BRUCE A. HERDMAN Chartered Accountant 13 Ivan Avenue Grimsby, Ontario L3M 1W7 (905)

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1 BRUCE A. HERDMAN 13 Ivan Avenue Grimsby, Ontario L3M 1W7 (905) December 19,2011 The Board of Directors Central Ontario District of Optimist International Attention: Gordon Holly Enclosed are eight copies of the Financial Statements of the Central Ontario District of Optimist International as at September 30, No items needing correction or adjustment came to my attention during the course of my review of the accounts and records of the organization. I have also enclosed my invoice which I trust you will find acceptable. Yours truly, ^tuc^a/ Bruce A. Herdman

2 Bruce A. Herdman, 13 Jvan Avenue, Srimsby, ON L3M1W7 Contra! Ontario District of Optimist I nternational Fi nancial Statements For the year ended September 30, 2011 Contents Reviewer's Report 2 Financial Statements (prepared withoutaudit) Balance Sheet 3 Statement of Revenues, Expenditures and Retained Funds 4 Statement of Expenditures 5 Notes to Financial Statements 6

3 BRUCE A. HERDMAN 13 Ivan Avenue {jriinsby, Ontario L3M 1W7 (905) Reviewer's Report December 19, 2011 The Board of Directors Central Ontario District of Optimist International In accordance with the terms of my engagement, I have completed a review of the books of account of the Gentral Ontario District of Optimist International {the Organization) and have compiled the accompanying Balance Street'as at September 30, 2011 and Statement of Revenues, Expenditures and Retained Funds for the year then ended from information provided by the Organization. I prepared my review from the information provided by the Organization. Accordingly, the accuracy and completeness of the information provided is the responsibility of the Organization. These statements have been prepared solely for the use of the Organization and not for the use of any other persons. It is understood that the Organization will attach this Reviewer's Report if and when it distributes these Financial Statements to Third Parties. My review was made in accordance with Canadian generally accepted accounting principles for review engagements and, accordingly, consisted primarily of enquiry, analysis and discussion related to the information provided to me by the Organization. I have not audited or otherwise verified the accuracy or completeness of such information and do not express an opinion in respect of these Financial Statements. Based on my review, I believe that these Financial Statements are, in all material respects, prepared in accordance with Canadian generally accepted accounting principles. Bruce A. Herdman

4 Balance Sheet (Prepared Without Audit) September Assets Current Gash and cash equivalents Accounts receivable $ 34,402 $ 1,680 48,771 36,082 $ 48,771 Liabilities and Retained Funds Current Liabilities Accounts payable and accrued liabilities 5,000 $ 2,737 Retained Funds Internally restricted Unrestricted 29,115 1,967 31,082 22,922 23,112 46,034 36,082 $ 48,771 Bruce A. Herdman,

5 Statement of Revenues, Expenditures and Retained Funds (Prepared Withotrt Audit) For the year ended September Revenue District dues Rebates and commisssions District convention District conferences Oratorical contests Junior golf tournament Essay contests GCDHH contests Training (Governor, Lietenant Governor, Secretary Treasurer) Interest Miscellaneous and District Pin Sales Donations from Clubs to OIF, Food Bank, etc Previous administration revenues Total revenue Deduct expenditures (page 5) Excess of revenues over expenditures Retained funds, beginning of year Retained funds, end of year $ 25,883 $ 1,075 8,521 8, , , ,428 71,380 (14,352) 46,034 $ 31,082 $ 24,841 1,408 12,272 12, , ,240 1, ,974 67,532 61,630 5,902 40,132 46,034 Bruce A, tterdman,

6 Statement of Expenditures (Prepared Without Audit) For the year ended September Expenditures Governor Li. Governor District Secretary Treasurer Governor Elect Past Governors on executive committees Committee chairs Postage Printing and supplies Bulletin District convention District conferences OratortoaJ contest CCDHH contest Junior golf tournament Under 18 International curling competition Essay contest Training Name badges Recognition and Incentives District pins Audit and bank charges Telephone VIP gifts Startup funds to next administration Miscellaneous Previous administration expenses Donations from Clubs remitted to OIF, Food Bank, etc Governor's discretionary Internet safety and website international convention costs Governor Lt. Governor Secretary Treasurer current Secretary Treasurer designate Governor Elect District expenses (hospitality) $ 3,743 $ 3,625 1,000 1,250 7, ,483 9, ,386 7,418 10, , ,OOO 569 3,197 3,913 1,000 1, , , ,094 12, ,900 7, , , $ 71,380 $ 61,630 Bruce A. Hercrman, Chartered AccDuraam

7 Notes to Unaudited Financial Statements September 30,2011 Nature of Organization Recognition of Revenues and Expenditures Financial Statements Retained Funds Internally Restricted The Central Ontario District of Optimist International is an administrative division of Optimist International which is a notforprofit corporation and receives its receipts by agreement with Optimist International. Revenues and expenditures are accounted for on the accrual basis whereby they are recorded in the fiscal period to which they apply. These financial statements are a summary of the revenues and expenditures of the Central Ontario District administration division of Optimist International {a nonprofit organization) and do not reflect operations of other divisions of Optimist International or its member clubs. The Board of Directors of the Central Ontario District of Optimist International has restricted $29,115 of the total retained funds for the purpose of funding a specific activity and to fund future potential future expenditures in excess of revenues. No part of the $29,115 may be used for any other purposes without explicit approval of the Board of Directors of the Central Ontario District of Optimist International. Boies A. Herdman,