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.

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Financial Position as at May 31

Current Assets

	2009 $	2008 $
Cash	22,693	13,675
Short term investments	80,129	31,660
Prepaids	1 ,398	3,018
GST receivable	648	778
	104,868	49,131
Capital assets (note 3)	245	351
	105,113	49,482

Current Liabilities and Equity

	2009 $	2008 $
Accounts payable	2,226	3,315
Deferred revenue (note 4)	5,000
Total current liabilities	7,226	3,315

Net Assets

	2009 $	2008 $
Unrestricted net assets	97,642	45,817
Net assets invested in capital assets	245	350
Total equity	97,887	46,167
Liabilities and Equity	105,113	49,482

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Revenue and Expenditures as at May 31

	2009 $	2008 $
Donations	323,921	156,146
Interest	3,481	3,943
Total Revenue	327,402	160,089

Expenses

	2009 $	2008 $
Secretarial services	18,108	16,425
Newsletter & communications	13,787	16,024
Annual meeting	5,310	3,608
Office & stationery	6,517	9,558
Postage	3,953	4,862
Fund Raising	3,657	3,988
Insurance	3,967	3,967
Professional Fees	2,164	2,173
Rent	6,532	6,542
Amortization	105	150
Total Expenses	60,443	63,309

Excess of Revenues Over Expenses Available for Research Grants and Endowed Chair

	2009 $	2008 $
	266,959	96,780
Research Grants	(205,239)	(170,000)
Endowed Chair in Glaucoma Research (note 5)	(10,000)
	(215,239)	(170,000)
Excess (deficiency) of revenue over expenses for the year	51,720	(73,220)

Statement of Changes in Net Assets May 31, 2009

	lnvested in capital assets $	Unrestricted net assets $	Total 2009 $
Net assets, beginning of year	350	45,817	46,167
Excess (deficiency) of revenue over expenses for the year	(105)	51,825	51,720
Net assets, end of year	245	97,642	97,887

Notes to the Financial statements

May 31, 2009

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

   	2009	2008
   Computer equipment	1,201	1,201
   Accumulated amortization	(956)	(850)
   Net book value	245	351

4. Deferred revenue
   Deferred revenue relates to monies received for website redesign. This redesign will be carried out in the next fiscal year. Accordingly, the revenue has been deferred in the accounts until the expenditure is incurred.
5. Endowed Chair in Glaucoma Research
   The Society has given the Toronto General & Western Foundation $10,000 in support of Dr. Graham Trope’s Chair in Glaucoma Research at University Health Network’s Vision Centre.
6. Comparative figures
   Certain of the comparative figures have been restated to conform with presentation adopted in the current vear.

Read the Review Engagement Report by Karen Williamson C.A.