PULMONARY HYPERTENSION ASSOCIATION OF CANADA FINANCIAL STATEMENTS

Transcription

1 PULMONARY HYPERTENSION ASSOCIATION OF CANADA FINANCIAL STATEMENTS MARCH 31, 2012

2 INDEX TO FINANCIAL STATEMENTS MARCH 31,2012 Index to financial statements Review engagement report Statement of financial position Statement of operations and net assets Statement of cash flows Notes to financial statements

3 REVIEW ENGAGEMENT REPORT To the Directors Pulmonary Hypertension Association of Canada We have reviewed the statement of financial position of Pulmonary Hypertension Association of Canada as at March 31, 2012 and the statements of operations and 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 consisted primarily of enquiry, analytical procedures and discussion related to information supplied to us by the association. 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. 1/ 'd apc/ ~ ~ 1'\R._ ~c.. P Chartered Accountants, Licensed Public Accountants Windsor, Ontario July 9, 2012 Hyatt Lassaline LLP I 2510 Ouellette Ave. Suite 203 I Windsor Ontario NBH 1L4 1 OFFICE FAH M Pm hpr nf R l-ln'" an Associati~n of Independent Accounting Firms Located Across Canada 2

4 STATEMENT OF FINANCIAL POSIDON MARCH 31, $ $ ASSETS CURRENT ASSETS Cashin bank Temporary investments (note 3) HST recoverable Prepaid expenses CAPITAL ASSETS (note 4) LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable and accrued liabilities NET ASSETS Net assets- invested in capital assets Net assets- unrestricted APPROVED ON BEHALF OF THE BOARD: Director Director 157,632 57,880 22,822 1, ,886 2, ,202 2, , , ,508 7,398 1, ,033 6, ,228 6, ,

5 STATEMENT OF OPERATIONS AND NET ASSETS FOR THE YEAR ENDED MARCH 31, $ $ REVENUE Donations and sponsorships Interest 407, , EXPENSES Awareness and promotion Amortization Conferenceandconferencesupport Insurance Office supplies Printing and postage Professional fees Rent Repairs and maintenance Telephone Translation services Travel Wages and benefits Website 123,608 46,305 3,411 4, ,316 45, ,552 11,607 14,026 47,253 35,447 8,007 5,175 9,000 5, ,345 2,527 10,421 5,230 14,428 25,666 67,609 62, EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES NET ASSETS, BEGINNING OF YEAR NET ASSETS, END OF YEAR (75,532) 41, , , , ,831 4

6 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, $ $ CASH FLOWS FROM OPERATING ACTIVITIES: Excess (deficiency) of revenue over expenditures Non-cash items included in the determination of excess of revenues over expenditures: Amortization Changes in non-cash working capital Decrease (increase) in HST recoverable Decrease (increase) in prepaid expenses Increase (decrease) in accounts payable and accrued liabilities Net changes in non-cash working capital CASH FLOWS FROM INVESTING ACTIVITIES: Capital asset acquisitions Decrease in temporary investments NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CASH AND CASH EQUIVALENTS, END OF YEAR Cash and cash equivalents comprised of: Cash in bank (75,532) 3411 (72,121) (15,424) (9,026) (24,450) (96,571) 100, ,628 4, , , , ,433. (3,065) 375 (4,137) (6,827) 39,606 (4,356) (152,758) (157,114) (117,508) 271, ,

7 NOTES TO FINANCIAL STATEMENTS MARCH 31, ORGANIZATION The Association was incorporated under the Canada Corporations Act on February 19, 1999 as a corporation without share capital and was registered as a public foundation named the Pulmonary Hypertension Society of Canada. In 2008, the name was changed to the Pulmonary Hypertension Association of Canada. While registered, the Association is exempt from income tax and may issue tax deductible receipts to donors. The purpose of the Association is to undertake public education, patient and caregiver support, dissemination and publication of information about Pulmonary Hypertension, to advocate for all persons suffering from Pulmonary Hypertension in Canada, and to promote and provide funds for research into the cause, control and cure of Pulmonary Hypertension or the incidence therefrom. 2. SIGNIFICANT ACCOUNTING POLICIES Revenue recognition The Association follows the deferral method of accounting for contributions except for donations and sponsorship money which are recorded as the funds are received. Financial instruments The Association's financial instruments consist of cash in bank, temporary investments, HST recoverable, accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Association is not exposed to significant interest, currency, and credit risks arising from these financial instruments. The fair value of these financial instruments approximate their carrying value, unless otherwise stated. Temporary investments consisting of Guaranteed Investment Certificates are classified as available-forsale because Pulmonary Hypertension in Canada does not intend to trade these investments to earn short term profit, they do not intend on holding these investments until maturity, and has not elected to classify these investments as held-for-trading. Use of estimates The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. These estimates are reviewed periodically and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Capital disclosures The Association defines its capital as the amounts included in its net assets. The Association's objective when managing its capital is to safeguard the Association's ability to continue as a going concern and to fulfil its financial obligations so that it can continue to operate in accordance with its charitable purposes.. The Association's capital is restricted in accordance with its registration as a foundation. 6

8 NOTES TO FINANCIAL STATEMENTS MARCH 31, SIGNIFICANT ACCOUNTING POLICIES ( cont'd) Capital assets Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair value at the date of contribution. Repairs and maintenance costs are charged to expense. Betterments which extend the estimated life of an asset are capitalized. When a capital asset no longer contributes to the Association's ability to provide services, its carrying amount is written down to its residual value. Amortization charges are calculated at the following annual rates: Office furniture and fixtures Computer equipment Computer software 30% declining-balance 5 years straight-line 3 years straight-line 3. TEMPORARY INVESTMENTS The temporary investments are recorded at fair value, represent two Guaranteed Investment Certificates; one bearing interest at prime minus 2.05%, maturing January 2013 and one bearing interest at 1.25% to 1.4%, maturing June CAPITAL ASSETS The following is a summary of the capital assets and accumulated amortization. Accumulated Net Net Cost Amortization s s s s Office furniture and fixtures Computer equipment 2,006 1, ,368 Computer software 13,499 12,328 1,171 3, S. COMPARATIVEAMOUNTS Comparative figures have been reclassified to conform with the current year's presentation. 7