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 (unaudited)

Current Assets
2014 2013
Cash 316,661 112,759
Prepaid expenses 3,329 3,589
GST/HST receivable 2,667 2,458
Subtotal 322,657 118,806
Capital assets (note 2) 963 1,375
Total 323,620 120,181
Current Liabilities
2014 2013
Accounts payable and accrued liabilities 2,486 2,486
Research grants payable 199,904 75,000
Subtotal 202,390 77,486
Net assets 121,230 42,695
Total 323,620 120,181
Revenue and Expenditures as at May 31 (unaudited)
2014 2013
Donations 350,334 130,671
Other 383 135
Total 350,717 130,806
Expenses
2014 2013
Amortization 412 510
Costs of Annual Meeting 5,724 5,443
Directors and commercial insurance 4,430 4,470
Newsletter and communication 8,591 10,093
Office and stationery 20,466 19,418
Postage 2,305 1,422
Professional fees 2,486 2,486
Rent 6,624 6,624
Secretarial Services 21,240 19,908
Subtotal 72,278 70,374
Excess of revenue over expenses available for research grants 278,439 60,432
Research Grants (199,904) (75,000)
Excess of revenue over expenses (expenses over revenue) for the year 78,535 (14,568)
Net assets, beginning of year 42,695 57,263
Net assets, end of year 121,230 42,695

Notes to the Financial Statements
May 2014

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
2014$3,566$2,603 $963
2013$3,566$2,191 $1,375