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I CAN FOR KIDS FOUNDATION Financial Statements Year Ended December 31, 2017
INDEPENDENT AUDITOR'S REPORT To the Members of I Can for Kids Foundation Report on the Financial Statements We have audited the accompanying financial statements of I Can for Kids Foundation, which comprise the statement of financial position as at December 31, 2017 and the statements of operations, changes in net assets and cash flow for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility 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 comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion In common with many charitable organizations, the Foundation derives revenue from donations and in-kind sponsorship the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the Foundation and we were not able to adequately determine whether any adjustments might be necessary to donations and in-kind sponsorship, excess of revenues over expenditures and cash flows from operations for the year ended December 31, 2017, current assets and net assets as at December 31, 2017. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of I Can for Kids Foundation as at December 31, 2017 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. Other Matter The financial statements of I Can for Kids Foundation for the year ended December 31, 2016 were reviewed by another accounting firm who issued a unmodified report on March 17, 2017.
Edmonton, Alberta February 27, 2018
I CAN FOR KIDS FOUNDATION Statement of Financial Position December 31, 2017 2017
ASSETS CURRENT Cash (Note 4) Accounts receivable Goods and services tax recoverable Prepaid expenses
82,359 1,000 178 -
46,712 70 2,727
LIABILITIES CURRENT Accounts payable and accrued liabilities Deferred contributions (Note 5)
NET ASSETS Unrestricted $
ON BEHALF OF THE BOARD
_____________________________ Director _____________________________ Director
I CAN FOR KIDS FOUNDATION Statement of Operations Year Ended December 31, 2017 2017
REVENUE Gifts in kind Donations Grants Sponsorship
EXPENDITURES Insurance Marketing and communications Marketing and communications - in kind Materials and supplies Materials and supplies - in kind Office supplies Professional fees Rent Rent - in kind Software Travel and parking Travel and parking - in kind
I CAN FOR KIDS FOUNDATION Statement of Changes in Net Assets Year Ended December 31, 2017 Unrestricted
NET ASSETS - BEGINNING OF YEAR
EXCESS OF REVENUE OVER EXPENDITURES NET ASSETS - END OF YEAR
I CAN FOR KIDS FOUNDATION Statement of Cash Flow Year Ended December 31, 2017 2017
OPERATING ACTIVITIES Cash received from grants Cash received from contributors Cash paid for program service expenses
5,000 135,821 (105,174)
INCREASE IN CASH FLOW
Cash - beginning of year
CASH - END OF YEAR
43,666 65,644 (62,598) 46,712 -
I CAN FOR KIDS FOUNDATION Notes to Financial Statements Year Ended December 31, 2017 1.
DESCRIPTION OF OPERATIONS I Can for Kids Foundation (the "Foundation") is a not-for-profit organization incorporated under the Canada Not-for-profit Corporations Act. The Foundation is a registered charitable organization and is exempt from income taxes under the Income Tax Act. The Foundation operates to provide meals to low income children in the summer months when school nutrition programs are not operating. The continued operations of the Foundation are dependent on the on-going financial and other support of its donors, grantors and sponsors.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial statements were prepared in accordance with Canadian accounting standards for not-for-profit organizations. Financial instruments Measurement The Foundation initially measures its financial assets and liabilities at fair value, except for certain non-arm's length transactions. The Foundation subsequently measures all its financial assets and financial liabilities at amortized cost. Financial assets measured at amortized cost include cash and accounts receivable. Financial liabilities measured at amortized cost include the accounts payable and accrued liabilities. Impairment Financial assets measured at cost are tested for impairment when there are indicators of impairment. The amount of the write-down is recognized in net income. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in operations. Transaction costs The Foundation recognizes its transaction costs in operations in the period incurred. However, financial instruments that will not be subsequently measured at fair value are adjusted by the transaction costs that are directly attributable to their origination, issuance or assumption. Measurement uncertainty The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations 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. Cash and cash equivalents Cash consists of funds held on deposit with financial institutions. (continues)
I CAN FOR KIDS FOUNDATION Notes to Financial Statements Year Ended December 31, 2017 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue recognition The I Can for Kids Foundation follows the deferral method of accounting for contributions, which includes grants and donations. Restricted contributions are recognized as revenue in the year in which the related expenses are incurred. Any amounts received but not utilized are classified as deferred contributions. Unrestricted contributions are recognized as revenue when received or receivable, if the amount to be received can be reasonably estimated and collection is reasonably assured. Revenues from gifts in kind and sponsorship are recognized when the services are provided. Contributed services The Foundation records the fair market value of contributed goods and services only in the circumstances where the fair market value is reasonably determinable and where the goods and services would otherwise be purchased by the Foundation. Volunteers contribute many hours per year to assist the Foundation in carrying out its service delivery activities. Because of the difficulty in determining their fair value, contributed services of the volunteers are not recognized in these financial statements.
FINANCIAL INSTRUMENTS The entity is exposed to various risks through its financial instruments. The following analysis provides information about the entity's risk exposure and concentration as of December 31, 2017. Credit risk The Foundation is exposed to credit risk due to the fact that counterparties may fail to meet their obligations. Specifically, grant funds are occasionally held in accounts receivable until the Foundation has fulfilled its requirements to receive the grant funds. In order to mitigate this risk, the Foundation closely monitors the requirements for the grants and reviews the outstanding balances while following up with donors to ensure the funds are still collectable. The Foundation is also diligent in fulfilling the funding requirements in order to ensure timely collection. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Foundation is exposed to this risk mainly in respect of its receipt of funds from contributors. The Foundation has mitigated this risk by only scaling operations in relation to cash on hand. The Foundation only initiates programming once the required funding has been secured.
CASH Cash includes $nil (2016 - $30,504) that is restricted for specific use through a grant provided by the City of Calgary.
I CAN FOR KIDS FOUNDATION Notes to Financial Statements Year Ended December 31, 2017 5.
DEFERRED CONTRIBUTIONS Deferred contributions represent amounts received for which the specific expenditures have not been incurred. The amounts will be recognized as revenue when the specific expenditures are incurred. 2017 City of Calgary Opening balance Funds received Less authorized expenditures
30,504 5,000 (35,504) -
IN-KIND DONATIONS During the year, the Foundation received donated material and services with a value of $152,555 (2016: 171,718). The materials and services related primarily to marketing, communications, materials and supplies.
COMPARATIVE FIGURES Some of the comparative figures have been reclassified to conform to the current year's presentation.