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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: (905) 270-7700and AdvisorsTelefax: (905) 270-7915Auditors' 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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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:
(905) 270-7700
Telefax:
(905) 270-7915
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.
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