F R I E N D S O F W E C A R E I N C A N N U A L R E P O R T

Transcription

1 F R I E N D S O F W E C A R E I N C 2011 ANNUAL REPORT

2 F R I E N D S O F W E C A R E I N C Our Goal The growth of Friends of We Care is vital to maintaining the strength of the Easter Seals Recreational choices and Summer camping programs. Our goal moving forward is to raise $1,500,000 annually, helping send more than 750 kids to camp for a 10 day session. There is nothing more rewarding than allowing a kid to focus on their abilities not their disabilities, so donate on behalf of your family, friends or company. Better yet, challenge your team or department to raise even more. Every dollar you donate goes directly to help send more kids to camp. With your help, we know we can reach this goal and keep making a difference. Donate now. Be the one in a million. With a Little Help from Our Friends Friends of We Care Inc., a Canadian Non-Profit Charity, is a foodservice and hospitality industry organization created to send disabled kids to summer camp. We consist of a network of close to 80 member sponsor companies united by a common desire to care. Manufacturers, distributors, operators and brokers as well as cold storage, management and marketing companies lend their hands and their hearts to help send Canadian children with disabilities to summer camps operated Easter Seals and their provincial partners. Over the past 28 years, we raised more than fifteen million dollars, providing close to 75,000 days at camp for some very special kids. What that adds up to is a whole lot of fun! Our vision is that all children with disabilities have equal opportunity and access as children without disabilities A N N U A L R E P O R T

3 F R I E N D S O F W E C A R E I N C BOARD OF DIRECTORS Todd Stevens, Smucker Foods of Canada Co. CHAIR Jim Grieb, Flanagan Foodservice Inc. PAST CHAIR Michael Capotosto TREASURER Kevin J. Collins EXECUTIVE DIRECTOR Stephen Christie, Sysco Central Ontario VICE CHAIR Gerry McParlan, Procter & Gamble Professional Inc. VICE CHAIR David Newcombe VICE CHAIR Dominic Bombino, Saputo Dairy Products Canada DIRECTOR Josh Gray, TTS Marketing Inc. DIRECTOR Quebec Jim Greenway, ARAMARK Canada Ltd DIRECTOR Jim Kostuch, Kostuch Media Ltd. DIRECTOR Karen Maguire, Burnbrae Farms Ltd. DIRECTOR Carol Moffatt-Bailes DIRECTOR Western Canada Steven Prisco, ARAMARK Canada Ltd. DIRECTOR Mike Shasky, C.W. Shasky & Associates DIRECTOR Cyndy Spiers, OLYMEL DIRECTOR FRIENDS OF WE CARE STAFF Kevin J. Collins EXECUTIVE DIRECTOR Adam Tillich MANAGER FUNDRAISING, SPECIAL EVENTS & SOCIAL MEDIA Tiana Rodrigue - COORDINATOR, FUNDRAISING & SPECIAL EVENTS Brian Rooney OFFICE ADMINISTRATOR MEMBER SPONSORS Agropur Division Natrel ARAMARK Canada Ltd. Bedell s Food Service Distributor Bunn-O-Matic Corporation of Canada Burnbrae Farms Ltd. C.W. Shasky & Associates Ltd. Campbell Company of Canada Canada Bread Company Ltd. Canada Dry Mott s Inc. Cardinal Meat Specialists Limited Cavendish Farms Coca-Cola Refreshments Canada Company Compass Group Canada DANA Hospitality Inc. Danone Canada Diversey Canada, Inc. E.D. Smith, Winona Ecolab Export Packers Company, LTD Flanagan Foodservice Inc. Foodservice and Hospitality magazine Freeman Signature Inc. Gay Lea Foods Co-operative Ltd. Georgia-Pacific Food Services Solutions Golden Griddle Children s Charities Gordon Food Service H.J. Heinz Company of Canada Ltd. Heritage Frozen Foods Ltd. High Liner Foods Inc. International Pacific Sales Ltd. Italpasta Limited ITWAL Janes Family Foods Ltd. Kellogg Canada Out of Home Division Kraft Foodservice Kruger Products Ltd. Labatt Breweries of Canada Lamb-Weston Inc. LCBO Lynch Foods (W.T.) Limited Mandarin Restaurant Corporation Maple Leaf Foodservice Mars Canada McCain Foods (Canada) McCormack Bourrie Sales & Marketing McCormick Canada McIllhenny Company (Tabasco) McNairn Packaging Mother Parker s Tea & Coffee Inc. Nestlé Professional Novelis Foil Products OLYMEL ORHMA Toronto Region Parmalat Canada PepsiCo Foods Canada Piller's Fine Foods a division of PBOLP Pinty's Delicious Foods Polar Plastics Limited Procter & Gamble Professional Inc. Rich Products of Canada Ltd. Rose Hill Foods Inc. Saputo Dairy Products (Canada) Sara Lee Foodservice Limited Select Food Products Limited Seydaco Packaging Corp. Single Service Sales Inc. Smucker Foods of Canada Co. Sodexo Canada Limited Starbucks Coffee Company Stone Straw Limited Sysco Canada Sysco Foodservices of Toronto Total Focus Foodservice & Jiano Foods TrainCan, Inc. Unilever Foodsolutions Weston Bakeries Foodservice Wing s Food Products A N N U A L R E P O R T

4 F R I E N D S O F W E C A R E I N C INDEPENDENT AUDITOR S REPORT - CHAGGARES & BONHOMME CHARTERED ACCOUNTANTS To the members of Friends of We Care Inc. We have audited the accompanying financial statements of Friends of We Care Inc., which comprise the statement of financial position as of December 31, 2011, and the statements of operating revenue, expenses and distributions, operating fund balance and cash flows for the year that 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 generally accepted accounting principles, 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 judgement, 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 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. Basis for Qualified Opinion In common with many charitable organizations, the Organization derives revenue from cash donations, the completeness of which is not subject to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the organization and we were not able to determine whether any adjustments might be necessary to contributions, excess of revenues over expenses, current assets and net assets. Qualified Opinion In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had we been able to satisfy ourselves concerning the completeness of the contributions referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the Organization as of December 31, 2011, and the results of its operations and its cash flows for the year that ended in accordance with Canadian generally accepted accounting principles. Newmarket, Ontario March 15, 2012 Chaggares & Bonhomme Chartered Accountants Authorized to practise public accounting by The Institute of Chartered Accountants of Ontario A N N U A L R E P O R T

5 FINANCIAL STATEMENTS - FRIENDS OF WE CARE INC STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, $ 2010 $ ASSETS CURRENT Cash 66,145 25,832 Term deposits (Note 4) - 50,018 Accounts receivable 96,809 17,213 Prepaid expenses 1,705 1, ,659 94,963 LIABILITIES CURRENT Accounts payable and accrued liabilities 37,504 16,464 Due to Friends of We Care Foundation 50,000-87,504 16,464 DEFERRED CONTRIBUTIONS 25,293 57,710 NET ASSETS 112,797 74,174 OPERATING FUND BALANCE 51,862 20, ,659 94,963 ON BEHALF OF THE BOARD See notes to financial statements NOTES TO FINANCIAL STATEMENTS Treasurer Executive Director 1. DESCRIPTION OF BUSINESS Friends of We Care Inc. (the Organization ) is incorporated under the Business Corporations Act of Ontario. The Organization was incorporated as a not-for-profit corporation on November 16, 1990, to sponsor and encourage promotional and other activities in the food service industry and among its suppliers, distributors, operators and customers for the purpose of raising money for the Easter Seal Societies. The Organization is exempt from income tax according to section 149 (1) (l) of the Canadian Income Tax Act. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Future changes in significant accounting policies The following accounting standards have been issued by the Canadian Institute of Chartered Accountants (CICA) but are not yet effective for the Organization. The Organization is currently evaluating the effect of adopting these standards, which it expects to do in fiscal year The Accounting Standards Board will be implementing Part III of the CICA Handbook Accounting Standards for Not for Profit Organizations effective January 1, The Organization will be assessing the impact of the new standards on its financial statements over the next year. Early adoption is permitted for the new standards. Fund Accounting The accounts of the organization are maintained in accordance with principles of fund accounting. Under these principles, resources for various purposes are classified into funds that are in accordance with specified activities or objectives. Operating Fund The operating fund is charged with expenditures related to fund-raising activities including the annual Gala Ball, the Bowling events and Calendar program. These expenditures are financed by revenue from these activities, as well as by donations and other fund-raising activities. Revenue Recognition The organization recognizes revenues as follows: i) on an as received or as billed basis for membership fees, events and donations ii) on a deferral basis for funds received in advance of scheduled events or at the request of the contributor. 3. FINANCIAL INSTRUMENTS The organization s financial instruments consist of cash, term deposits, accounts receivable, accounts payable and accrued liabilities and deferred contributions. Unless otherwise noted, it is management s opinion that the organization is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximate their carrying values, unless otherwise noted. 4. DEFFERED CONTRIBUTIONS Deferred contributions consist of one $25,293 ($50, ) received in 2011 for use in In 2010, the balance included overpayments received from member sponsors in the amount of $7,710 to be held by the organization which were credited against the member sponsor s membership fee in the current year. 5. EASTER SEALS DISTRIBUTIONS Included in the 2011 Friends of We Care distribution are in kind donations of $72,339 ($40, ) as well as a cash donation of $875,000 ($725, ) which includes an accrued contribution of $50,000 (NIL- 2010), which flowed through Friends of We Care Foundation Inc A N N U A L R E P O R T STATEMENT OF OPERATING REVENUE, EXPENSES AND DISTRIBUTIONS - YEAR ENDED DECEMBER 31, $ 2010 $ REVENUE Fundraising, memberships and donations 1,287,124 1,067,180 Event tickets 684, ,199 Interest and sundry income 3,710 1,536 1,975,753 1,691,915 EVENT EXPENSES 615, ,213 EXCESS OF REVENUE OVER DIRECT EXPENSES 1,359,855 1,075,702 ADMINISTRATION EXPENSES Accounting fees 6,220 6,220 Adverstising and promotion 43,684 30,366 Bad debts (120) 120 Consulting fees - - Insurance 3,313 2,145 Bank charges 23,759 18,777 Legal fees Meals and entertainment Office 23,969 28,617 Rental 18,714 18,784 Salaries and wages 226, ,458 Supplies 8,369 4,103 Telephone 5,075 3,605 Travel 14,152 14,296 Utilities 2,567 2,714 Volunteer recognition , ,451 NET OPERATION REVENUE 981, ,251 DISTRIBUTED TO EASTER SEALS SOCIETIES (note 5) 947, DONATIONS 3,343 1,000 NET DISTRIBUTIONS 950, ,843 DEFICIENCY OF NET OPERATING REVENUE 31,073 (22,592) OVER DISTRIBUTIONS

6 F R I E N D S O F W E C A R E I N C Friends of We Care Events These exciting events held throughout the year help to create awareness and raise funds for kids with disabilities. We Care Ski Day - February 4, 2011 Canadian Foodservice Hockey Tournament - March 24/25, 2011 We Care Gala - April 30, 2011 Golfing with the Stars - May 18, 2011 Labatt Charity Golf Classic - June 20, A N N U A L R E P O R T

7 F R I E N D S O F W E C A R E I N C Friends of We Care Events These exciting events held throughout the year help to create awareness and raise funds for kids with disabilities. Devil s Pulpit Golf Event - August 20, 2011 Annual Charity Golf Classic - Sept 12, 2011 BC Bowling - Oct 5, 2011 Toronto Bowling - Nov 24, 2011 Calgary Bowling Dec 2, A N N U A L R E P O R T

8 Connect With Us Facebook Fan Page: facebook.com/friendsofwecare Flickr Gallery: flickr.com/photos/friendsofwecare Linkedin Group: bit.ly/friendsofwecareonlinkedin Twitter: twitter.com/friendsofwecare YouTube Channel: youtube.com/friendsofwecare Website: Friends of We Care Inc., Registered Charitable No RR Industrial Parkway South - Unit 40, Aurora, ON L4G 3V6 Phone: Fax: kcollins@friendsofwecare.org