DATE: November 10 1 2015
Total Page:16
File Type:pdf, Size:1020Kb
TO: Finance Committee FROM: Administration DATE: November 10 1 2015 RE: Grant-In-Aid, Kitwanga Community Association The Kitwanga Community Association is requesting the release of the 2015 budgeted Grant-in-aid funds under Function #0171 I Kitwanga Community Association Grant-in aid. The Association has submitted their reviewed financial statement for the fiscal year ended May 31 I 2015. Recommendation: That the Regional District release the 2015 Grant-In-Aid to the Kitwanga Community Association in the amount of $29 1 150. Voting Structure: Corporate Prepared by/contact Verna Wickie Approved by Treasurer I KITWANGA COMMUNITY ASSOCIATION Financial Statements As at May 31,2015 (Unaudited) McAlpine &Co. CHARTERED PROFESSIONAL ACCOUNTANTS I Pminem: Clfrtin Bille)', CPA, CA McAlpine Ray Reinbolt, CPA, CA Michael Johnson, CPA Ct. Principal: &Co. Sheryl RiCJ::, CPA, CGA CHARTERED PROFESSION/>L ACCOUNTANTS (Incorporated Profe~ion.Jis .) 101 - ~631) LAZELLE A\'EPIUE, TERRACE. B.C_ VBG 156 Web p~ge: http:liww'N.mc..lpine-cJ.n Telephone: (250)635-4925 E-mail: info~mc.alpine-ca_net Toll Free: 1-888-311-3356 Fax N.o.: (25lllo35-.4975 I REVIEW ENGAGEMENT REPORT To the Members of Kitwanga Community Association We have reviewed the statement of financial position of Kitwanga Community Association as at May 31, 2015 and the statements of revenues and expenses and changes in net assets and cash flow for the year then ended. Our review was made in accordance with Canadian generally accepted standards for review engagements and, accordingly, consisted primarily of inquiry, analytical procedures and discussion related to information supplied to us by the association. A review does not constitute an audit and, consequently, we do not express an audit opinion on these financial statements. Based on our review, nothing has come to our attention that causes us to believe that these financial statements are not, in all material respects, in accordance with Canadian accounting standards for not-for profit organizations. Terrace, B.C. September 16, 2015 Chartered Professional Accountants I KITWANGA COMMUNITY ASSOCIATION Statement of Financial Position As at May 31, 2015 (Unaudited) 2015 2014 Assets Current Cash $ 42,482 $ 41,729 Accounts receivable 722 548 Pre12aid ex12enses 4!806 5,076 $ 48,010 $ 47,353 Liabilities Current Accounts payable $ 1,100 $ 1 '1 01 Net assets Unrestricted net assets 461910 46,252 $ 48,010 $ 47,353 See notes to financial statements 2 KITWANGA COMMUNITY ASSOCIATION Statement of Revenues and Expenses Year Ended May 31, 2015 (Unaudited) 2015 2014 Revenue Grant - Regional District of Kitimat-Stikine $ 29,150 $ 29,150 Recreational centre rental income 5,208 6,467 Miscellaneous 10,638 1,972 Grant- Canada Da:t 1,000 44,996 38,589 Expenses Administration Insurance and taxes 8,340 8,321 Professional fees 1,896 1,845 Interest and bank charges 80 Telephone and office 801 525 Societ:t fee 25 11,062 10,771 Electricity Street lighting 9,554 8,808 Ball park 94 83 Recreation Centre 4,119 5,299 Church 337 337 0 14129 14,527 1 Activities and Services Renovation projects 13,402 3,104 Canada Day and other community events 2,680 2,635 Repairs and maintenance 3,090 1,463 Scholarshi!2 500 19,172 7 702 Total expenses 44,338 33,000 Excess of revenue over ex~enses for the ;tear $ 658 $ 5,589 See notes to financial statements 3 - I KITWANGA COMMUNITY ASSOCIATION Statement of Changes in Net Assets Year Ended May 31, 2015 (Unaudited) 2015 2014 Net assets - beginning of year $ 46,252 $ 40,663 I Excess of revenue over expenses 658 5,589 I Net assets - end of year $ 46,910 $ 46,252 I I I See notes to financial statements 4 KITWANGA COMMUNITY ASSOCIATION Notes to Financial Statements Year Ended May 31, 2015 (Unaudited) 1. Purpose of the Organization The purpose of the association is to serve the community of Kitwanga, B.C. in the fields of recreation, education, entertainment, charity, social interaction and environmental concerns. The association is incorporated under the Society Act of British Columbia as a non-profit organization and as such is exempt from income taxes. 2. Summary of significant accounting policies Basis of presentation The financial statements were prepared in accordance with Canadian accounting standards for not for-profit organizations (GAAP). Cash equivalents Cash includes cash, cash on hand and cash deposits. Highly liquid investments with maturities of one year or less at date of purchase are also classified as cash equivalents. Property, Plant and Equipment Property, plant and equipment are expensed to operations in the year of purchase. The association owns the following significant properties and equipment: I - Recreation centre, community ball park, community playground, Centennial park campsite and a vacant lot at 1566 N Kitwanga Rd. Contributed Materials and Services Contributed materials and services are recognized in the financial statements when fair value can be reasonably estimated and when the materials and services would normally be used in the normal course of the association's operations and would otherwise have been purchased. Volunteers contribute many hours per year to enable the organization to carry out its purpose. Because of the difficulty in determining their fair value, volunteer services contributed are not I recognized in the financial statements. Revenue Recognition The association follows the deferral method of accounting for contributions. Externally restricted contributions, including BC Gaming Commission grants, are recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions, including the Regional District of Kitimat - Stikine grant and miscellaneous contributions, are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. (continues) 5 I KITWANGA COMMUNITY ASSOCIATION Notes to Financial Statements Year Ended May 31, 2015 (Unaudited) 2. Summary of significant accounting policies (continued) Measurement Uncertainty The preparation of financial statements in conformity with Canadian accounting standard for private enterprises requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Such estimates are periodically reviewed and any adjustments necessary are reported in earnings in the period in which they become known. Actual results could differ from these estimates. Financial Instruments The association has designated all non-derivative financial assets and liabilities as held for trading with the exception of certain obligations designated as other liabilities and receivables which are designated as held to maturity. • The association initially records all non-derivative financial assets and liabilities at fair value. • Assets and liabilities classified as held for trading are measured at fair value and changes in fair value are recognized in the statement of operations. • Receivables are measured at amortized cost using the effective interest rate method. • Other liabilities are recorded at amortized cost. • All transaction costs incurred on receivables and other liabilities are incorporated in the fair value of the instrument and are amortized to operations using the effective interest rate method. Assets and liabilities classified as available for sale are measured at fair value and changes in fair value are recorded in the statement of changes in net assets until the financial instruments are re recognized or other than temporarily impaired at which time the amounts are recorded in the statement of operations. The association has not classified any assets or liabilities as available for sale. 3. Statement of cash flows A statement of cash flows has not been included in these financial statements as no additional information would be provided by its inclusion. 6 KITWANGA COMMUNITY ASSOCIATION ANNUAL GENERAL MEETING: 2015-09-30 I. Meeting called to order at 7:37 pm. II. Quorum established with 13 members present. Ill. Agenda was adopted (Liz Pelsma/Rozlyn Madrid). IV. Minutes from Annual General Meeting, 2014-09-24, were approved. V. President's Report. Debbie distributed printed report thanking community volunteers for their time, dedication, ideas, and support throughout the year. Her report outlined projects initiated and completed during the 2014/15 term. Her report also included ongoing projects and plans. Written report attached. VI. Consideration of Ordinary Resolutions a) Membership fee- Motion ( Francis Stokes/Rudi Mermans) that the membership fee remain at nil. Carried. b) Accounting Firm- Motion (Rudi Mermans/Dan Stephens) to retain McAlpine & Co. (Terrace) as our accounting firm. Carried. VII. Year-end Financial Report. Financial Statements, as at May 31, 2015, as prepared by McAlpine & Co. perused and discussed. Motion (Dan Stephens/Liz Pelsma) to accept Year-end Financial Statements, as presented. Carried. VIII. Treasurer's Report- Year-end financial reports approved. IX. Directors' Reports a} Community Betterment - Liz Pelsma. No report. b) Finance- Cathy Morgan submitted a written report outlining financial business throughout the 2014-15 term. Written report attached. c) Properties -Archie Hippisley was absent but sent a report stating that the roof repairs on the Rec Center roof (Activity Area and Storage Room) were completed. Crew included Archie, Rod Naber, Tony Johnston, Derek Kerrison, Adam Jones, Caleb Jones, and Rennie Robinson. Thank-you notes will be sent to the individuals on the roofing crew. Also, a 'thank-you' card for Don Elsworth (for the Kitwanga Cemetery sign he constructed) was signed by those present. d) Publicity- Melanie Stephens absent. Notices for the AGM were posted. e) Recreation - Carolyne Wolos reported about some of the activities that were carried out over the past year. The first Humpy Run is scheduled for Sunday, Oct. 4th. It is hoped that this will be an annual event. Badminton will soon start at the Rec Center on lues and Thurs evenings. f) Social- Kerry Johnston absent.