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Audit-2008-CFFF e

9 pages
F I N A N C I A L S T A T E M E N T SForCANADIAN FALLEN FIREFIGHTERS FOUNDATIONFor year endedDECEMBER 31, 2008Welch LLP  An Independent Member of BKR International Welch LLP AUDITORS' REPORTTo the members ofCANADIAN FALLEN FIREFIGHTERS FOUNDATIONWe have audited the statement of financial position of Canadian Fallen Firefighters Foundation as atDecember 31, 2008 and the statements of operations and changes in net assets and cash flows for theyear then ended. These financial statements are the responsibility of the Foundation's management. Ourresponsibility 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. Thosestandards require that we plan and perform an audit to obtain reasonable assurance whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluating theoverall financial statement presentation.In common with many ...
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F I N A N C I A L S T A T E M E N T S
For
CANADIAN FALLEN FIREFIGHTERS FOUNDATION
For year ended
DECEMBER 31, 2008
Welch LLP 

An Independent Member of BKR International
Welch LLP

AUDITORS' REPORT
To the members of
CANADIAN FALLEN FIREFIGHTERS FOUNDATION
We have audited the statement of financial position of Canadian Fallen Firefighters Foundation as at
December 31, 2008 and the statements of operations and changes in net assets and cash flows for the
year then ended. These financial statements are the responsibility of the Foundation's management. 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 plan and perform an audit to obtain reasonable assurance whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation.
In common with many charitable organizations, the foundation derives revenues from the general public in
the form of donations, the completeness of which is not susceptible to satisfactory audit verification.
Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the
foundation and we were not able to determine whether any adjustments might be necessary to donation
revenues, net revenues, assets, liabilities and net assets.
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 donations referred
to in the preceding paragraph, these financial statements present fairly, in all material respects, the
financial position of the Foundation as at December 31, 2008 and the results of its operations and
changes in net assets and its cash flows for the year then ended in accordance with Canadian generally
accepted accounting principles.
Chartered Accountants
Licensed Public Accountants
Ottawa, Ontario
March 3, 2009.
Welch LLP – Chartered Accountants
1200-151 Slater Street, Ottawa, ON K1P 5H3
T: 613 236 9191 F: 613 236 8258 W: www.welchllp.com
An Independent Member of BKR International
CANADIAN FALLEN FIREFIGHTERS FOUNDATION

STATEMENT OF FINANCIAL POSITION

DECEMBER 31, 2008

2008 2007
ASSETS
CURRENT ASSETS
Cash $ 83,086 $ 97,339
Guaranteed investment certificates - note 6 826,745 630,700
Accounts receivable 22.904 26,797
15,516 14,829 Inventories
2,478 Prepaid expenses
$ 952,713 $ 772.143
UABILITIES AND NET ASSETS
CURRENT UABIUTIES
Accounts payable and accrued liabilities $ 15,008 $ 9.449
DEFERRED CONTRIBUTIONS - note 7 10,000
NET ASSETS
Unrestricted net assets 762,694
$ 952,713 772,143 ~
Approved by the Board:
~OBE~T KIRK~ATRICK......... Director ~~.
DOUGLAS LOCK
............................. Director
(See accompanying notes) CANADIAN FALLEN FIREFIGHTERS FOUNDATION
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31, 2008
2008 2007
Revenues
CBU fundraising from advertising $ 311,274 $ 363,798
Donations received
Receipted 14,541 19,189
Other 28,796 10,546
Sales of souvenirs 18,679 24,083
CBU contributions for editing 10,000 7,500
Interest earned 27,327 19,509
Other - 5,000
410,617 449,625
Expenses
Annual ceremony 48,248 36,154
LODD families expense 33,005 30,642
Executive and director expenses 20,395 18,957
Fundraising 33,258 -
Advertising and promotion 47,492 51,383
Medallions and other promotional material 25,974 21,595
Memorial development - 3,460
Rent 10,713 1,590
Insurance 3,783 5,605
Office and general 7,231 11,428
Professional fees 15,419 12,480
Interest and bank charges 88 266
245,606 193,560
Net revenues 165,011 256,065
Net assets, beginning of year 762,694 506,629, end of year $ 927,705 $ 762,694
(See accompanying notes)
Welch LLP 

An Independent Member of BKR International
CANADIAN FALLEN FIREFIGHTERS FOUNDATION
STATEMENT OF CASH FLOWS
YEAR ENDED DECEMBER 31, 2008
2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net revenues $ 165,011 $ 256,065
Adjustments for:
Accounts receivable 3,893 (861)
Inventories (687) 3,315
Prepaid expenses (1,984) (1,295)
Accounts payable and accrued liabilities 5,559 961
Deferred contributions 10,000 -
181,792 258,185
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments (196,045) (217,448)
INCREASE (DECREASE) IN CASH (14,253) 40,737
CASH, BEGINNING OF YEAR 97,339 56,602
CASH, END OF YEAR $ 83,086 $ 97,339
(See accompanying notes)
Welch LLP 

An Independent Member of BKR International
CANADIAN FALLEN FIREFIGHTERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2008
1. NATURE OF OPERATIONS
The Foundation is a charity registered with Canada Revenue Agency and incorporated under the
provisions of The Canada Corporations Act. The Foundation's principal purpose is to receive and
maintain a fund for the establishment and maintenance of the Canadian Fallen Firefighters' Memorial; to
plan, direct and manage an annual Fallen Firefighters Memorial Service; to provide financial assistance
to families of fallen firefighters for transportation and lodging during the annual memorial service, to
provide additional financial assistance to the families of fallen firefighters when warranted, and to
otherwise recognize firefighters who die in the line of duty.
The Foundation maintains its head office in Ottawa, Ontario.
2. SIGNIFICANT ACCOUNTING POLICIES
Revenue recognition
Revenue from advertising contracts is recognized over the term of the contract. Revenue from
donations is recognized upon receipt and revenue from investments is recognized as earned. The
Foundation follows the deferral method of accounting for contributions. Restricted contributions are
recognized as revenue in the year in which related expenses are incurred. Unrestricted contributions are
recognized as revenue when received or receivable if the amount to be received can be reasonably
estimated and collectibility is reasonably assured.
Revenue from souvenir sales are recognized once the goods are sold.
Investments
The Foundation classifies its investments as held to maturity and records them at amortized cost using
the effective interest method. The purchase and sale of investments are accounted for using settlement
date accounting. Transaction costs associated with the acquisition of investments and investment
management fees are expensed as incurred.
Inventories
Inventories are valued at lower of cost and net realizable value with cost determined substantially on a
first-in, first-out basis.
Use of estimates
The preparation of financial statements in conformity with Canadian generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from these estimates.
. . ./2
Welch LLP 

An Independent Member of BKR International
CANADIAN FALLEN FIREFIGHTERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - Cont'd.
YEAR ENDED DECEMBER 31, 2008
3. CHANGE IN ACCOUNTING POLICY
Effective January 1, 2008, the company adopted the provisions of the Canadian Institute of Chartered
Accountants (CICA) Handbook section 3031 (Inventories) which establishes more extensive guidance
on the determination of cost and expands the disclosure requirements. The new section requires:
· Measurement of inventories at the lower of cost and net realizable value
· Use of specific identification method when the inventory items are not ordinarily interchangeable
· Consistent use of either first-in, first-out or a weighted average cost formula to measure cost
· Reversal of previous write-downs to net realizable value when there is a subsequent increase in
the value of inventories
The adoption of this new section had no impact on the measurement of inventories reflected in the
financial statements.
4. NEW ACCOUNTING STANDARDS
In December, 2008, the CICA decided to defer the requirement for not-for-profit organizations to adopt
Handbook Sections 3862 (Financial Instruments - Disclosures) and 3863 (Financial Instruments -
Presentation) and to permit these organizations to continue and apply Section 3861 (Financial
Instruments - Disclosure and Presentation) instead. Since new financial instrument standards for not-
for-profit organizations may be forthcoming, the organization has decided to continue to apply Section
3861 and has not adopted Sections 3862 and 3863.
5. FINANCIAL INSTRUMENTS
The Foundation's financial instruments consist of cash, guaranteed investment certificates, accounts
receivable, accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion
that the Foundation is not exposed to significant interest, currency or credit risks arising from these
instruments.
Fair market value
The fair values of cash, accounts receivable, accounts payable and accrued liabilities approximate their
carrying values due to their short term-nature. The fair value of guaranteed investment certificates is
disclosed in note 6.
. . ./3
Welch LLP 

An Independent Member of BKR International
CANADIAN FALLEN FIREFIGHTERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - Cont'd.
YEAR ENDED DECEMBER 31, 2008
6. GUARANTEED INVESTMENT CERTIFICATES
Guaranteed investment certificates are stated at cost. The cost and accrued interest income
approximate fair value. Accrued interest income of $8,356 (2007 - $5,822) is included in accounts
receivable.
Guaranteed investments consist of the following:
2008 2007
Carrying Fair Carrying Fair
Value Value Value Value
Toronto Dominion Bank - 3.10%,
due January 20, 2009 $ 110,000 $ 111,504 $ - $ -
Toronto Dominion Bank - 3.10%,
due February 19, 2009 110,000 111,504 - -
TD Canada Trust - 3.20%,
due March 16, 2009 126,822 128,334 - -
TD Mortgage Corporation - 4.25%,
due August 18, 2011 208,000 211,294 - -
Toronto Dominion Bank - 2.70%
due May 20, 2009 140,000 140,425 - -
Toronto Dominion Bank - 1.90%,
due July 13, 2009 131,923 132,040 - -
TD Mortgage Corporation - 4.17%,
due January 16, 2008 - - 110,000 111,294
Toronto Dominion Bank - 4.2%,
due March 18, 2008 - - 110,000 111,304
TD Mortgage Corporation - 4.12%,
due May 12, 2008 - - 110,700 111,238
due July 11, 2008 - - 100,000 100,485
Toronto Dominion Bank - 3.9%,
due September 19, 2008 - - 200,000 202,201
$ 826,745 $ 835,101 $ 630,700 $ 636,522
Investments are managed by the Board in consultation with the Foundation’s financial advisors. The
Foundation limits its investments to guaranteed investment certificates to ensure the capital is
preserved.
Interest rate risk
The Foundation manages the interest rate risk exposure of its investments by using a laddered portfolio
with varying terms to maturity. The laddered structure of maturities helps to enhance the average
portfolio yield while reducing the sensitivity of the portfolio to the impact of interest rate fluctuations.
7. DEFERRED CONTRIBUTIONS
During the year $10,000 was received for the purposes of establishing a scholarship fund. None of this
amount was expensed in the year.
. . ./4
Welch LLP 

An Independent Member of BKR International
CANADIAN FALLEN FIREFIGHTERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - Cont'd.
YEAR ENDED DECEMBER 31, 2008
8. VOLUNTEER HOURS
The work of the Foundation is dependent upon the voluntary services of its directors, management and
members. These services are not normally purchased by the Foundation and because of the difficulty of
determining their fair value, the value of these donated service are not recognized in the financial
statements.
9. ECONOMIC DEPENDENCE
A substantial portion of the revenue of the Foundation (74%) is derived from CBU Publications.
10. PLEDGE COMMITMENT
The Canadian Association of Fire Chiefs (CAFC) has committed to pledging Canadian Fallen
Firefighters Foundation (CFFF) $5,000 per month for the erection of a monument to honour the memory
of Canada's fallen firefighters, beginning in January 2007. The funds will be recorded once they are
received by CFFF, no amount has been recorded in this year's financial statements.
11. CAPITAL DISCLOSURES
CICA Handbook Section 1535 (Capital Disclosures) requires that the Foundation disclose information
about its capital and how it is managed.
The Foundation defines capital as its unrestricted net assets and its externally restricted contributions
which are classified as deferred contributions in the statement of financial position. The Foundation's
objectives with respect to managing capital are to comply with externally imposed restrictions and hold
sufficient unrestricted net assets to fund ongoing operations. The Foundation monitors its capital
requirements and objectives through its budgeting process, its financial statement review process and
reviews of the terms and conditions contained in its contribution agreements. The external restrictions
imposed on these contributions are disclosed in note 7. Management believes that the Foundation has
adhered to all externally imposed restrictions.
Welch LLP 

An Independent Member of BKR International

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