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

Current Assets
 2012 $2011 $
Cash51,32163,117
Short term investments  
Prepaids3,6893,263
GST receivable4,3155,612
 59,32571,992
Capital assets (note 3)1,5111,006
 60,83672,998
Current Liabilities and Equity
 2012 $2011 $
Accounts payable3,5734,154
Total current liabilities3,5734,154
Net Assets57,26368,844
 60,83672,998

Revenue and Expenditures as at May 31

 2012 $2011 $
Donations199,094170,504
Total Revenue199,094170,504
Expenses
 2012 $2011 $
Secretarial services20,97922,351
Newsletter & communications10,92416,360
Annual meeting4,1854,474
Office & stationery18,20117,171
Postage2,6062,319
Executive Director17,85226,193
Insurance4,2024,283
Professional Fees2,1833,442
Rent6,6246,616
Amortization444208
Total Expenses88,200103,417
Excess of Revenues Over Expenses Available for Research Grants and Endowed Chair
 2012 $2011 $
 110,89467,087
Research Grants122,47555,000
Excess (deficiency) of revenue over expenses for the year(11,581)12,087
Statement of Changes in Net Assets May 31, 2012
  Total 2012 $
Net assets, beginning of year68,844
Excess (deficiency) of revenue over expenses for the year(11,581)
Net assets, end of year57,263

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 equipment3,1932,243
Accumulated amortization1,6821,237
Net book value1,5111,006

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