GREENFIELD COMMUNITY LEAGUE

Transcription

1 Financial Statements For The Year Ended March 31, 2012 Hawkings Epp Dumont LLP Chartered Accountants

2 Hawkings Epp Dumont LLP Chartered Accountants Mayfield Road Telephone: Edmonton, Alberta Toll Free: T5P 4P4 Fax: To the Directors of Greenfield Community League REVIEW ENGAGEMENT REPORT We have reviewed the statement of financial position of Greenfield Community League as at March 31, 2012 and the statements of revenues and expenditures, changes in net assets and cash flows for the year then ended. Our review was made in accordance with Canadian generally accepted standards for review engagements and, accordingly, consisted primarily of inquiry, analytical procedures and discussion related to information supplied to us by the League. A review does not constitute an audit and, consequently, we do not express an audit opinion on these financial statements. Based on our review, nothing has come to our attention that causes us to believe that these financial statements are not, in all material respects, in accordance with Canadian generally accepted accounting principles. Edmonton, Alberta September 10, 2012 HAWKINGS EPP DUMONT LLP Chartered Accountants Stony Plain OfficeLloydminster Office Suite 101, Street Street PO Box 3188 Stn. Main PO Box Stony Plain, Alberta T7Z 1T8 Lloydminster, Alberta T9V 3A2 Telephone: Telephone: Fax: Fax: @hawkings.com hed@hedlloyd.com

3 ASSETS Statement of Financial Position As At March 31, 2012 CURRENT Cash $ 248,092 $ 194,325 Satellite Bingo Limited Partnership units 3,000 3,000 Prepaid expenses 1,002 1, , ,531 PROPERTY AND EQUIPMENT (Note 3) 189, ,383 LIABILITIES AND NET ASSETS $ 441,460 $ 401,914 CURRENT Accounts payable and accrued liabilities $ 11,688 $ 14,738 Deferred registration revenue 17,260 32,788 Deferred contributions (Note 4) 84,754 5, ,702 52,597 NET ASSETS Unrestricted net assets 138, ,934 Investment in property and equipment 189, ,383 ON BEHALF OF THE BOARD: Director Director 327, ,317 $ 441,460 $ 401,914 2

4 Statement of Revenues and Expenditures For the Year Ended March 31, 2012 REVENUE Programs and memberships $ 93,834 $ 66,946 Rentals 31,177 18,409 Grants (Note 6) 25,683 8,470 Bingo 23,635 24,027 Social events 3,428 - Casino ,724 Donations Gazette 525 1, , ,270 EXPENSES Sports Program Expenses (Schedule 1) 49,039 53,190 Repairs and maintenance 45,589 38,423 General programs and social events 29,315 28,080 Utilities 14,714 15,325 Amortization 13,544 14,821 Salaries and wages 11,268 11,101 Donations and scholarships 8,000 3,375 Bingo 4,578 1,668 Interest and bank charges 7,187 1,505 Gazette expenses 6,597 11,344 Insurance 4,190 4,784 Professional fees 2,625 2,454 Business taxes, licenses and memberships 2,149 2,550 Casino Contribution to spray park project - (2,760) 198, ,639 DEFICIENCY OF REVENUE OVER EXPENSES FROM OPERATIONS (18,961) (37,369) OTHER INCOME Investment income Loss on disposal of assets (473) (11,475) Damage deposits (2,473) (1,345) (2,598) (12,614) DEFICIENCY OF REVENUE OVER EXPENSES $ (21,559) $ (49,983) 3

5 Statement of Changes in Net Assets For The Year Ended March 31, 2012 Investment in Unrestricted Property Assets and Equipment NET ASSETS - BEGINNING OF YEAR $ 145,934 $ 203,383 $ 349,317 $ 399,300 Deficiency of revenue over expenses (7,542) (14,017) (21,559) (49,983) NET ASSETS - END OF YEAR $ 138,392 $ 189,366 $ 327,758 $ 349,317 4

6 Statement of Cash Flows For The Year Ended March 31, 2012 OPERATING ACTIVITIES Deficiency of revenue over expenses $ (21,559) $ (49,983) Items not affecting cash: Amortization of property and equipment 13,544 14,821 Loss on disposal of assets ,475 (7,542) (23,687) Changes in non-cash working capital: Accounts payable and accrued liabilities (3,050) 9,068 Prepaid expenses (2,846) 9,068 Cash flow used by operating activities (10,388) (14,619) INVESTING ACTIVITY Purchase of property and equipment - (30,574) FINANCING ACTIVITIES Deferred registration revenue (15,528) 6,896 Deferred contributions 79,683 (29,275) Cash flow from (used by) financing activities 64,155 (22,379) INCREASE (DECREASE) IN CASH FLOW 53,767 (67,572) CASH - BEGINNING OF YEAR 194, ,897 CASH - END OF YEAR $ 248,092 $ 194,325 5

7 1. DESCRIPTION OF OPERATIONS Notes to Financial Statements March 31, 2012 The League was incorporated and operates under the Alberta Societies Act. The League is considered a not-for-profit organization and is not taxed as it relates to the Income Tax Act. The purpose of the League is to carry out and foster community related activity. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Property and equipment Property and equipment are stated at cost less accumulated amortization. Property and equipment are amortized over their estimated useful lives at the following rates and methods: Buildings 5% and 10% declining balance method Rink lighting 10% declining balance method Tennis courts 8% declining balance method Parking lots 8% declining balance method Rinks 10% declining balance method Other machinery and 20% declining balance method equipment Playground equipment 10% declining balance method Tennis lighting 10% declining balance method Furniture and fixtures 20% declining balance method Computer equipment 30% declining balance method The League regularly reviews its property and equipment to eliminate obsolete items. Deferred revenue Monies received related to programs not yet in progress are deferred until the programs take place. Revenue recognition Greenfield Community League follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Restricted contributions for the purchase of capital assets are recognized as revenue on the same basis as the amortization expense related to the acquired costs. 6

8 3. PROPERTY AND EQUIPMENT Notes to Financial Statements March 31, 2012 Cost Accumulated Net book Net book amortization value value Buildings $ 461,026 $ 338,777 $ 122,249 $ 129,008 Rink lighting 24,278 12,021 12,257 13,619 Tennis courts 108,935 72,823 36,112 39,252 Parking lots 52,071 42,206 9,865 10,723 Rinks 39,425 36,209 3,216 3,574 Other machinery and equipment 53,528 50,750 2,778 3,472 Playground equipment 155, ,848 1,688 1,876 Tennis lighting 11,502 10, Furniture and fixtures 13,905 13, DEFERRED CONTRIBUTIONS $ 920,206 $ 730,840 $ 189,366 $ 203,383 Deferred contributions represent unspent gaming funds restricted for operating expenses related to subsequent periods. Changes in the deferred contributions balance are as follows: Balance - beginning of year $ 5,071 $ 34,346 Amounts recognized as revenue this year (32,788) (51,304) Amounts received which relates to the following year 112,471 22,029 Balance - end of year $ 84,754 $ 5, CAPITAL MANAGEMENT The League's primary objective to managing capital is to ensure that necessary funding is in place to undertake its mission. The League manages capital through an annual budgeting process and continuous monitoring of revenues and expenditures against the budget. 6. GRANTS City of Edmonton operating grant $ 12,692 $ - Community Facility Enhancement Program - spray park project 9,119 - Government of Canada - CSJ 3,872 5,503 Government of Canada - STEP - 1,960 Royal Gardens Community League - fireworks - 1,007 $ 25,683 $ 8,470 7

9 Sports Program Expenses (Schedule 1) Year Ended March 31, 2012 EXPENSES Tennis $ 24,355 $ 21,483 Soccer 21,111 21,905 Swimming 1,773 8,002 Karate 1,800 1,800 $ 49,039 $ 53,190 8