Shoreline Community School Association Unaudited Financial Statements Year Ended June-30-16
Financial documentation provided by the Shoreline Community School Association in support of their grant application.
SHORELINE COMMUNITY SCHOOL ASSOCIATION
Victoria, British Columbia
UNAUDITED FINANCIAL STATEMENTS
Year Ended June-30-16
CONTENTS
- Notice to Reader
- Statement of Financial Position
- Statement of Operations and Changes in Fund Balances
- Notes to Financial Statements
NOTICE TO READER
We have compiled the Statement of Financial Position of Shoreline Community School Association as at June-30-16 and the Statement of Operations and Changes in Fund Balances for the year then ended from information provided by the Association. We have not audited, reviewed, or otherwise attempted to verify the accuracy or completeness of such information. Readers are cautioned that these statements may not be appropriate for their purposes.
Sidney, British Columbia October 6, 2016
CHARTERED PROFESSIONAL ACCOUNTANTS
SHORELINE COMMUNITY SCHOOL ASSOCIATION
Statement of Financial Position
June-30-16 Unaudited - See Notice to Reader
| ASSETS | Operating Fund | Restricted Fund | Capital Fund | 2016 Total | 2015 Total |
|---|---|---|---|---|---|
| Current | |||||
| Cash | $ 87,307 | $ - | $ - | $ 87,307 | $ 101,781 |
| Gaming account (Note 2) | 1 | - | - | 1 | 20,996 |
| Accounts receivable | 7,205 | - | - | 7,205 | 16 |
| Prepaid expenses | 1,405 | - | - | 1,405 | 1,352 |
| 95,918 | - | - | 95,918 | 124,145 | |
| $ 95,918 | $ - | $ - | $ 95,918 | $ 124,145 | |
| LIABILITIES AND FUND BALANCES | |||||
| Current liabilities | |||||
| Accounts payable | $ 2,461 | $ - | $ - | $ 2,461 | $ 6,330 |
| Deferred revenue (Note 4) | 27,500 | - | - | 27,500 | 50,735 |
| 29,961 | - | - | 29,961 | 57,065 | |
| FUND BALANCES | |||||
| Unrestricted | 65,956 | - | - | 65,956 | 46,084 |
| Restricted fund (Note 2) | 1 | - | - | 1 | 20,996 |
| 65,957 | - | - | 65,957 | 67,080 | |
| $ 95,918 | $ - | $ - | $ 95,918 | $ 124,145 |
Approved by the Trustees:
See notes to financial statements.
SHORELINE COMMUNITY SCHOOL ASSOCIATION
Statement of Operations and Changes in Fund Balances
Year Ended June-30-16 Unaudited - See Notice to Reader
| REVENUE | Operating Fund | Restricted Fund | Capital Fund | 2016 Total | 2015 Total |
|---|---|---|---|---|---|
| Municipal District grants | $ 30,000 | $ - | $ - | $ 30,000 | $ 32,500 |
| School District grants | 11,540 | - | - | 11,540 | 11,273 |
| Other contributions | 15,152 | - | - | 15,152 | 18,283 |
| Gaming funds | 20,000 | - | - | 20,000 | 20,000 |
| Registration and fees | 4,360 | - | - | 4,360 | 38,422 |
| Interest | 123 | - | - | 123 | 122 |
| Other income | - | - | - | - | 340 |
| Legacy grant | 29,277 | - | - | 29,277 | 27,781 |
| Total Revenue | 110,452 | - | - | 110,452 | 148,721 |
| EXPENDITURE | |||||
| Advertising | 54 | - | - | 54 | 1,294 |
| Custodial | 2,188 | - | - | 2,188 | 6,917 |
| Insurance, licences and dues | 3,498 | - | - | 3,498 | 3,614 |
| Interest and bank charges | 100 | - | - | 100 | 259 |
| Materials and supplies | 1,602 | - | - | 1,602 | 7,732 |
| Postage and printing | 73 | - | - | 73 | 1,349 |
| Professional fees | 6,882 | - | - | 6,882 | 2,765 |
| Rental space | 6,106 | - | - | 6,106 | 1,147 |
| Telephone | 134 | - | - | 134 | 1,022 |
| Wages and contract services | 90,938 | - | - | 90,938 | 108,888 |
| Total Expenditure | 111,575 | - | - | 111,575 | 134,987 |
| Excess (deficiency) of revenue over expenditures before other items | (1,123) | - | - | (1,123) | 13,734 |
| Other Items | |||||
| Excess (deficiency) of revenue over expenditures | (1,123) | - | - | (1,123) | 13,734 |
| Fund balances, beginning | 67,080 | - | - | 67,080 | 53,346 |
| Fund balances, ending | $ 65,957 | $ - | $ - | $ 65,957 | $ 67,080 |
See notes to financial statements.
SHORELINE COMMUNITY SCHOOL ASSOCIATION
Notes to Financial Statements
Year Ended June-30-16 Unaudited - See Notice to Reader
NATURE OF OPERATIONS
Shoreline Community School Association provides a broad range of learning and recreational opportunities for all members of the community while promoting cooperation, coordination and partnership between various agencies in delivering programs that recognize and respond to the needs and interest within the community.
The Association was incorporated under the British Columbia Society Act as a not-for-profit organization and is a registered charity under the Income Tax Act.
1. SIGNIFICANT ACCOUNTING POLICIES
a) Fund Accounting The Society presents its financial statements using the fund basis of accounting.
Revenue and expenses related to the Society are reported in the Operating Fund. The Restricted Fund represents amounts held in the Greg Henderson fund account. The Capital Fund reports the property and equipment owned by the Society.
b) Revenue Recognition The Society follows the deferral method of accounting for contributions.
Restricted contributions related to general operations are recognized as revenues of the Operating Fund in the year in which the related expenses are incurred. All other restricted contributions are recognized as revenues of the appropriate restricted fund.
Unrestricted contributions are recognized as revenue of the Operating Fund in the year received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.
d) Capital assets Capital assets purchased or constructed are recorded at cost. Capital assets contributed to the Society are either not recorded or recorded at a nominal amount.
e) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates.
f) Fair value of financial assets and financial liabilities The fair value of the district's cash, accounts receivable and accounts payable approximate their carrying amounts.
g) Deferred Revenue The deferred revenue reported in the Operating Fund represents restricted operating funds received in the current year that are related to the subsequent period. (See Note 4)
2. GAMING ACCOUNT
The association has a separate bank account to hold gaming funds, the disbursement of which is restricted by the Ministry of Housing and Social Development's Gaming Policy and Enforcement Branch. The funds must be spent 30% on community education programming and 70% on youth programs.
3. CAPITAL ASSETS
The following assets are amortized on a straight line basis over 3 years.
| Cost | Accumulated Amortization | 2016 Net | 2015 Net | |
|---|---|---|---|---|
| Equipment | $ 14,834 | $ 14,834 | $ - | $ - |
In the year of acquisition, one half of the regular amortization is charged.
4. DEFERRED REVENUE
Funding received for programs that will be carried out in the following year is disclosed as deferred revenue and consists of the following items:
| 2016 | 2015 | |
|---|---|---|
| Operating funds | $ 27,500 | $ 50,735 |
5. INTERFUND BALANCES
Interfund balances have no fixed terms of repayment and are non interest-bearing.
6. MUNICIPAL DISTRICT GRANTS
| 2016 | 2015 | |
|---|---|---|
| Esquimalt | $ - | $ 2,500 |
| View Royal | 30,000 | 30,000 |
| $ 30,000 | $ 32,500 |
7. OTHER CONTRIBUTIONS
| 2016 | 2015 | |
|---|---|---|
| Victoria Foundation | $ 8,235 | $ 5,250 |
| RCMP Grant | 500 | 1,000 |
| Transfer from (to) deferred contributions, net | 317 | 1,533 |
| Donation received | 100 | 1,000 |
| Coast Capital Savings Credit Union | 6,000 | 6,000 |
| DASH ASSAI Grant | 29,277 | 27,781 |
| TLC, Viasport and Fabiola Grant | - | 3,500 |
| $ 44,429 | $ 46,064 |
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