Calgary through the delivery of services, activities and programs in accordance with the established principles of Islam in the light of the Quran and Sunnah. The Foundation organizes prayers for the community, contributes to youth programs and summer activities, conducts research and provides information for the general public, as well as consulting services and general guidance. The Muslim Council of Calgary (the Council ) is an elected body representing the majority of Muslims and handling all their affairs in the city of Calgary. The Council is a non-governmental organization and the guiding body for the Foundation as well as the Muslim Association of Calgary (the Association ), a related entity to the Foundation. The Association is related to the Foundation by virtue of common management by the Council. The Foundation is a registered charity under the Income Tax Act. Consequently, the Foundation is not taxable and is authorized to issue charitable donation receipts for income tax purposes. Currently, the Foundation operates four centers within Calgary. These include Akram Jomaa Mosque, Al Rahma Center, Al Hedaya Center and Al Bilal Center. Prior to the opening of Al Bilal Center, the Foundation included the operations of Abu Bakr Center, which was discontinued during fiscal 2014 at which point Al Bilal Center was opened. Al Hedaya Center is a separate legal entity that established a memorandum of understanding agreement with the Foundation on October 18, Operations of Al Hedaya Center are accounted for as a controlled organization and are consolidated in the financial statements of the Foundation. The Calgary Islamic School (the School ), is a controlled organization of the Foundation that is governed by the School Act, under the statues of the Government of Alberta. The School derives education programs under the authority of the School Act, Chapter S-3 Revised Statutes of Alberta The operations of the School are not consolidated in the financial statements of the Foundation. Effective September 1, 2015, the Foundation entered into a partnership with Palliser Regional School Board ( Palliser ) whereby the School s campuses were brought into Palliser as alternative school programs in the public system. Palliser is a diverse student and literacyfocused division serving students from Coaldale to Calgary.

9 Notes to consolidated Financial Statements, page 2 2. Significant accounting policies: These financial statements have been prepared in accordance with Canadian Accounting Standards for not-for-profit organizations. These financial statements have, in management s opinion, been properly prepared within the framework of the accounting policies summarized as follows: (a) Presentation and disclosure of controlled not-for-profit organizations: The Foundation consolidates the operations of Al Hedaya Center, a controlled not-for-profit organization, of the Foundation. The Calgary Islamic School, which is controlled by the Foundation, is not consolidated in the Foundation s consolidated financial statements. The financial information of the controlled not-for-profit organizations is disclosed in note 10. (b) Revenue recognition: The Foundation follows the deferral method of accounting for contributions. Contributions subject to externally imposed restrictions are recognized as revenue in the year in which the related expenses are incurred. Contributions received which do not have any externally imposed restrictions as to use, are reported as income in the year in which they are received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Contributions received subject to externally imposed stipulations whereby funds are to be spent on the acquisition of land are recognized as a direct increase in net assets. (c) Contributed services: Volunteers contribute their time to assist the Foundation in carrying out its services. Because of the difficulty in determining their fair value, contributed services are not recognized in the consolidated financial statements. (d) Donated materials and services: Certain goods and services are received from the community without cost to the Foundation. These are recognized in the consolidated financial statements at the estimated fair value, if reasonably determinable, only to the extent that they would normally be purchased.

10 Notes to consolidated Financial Statements, page 3 2. Significant accounting policies (continued): (e) Property and equipment: Purchased property and equipment are recorded at cost. Contributed property and equipment are recorded at fair market value at the date of contribution. Amortization is provided on a straight line balance basis over the assets estimated useful lives as follows: Buildings Office equipment and furniture Computer equipment Building improvements 40 years 5 years 3 years 5 years In the year of acquisition, amortization is half of the annual amount. (f) Impairment of long-lived assets: Long-lived assets, including property and equipment subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the asset s carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. When quoted market prices are not available, the Foundation uses the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset as an estimate of fair value. (g) Measurement uncertainty: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Such estimates include providing for amortization of property and equipment. Actual results could differ from these estimates. (h) Financial instruments: Financial instruments are recorded at fair value on initial recognition. Freestanding derivative instruments that are not in a qualifying hedging relationship and equity instruments that are quoted in an active market are subsequently measured at fair value, with changes in fair value recorded in net income. All other financial instruments are subsequently recorded at cost or amortized cost, unless management has elected to carry the instruments at fair value. Transaction costs incurred on the acquisition of financial instruments measured subsequently at fair value are expensed as incurred. All other financial instruments are adjusted by transaction costs incurred on acquisition and financing costs, which are amortized using the effective interest rate method.

11 Notes to consolidated Financial Statements, page 4 2. Significant accounting policies (continued): (h) Financial instruments (continued): Financial assets are assessed for impairment on an annual basis at the end of the fiscal year if there are indicators of impairment. If there is an indicator of impairment, the Foundation determines if there is a significant adverse change in the expected amount or timing of future cash flows from the financial asset. If there is a significant adverse change in the expected cash flows, the carrying value of the financial asset is reduced to the highest of the present value of the expected cash flows, the amount that could be realized from selling the financial asset or the amount the Foundation expects to realize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial carrying value. (i) Investments: Investments are recorded at fair value based upon closing prices for publicly traded securities. Realized investment gains (losses) are recorded on a settlement date basis. Any unrealized gains or losses are reflected as a change in unrealized gain / loss on investments in the statement of operations. 3. Deposit with the City of Calgary: The deposit with the City of Calgary will be received upon meeting certain development requirements at the Akram Jomaa Mosque. 4. Investments: The Foundation held 30,000 shares of New Island Resources Inc., a publicly traded company. The investments are recorded on the statement of financial position at fair value, based on the quoted market price. On June 2, 2011, the Foundation sold its investments and recorded the corresponding realized loss on the statement of operations.

12 Notes to consolidated Financial Statements, page 5 5. Property and equipment: Land $ 2,884,252 $ 2,884,252 $ 2,884,252 $ 2,884,252 $ 2,884,252 $ 2,884,252 Buildings: Cost 10,348,572 10,348,572 10,348,572 10,348,572 10,348,572 10,348,572 Accumulated amortization (2,712,908) (2,454,193) (2,195,479) (1,936,765) (1,678,051) (1,419,336) Net book value 7,635,664 7,894,379 8,153,093 8,411,807 8,670,521 8,929,236 Office equipment and furniture: Cost 231, , , , , ,150 Accumulated amortization (185,157) (173,597) (165,928) (155,223) (142,578) (133,368) Net book value 46,237 10,904 18,574 29,279 38,933 16,782 Computer equipment: Cost 15,861 13,837 12,317 12,317 9,401 9,401 Accumulated amortization (13,414) (12,084) (10,859) (9.808) (8,028) (5,598) Net book value 2,447 1,753 1,458 2,509 1,373 3,803 Building improvements: Cost 1,413,256 1,044,885 1,044,885 1,044,885 1,044, ,186 Accumulated amortization (989,057) (779,082) (605,945) (432,805) (293,161) (179,186) Net book value 424, , , , ,724 Property and equipment, Net book value $ 10,992,799 $ 11,057,091 $ 11,496,317 $ 11,939,927 $ 12,346,803 $ 11,834,073 For the year ended December 31, 2015, liens and encumbrances on the land and buildings of the Foundation amount to $394,191 ( $391,809; $391,809; $391,809; $391,809; $381,753). 6. Accounts payable and accrued liabilities: Included in accounts payable and accrued liabilities are government remittances payable of $875 at December 31, 2015 ( $ nil; $ nil; $ nil; $ nil; $ nil).

13 Notes to consolidated Financial Statements, page 6 7. Deferred capital contributions: Deferred capital contributions related to property and equipment represent the unamortized amount of donations received for building improvements. The amortization of capital contributions is recorded as revenue in the statement of operations Balance, beginning of year $ 1,950 $ 3,250 $ 4,550 $ 5,850 $ $ Capital assets purchased with restricted contributions provided by donors 6,500 Amortization of deferred capital contributions (1,300) (1,300) (1,300) (1,300) (650) Balance, end of year $ 650 $ 1,950 $ 3,250 $ 4,550 $ 5,850 $ 8. Related party transactions: The Muslim Council of Calgary (the Council ) is an elected body representing the majority of Muslims and handling all their affairs in the city of Calgary. The Council is a non-governmental organization and the guiding body for the Foundation as well as the Muslim Association of Calgary (the Association ), a related party to the Foundation. The Association is related to the Foundation by virtue of common management by the Council. Included in accounts payable and accrued liabilities at December 31, 2015 is an amount owing to the Association of $ nil ( $nil; $ nil; $20,000; $20,000; $20,000). Included in accounts receivable at December 31, 2015 is an amount reecivable from the Association of $4,572 ( $100,000; $ nil; $ nil; $ nil; $ nil). For the year ended December 31, 2015, the Association made a donation of $70,403 ( $74,269; $53,452; $56,504; $250; $5,400) to the Foundation. For the year ended December 31, 2015, the Foundation made a donation of $ nil ( $121,002; $116,856; 2012; $5,270; $88,895; $52,700) to the Association. For the year ended December 31, 2015, contributions of $10,758 ( $10,870; $1,825; $1,300; $1,580; $3,500) were received by members of the Board of Directors of the Council, the governing body of the Foundation. The above transactions were in the normal course of operations and was measured at the exchange amount, being the amount established and agreed to by the related parties. 9. Contributions received for land: Contributions received subject to externally imposed stipulations whereby funds are to be spent on the acquisition of land are recognized as a direct increase in net assets.

14 Notes to consolidated Financial Statements, page Calgary Islamic School controlled not-for-profit organization: The Calgary Islamic School (the School ) is a controlled organization of the Foundation which is managed by a separate Board of Directors. It is governed by the School Act, under the Statues of the Government of Alberta. The School receives partial funding from Alberta Education for instructional purposes and is required to submit annual audited financial statements to Alberta Education. The financial information of the School is not consolidated in the financial statements of the Foundation. During the year, the School reported the following results of operations: August 31, August 31, August 31, August 31, August 31, August 31, As at and for the year ended Total revenues $ 10,061,638 $ 9,099,002 $ 8,027,251 $ 6,120,899 $ 5,492,416 $ 4,856,362 Total expenses 9,724,012 9,175,819 8,052,786 6,230,249 5,570,964 4,674,584 Surplus (deficiency) of revenues over expenses 337,626 (76,817) (25,535) (109,350) (78,548) 181,778 Total assets 755, , , , , ,708 Total liabilities 343, , , , , ,575 Net assets 411,509 73, , , , ,133 Cash flow (use) from operating activities 262, , ,724 (247,818) (167,443) 353,651 Cash flow (use) from investing activities (97,510) (104,749) (124,988) (56,266) (95,459) Cash flow from financing activities (13,180) (55,939) (16,300) During the year ended December 31, 2015, the Foundation recognized $481,427 ( $224,818; $80,000; $ nil; $240,000; $160,000) in rental income charged to the School. During the year ended December 31, 2015, the Foundation made a donation in the amount of $5,661 ( $78,988; $ nil; $ nil; $ nil; $46,157) to the School. Included in accounts payable and accrued liabilities at December 31, 2015 is an amount owing to the School of $ 142,500 ( $nil; $ nil; $ nil; $ nil; $ nil). The above transactions were in the normal course of operations and was measured at the exchange amount, being the amount established and agreed to by the related parties. 11. Donations and fundraising: In raising $444,501 ( $602,844; $701,770; $ 484,971; $379,322; $397,420) in donations and $817,240 ( $777,193; $797,442; $ 540,798; $134,806; $270,156) in cash collections, the Foundation incurred $5,372 ( $7,587; $9,171; $ 13,023; $27,913; $7,678) for the purpose of soliciting contributions.

15 Notes to consolidated Financial Statements, page Donations and fundraising (continued): Included in receipted donations for the year ended December 31, 2015 are donations in kind of $29,314 ( $5,770; $16,490; $ nil; $ nil; $ 20,493). 12. Contingencies: The Foundation is subject to claims and contingencies related to lawsuits arising in the normal course of operations. Management believes the ultimate liability, if any, arising from such claims or contingencies, is not likely to have a material adverse effect on the Foundation's results of operations or financial condition. 13. Financial Instruments and related risks: The Foundation s financial instruments consist of cash, accounts receivable, deposit with the City of Calgary and accounts payable and accrued liabilities. The fair values of these financial instruments approximate their carrying value due to their short term nature, except for term deposits whose interest rates are comparable to market rates. (a) Credit risk: Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in a financial loss. The Foundation does not believe it is subject to any significant concentration of credit risk. Cash is in place with major financial institutions. (b) Liquidity risk: Liquidity risk is the risk that the Foundation will be unable to fulfill its obligations on a timely basis or at a reasonable cost. The Foundation does not believe it is subject to any significant concentration of liquidity risk. The Foundation manages its liquidity risk by monitoring its operating requirements. The Foundation is not exposed to significant foreign currency or interest rate risks. 14. Subsequent events: Subsequent to December 31, 2015, the operations of We Care were transferred from the Association to be operated under the Foundation. An additional project was undertaken, the Welcome Center for Muslims, which serves as a center to provide a range of services and programs including educational programs for the youth, a resource and support center for families, and assistance for refugees and converts to Islam.

16 Notes to consolidated Financial Statements, page Statement of operations Akram Jomaa Mosque: Revenue: Receipted donations $ 374,006 $ 534,289 $ 505,200 $ 306,092 $ 379,322 $ 397,420 Cash collections 695, , , , , ,156 Rental income 544, , , , , ,000 Change in unrealized gain / loss on investments 300 Realized loss on investments (512) Amortization of deferred capital contributions 1,300 1,300 1,300 1, ,616,125 1,372,216 1,115,741 1,152,601 1,345,626 1,392,876 Expenses: Salaries and benefits 456, , , , , ,070 Amortization 475, , , , , ,578 Contribution to charities 273, ,242 5,270 95, ,107 Prayer and other arrangements 116, , , ,617 55, ,742 Repairs, maintenance and security 155, , , , ,159 38,705 General and administration 234,217 99, , , , ,924 Youth programs 9,958 65,972 68, , ,498 12,414 Rent 42,962 45,046 Scholarships 18, ,760 2,000 10,000 12,889 1,508,618 1,600,144 1,521,173 1,645,179 1,259, ,429 Excess (deficiency) of revenues over expenses $ 107,507 $ (227,928) $ (405,432) $ (492,578) $ 86,071 $ 483,447 Included in the financials above are the operational results of the Akram Jomaa Mosque, Al Rahma Center and the Al Bilal Center. The Al Bilal Center commenced operations during the year ended December 31, 2014, to provide a place of prayer and worship for community members previously attending the Abu Bakr Center, which was discontinued.

17 Notes to consolidated Financial Statements, page Statement of operations Abu Bakr Center: The operations of Abu Bakr Center commenced during the year ended December 31, 2011 and was discontinued during July, Revenue: Receipted donations $ $ 42,512 $ 103,350 $ 101,810 $ $ Cash collections 144,315 64,099 28,730 29, , , ,540 29,029 Expenses: Salaries and benefits 1 51,383 38,556 29,006 General and administration 91,845 12,179 8,505 Rent 82, , ,270 53, , , ,781 53,998 Deficiency of revenues over expenses $ $ (39,235) $ (30,403) $ (49,241) $ (24,969) $ 1 Included in salaries and benefits expenses for the year ended December 31, 2014 is $38,556 of employee expenses paid for by the Akram Jomaa Center.

18 Notes to consolidated Financial Statements, page Statement of operations Al Hedaya Center: The operations of Al Hedaya Center, under the Foundation, commenced during the year ended December 31, Revenue: Receipted donations $ 70,495 $ 26,043 $ 93,220 $ 77,069 $ $ Cash collections 121,298 99, ,302 75, , , , ,511 Expenses: Salaries and benefits 18,530 4,600 Amortization 6,090 6,090 6,090 3,045 Contribution to charities 69,560 39,166 24,909 Repairs and maintenance 3,673 2,507 1,300 14,902 General and administration 22,341 12,960 30,713 17,205 Rent 55,482 35,615 37,923 12, ,676 96, ,535 47,971 Excess of revenues over expenses $ 16,117 $ 28,774 $ 247,987 $ 104,540 $ $