Multiple Sclerosis Society of Canada (South Vancouver Island Chapter) Financial Statements December 31, 2011 (Unaudited see Notice to Reader)

Transcription

1 Multiple Sclerosis Society of Canada (South Vancouver Island Chapter) Financial Statements December 31, 2011 (Unaudited see Notice to Reader)

2 Financial Statements (unaudited see Notice to Reader) For the year ended December 31, 2011 NOTICE TO READER The financial statements of the Multiple Sclerosis Society of Canada (South Vancouver Island Chapter) as at December 31, 2011 have been compiled by management. These financial statements are unaudited but form part of the Multiple Sclerosis Society of Canada financial statements, which are audited on an annual basis. Readers are cautioned that these statements may not be appropriate for their purposes.

3 Statement of Financial Position (unaudited see Notice to Reader) As at December 31, Assets $ $ Current assets Cash 96,642 92,740 Short term investments 36,000 35,589 Accounts Receivable 13,908 - Receivable from other MS Society Offices 8,102 11,737 Prepaid expenses 2,949 2, , ,619 Capital assets (note 3) 108, , , ,276 Liabilities Current liabilities Accounts payable and accrued liabilities 3,397 11,844 Payable to other MS Society Offices 103,222 83,077 Deferred revenue 36,000 35,589 Deferred capital contribution (note 5) 16,616 16, , ,126 Long-term liabilities Deferred capital contribution (note 5) 42,426 57,764 42,426 57,764 Net assets Unrestricted 64,386 64, , ,276 Approved by the Board of Directors Director Director

4 Statement of Revenue and Expenditures and Changes in Net Assets (unaudited see Notice to Reader) For the year ended December 31, 2011 Revenue $ $ Community based fundraising events 635, ,854 Gaming 100, ,500 Miscellaneous 96,058 86,907 United Way 57,106 46,773 Bequests 54, ,981 Individual giving and major gifts 42,748 37,045 Dinners, tournaments, and third party events 29,932 14,231 Public awareness activities 29,239 31,092 Corporate giving and major donors 3,488 4,848 Grants 3,081 4,835 Investment income 2,298 1,835 Memberships Total Revenue 1,054,910 1,258,071 Direct fundraising expenditures Community based fundraising events 260, ,906 Dinners, tournaments, and third party events 3,000 - Total direct fundraising expenditures 263, ,906 Funds available for programs and support activities 791, ,165 Programs and Support Activities Client services 199, ,330 Public education and awareness 128, ,057 Chapter and volunteer support and development 82,548 79,505 Contributions to National Office for research 63, ,330 Government and community relations 23,225 22,507 MS Clinics 180, ,596 Administration 80, ,153 Indirect fundraising 33,071 36,722 Total Programs and Support Activities 791, ,200 Excess (deficiency) of revenue over expenditures for the year - 34,965 Unrestricted net assets - beginning of year 64,386 29,421 Unrestricted net assets - end of year 64,386 64,386

5 Statement of Cash Flow (unaudited see Notice to Reader) December 31, 2011 Cash provided by (used in) Twelve Twelve months ended months ended Dec. 31, 2011 Dec. 31, 2010 Excess (deficiency) of revenue over expenditures for the period - 34,965 Amortization of capital assets 35,791 46,439 Amortization of deferred capital contributions (15,338) (15,338) Unrealized gain on short-term investments (411) (257) 20,042 65,809 Changes in non-cash working capital items Accounts receivable (13,908) 7,821 Receivable from other MS Society offices 3,635 (10,005) Prepaid expenses (396) (2,553) Accounts payable and accrued liabilities (8,447) 1,986 Payable to other MS Society offices 20,145 (27,370) Deferred revenue 411 (103,743) Financing and investing activities 1,440 (133,864) Purchase of capital assets (17,580) (12,940) Deferred capital contributions - 8,000 (17,580) (4,940) Net change in cash during the period 3,902 (72,995) Cash - Beginning of period 92, ,735 Cash - End of period 96,642 92,740

6 Notes to Financial Statements (unaudited see Notice to Reader) For the year ended December 31, Nature of operations The Multiple Sclerosis Society of Canada (MS Society) is incorporated under the laws of Canada. The organization is a registered charity under the Income Tax Act and is therefore exempt from income taxes and may issue official donation receipts for income tax purposes to donors. Its mission is to be a leader in finding a cure for multiple sclerosis (MS) and to enable people affected by MS to enhance their quality of life. The South Vancouver Island Chapter (the Chapter) is responsible for the activities of the Multiple Sclerosis Society of Canada in the South Vancouver Island area. These financial statements do not reflect any other activities, assets or liabilities of the MS Society. 2 Summary of significant accounting policies Basis of reporting The financial statements for the Chapter are the representation of management prepared in accordance with Canadian generally accepted accounting principles (GAAP) as prescribed by the Canadian Institute of Chartered Accountants (CICA). Revenue recognition The Chapter recognizes unrestricted contributions as revenue when received or receivable, if the amount to be received can be reasonably estimated and collection is reasonably assured. Restricted contributions are recognized as revenue in the period in which the related event takes place or expenses are incurred. Financial instruments The Chapter utilizes various financial instruments. Unless otherwise noted, it is management s opinion that the Chapter is not exposed to significant interest, currency, or credit risks arising from these financial instruments and the carrying amounts approximate fair values. The Chapter classifies its financial instruments as identified below into the following categories based on the purpose for which the asset was acquired or liability was incurred: Assets/liabilities Category Measurement Cash held-for-trading fair value Accounts receivable receivables amortized cost Accounts payable and accrued liabilities other liabilities amortized cost The Chapter has chosen to apply CICA Section Financial Instruments Disclosure and Presentation in place of CICA Section Financial Instruments Disclosures and CICA Section Financial Instruments Presentation.

7 Notes to Financial Statements (unaudited see Notice to Reader) December 31, 2011 Capital assets Purchased capital assets are recorded at cost. Amortization is provided for on a straight-line basis over the assets estimated useful lives as follows: Furniture and Fixtures 3 years Office equipment, computer equipment and software 3 years Leasehold improvements Remainder of lease term For capital assets that are amortized on a straight-line basis, amortization is one-half of the above rates in the year of acquisition. Deferred revenue Deferred revenue includes restricted funds that relate to events that take place in a future fiscal year and grant revenue or gaming funds that is deferred until the expenditures that relate to these contributions occur. Contributed services The work of the Chapter is dependent on the voluntary services of many individuals. Because these services are not normally purchased by the Chapter, and because of the difficulty in determining their fair value, donated services are not recognized in these financial statements. Use of estimates The preparation of financial statements in accordance with Canadian GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenditures during the reporting period. Actual results could differ from those estimates. 3 Capital assets Accumulated Net book Accumulated Net book Cost Amortization value Cost Amortization value $ $ $ $ $ $ Office equipment, computer equipment and software 95,982 (83,457) 12,525 93,984 (71,728) 22,256 Medical equipment 132,464 (116,847) 15, ,882 (112,700) 4,182 Building renovations 304,914 (224,610) 80, ,914 (204,695) 100, ,360 (424,914) 108, ,780 (389,123) 126,657