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
 20162015
Cash328,255340,438
Prepaid expenses3,4473,362
GST/HST receivable3,0442,625
Subtotal334,922346,995
Capital assets (note 2)472674
Total335,394347,669
Current Liabilities
 20162015
Accounts payable and accrued liabilities3,7503,500
Research grants payable141,12373,580
Subtotal144,87377,080
Net Assets190,521270,589
Total335,394347,669
Revenue and Expenditures as at May 31
 20162015
Donations261,715458,725
Interest2,0171,401
Other180260
Total263,912459,936
Expenses
 20162015
Amortization202289
Costs of Annual Meeting5,5084,877
Directors and commercial insurance4,6414,552
Newsletter and communication6,5199,479
Office and stationery21,19316,287
Postage2,4171,722
Professional fees4,1487,257
Rent6,6246,624
Secretarial Services20,97921,429
Subtotal72,23172,486
Excess of revenue over expenses (expenses over revenue) for the year191,681387,450
Research Grants271,749238,091
Excess of revenue over expenses (expenses over revenue) for the year(80,068)149,359
Net assets, beginning of year270,589121,230
Net assets, end of year190,521270,589

Notes to the Financial Statements
May 2016

Glaucoma Research Society of Canada (the Society), was incorporated under Part II of the Canada Corporations Act on September 25, 1996, to promote, and provide funds for medical and scientific research in Canada into the causes of, control of and cures for glaucoma.

1. 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 are recorded on a cash basis
Expenses are recorded on an accrual basis
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% a year.

2. Capital Assets
YearCostAccumulated amortizationNet
20163,5663,094472
20153,5662,892674