PERMISSIVE TAX EXEMPTION APPLICATION - EXTREME OUTREACH SOCIETY
Application and supporting documentation for a permissive tax exemption for the Extreme Outreach Society at their Helmcken Road location.
Town of View Royal Permissive Tax Exemption Application
Deadline: July 31, 2014
Council will consider applications for a permissive tax exemption providing the following information is supplied:
DATE: July 16, 2014 Name of Organization: Extreme Outreach Society Address: #102 - 284 Helmcken Rd, Victoria BC V9B 1T2 Contact Person(s): Cliff Power, Director
Attachments Required:
- Copy of the audited financial statements for the previous year
- Copy of the state of title certificate or lease agreement (including legal description), as applicable
- Description of the programs/services/benefits delivered from the subject lands and/or improvements including participant numbers, volunteer hours, benefiting group/individuals/special needs populations, fees charged for participation
- Description of any third party use of the subject land and/or improvements including user group names, fees charged, conditions of use
- Statement if grant-in-aid approved for current year
The Director of Finance will present a summary report of the applications, relative to the eligibility criteria, to the Committee of the Whole and arrange for delegations to Committee of the Whole by applicants as necessary.
Eligibility Criteria: For each category, please check applicable items
A. Subject property must be one of:
- Land or improvements, or both, owned by an entity described in B. (below)
- Land or improvements, or both, ancillary to a statutory exemption under s. 220 of the Community Charter
B. Nature of Organization must be:
- Non-profit organization
- Athletic or service club/association
- Partner of the municipality by agreement under s. 225 of the Community Charter
- Other local authority
- Charitable/philanthropic organization
- Care facility
- Organization eligible to s. 220 statutory exemption (e.g. place of public worship, cemetery, library, Indian land, Seniors home, hospital, etc.)
C. Community Benefits:
- Provide recreational facilities for public use
- Provide recreation programs to the public
- Provide programs to and/or facilities used by youth, seniors or other special needs groups
- Preserve heritage important to the community character
- Preserve an environmentally or ecologically significant area of the community
- Offer cultural or educational programs to the public which promote community spirit, cohesiveness and/or tolerance
- Offer services to the public in formal partnership with the municipality
The Extreme Outreach Society Financial Statements
December 31, 2013
Notice to Reader
On the basis of information provided by management, we have compiled the statement of financial position of The Extreme Outreach Society as at December 31, 2013 and the statement of operations and net assets for the year then ended. We have not performed an audit or a review engagement in respect of these financial statements and, accordingly, we express no assurance thereon. Readers are cautioned that these statements may not be appropriate for their purposes.
Victoria, B.C. April 9, 2014
Statement of Operations and Net Assets
Year Ended December 31, 2013
| REVENUE | 2013 | 2012 |
|---|---|---|
| Donations - cash | $ 75,140 | $ 78,224 |
| Outreach & other contributions | 16,519 | 4,841 |
| Donations - other | 9,576 | 18,087 |
| Total Revenue | 101,235 | 101,152 |
| EXPENSES | 2013 | 2012 |
|---|---|---|
| Wages and benefits | 105,053 | 92,423 |
| Supplies | 40,780 | 68,931 |
| Advertising and promotion | 25,632 | 17,960 |
| Housing | 18,048 | 2,898 |
| Travel | 17,611 | 18,149 |
| Professional fees | 11,820 | 7,160 |
| Repairs and maintenance | 8,832 | - |
| Utilities | 6,871 | 6,679 |
| Licences and dues | 5,693 | - |
| Office and sundry | 5,334 | 4,831 |
| Insurance | 4,940 | 3,287 |
| Interest and bank charges | 1,660 | 887 |
| Bad debt | - | 3,800 |
| Amortization | 7,787 | 12,069 |
| Total Expenses | 260,061 | 239,074 |
| 2013 | 2012 | |
|---|---|---|
| Income (loss) before other gains and losses | (158,826) | (137,922) |
| Gain (loss) on disposal of capital assets | - | (832) |
| Interest income | - | 785 |
| EXCESS (DEFICIENCY) REVENUE OVER EXPENSES | (158,826) | (137,969) |
| NET ASSETS, beginning of year | 560,618 | 698,587 |
| NET ASSETS, end of year | $ 401,792 | $ 560,618 |
Statement of Financial Position
December 31, 2013
| ASSETS | 2013 | 2012 |
|---|---|---|
| Current | ||
| Cash | $ 344,856 | $ 500,058 |
| Accounts receivable | 21,536 | 13,577 |
| Inventory | 13,949 | 13,949 |
| Prepaid expenses | 3,152 | 2,829 |
| 383,493 | 530,413 | |
| Capital assets (Note 2) | 25,953 | 33,741 |
| Total Assets | $ 409,446 | $ 564,154 |
| LIABILITIES AND NET ASSETS | 2013 | 2012 |
|---|---|---|
| Current | ||
| Accounts payable and accrued liabilities | $ 7,654 | $ 3,536 |
| Net Assets | 401,792 | 560,618 |
| Total Liabilities and Net Assets | $ 409,446 | $ 564,154 |
Notes to the Financial Statements
December 31, 2013
Note 1 - Accounting Policy
Capital Assets and Amortization Capital assets are recorded at cost. Amortization is determined at rates which will reduce net book value to estimated residual value over the projected useful life of each asset. Annual rates used to compute amortization are as follows, with half-rates in the year of acquisition:
- Boat: 15% declining balance basis
- Furniture and equipment: 20% declining balance basis
- Vehicles: 30% declining balance basis
Note 2 - Capital assets
| Asset | Cost | Accumulated Amortization | Net Book Value 2013 | Net Book Value 2012 |
|---|---|---|---|---|
| Boat | $ 15,000 | $ 8,843 | $ 6,157 | $ 7,243 |
| Furniture and equipment | 35,960 | 25,977 | 9,983 | 12,479 |
| Vehicles | 61,214 | 51,401 | 9,813 | 14,019 |
| Total | $ 112,174 | $ 86,221 | $ 25,953 | $ 33,741 |
Commercial Contract of Purchase and Sale
DATE OF OFFER: May 23, 2014 MLS® No. 326150
RECEIVED FROM: Extreme Outreach Society (the Buyer(s)) ADDRESS: 999 Mckenzie Ave, Victoria BC, V8X 3G8 THE SUM OF: $60,000.00 (DOLLARS) PAYABLE TO: RE/MAX Alliance in trust TO BE PLACED IN TRUST: WITHIN 24 HOURS OF ACCEPTANCE OF THIS OFFER OR Upon subject removals.
BEING DEPOSITED ON ACCOUNT OF THE PROPOSED PURCHASE FROM: DYP Newspaper Distribution Ltd. (the Seller(s)) LEGAL DESCRIPTION: PI VIS 4435; Lot SL14; LD 21; S 8; LD 21 Esquimalt ADDRESS: 102-284 Helmcken Rd, Victoria, View Royal, BC
FIXTURES AND CHATTELS DATE VIEWED BY BUYER: March 8/14
DEPOSIT FOR THE PRICE OF: Fifty Thousand DOLLARS (CDN) ($ 50,000.00) PAYABLE ON THE FOLLOWING TERMS: 72 Hours from Acceptance
| Financial Summary | Amount |
|---|---|
| TOTAL DEPOSIT | $ 60,000.00 |
| BALANCE REQUIRED | $ 190,000.00 |
| TOTAL PURCHASE PRICE | $ 250,000.00 |
COMPLETION: June 16, 2014 POSSESSION: June 16, 2014 ADJUSTMENT: June 16, 2014, 5:00pm
Strata Contract of Purchase and Sale Addendum I
DATE: May 23, 2014 MLS® #: 326150 RE: ADDRESS: 102-284 Helmcken Rd, Victoria, V9B 1T2
MADE BETWEEN: DYP Newspaper Distribution Ltd. AS SELLER AND Extreme Outreach Society AS BUYER AND COVERING THE ABOVE MENTIONED PROPERTY, THE UNDERSIGNED HEREBY AGREE AS FOLLOWS:
- PROVINCIAL PROPERTY TRANSFER TAX (Buyer): The Buyer is aware that Provincial Property Transfer Tax of 1% on the first $200,000 and 2% on the balance is payable by the Buyer.
- NO APPLIANCE WARRANTY (Buyer): The Buyer acknowledges and accepts that the included appliance(s) purchased are on an "as is" basis.
- DEPOSITS (Buyer & Seller): A Buyer's deposit cannot be released until it has cleared the financial institution(s).
- FIREPLACES, FIREPLACE INSERTS, WOOD STOVES AND CHIMNEYS (Buyer): The Buyer agrees that it is the Buyers' responsibility to ensure that any fireplace, fireplace insert, wood stove, and/or chimney installed in the Property complies with requirements of local government authorities.
- MONTHLY ASSESSMENT (Buyer): The Buyer is aware that the current monthly strata fee is $ [Blank] per month.
- STORAGE LOCKER: The storage locker # [Blank] is one of the following: part of the strata lot, limited common property, rented from or allocated by the Strata Corporation.
Strata Contract of Purchase and Sale Addendum II
DATE: May 23, 2014 RE: ADDRESS: 102-284 Helmcken Rd, Victoria, V9B 1T2
MADE BETWEEN: DYP Newspaper Distribution Ltd. AS SELLER AND Extreme Outreach Society AS BUYER AND COVERING THE ABOVE MENTIONED PROPERTY, THE UNDERSIGNED HEREBY AGREE AS FOLLOWS:
The Seller agrees to provide, through the Seller's brokerage, at the Seller's expense, on or before Waived copies of the following documentation: (a) A copy of the completed Property Disclosure Statement for Strata Properties. (b) A copy of the Registered Strata Plan. (c) A copy of the Bylaws and financial statements of the Strata Corporation. (d) A copy of the minutes of the last two Annual General Meetings.
BUYER FINANCING: Subject to the Buyer arranging mortgage financing on or before Waived.
PROPERTY INSPECTION: Subject to the Buyer obtaining and approving an inspection report of the Property on or before Waived.
STATE OF PROPERTY TITLE: Subject to the Buyer being satisfied with the state of title to the Property on or before Waived.
FIRE/PROPERTY INSURANCE: Subject to the Buyer obtaining approval for fire/property insurance satisfactory to the Buyer on or before Waived.
Subject to the Buyer receiving Board Approval on or before May 15, 2014. The Buyer also reserves the right to assign the contract. waived.
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