Audit-4-3-31

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Peel Senior LinkFinancial StatementsFor the year ended March 31, 2004ContentsAuditors' Report 2Financial StatementsStatement of Financial Position 3Statement of Funds Invested in Capital Assets 4Statement of Operations and General Fund 5Summary of Significant Accounting Policies 6 - 7Notes to Financial Statements 8 - 94255 Sherwoodtowne Blvd.BDO Dunwoody LLPMississauga, Ontario, Canada L4Z 1Y5Chartered AccountantsTelephone: [phone]and AdvisorsTelefax: [phone]Auditors' ReportTo the Members ofPeel Senior LinkWe have audited the statement of financial position of Peel Senior Link as at March 31, 2004 and thestatements of funds invested in capital assets and operations and general fund for the year thenended. These financial statements are the responsibility of the Organization'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 thefinancial 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 includesassessing the accounting principles used and significant estimates made by management, as well asevaluating the overall financial statement presentation.In our opinion, ...

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• Publié par: Nezeg
• Nombre de lectures: 13
• Langue: English

Extrait

Peel Senior Link

Financial Statements

For the year ended March 31, 2004

Contents

Auditors' Report

2

Financial Statements

Statement of Financial Position

3

Statement of Funds Invested in Capital Assets

4

Statement of Operations and General Fund

5

Summary of Significant Accounting Policies

6 - 7

Notes to Financial Statements

8 - 9

BDO Dunwoody

LLP

Chartered Accountants

and Advisors

4255 Sherwoodtowne Blvd.

Mississauga, Ontario, Canada L4Z 1Y5

Telephone:

[phone]

Telefax:

[phone]

Auditors' Report

To the Members of

Peel Senior Link

We have audited the statement of financial position of Peel Senior Link as at March 31, 2004 and the

statements of funds invested in capital assets and operations and general fund for the year then

ended.

These financial statements are the responsibility of the Organization'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 Organization as at March 31, 2004 and the results of its operations for the year then ended in

accordance with Canadian generally accepted accounting principles.

As required by the Canada

Corporations Act, we report that, in our opinion these principles have been applied on a basis

consistent with that of the preceding year.

Chartered Accountants

Mississauga, Ontario

May 12, 2004

2

Peel Senior Link

Statement of Financial Position

March 31

2004

2003

Assets

Current

Cash

$

31,706

$

104,226

Accounts receivable

48,697

16,745

Prepaid expenses and deposits

39,496

4,115

119,899

125,086

Capital assets

(Note 1)

17,972

24,344

137,871

149,430

Liabilities

Current

Accounts payable and accrued liabilities

84,688

71,552

Deferred revenue (Note 3, Note 4)

21,936

1,735

Due to Ministry of Health

-

36,271

106,624

109,558

Net assets

$

31,247

$

39,872

Net Assets Represented by

General fund

$

13,275

$

15,528

Funds invested in capital assets

17,972

24,344

$

31,247

$

39,872

On behalf of the Board:

Director

Director

The accompanying summary of significant accounting policies and notes are an integral part of these financial statements.

3

Peel Senior Link

Statement of Funds Invested in Capital Assets

For the year ended March 31

2004

2003

Balance

, beginning of year

$

24,344

$

28,377

Transfer of revenue from Ministry of Health

for investment in capital assets

-

3,902

Amortization of capital assets

(6,372)

(7,935)

Balance

, end of year

$

17,972

$

24,344

The accompanying summary of significant accounting policies and notes are an integral part of these financial statements.

4

Peel Senior Link

Statement of Operations and General Fund

For the year ended March 31, 2004

2004

2003

Trillium

Ministry

General Foundation

of Health

Total

General

Revenue

Funding - Ministry of Health

$

-

$

-

$ 1,978,801 $ 1,978,801

$ 1,994,356

- United Way of Peel

75,615

-

-

75,615

48,065

Region (Note 3)

-

Pay equity

-

-

28,512

28,512

-

- Trillium Foundation

-

8,064

-

8,064

-

(Note 4)

Interest

142

-

2,574

2,716

3,175

Donations

20,695

-

-

20,695

6,090

Donations in kind

3,400

-

-

3,400

-

Other

5,207

6,000

-

11,207

-

Gain on sale of investment

-

-

-

-

5,255

105,059

14,064

2,009,887

2,129,010

2,056,941

Expenditures

Administrative expenses

682

-

6,037

6,719

17,427

Advertising

244

-

11,606

11,850

8,223

Client services

-

-

35,160

35,160

38,656

Insurance

-

-

5,380

5,380

5,463

Office and supplies

5,473

510

67,706

73,689

96,279

Professional fees

8,908

11,507

15,850

36,265

20,368

Rent and occupancy costs

3,581

-

94,079

97,660

86,324

Salaries and benefits

45,782

1,977

1,794,577

1,842,336

1,740,033

Training

248

-

12,576

12,824

9,122

Travel

574

70

8,736

9,380

7,321

65,492

14,064

2,051,707

2,131,263

2,029,216

Excess (deficiency) of revenue

over expenditures

from operations

39,567

-

(41,820)

(2,253)

27,725

Transfer of revenue required for

investment in capital assets

-

-

-

-

3,902

39,567

-

(41,820)

(2,253)

23,823

Excess payable to Ministry of

Health

-

-

-

-

(36,271)

Excess (deficiency) of revenue

over expenditures for the year

$

39,567

$

-

$

(41,820)

$

(2,253)

$

(12,448)

General fund

, beginning of year

$

15,528

$

27,976

Excess (deficiency) of revenue over expenditures for the year

(2,253)

(12,448)

General fund

, end of year

$

13,275

$

15,528

The accompanying summary of significant accounting policies and notes are an integral part of these financial statements.

5

Peel Senior Link

Summary of Significant Accounting Policies

March 31, 2004

Nature and Purpose of

Organization

Peel Senior Link is a non-profit organization incorporated

without share capital under the provisions of the Canada

Corporations Act.

The purpose of Peel Senior Link is to provide supportive

housing services and programs for older adults that

incorporate an integrated service model, maximize

independence, foster stability and thereby prevent

placement in long term care facilities.

The Organization is a registered charity and, as such, is

exempt from income tax and may issue income tax receipts

to donors.

Revenue Recognition

The Organization follows the deferral method of accounting

for revenue.

Revenue is recognized in the year in which

the related expenses are incurred.

Other revenue is

recorded as received.

Capital Assets

Capital assets are recorded at cost less accumulated

amortization.

Amortization is provided on a diminishing

balance basis based on the useful lives of assets as

follows:

Computer equipment -

30%

Office equipment

-

20%

Furniture and fixtures -

20%

Funds Invested in Capital

Assets

Funds invested in capital assets represents funds provided

for the acquisition and financing of capital assets.

The

financing of funds invested in capital assets is transferred

from operations on an annual basis.

All amortization of

capital assets is charged directly to this fund.

Contributed Materials and

Services

Contributed materials and services which are used in the

normal course of the Organization's operations and would

otherwise have been purchased are recorded at their fair

value at the date of contribution if fair value can be

reasonably estimated.

Statement of Cash Flows

A statement of cash flows is not presented since the cash

flow information is readily apparent from other financial

statements or is adequately disclosed in the notes to the

financial statements.

6

Peel Senior Link

Summary of Significant Accounting Policies

March 31, 2004

Financial Instruments

Unless otherwise noted, it is management's opinion that the

organization is not exposed to significant interest, currency

and credit risk arising from its financial instruments.

In

management's opinion, the carrying amount of the

Organization's financial instruments approximate fair value

unless otherwise noted.

7

Peel Senior Link

Notes to Financial Statements

March 31, 2004

1.

Capital Assets

2004

2003

Accumulated

Accumulated

Cost

Amortization

Cost

Amortization

Computer equipment

$

27,270

$

16,743

$

27,270

$

12,232

Office equipment

4,505

3,176

4,505

2,844

Furniture and fixtures

13,864

7,748

13,864

6,219

45,639

27,667

45,639

21,295

Cost less accumulated

amortization

$

17,972

$

24,344

2.

Funding

The Organization is dependent upon the Ontario Ministry of Health for the majority of its funding.

3.

United Way Funding

The United Way extended funding of $44,880 to the Organization to be utilized for education

and training development.

This was fully utilized at year end.

The United Way also extended funding of $20,000 as a special one-time payment to the

Organization.

Funding is from a contingency fund set up to assist agencies that benefit the

community, who demonstrate a need for financial support due to unforeseen or exceptional

circumstances.

In the prior year, the United Way extended funding of $18,000 to the Organization for a short-

term project.

Half of this was forwarded in the prior fiscal year with the remainder being

received in the current fiscal year.

In 2003, the unused portion amounting to $1,735, was

recorded as deferred revenue.

In 2004, the project was completed and the second installment

of $9,000, plus the deferred revenue from the prior year was recorded as revenue.

4.

Trillium Foundation Funding

The Trillium Foundation extended funding of $30,000 to the Organization to be utilized for a

short-term research project on the current and future needs for community support services for

seniors in Peel Region.

This funding was not fully utilized at year end as the project extends into

the 2005 fiscal year end.

The unused portion of the funding received of $21,936, has been

recorded as deferred revenue in the current period.

8

Peel Senior Link

Notes to Financial Statements

March 31, 2004

5.

Line of Credit

The Organization has a line of credit of $25,000 available for its use, that accrues interest at

prime plus 4%.

No amounts have been drawn on the line of credit.

6.

Commitments

The Organization is committed under a lease agreement with minimum annual rental payments

of $19,168 for fiscal 2005.

9