The Greater Saint John Community Foundation

Financial Statements

October 31, 2007
 
The Greater Saint John Community Foundation

Financial Statements

October 31, 2007


February 26, 2008

Auditors’ Report

To the Board of Directors of

The Greater Saint John Community Foundation

We have audited the statement of financial position of The Greater Saint John Community Foundation as at October 31, 2007 and the statement of revenue, expenditures and changes in fund balances for the year then ended. These financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

Except as explained in the following paragraph, we conducted our audit in accordance with Canadian generally accepted auditing standards.  Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In common with many charitable organizations, the Foundation derives revenue from donations and bequests, the completeness of which is not susceptible to satisfactory audit verification.  Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the Foundation and we were not able to determine whether any adjustments might be necessary to revenues, excess revenue for the year, assets and fund balances.

                                                                                                         

In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had we been able to satisfy ourselves concerning the completeness of donations and bequests referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the Foundation as at October 31, 2007 and the results of its operations for the year then ended in accordance with Canadian generally accepted accounting principles.

Chartered Accountants

2007

$

2006

$

Assets

Cash

7,978

3,714

Accounts receivable

5,956

5,218

13,934

8,932

Investments (note 3)

9,076,426

8,655,309

9,090,360

8,664,241

Liabilities

Accounts payable and accrued liabilities

13,698

20,250

General fund

6,305,619

6,181,212

Restricted funds

2,771,043

2,462,779

Total funds

9,076,662

8,643,991

9,090,360

8,664,241


General Fund

Restricted Fund

Combined

2007

$

2006

$

2007

$

2006

$

2007

$

2006

$

Revenue

Donations

128,203

91,924

271,275

268,049

399,478

359,973

Realized capital gain

19,148

12,563

8,072

4,784

27,220

17,347

Investment income - net

290,675

211,026

122,543

80,349

413,218

291,375

Unrealized capital gain

23,342

486,830

9,841

185,363

33,183

672,193

461,368

802,343

411,731

538,545

873,099

1,340,888

Expenditures

Grants awarded

247,105

254,869

71,500

68,300

318,605

323,169

Community events

1,909

6,257

-

-

1,909

6,257

Administrative expenses

87,947

77,403

31,967

26,616

119,914

104,019

336,961

338,529

103,467

94,916

440,428

433,445

Excess revenue for the year

124,407

463,814

308,264

443,629

432,671

907,443

Fund balance – Beginning of year

6,181,212

5,717,398

2,462,779

2,019,150

8,643,991

7,736,548

Fund balance – End of year

6,305,619

6,181,212

2,771,043

2,462,779

9,076,662

8,643,991

1        Nature of organization

The Greater Saint John Community Foundation was established in 1976 by an Act of the New Brunswick legislature to serve as a trustee of the investments, which are held for charitable, educational and cultural purposes.  The Greater Saint John Community Foundation is a registered charity under the Income Tax Act.

On December 20, 2000 the New Brunswick Legislature amended The Saint John Foundation Act to change the name of The Foundation to The Greater Saint John Community Foundation.

2        Accounting policies

Fund accounting

To observe limitations and restrictions placed on the use of resources, the accounts of The Greater Saint John Community Foundation are maintained in accordance with “fund accounting” principles.  Under this procedure, the revenue and resources and their related expenditures for specific uses are summarized in a separate group of accounts.  Accordingly, the financial statements are presented by fund category.

Use of estimates

The preparation of financial statements in conformity with general accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses. Estimates are used for, but not limited to accrued liabilities. Actual results could vary from those estimates.

General fund

The general fund reports amounts, including donations and investment income, to be used to support charitable grants and administration.  The donors have placed no restrictions on the use of the funds.  The distribution of grants is determined by the Board of Directors. The following funds are included in the general fund:

Common Fund

Roland and Louise Black Fund

Children’s Aid Fund

Jane Armstrong Earl Fund

Paul Grannan Fund

MacDonald Family Fund

Thomas L. McGloan, Q.C. Fund

C.N. Wilson Fund

Anonymous Fund    

     Anniversary Fund

2        Accounting policies (continued)

    

The restricted fund reports amounts, including donations and investment income, to be used to support charitable grants and administration.  The donors have specified the charitable purposes for which the various funds’ income is to be used. The restricted fund is comprised of the following funds:

    

Jane and David Barry Administrative Fund

Belleisle Valley Health Centre Fund

CFUW – Saint John Scholarship Fund

Cook Family Fund

Gladys and Samuel Davis Fund

Harbour Passage Fund

Jervis Bay – Ross Memorial Park Fund

Jack, Lois and Cindy Kidd Bursaries Fund

Jack Kidd Family – Saint John Boys and Girls Fund

Rita McCarthy Fund

Dr. J. P. and Anita McInerney Family Fund

Old Ladies Home of Saint John Fund

Professional Visual Artists Fund

Saint John Country Music Legacy Fund

Saint John Human Development Council Fund

Saint John Law Society Fund

     Dr. Malcolm M. Somerville Bursary Fund

Super Steel Band Fund

Marie Murphy Walsh Clock Fund

     Margaret Willis Awards Fund

3      Investments

Investments are pooled investment funds and are recorded at market value.  Changes in market values are recorded as unrealized gains and losses.

Investment income

Investment income is recorded net of investment management fees.

4           Commitments

The lease for the office premises expires on September 30, 2010, with monthly rent payments of $1,324.

5           Financial instruments

The foundation’s financial instruments consist of cash, accounts receivable, investments, and accounts payable and accrued liabilities. As at October 31, 2007 the fair market value of the foundation’s financial instruments approximates their carrying value due to the short term nature and/or payment terms of these instruments.

6           Cash flow statement

A cash flow statement has not been prepared because it would not provide any additional useful information in understanding the cash flows for the year.




5 Cash flow statement

A cash flow statement has not been prepared because it would not provide any additional useful information in understanding the cash flows for the year.