Financial Statements March 31, 2015 Contents Independant Auditors Report 1-2 Non-Consolidated Statement of Financial Position 3 Non-Consolidated Statement of Changes in Fund Balances 4 Non-Consolidated Statement of Operations 5 Non-Consolidated Statement of Cash Flows 6 Page Notes to Non-Consolidated Financial Statements 7-15 Schedule 1 - Non-Consolidated Statement of Financial Position by Fund - Operating 16 Schedule 2 - Non-Consolidated Statement of Operations by Fund - Operating 17 Schedule 3 - Non-Consolidated Statement of Financial Position by Fund - Portfolio 18 Schedule 4 - Non-Consolidated Statement of Operations by Fund - Portfolio 19 Schedule 5 - Non-Consolidated Statement of Financial Position by Fund - ELMS 20 Schedule 6 - Non-Consolidated Statement of Operations by Fund - ELMS 21 White Kennedy Your partl~ers in prosperity TM
Your Partners in Prosperity TM White Kennedy Chartered Accountants and Business Advisors www.whitekennedy.com lan S. Kennedy, BA, CPA, CA Michael P. Doherty, BSc, CPA, CA H. Jon Milligan, BCom, CPA, CA Chris D. Browne, BCorn, CPA, CA Jeff Duguid, BSc, BCorn, CPA, CA Don E. Jones, CPA, CA Marielle J. Br61~, CPA, CA Peter Macintosh, BA, CPA, CA Darrell Swetlishoff, BBA, CPA, CA INDEPENDENT AUDITORS REPORT To the Directors of Community Futures Development Corporation of Boundary Area We have audited the accompanying non-consolidated financial statements of Community Futures Development Corporation of Boundary Area, which comprises the non-consolidated statement of financial position as at March 31,2015, and the non-consolidated statements of operations, changes in fund balances and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, 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 of 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 judgment, 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 financial statements in order to design audit procedures that are appropriate in 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. (continues) PO Box 260,#204,8309 Main Street Osoyoos, BC V0H 1V0 Phone 250.495.2688 Fax 250.495.3525 osoyoos@whitekenned~com Operating as Incorporated Professionals through White Kennedy LLP #201,99 Padmore Avenue East Penticton, BC V2A 7H7 Phone 250.493.0600 Fax 250.493.4709 penticton@whitekennedy.com #I, 2429 Dobbin Road West Kelowna, BC V4T 2L4 Phone 250.768.3400 Fax 250.768.3445 westkelowna@whitekennedy.com
INDEPENDANT AUDITORS REPORT (continued) Opinion In our opinion, these non-consolidated financial statements present fairly, in all material respects, the financial position of the Community Futures Development Corporation of Boundary Area as at March 31, 2015, and the results of its operations, changes in fund balances and cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. CHARTERED PROFESSIONAL A~CCOUNTANTS Penticton, British Columbia June 23, 2015 (2)
Non-Consolidated Statement of Financial Position March 31, 2015 ASSETS Operating Fund Portfolio Fund CURRENT Cash (Note 3) 512,519 1,027,579 Short-term investments (Note 4) 254,216 Accounts receivable (Note 5) 204,329 27,596 Prepaid expenses 1 ~425 972,489 1,055,175 LOANS RECEIVABLE (Note 6) 2,087,190 INVESTMENT IN SUBSIDIARY (Note 7) 10 PROPERTY AND EQUIPMENT (Note 8) 177,300 1,1491799 3,142,365 LIABILITIES AND FUND BALANCES CURRENT Employment Labour Market IELMS) 36~660 36,660 March 31 2015 1,540,098 254,216 231,925 1~425 2,027,664 2,087,190 10 213~960 4~328t824 Accounts payable & accrued liabilities (Note 10) 18,011 729 39,697 58,437 Deferred revenue 600 9,725 Interfund balances (1,025,812) Current portion of loans payable (Note 11) INVESTMENT LOANS PAYABLE (Note 11) FUND BALANCES Investment in Capital Assets Externally Restricted Funds (Note 12) Unrestricted COMMITMENTS (Note 13) ECONOMIC DEPENDENCE On behalf of the Board: (Note 14) 9,125-1,029,669 (3,857) - 145,424 1,056,805 142,296-569,216 (985,515) 145~424 213,586 569,216 Mamh 31 2014 1,686,170 100,000 69,381 2,886 1,858,437 1,987,038 10 127,848 3,973,333 68,822 13,721 82,543 750,000 177,300-36,660 213,960 127,848-2,430,853-2,430,853 2,320,995 (84,306) 985,515 901~209 691,947 92,994 2,430,853 1,022,175 3~546~022 3~ 140,790 1,149,799 3,142,365 36,660 4~,328~824 3,973,333 Director Director See accompanying notes to non-consolidated financial statements (3)
Non-Consolidated Statement of Changes in Fund Balances March 31, 2015 FUND BALANCES, beginning of year Operating Fund Portfolio Employment Fund Labour Market IELMSI 123,587 2,320,995 696,208 2015 3,140,790 2014 2,619,530 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES FUND BALANCES, end of year (30~593) 109,858 3251967 405~232 521,260 92,994 2,430,853 1,022,175 3~,546t022 31140,790 Included in Fund Balances: INVESTMENT IN CAPITAL ASSETS, beginning of year Amortization of property and equipment Purchase of property and equipment INVESTMENT IN CAPITAL ASSETS, end of year 92,909 34,939 127,848 52,700 (16,934) (14,769) (31,703) (18,602) 101,325 16,490 117r815 93,750 177,300 36,660 2131960 127,848 See accompanying notes to non-consolidated financia~ statements (4)
Non-Consolidated Statement of Operations Operating Fund Portfolio Employment Fund Labour Market IELMS) REVENUE Project funding 178,196-1,407,999 Operating contributions 286,796 - Interest from investments - 166,777 Interest transfers 25,000 - Fee for service - - Interest from banks 7,585 10,974 Rental income 10,661 - Loan administration fees 3,720 - Loan losses and collections - 3,986 511,958 181,737 EXPENDITURES Wages and benefits 244,456 - Project expenses 50,668 - Loan losses and collections fees (recovered) 31,934 Rent 31,035 Repairs and maintenance 42,565 - Office and sundry 24,848 Advertising and promotion 39,955 - Amortization 16,934 Consulting 27,339 Interest transfer 25,000 Directors expenses 23,567 Travel 18,150 Training 6,088 Loan admin, insurance and registration 14,945 Telephone 4,518 Professional fees 2,832 Licences, dues and fees 6,042 Insurance 996 Bank charges and interest 2,558 542,551 711879 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES /30,5931 109t858 21,750 1,429,749 521,041 405,390 53,333 40,863 31,488 3,704 14,769 308 230 10,758 8,998 8,495 2,305 2,051 49 1,1031782 325r967 2015 1,586,195 286,796 166,777 25,000 21,750 18,559 10,661 3,720 3~986 2~123~444 765,497 456,058 31,934 84,368 83,428 56,336 43,659 31,703 27,339 25,000 23,875 18,380 16,846 14,945 13,516 11,327 8,347 3,047 2~607 1~718~212 405t232 2014 1,428,177 286,796 137,383 25,000 20,849 13,511 5,325 3,447 9,645 1,930,133 747,451 234,996 (88,919) 84145 50677 56 154 62027 18602 102 770 25000 11 685 21,114 19,175 19,618 14,018 23,624 3,412 2,637 687 1,408,873 521,260 See accompanying notes to non-consolidated financial statements (5)
Non-Consolidated Statement of Cash Flows CASH FLOWS FROM OPERATING ACTIVITIES Operations: Excess of revenue (deficiency) over expenditures Amortization Net Change in Non-cash Working Capital Items (Note 16) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of investment loans payable CASH FLOWS FROM INVESTING ACTIVITIES Property and equipment acquired Short term investments acquired and distributions Net decrease (increase) in loans receivable NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, beginning of year Interfund transfers CASH AND CASH EQUIVALENTS, end of year Operating Fund Portfolio Employment Fund Labour Market 2015 2014 telms/ (30,593) 109,858 325,967 405,232 521,260 16~ 934 14,769 31 ~703 18,602 (13,659) 109,858 340,736 436,935 539,862 (157~3671 /17,3591 (737) (175,463~ 40,759 ( 171,026) 92 ~499 339,999 261,472 580~621 (35,360) - (35,360) (11,501 ) (101,325) - (16,491) (117,8t6) (93,752) (154,216) - - (154,216) (100,000) - (100,153) - (100,153) (228,098) (255,541) (100,153) (16,491) (372,185) (421,850) (426,567) (43,014) 323,508 (146,073) 147,270 615,487 1,070,683-1,686,170 1,538,900 323,599 (91) (323,508) - - 512,519, 11027,578, -,,,,,1,,~540t097,,,,,,, 1,686,170 See accompanying notes to non-consolidated financial statements
Notes to Non-Consolidated Financial Statements 1. NATURE OF OPERATIONS The Community Futures Development Corporation of Boundary Area (the company) is incorporated under Part 2 of the Canada Corporations Act without share capital. The company has entered into agreements with Western Economic Diversification (WED) whereby investment funds and contributions are provided to support the community s plans for the generation of additional private sector employment through the provision of advisory counselling, technical services and investment services to small businesses and to individuals in accordance with the Community Futures Committee s overall economic development plan and strategy for employment growth and recovery. The company may administer investment funds in the form of loans, loan guarantees and equity participation to create small businesses and to expand, stabilize and protect existing businesses resulting in the generation and maintenance of permanent employment. The Employment Labour Market Program (ELMS) is designed to assist individuals in becoming employed. The ELMS program targets employment insurance and social benefits recipients and provides job search services, training and workshops, consulting services, and financial support for self-employment and individuals. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements were prepared in accordance with Canadian accounting standards for notfor-profit organizations (ASNPO). Financial instruments policy Financial instruments are recorded at fair value when acquired or issued. In subsequent periods, financial assets with actively traded markets are reported at fair value, with any unrealized gains and losses reported in income. All other financial instruments are reported at amortized cost, and tested for impairment at each reporting date. Transaction costs on the acquisition, sale, or issue of financial instruments are expensed when incurred. Short term investments Short term investments are investments in mutual funds, GIC s, and highly liquid investments. Loans receivable Interest income is recorded on an accrual basis. The company ceases to accrue interest on doubtful loans. An allowance for doubtful loans is determined in the following manner: Loans in Default - If there is a significant doubt as to the ultimate collection of principal, a specific provision is established at a level sufficient to provide for the estimated impairment of the loan principal. Loans not in Default - A general provision of 5% has been established. The establishment of the allowance for doubtful loans relies on the judgment of management, on historical precedent and expectations as to the future collections. It is reasonably possible that changes in future conditions could require a material change in the recognized amount of the White Kennedy allowance for doubtful loans. (7)
Notes to Non-Consolidated Financial Statements 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Investment in subsidiary The investment in subsidiary is recorded using the cost method. Property and equipment Property and equipment are recorded at cost. Amortization is provided over the estimated useful life of the capital property using the straight-line method at the following annual rates: Leasehold improvements Computer equipment Equipment Furniture and fixtures Computer software Revenue recognition 20% straight line 33.33% straight line 20% straight line 10% straight line 33.33% straight line Community Futures Development Corporation of Boundary Area follows the restricted method of accounting for contributions. Restricted contributions related to general operations are recognized as revenue of the Operating Fund in the year in which the related expenses are incurred. All other restricted contributions are recognized as revenue of the appropriate restricted fund. Unrestricted contributions are recognized as revenue of the Operating Fund in the year received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Revenue earned on term loans is accrued on a daily basis. Revenue earned on equity loans is deferred until the date of maturity of the loan. Fund accountin.q The Operating Fund accounts for the organization s operating costs and general revenues. This fund reports unrestricted resources and restricted operating grants. The Operating Fund includes the ELMS program that is being presented separately. The Portfolio Fund reports restricted resources that are to be used for assistance to small businesses and entrepreneurs in the form of loans, loan guarantees or equity participation. Loans from the Loan Fund for the Disabled are limited to businesses owned and operated by disabled entrepreneurs. The organization is restricted in the types of loans that can be made according to its agreement with the federal government. Measurement uncertainty Certain amounts in the financial statements are subject to measurement uncertainty and are based on the organzation s best information and judgement. Actual results could differ from these estimates. Examples of significant estimates include: providing for amortization of property and equipment; the estimated useful lives of assets; the allowance for doubtful accounts While Kennedy V
Notes to Non-Consolidated Financial Statements 3. CASH Cash and chequing - Operating Fund Portfolio Fund Portfolio A, Microloans and Growthstart Portfolio B and Youth Disabled Entrepreneur Community Business Loans Program 4. SHORT-TERM INVESTMENTS Canaccord Genuity Investment Funds 2015 2014 512,519 615,487 374,444 211,433 348,189 516,642 146A76 257,577 158~470 85,031 lt540~098 1,686t170 2015 2014 254r215 100,000 The market value of the investments at March 31, 2015 is 255,071 (2014-100,096). 5. ACCOUNTS RECEIVABLE 2015 2014 Trade receivable 211,145 58,616 GST receivable 20~,780 10,765 231 ;,925 69,381 6. LOANS RECEIVABLE Portfolio A and Microloans Portfolio B and Youth Disabled Entrepreneur Community Business Loans Program Less allowance for doubtful loans Specific provision General provision 2015 2014 941,984 1,101,396 1,006,186 775,170 119,983-439~305 498,807 2,507,458 2,375,373 (303,469) (276,806) (116,799) (111,529) (420,268) (388,335) 2~087r190 1,987,038 The loans receivable are due in monthly payments including interest at rates varying from 5% to 10% and are secured by one, or a combination of debentures, personal guarantees, promissory notes, mortgages and other charges on property. A significant portion of the loans are to individuals or corporations involved in or starting a small business and as such, the company is exposed to all of the risks associated with that segment of the industry. The allowance as a percentage of total loans is 16.76% (2014-16.35%). (9) ~ While Kennedy
Notes to Non-Consolidated Financial Statements 7. INVESTMENT IN SUBSIDIARY Grand Forks & Boundary Enterprise Holdings Centre Ltd., a wholly owned subsidiary, is incorporated under the British Columbia Business Corporations Act and is a non-profit organization not subject to income tax under Section 149(1) of the Income Tax Act. Grand Forks and Boundary Enterprise Centre Holdings Ltd. Percent owned Shares Advances 2015 2014 S 100% 10-10 10 8. PROPERTY AND EQUIPMENT OPERATING FUND Leasehold improvements Computer equipment Furniture and fixtures Equipment Computer software EMPLOYMENT LABOUR MARKET (ELMS) Leasehold improvements Computer equipment Furniture and fixtures Accumulated Net Book Value Cost Amortization 2015 2014 S 267,146 94,207 172,939 92,247 7,022 6,870 152 662 42,684 40,551 2,133-2,372 296 2,076-41426 4~426-323~650 146r,~50 177~300 92,909 24,474 4,358 20,116 22,563 41,766 25,552 16,214 11,914 528 198 330 462 661768 30,108 361660 341939 390r418 176,458 213t960 127,848 9. BANK INDEBTEDNESS Heritage Credit Union overdraft facility with an authorized revolving line of credit of 80,000 bearing interest at the Credit Union s basic lending rate and secured by all of the Company s present and after-acquired property. This facility is currently not being used. 11o) V White Kennedy
Notes to Non-Consolidated Financial Statements 10.ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accruals Employee deductions payable 2015 2014 32,064 35,284 26r373 33,538 58t437 68t822 11.INVESTMENT LOANS PAYABLE Community Futures British Columbia, Pooled Asset Loans (PAL) received as three loans of 250,000 each secured by a General Secudty Agreement due in 2015. Loans converted to BC Futures Fund loans January 2015. Community Futures British Columbia, BC Futures Fund loans received as three loans of 250,000 each secured by a General Security Agreement due December 2019. The interest rate is variable at the RBC 5 year GIC rate plus.25% repayable in monthly blended payments of 13,064. Amounts payable within one year 2015 2014 750,000 714,640 714,640 750,000 (145,424) - 569,216 750,000 Principal repayment terms are approximately: 2016 2017 2018 2019 2020 145,424 147,990 150,600 153,257 117~369 714~640 (11) White I~ennedy
Notes to Non-Consolidated Financial Statements 12.EXTERNALLY RESTRICTED FUNDS Non-repayable: Portfolio A, Microloans and Growthstart Conditionally repayable: Portfolio B and Youth Investment Disabled Entrepreneur Community Business Loans Program Syndicate Loans Externally restricted funds are repayable if the following conditions occur: Original Balance Balance Contribution outstanding outstanding 2015 2014 500,000 808,038 767,301 1,000,000 1,381,880 1,328,224 200,000 183,708 179,941 250,000 53,989 42,291-31238 3,238 1,950,000 2r430r853 2,320,995 i) The Conditionally Repayable Fund ("Fund") is not administered according to the terms and conditions specified in the Agreement; or ii) Based on reviews and evaluations of the operations and the Fund of the Corporation, the Fund is not providing a satisfactory level of benefits in terms of employment creation, the development of Community-owned or controlled business, and strengthening of the Western Canadian economy; or iii) In the opinion of the Minister, the Fund is no longer necessary or relevant to the development of the Western Canadian economy; or iv) The Agreement is terminated; or v) An event of default occurs, as described in the Agreement; or vi) The Minister does not approve terms and conditions to extend the Project beyond the Completion Date. Portfolio A, Microloans and Growthstart This amount is restricted for the purpose of assisting small businesses and entrepreneurs in the form of loans, loan guarantees or equity participation. Portfolio B The Corporation received 800,000 from Western Economic Diversification, Government of Canada for the purpose of creating an investment fund to assist eligible local businesses in the form of loans, loan guarantees and equity participation. Related investment loans written off as bad debts are recorded as a reduction to the restricted fund. At the termination of the agreement, the Corporation is required to repay any amount uncommitted, thereafter the loan principal and interest collected until the odginal principal is repaid and then 50% of the remaining interest collected. Youth Investment The Corporation received 200,000 from Western Economic Diversification, Government of Canada for the purpose of creating an investment fund to assist youths (persons under the age of 30) to own and operate a business in the form of loans, loan guarantees and equity participation. Related investment loans written off as bad debts are recorded as a reduction to the restricted fund. At the termination of the agreement, the Corporation is required to repay any amount uncommitted, thereafter the loan principal and interest collected until the original principal is repaid and then 50% of the remaining interest collected. (12) V White Kennedy
Notes to Non-Consolidated Financial Statements 12.EXTERNALLY RESTRICTED FUNDS (continued) Disabled Entrepreneur.The Corporation received 200,000 from Western Economic Diversification, Government of Canada for the purpose of creating an investment fund to assist disabled individuals to own and operate a business in the form of loans, loan guarantees and equity participation. Related investment loans written off as bad debts are recorded as a reduction to the restricted fund. At the termination of the agreement, the Corporation is required to repay any amount uncommitted, thereafter the loan principal and interest collected until the original principal is repaid and then 50% of the remaining interest collected. Community Business Loans Pro,qram (Formerly Forest Renewal BC) The Corporation received 250,000 from Community Business Loans Program which the Corporation matched creating an investment fund of 500,000. The purpose of the fund is to loan funds to forest sector enterprises. One half of the related investment loans written off as bad debts are recorded as a reduction to the restricted fund. At the termination of the agreement, the Corporation is required to repay one half of any amount uncommitted, thereafter one half of the principal and interest collected until the original principal is repaid. 13. LEASE COMMITMENTS The Corporation has entered into two long term lease agreements with respect to its premises. The leases contain renewal options and provide for payment of utilities, property taxes and maintenance costs. Future minimum lease payments as at March 31, 2015 are as follows: 2016 64,800 2017 597800 124r600 14.ECONOMIC DEPENDENCE The company receives a substantial portion of its funding from Western Economic Diversification. The Employment Services Program is entirely dependant on the Provincial Ministry of Social Development. White Kennedy
Notes to Non-Consolidated Financial Statements 15. RELATED PARTY TRANSACTIONS Related Party Grand Forks and Boundary Enterprise Centre Holdings Ltd. Striker Industries Ltd. Type of Received (Paid) Relationship Transaction 2015 2014 Subsidiary Rent (52,800) (52,800) Director Building Owned Improvements (3,267) (71,750) WD Sheet Metal Ltd. Director Repairs and Owned Maintenance (878) (1,065) The above transactions are in the normal course of business and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. 16. NET CHANGE IN NON-CASH WORKING CAPITAL ITEMS Decrease (increase)in: Accounts receivable Prepaid expenses Increase (decrease)in: Accounts payable and accrued liabilities Deferred revenue Employment Operating Portfolio Labour Market Fund Fund (ELMS) 2015 2014 S (145,234) (17,310) - (162,544) 32,472 1,461-1,461 (1,461) (8,998) (49) (1,337) (10,384) 32,840 (4,596) - 600 (3,996) (23,092) 17. INCOME TAX The company is exempt from income tax under Section 149(1) of the Income Tax Act. White Kennedy (14)
Notes to Non-Consolidated Financial Statements 18. FINANCIAL INSTRUMENTS The company is exposed to various risks through its financial instruments and has a comprehensive risk management framework to monitor, evaluate and manage these risks. The following analysis provides information about the company s risk exposure and concentration as of March 31,2015. Credit risk Credit risk arises from the potential that a counter party will fail to perform its obligations. The company is exposed to credit risk from customers. In order to reduce its credit risk, the company reviews a new customer s credit history before extending credit and conducts regular reviews of its existing customers credit performance. An allowance for doubtful accounts is established based upon factors surrounding the credit risk of specific accounts, historical trends and other information. The company has a significant number of customers which minimizes concentration of credit risk. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company is exposed to this risk mainly in respect of its loans receivable and related sources and long-term debt. Interest rate risk Interest rate risk is the risk that fluctuations in interest rates will result in changes in fair value or cash flow on a financial instrument. In seeking to minimize the risks from interest rate fluctuations, the company manages exposure through its normal operating and financing activities. The company is exposed to interest rate risk primarily through any marketable securities held during the year. 19. COMPARATIVE FIGURES Some of the comparative presentation. figures have been reclassified to conform to the current year s White Kennedy
SCHEDULE 1 o Non-Consolidated Statement of Financial Position by Fund - Operating March 31, 2015 Operating Other ASSETS Fund Programs 2015 2014 CURRENT Cash 512,519-512,519 615,487 Short-term investments 254,216-254,216 100,000 Accounts receivable 204,329-204,329 59,095 Prepaid expenses 1,425-1 ~425 2,886 972,489-972,489 777,468 INVESTMENT IN SUBSIDIARY PROPERTY AND EQUIPMENT LIABILITIES AND FUND BALANCES CURRENT Accounts payable and accrued liabilities Deferred revenue Interfund balances FUND BALANCES Investment in Capital Assets Unrestricted 10-10 10 177,300-177~300 92,909 lr149,799-1r149t799 870,387 17,351 660 18,011 27,008 9,125 9,125 13,721 1~342,665 (312,996) 1~029~669 706,071 1,360~016 /303,211) 1~056~805 746,800 177,300 177,300 92,909 (387,517) 303,211 (84~306) 30,678 (210~217) 303~211 92~994 123,587 1,149,799 1r149t799 870,387 (16) V White Kennedy
SCHEDULE 2 - Non-Consolidated Statement of Operations by Fund - Operating Operating Other Fund Programs 2015 2014 REVENUE Operating contributions 286,796 286,796 286,796 Project funding - 178,196 178,196 290,827 Interest transfers 25,000 25,000 25,000 Other income - 10,661 10,661 5,325 Interest from banks 7,585-7,585 1,651 Loan administration fees 3,720-3~720 3,447 323,101 1881857 511~958 6131046 EXPENDITURES Wages and benefits 165,049 79,407 244,456 253,480 Project expenses 7,356 43,312 50,668 72,879 Repairs and maintenance 27,299 15,266 42,565 21,915 Advertising and promotion 22,705 17,250 39,955 52,893 Rent 19,974 11,061 31,035 31,191 Consulting 27,339 27,339 102,570 Office and sundry 20,964 3,884 24,848 20,219 Directors expenses 23,567 23,567 11,685 Travel 12,361 5,789 18,150 16,865 Amortization 16,934 16,934 7,434 Training 3,694 2,394 6,088 7,336 Licences, dues and fees 5,432 610 6,042 2,597 Telephone 3,889 629 4,518 6,483 Professional fees 2,832 2,832 6,417 Bank charges and interest 2,558 2,558 687 Insurance 996 996 826 335,610 206,941 542~551 615,477 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES 112,,5,0,9), 118,0841 130t593~ 12,4311 (17) WhiteKennedy
SCHEDULE 3 - Non-Consolidated Statement of Financial Position by Fund - Portfolio March 31, 2015 Portfolio A, Portfolio B Disabled Community Microloans & & Youth Entrepreneur Business ASSETS Growthstart Loans CURRENT Cash 374,444 348,189 146,476 158,470 Accounts receivable,, 4~231 8t 139 703 14t523 378,675 356,328 147,179 172,993 Syndicate Loans 2015 1,027,579 27t596 1,055,175 2014 1,070,683 10,286 1,080,969 LOANS RECEIVABLE LIABILITIES AND FUND BALANCES CURRENT Accounts payable and accrued liabilities Interfund balances Current portion of loans payable 888,104 955~877 113~984!29,226 1,266,779 1,312,205 261,163 302,219 251 372 39 67 (256,150) (70,048) 77,416 248,163 145~424 - (110,475) (69,676) 77,455 248,230 2~087~191 3r1421366 1~987,038 3,068,007 729 779 (3,238) (3,857) 145~424 (3,767) - (3,238) 142,296 (2,988) INVESTMENTS LOANS PAYABLE FUND BALANCES Externally Restricted Funds 569,216 808~038 1~381,880 183,708 53~989 1,266,779 1,312,204 261,163 302,219 569,216 750,000 3,238 2~430r853 2,320,995-3t1421365 3,068,007
SCHEDULE 4 - Non-Consolidated Statement of Operations by Fund - Portfolio REVENUE Interest from investments Interest from banks Loan losses and collections EXPENDITURES Loan losses and collection fees (recovered) Interest transfer Loan admin, insurance and registration EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES Portfolio A, Portfolio B Disabled Community Microloans & & Youth Entrepreneur Business Growthstart Loans 58,641 63,622 8,207 36,307 3,983 3,941 1,547 1,503 2,930 305 438 313 65,554 671868 101192 38,123 (1,190) 11,551 5,999 15,574 15,000-10,000 11,007 2,661 426 851 24,817 14~212 6,425 26,425 401737 531656 3,767,11,698 Syndicate Loans 2015 2014 166,777 137,383 10,974 11,860 3~986 9~64~ 181~737 158~888 31,934 (88,919) 25,000 25,000 14~945 19,618 71~879 (44,301) 109t858 203,189 (19)
SCHEDULE 5 - Non-Consolidated Statement of Financial Position by Fund - ELMS March 31, 2015 Operating ASSETS Fund Variable Fixed 2015 2014 PROPERTY AND EQUIPMENT LIABILITIES AND FUND BALANCES 13r782 22,878 13,782 22,878 36~660 36~660 34,939 34,939 CURRENT Accounts payable and accrued liabilities Interfund balances Deferred revenue 31,784 7,914 - (97,315) (929,048) 550-600 (65,531) (921,134) 1,150 39,698 (1,025,813) 6OO (985,515~ 41,035 (702,304) (661,269) FUND BALANCES Investment in Capital Assets Unrestricted 13,782 22,878 65,531 921,134 (1,150) 79~313 944,012 (1,150) 13,782 22,878-36,660 9851515 lr022~175 36~660 34,939 6611269 696,208 34,939 (20)
SCHEDULE 6 - Non-Consolidated Statement of Operations by Fund - ELMS Operating Fund Variable Fixed REVENUE Project funding 665,439 428,243 314,317 Fee for service 21,750-6871189 4281243 314,317 EXPENDITURES Wages and benefits 430,675 90,291 75 Project expenses 91,854 22 313,514 Rent 53,333 - Office and sundry 27,577 3,183 728 Repairs and maintenance 30,648 10,215 Professional fees 8,495 - Training 10,639 119 Amortization 11,097 3,672 Advertising and promotion 3,003 701 Telephone 8,950 48 Travel 50 180 Insurance 2,051 - Licences, dues and fees 2,305 - Consulting - Directors expenses 308 - Bank charges and interest 49-681,034 108,431 314,317 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES 6,155 319,812 2015 1,407,999 21~750 1~429r749 521,041 405,390 53,333 31,488 40,863 8,495 10,758 14,769 3,704 8,998 230 2,051 2,305 308 49 1~103~782 3251967 2014 1,137,350 20,849 1,158,199 493 971 162 117 52 954 35 935 28 762 17 207 11 839 11 168 9,134 7,535 4,249 1,811 815 200 837t697 320,502 (21)