Financial Information
The financial statements have been prepared by management in accordance with Canadian generally accepted accounting principles.
The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Financial Position as at May 31
| 2012 $ | 2011 $ | |
|---|---|---|
| Cash | 51,321 | 63,117 |
| Short term investments | ||
| Prepaids | 3,689 | 3,263 |
| GST receivable | 4,315 | 5,612 |
| 59,325 | 71,992 | |
| Capital assets (note 3) | 1,511 | 1,006 |
| 60,836 | 72,998 |
| 2012 $ | 2011 $ | |
|---|---|---|
| Accounts payable | 3,573 | 4,154 |
| Total current liabilities | 3,573 | 4,154 |
| Net Assets | 57,263 | 68,844 |
| 60,836 | 72,998 |
Revenue and Expenditures as at May 31
| 2012 $ | 2011 $ | |
|---|---|---|
| Donations | 199,094 | 170,504 |
| Total Revenue | 199,094 | 170,504 |
| 2012 $ | 2011 $ | |
|---|---|---|
| Secretarial services | 20,979 | 22,351 |
| Newsletter & communications | 10,924 | 16,360 |
| Annual meeting | 4,185 | 4,474 |
| Office & stationery | 18,201 | 17,171 |
| Postage | 2,606 | 2,319 |
| Executive Director | 17,852 | 26,193 |
| Insurance | 4,202 | 4,283 |
| Professional Fees | 2,183 | 3,442 |
| Rent | 6,624 | 6,616 |
| Amortization | 444 | 208 |
| Total Expenses | 88,200 | 103,417 |
| 2012 $ | 2011 $ | |
|---|---|---|
| 110,894 | 67,087 | |
| Research Grants | 122,475 | 55,000 |
| Excess (deficiency) of revenue over expenses for the year | (11,581) | 12,087 |
| Total 2012 $ | |
|---|---|
| Net assets, beginning of year | 68,844 |
| Excess (deficiency) of revenue over expenses for the year | (11,581) |
| Net assets, end of year | 57,263 |
Notes to the Financial statements
May 31, 2012
1. Purpose and organization
Glaucoma Research Society of Canada (the “Society”) was incorporated under Part ll of the Canada Corporations Act to promote, and provide funds for, medical and scientific research in Canada into the causes of, control of, and cures for glaucoma. The Society is registered as a public foundation by Canada Customs and Revenue Agency (Registration Number 88917 8695 RR0001 ) and as such, is not subject to income tax provided certain disbursement criteria are met.
2. Summary of Significant Accounting Policies
The financial statements have been prepared by management in accordance with Canadian generally accepted accounting principles.
The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Donations - Donations are recorded on a cash basis.
Expenses - Expenses are recorded on an accrual basis.
Capital assets - Capital assets are recorded at their acquisition cost and are amortized over the useful life of the asset. Computer equipment is amortized at the rate of 30% per year.
3. Capital assets
| 2012 $ | 2011 $ | |
|---|---|---|
| Computer equipment | 3,193 | 2,243 |
| Accumulated amortization | 1,682 | 1,237 |
| Net book value | 1,511 | 1,006 |
Read the Review Engagement Report by Chaplin & Co Chartered Accountants