audit oikocredit british columbia2009-1-

Dustin Cga

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• Publié par: Nichor
• Nombre de lectures: 19
• Langue: English

Extrait

OIKOCREDIT BRITISH COLUMBIA

FINANCIAL STATEMENTS

DECEMBER 31, 2009

Table of Contents

Page

Auditor’s Report

3

Statement of Financial Position

4

Statement of Operations and Changes in Fund Balances

5

Statement of Cash Flow

6

Notes to Financial Statements

7,8

Auditor’s Report

To the Members of

OIKOCREDIT BRITISH COLUMBIA

We have audited the statement of financial position of OIKOCREDIT BRITISH COLUMBIA as at DECEMBER

31, 2009 and the statements of operations and changes in fund balances and of cash flow for the year

then ended. These financial statements are the responsibility of the association’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 our opinion, these financial statements present fairly, in all material respects, the financial position of

the Association as at DECEMBER 31, 2009 and the results of its operations, changes in fund balances,

and cash flow for the year then ended in accordance with Canadian generally accepted accounting

principles.

March 8, 2009

Victoria, BC

Frank M Lee & Co

Certified General Accountant

OIKOCREDIT BRITISH COLUMBIA ECUMENICAL DEVELOPMENT COOPERATIVE

STATEMENT OF FINANCIAL POSITION

As at December 31, 2009

2009

2008

Current Assets

Cash and term deposits

$

11,140

$

9,690

Advances

1,971

-

$

13,111

$

9,690

Investment in Oikocredit, (EDCS) International

Members

$

2,319,397

$

625,933

Oikocredit BC (Reserve)

10,000

7,736

$

2,329,397

$

633,669

British Columbia Cooperative Association

Shares

$

120

$

120

$

2,342,628

$

643,479

Current Liabilities

Accounts Payable

$

4,200

$

2,500

Deferred Revenue

5,659

20

$

9,859

$

2,520

Fund Balances

Restricted

2,329,397

633,669

Unrestricted

3,372

7,290

$

2,332,769

$

640,959

$

2,342,628

$

643,479

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

On behalf of the Board

Director

Director

OIKOCREDIT BRITISH COLUMBIA ECUMENICAL DEVELOPMENT COOPERATIVE

STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE

For the year ended December 31, 2009

2009

2008

2009

2008

Revenue

Interest from Oikocredit International (Note 4,5)

$

10,509

$

7,907

$

$

Shares Purchased

-

-

1,692,089

192,400

Oikocredit International Administration Fee

1,910

1,737

Oikocredit International - OBC Representative

48,035

-

Members Dues

1,384

1,079

Donations

1,120

480

Miscellaneous Income

-

120

Bank Interest

452

23

$

63,410

$

11,345

$

1,692,089

$

192,400

Expenses

Interest Paid to Members (Note 5)

$

5,507

$

4,574

$

$

OBC Representative Fees

37,538

-

OBC Representative Travel and Promotion

5,991

-

Bookkeeping

3,432

-

Office Expenses

2,979

1,082

Memberships and Fees

930

225

Professional Fees

4,727

-

Bank Charges

163

114

AGM Expenses

483

263

Board Meetings

-

315

International AGM Travel

2,013

1,200

Promotional Expenses

2,151

1,122

Miscellaneous

275

418

$

66,189

$

9,313

$

-

$

-

Excess of Revenues over Expenditure

$

(2,779)

$

2,032

$

1,692,089

$

192,400

Fund Balance , beginning of year

7,290

5,258

636,169

443,769

Fund Transfers

$

(1,139)

$

-

$

1,139

$

-

Fund Balance, end of year

$

3,372

$

7,290

$

2,329,397

$

636,169

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

General Fund

Shares Fund

OIKOCREDIT BRITISH COLUMBIA ECUMENICAL DEVELOPMENT COOPERATIVE

STATEMENT OF CASH FLOW

As at December 31, 2009

2009

2008

Cash Balance, Beginning of year

$

9,690

$

6,258

Operations

Excess of revenue over expenses, net of tax

$

(2,779)

$

2,032

Adjustments resulting from operations:

Advances

(1,971)

-

Accounts Payable

1,700

500

Deferred Revenue

5,639

20

Accounts Receivable

-

1,000

BC Co-op Shares

-

(120)

Net Change / Operations

$

2,589

$

3,432

Investing

Oikocredit Reserve

$

(1,140)

$

-

Net Change / Investing

$

(1,140)

$

-

Total Change Inflow / Outflow

$

1,450

$

3,432

Cash and cash equivalents,

end of year

$

11,140

$

9,690

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

OIKOCREDIT BRITISH COLUMBIA

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2009

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of estimates

When preparing financial statements according to Canadian GAAP, we make estimates and

assumptions relating to:

•

Reported amounts of revenue and expenses

•

Reported amounts of assets and liabilities

•

Disclosure of contingent assets and liabilities

We base our assumptions on a number of factors including historical experience, current events and

actions that the organization may undertake in the future, and other assumptions that we believe

are reasonable under the circumstances. Actual results could differ from those estimates under

different conditions and assumptions.

Fund accounting

Oikocredit British Columbia uses the restricted fund method of accounting for contributions.

The General Fund accounts for the organization’s program delivery and administrative activities.

This fund reports unrestricted resources and restricted operating grants.

The Shares Fund reports resources contributed for investment. Investment income earned on

resources of the Shares Fund is reported in the General Fund unless otherwise restricted.

Revenue recognition

Restricted contributions related to general operations are recognized as revenue of the General

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 General Fund in the year received or

receivable if the amount to be recorded can be reasonably estimated and collection is reasonably

assumed.

Membership fees are recognized as revenue of the General Fund.

OIKOCREDIT BRITISH COLUMBIA

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2009

2.

ESTABLISHMENT OF THE SOCIETY

Oikocredit British Columbia (OBC) is a co-operative society incorporated on June 6, 1994 under the

Co-operative Association Act (British Columbia) for the purpose of Community Economic

Development (Certificate of Incorporation # CP 1697). OBC has been established to serve as an

official Support Association of Oikocredit international (Ecumenical Development Co-operative

Society – EDCS) and to promote the work of Oikocredit International within British Columbia. Monies

raised through the sale of Oikocredit BC shares will be used to purchase shares in Oikocredit

International in the name of Oikocredit BC.

3.

EXTERNALLY RESTRICTED INVESTMENTS – EDCS

Shares purchased by members are redeemable at any time by the holder. The shares are purchased

through Oikocredit British Columbia in Oikocredit International.

4.

CALCULATION OF INTEREST PAYMENTS

Interest declared in 2008 by Oikocredit International was paid in 2009 at 2% for investments held for

the year. Investments made between January 1

st

and June 30

th

of 2008 received 1% and those held

between July 1

st

and December 31

st

received 0.5%. The co-operative maintains a procedure whereby

members can either request payment of the interest or choose to donate it to the co-operative to

offset operating costs and membership dues.

5.

ALLOCATION OF ANNUAL INTEREST

The interest received from Oikocredit International for the year 2008 was distributed in 2009 as

follows:

Interest received

$10,508.63

Donated to OBC

$ 3,823.88

Applied to membership

$ 1,177.75

$ 5,001.63

Interest paid to members

$ 5,507.00

6.

COMPARATIVE FIGURES

The prior year’s figures were prepared by another accountant on a review basis.

Some of the

comparative figures have been reclassified to conform with the current year’s presentation.