COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2010
INDEX
Page
AUDITORS' REPORT
1
STATEMENT OF FINANCIAL POSITION
2
STATEMENT OF OPERATIONS AND NET ASSETS
3
STATEMENT OF CASH FLOWS
4
STATEMENTS OF OPERATIONS - FUNDS
5 - 22
NOTES TO THE FINANCIAL STATEMENTS
23 - 26
MCKINNON GERMANN GRANGER
Professional Accountants
AUDITOR'S REPORT
Page 1
To the Members of COWICHAN VALLEY INTERCULTURAL AND IMMIGRANT AID
SOCIETY
We have audited the accompanying statement of financial position of COWICHAN VALLEY
INTERCULTURAL AND IMMIGRANT AID SOCIETY as at March 31, 2010 and the statements of
operations and net assets and cash flows for the year then ended. These financial statements are the
responsibility of the Society's board of directors. 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 organization derives revenue from donations and
fundraising the completeness of which is not susceptible of satisfactory audit verification. Accordingly,
our verification of these revenues was limited to the amounts recorded in the records of the organization
and we were not able to determine whether any adjustments might be necessary to contributions, excess
of revenues over expenses, current assets and net assets.
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 the contributions
referred to in the preceding paragraph, these financial statements referred to above present fairly, in all
material respects, the financial position of COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY as at March 31, 2010 and the results of operations and changes in cash
flows for the year then ended, in accordance with Canadian generally accepted accounting principles. As
required by the Society Act (British Columbia), we report that, in our opinion, these principles have been
applied on a basis consistent with that of the previous year.
Duncan, BC
June 2, 2010
McKinnon Germann Granger
PROFESSIONAL ACCOUNTANTS
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF FINANCIAL POSITION
AT MARCH 31, 2010
Page 2
2010
2009
ASSETS
CURRENT
Cash
Accounts Receivable
Prepaid expenses
$
RESTRICTED CASH (Note 6)
PROPERTY, PLANT AND EQUIPMENT (Notes 2 and 3)
124,095
5,952
1,256
$
106,054
11,990
-
131,303
118,044
110,252
68,187
1,281
1,601
$
242,836
$
187,832
$
40,887
11,867
105,415
$
20,571
1,483
77,056
LIABILITIES
CURRENT
Accounts payable and accrued liabilities
Accrued payroll and related liabilities
Deferred income
158,169
99,110
84,667
88,722
MEMBERS' EQUITY
NET ASSETS (Page 3) (Note 7)
$
APPROVED:
___________________________________________Director
___________________________________________Director
MCKINNON GERMANN GRANGER
Professional Accountants
242,836
$
187,832
COWICHAN VALLEY INTERCULTURAL AND IMMIGRANT AID
SOCIETY
STATEMENT OF OPERATIONS AND NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2010
Page 3
PAGE
REVENUES
EXPENSES
INTEREST
$
$
$
5
Gaming fund (Note 8)
26
25,000
25,362
74
Settlement
6
95,307
95,307
-
-
72
ESL SAP
7
26,590
21,704
-
4,886
-
ESL SAP
8
16,603
16,603
-
-
-
Creating Our Home
9
64,476
64,476
-
-
-
Community Partnership
10
15,000
14,721
-
279
-
Youth Project / Leadership.
11
82,679
82,450
-
229
Status of Women - Phase 2.
12
18,461
18,511
-
(50)
-
ABC Diversity
13
15,000
18,810
-
(3,810)
-
Community Bridging
14
33,082
33,082
-
Community Dialoge
15
15,000
15,103
-
Safe Harbour
16
5,201
5,201
-
Theatre for Living
17
12,950
13,854
-
ELSA
18
38,030
37,340
494
1,184
4,764
-
-
-
-
36,970
$ 500,974
$ 509,864
19 - 22
NET INCOME FOR THE YEAR
47,340
$
4,267
$
2009
General Fund
Completed projects
37,595
2010
(996)
-
(103)
-
-
-
(904)
$
6,939
(740)
-
NET ASSETS, beginning of year
-
(4,055)
47,009
88,722
41,713
84,667
______________________________________________________________________________
MCKINNON GERMANN GRANGER
Professional Accountants
$
(288)
4,835
NET ASSETS, end of year (Note 7)
(5,478)
$
88,722
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED MARCH 31, 2010
Page 4
2010
OPERATING ACTIVITIES
Net income (loss) (Page 3)
Items not requiring an outlay of cash:
Amortization
Changes in non-cash working capital:
Accounts receivable
Inventory
Prepaid expenses
Accounts payable and accrued liabilities
Accrued payroll and related liabilities
Deferred income
$
(4,055)
2009
$
320
47,009
401
6,038
(1,256)
20,316
10,384
28,359
2,650
453
8,909
735
45,123
CASH PROVIDED (USED) BY OPERATING ACTIVITIES
60,106
105,280
CHANGE IN CASH
60,106
105,280
174,241
68,961
CASH, beginning of year
CASH, end of year
$
234,347
$
174,241
$
32,552
91,543
110,252
234,347
$
8,502
97,552
68,187
174,241
CASH IS REPRESENTED BY:
Cash on hand and in bank
Term deposits
Restricted funds
$
MCKINNON GERMANN GRANGER
Professional Accountants
$
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
GENERAL FUND
FOR THE YEAR ENDED MARCH 31, 2010
Page 5
2010
REVENUE
Government of Canada (Note 4)
Bingo and Casino (Note 8)
Donations
Miscellaneous (Note 5)
Memberships
$
EXPENSES
Advertising and promotion
Amortization
Bank charges
Bursaries
Computer and technical support
Conferences
Hall rentals
Honoraria
Insurance
Memberships
Miscellaneous
Office cleaning
Office equipment
Office rent
Office supplies
Professional development
Professional fees
Program materials
Program photocopying
Repair and maintenance
Social
Telephone and internet
Travel
Utilities
Volunteer appreciation
Wages
Wage benefits
OPERATING INCOME
OTHER INCOME
Interest
NET (LOSS) INCOME FOR THE YEAR
MCKINNON GERMANN GRANGER
Professional Accountants
$
1,649
34,451
1,495
2009
$
4,094
8,420
704
29,621
1,130
37,595
43,969
974
320
794
590
1,957
568
763
820
1,274
477
393
2,042
8,958
3,132
2,057
5,235
395
304
453
2,559
5,426
1,946
528
630
4,580
165
1,504
401
54
236
956
1,249
2,505
327
655
1,949
4,228
8,958
1,742
3,500
844
117
415
885
3,430
436
483
1,029
3,279
128
47,340
39,310
(9,745)
4,659
4,267
2,280
(5,478)
$
6,939
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
SETTLEMENT / BC SAP STREAM 1*
FOR THE YEAR ENDED MARCH 31, 2010
Page 6
2010
2009
REVENUE
BCSAP - Settlement (Note 4)
Child care subsidy
$
92,358
2,949
95,307
$
55,342
1,767
57,109
EXPENSES
Advertising and promotion
Bank charges
Computer and technical support
Hall rentals
Insurance
Memberships
Office cleaning
Office equipment
Office rent
Office supplies
Postage
Professional development
Professional fees
Program materials
Program photocopying
Social
Telephone and internet
Training
Travel
Utilities
Wages
Wage benefits
OPERATING INCOME
$
*July 14, 2008 to June 30, 2009
July 20, 2009 to June 30, 2010
MCKINNON GERMANN GRANGER
Professional Accountants
41
791
50
1,100
1,040
254
8,400
1,124
60
1,280
1,284
36
111
3,650
325
180
280
70,388
4,913
43
50
80
700
30
520
4,200
325
9
204
600
8
15
1,800
963
140
44,163
3,187
95,307
57,037
-
$
72
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
ESL SAP / CANADIAN CONNECTIONS*
FOR THE YEAR ENDED MARCH 31, 2010
Page 7
2010
REVENUE
Grant (Note 4)
$
26,590
2009
$
13,860
EXPENSES
Bank charges
Computer and technical support
Hall rentals
Insurance
Office cleaning
Office equipment
Office rent
Office supplies
Postage
Professional fees
Program materials
Program photocopying
Telephone and internet
Travel
Utilities
Volunteer appreciation
Wages
Wage benefits
NET INCOME
$
*September 15, 2008 to June 30, 2009
MCKINNON GERMANN GRANGER
Professional Accountants
25
1,008
39
180
240
2,477
1,420
235
40
240
74
40
270
266
240
374
13,534
1,002
50
120
160
480
47
25
160
86
29
180
89
160
11,498
776
21,704
13,860
4,886
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
ESL SAP / CANADIAN CONNECTIONS*
FOR THE YEAR ENDED MARCH 31, 2010
Page 8
2010
REVENUE
Grant (Note 4)
$
2009
16,603
$
-
EXPENSES
Computer and technical support
Honoraria
Insurance
Office cleaning
Office rent
Office supplies
Professional fees
Program materials
Program photocopying
Resource material
Telephone and internet
Travel
Utilities
Wages
Wage benefits
NET INCOME
$
*October 19, 2009 to August 13, 2010
MCKINNON GERMANN GRANGER
Professional Accountants
830
30
80
110
400
541
135
214
61
751
230
128
220
12,014
859
-
16,603
-
-
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
CREATING OUR HOME*
FOR THE YEAR ENDED MARCH 31, 2010
Page 9
2010
REVENUE
Grant (Note 4)
$
EXPENSES
Advertising and promotion
Child care
Computer and technical support
Facilitation
Hall rentals
Honoraria
Insurance
Meals/accomodations
Office cleaning
Office equipment
Office rent
Office supplies
Postage
Professional fees
Program materials
Program photocopying
Resource material
Telephone and internet
Travel
Utilities
Wages
Wage benefits
NET INCOME
$
*October 1, 2009 to May 1, 2011
MCKINNON GERMANN GRANGER
Professional Accountants
2009
64,476
$
-
812
300
82
13,879
153
207
125
8,659
250
1,068
4,800
625
27
375
878
430
40
500
817
250
28,209
1,990
-
64,476
-
-
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
COMMUNITY PARTNERSHIP DEVELOPMENT*
FOR THE YEAR ENDED MARCH 31, 2010
Page 10
2010
REVENUE
Grant (Note 4)
$
EXPENSES
Advertising and promotion
Bank charges
Computer and technical support
Hall rentals
Honoraria
Insurance
Office cleaning
Office rent
Office supplies
Postage
Professional fees
Program materials
Program photocopying
Telephone and internet
Utilities
Wages
Wage benefits
NET INCOME
$
*August 4 to November 27, 2009
MCKINNON GERMANN GRANGER
Professional Accountants
15,000
2009
$
-
156
50
340
300
988
50
225
850
519
10
61
672
34
340
200
9,294
632
-
14,721
-
279
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
YOUTH PROJECT / INCLUSIVE LEADERSHIP
FOR THE YEAR ENDED MARCH 31, 2010
Page 11
2010
2009
REVENUE
Critical Incident Response Model
Safe Harbour - Youth
BC Government / BC AMP
Vancouver Foundation
Coast Capital Savings donation
Leadership grant
Nature Canada grant
BC 150 Years
Coastal Spirit fund
Municipal grants
Miscellaneous
Registration fees for ILA
Fundraising
Donations
$
15,812
700
10,000
1,300
3,000
1,200
2,699
37,589
3,714
6,665
82,679
$
$
33,073
30,000
51,839
26,500
4,000
10,000
6,490
1,404
402
1,840
165,548
EXPENSES
Advertising and promotion
Bank charges
Bus rental
Child care
Computer and technical support
Conferences
Documentary film
Fundraising expense
Hall rentals
Honoraria
Insurance
Meals/accomodations
Office cleaning
Office rent
Office supplies and postage
Other program expense
Professional development
Professional fees
Program materials
Program photocopying
Telephone and Internet
Travel
Wages
Wage benefits
$
NET INCOME
MCKINNON GERMANN GRANGER
Professional Accountants
188
3
410
621
1,000
56
251
3,430
816
28,074
621
1,903
913
3,000
472
5,715
6,280
858
823
408
24,931
1,677
752
305
513
1,895
1,605
195
506
5,058
1,760
50,872
1,602
4,065
2,247
200
5,739
9,171
1,228
2,254
9,795
62,575
4,207
82,450
166,544
229
(996)
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
STATUS OF WOMEN PHASE TWO*
FOR THE YEAR ENDED MARCH 31, 2010
Page 12
2010
2009
REVENUE
Grant (Note 4)
$
18,461
1,967
201
50
200
250
335
146
30
240
1,920
556
33
61
200
1,098
45
500
257
11,557
832
10
204
1,637
116
18,511
1,967
EXPENSES
Advertising and promotion
Child care
Computer and technical support
Hall rentals
Honoraria
Insurance
Memberships
Office cleaning
Office rent
Office supplies
Postage
Professional development
Professional fees
Program materials
Program photocopying
Telephone and Internet
Travel
Wages
Wage benefits
NET INCOME
$
*January 13, 2009 to January 12, 2010
MCKINNON GERMANN GRANGER
Professional Accountants
(50)
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
ABC DIVERSITY*
FOR THE YEAR ENDED MARCH 31, 2010
Page 13
2010
REVENUE
Grant (Note 4)
$
EXPENSES
Advertising and promotion
Computer and technical support
Hall rentals
Honoraria
Insurance
Office rent
Office supplies
Postage
Professional fees
Program material
Program photocopying
Telephone and Internet
Travel
Utilities
Wages
Wage benefits
NET INCOME
$
*November 16, 2009 to May 30, 2010
MCKINNON GERMANN GRANGER
Professional Accountants
15,000
2009
$
-
150
340
144
115
100
850
147
10
200
424
73
511
70
425
14,276
975
-
18,810
-
(3,810)
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
COMMUNITY BRIDGING / BC SAP STREAM 2*
FOR THE YEAR ENDED MARCH 31, 2010
Page14
2010
2009
REVENUE
Grant (Note 4)
$
33,082
$
9,293
EXPENSES
Advertising and promotion
Bank charges
Computer and technical support
Hall rentals
Honoraria
Insurance
Office cleaning
Office equipment
Office rent
Office supplies
Postage
Professional development
Professional fees
Program materials
Program photocopying
Telephone and Internet
Training
Travel
Wages
Wage benefits
NET INCOME
$
*July 14, 2008 to June 30, 2009
*July 20, 2009 to June 30, 2010
MCKINNON GERMANN GRANGER
Professional Accountants
309
343
681
40
441
273
910
683
188
20
136
231
1,722
158
440
279
718
23,847
1,663
58
30
62
70
172
131
42
180
58
319
68
98
7,539
466
33,082
9,293
-
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
COMMUNITY DIALOGUE
FOR THE YEAR ENDED MARCH 31, 2010
Page 15
2010
2009
REVENUE
Grant (Note 4)
$
15,000
$
-
EXPENSES
Advertising and promotion
Hall rentals
Honoraria
Insurance
Office rent
Office supplies
Postage
Professional fees
Program materials
Program photocopying
Telephone and Internet
Travel
Utilities
Wages
Wage benefits
NET INCOME
$
MCKINNON GERMANN GRANGER
Professional Accountants
256
1,615
1,048
25
600
219
12
25
345
129
1,000
662
200
8,372
595
-
15,103
-
(103)
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
SAFE HARBOUR
FOR THE YEAR ENDED MARCH 31, 2010
Page 16
2010
2009
REVENUE
Safe Harbour grant (Note 4)
$
5,201
$
1,628
EXPENSES
Advertising and promotion
Computer and technical support
Facilitation
Honoraria
Office rent
Office supplies
Postage
Professional fees
Project coordinator
Program materials
Program photocopying
Telephone and internet
Travel
Wages
Wage benefits
NET INCOME
$
MCKINNON GERMANN GRANGER
Professional Accountants
172
480
322
125
315
40
989
61
37
115
54
2,322
169
460
288
35
10
100
600
22
23
72
18
-
5,201
1,628
-
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
THEATRE FOR LIVING
FOR THE YEAR ENDED MARCH 31, 2010
Page 17
2010
2009
REVENUE
BC Government (Note 4)
Donations
$
12,750
200
$
-
12,950
-
150
4,240
820
1,235
40
375
25
9
71
856
103
300
76
300
4,919
335
-
13,854
-
EXPENSES
Computer and technical support
Facilitation
Hall rentals
Honoraria
Insurance
Office rent
Office supplies
Postage
Professional fees
Program materials
Program photocopying
Telephone and Internet
Travel
Utilities
Wages
Wage benefits
NET INCOME
$
MCKINNON GERMANN GRANGER
Professional Accountants
(904)
$
-
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
ELSA / ESL*
FOR THE YEAR ENDED MARCH 31, 2010
Page 18
2010
2009
REVENUE
Grant (Note 4)
$
38,030
$
29,115
EXPENSES
Advertising
Classroom rental
Equipment
Equipment rental
Field trips
Honoraria
Insurance
Janitorial
Office rental
Office supplies and postage
Photocopying
Professional day
Professional fees
Supplies and materials
Telephone and Internet
Travel
Utilities
Wages
Wage benefits
41
2,600
2,415
150
266
900
640
1,400
206
40
700
293
910
24
160
24,846
1,749
234
3,500
31
20
540
160
59
505
110
735
144
140
16,967
1,226
37,340
24,371
OPERATING INCOME
690
4,744
OTHER INCOME
Interest
494
20
NET INCOME
$
*September 8, 2008 to April 30, 2009
September 8, 2009 to April 30, 2010
MCKINNON GERMANN GRANGER
Professional Accountants
1,184
$
4,764
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
EVERYDAY ELSEWHERE / BC AMP*
FOR THE YEAR ENDED MARCH 31, 2010
Page 19
2010
2009
REVENUE
Grant (Note 4)
$
-
$
28,204
EXPENSES
Advertising
Bank charges
Conference
Computer and technical support
Food and beverages
Insurance
Hall rentals
Honoraria
Office cleaning
Office rent
Office supplies
Professional fees
Program materials
Program photocopying
Telephone and Internet
Travel
Utilities
Wages
Wage benefits
NET INCOME
$
*May 5, 2008 to March 31, 2009
MCKINNON GERMANN GRANGER
Professional Accountants
-
344
50
700
105
227
300
305
564
240
600
368
200
698
42
600
342
120
20,505
1,400
-
27,710
-
$
494
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
STATUS OF WOMEN PROGRAM*
FOR THE YEAR ENDED MARCH 31, 2010
Page 20
2010
2009
REVENUE
Grant (Note 4)
$
-
$
7,986
EXPENSES
Advertising
Bank charges
Computer and technical support
Hall rentals
Honoraria
Insurance
Materials
Office cleaning
Office rent
Office and postage
Photocopying
Professional development
Professional fees
Supplies and materials
Telephone and internetl
Travel
Wages
Wage benefits
NET INCOME
$
*October 12, 2007 to October 11, 2008
MCKINNON GERMANN GRANGER
Professional Accountants
-
149
50
164
290
830
75
100
125
625
101
80
505
100
934
250
141
4,587
297
-
9,403
-
$
(1,417)
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
ELSA /ESL*
FOR THE YEAR ENDED MARCH 31, 2010
Page 21
2010
2009
REVENUE
Grant (Note 4)
$
-
$
43,588
EXPENSES
Audit
Equipment leasing
Insurance
Janitorial
Office
Photocopying
Professional day
Honoraria
Rent - classroom
Supplies
Telephone and internet
Travel
Utilities
Wages
Wage benefits
-
200
200
200
100
69
14
600
63
625
117
100
38
25
3,100
208
-
5,659
OPERATING INCOME
-
37,929
OTHER INCOME
Interest
-
4
NET INCOME
$
*September 1, 2007 to May 1, 2008
MCKINNON GERMANN GRANGER
Professional Accountants
-
$
37,933
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
STATEMENT OF OPERATIONS
BC ANTI-RACISM AND MULTICULTURALISM PROGRAM (BCAMP) / DIVERSITY
FOR THE YEAR ENDED MARCH 31, 2010
Page 22
2010
2009
REVENUE
Government of Canada (Note 4)
$
-
$
-
EXPENSES
Postage
-
NET INCOME
$
MCKINNON GERMANN GRANGER
Professional Accountants
-
40
$
(40)
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED March 31, 2010
Page 23
1. PURPOSE OF THE SOCIETY
The Society was incorporated under the Society Act of British Columbia, June 26, 1981 as a nonprofit organization and is a registered charity under the Income Tax Act. The purpose of the society is
to provide service and support to new Canadians towards their full integration into the Cowichan
Valley community.
2. SIGNIFICANT ACCOUNTING POLICIES
FUND ACCOUNTING
The Society follows the restricted fund method of accounting for contributions. The Society reports
restricted operating grants, revenue and expenses related to the various projects on a grant by grant
basis.
REVENUE RECOGNITION
Other Contributions - all other contributions are recognized as revenues of the appropriate fund in the
year in which the related expenses are incurred.
PROPERTY, PLANT AND EQUIPMENT
Purchased property, plant and equipment assets are recorded at cost. Amortization is recorded on a
declining balance basis at the under noted rates:
Office furniture, fixtures and equipment - 20%.
The Society has adopted the policy outlined in the CICA handbook section 4430 in accounting for
property, plant and equipment. Property, plant and equipment assets (mainly office furniture, fixtures,
equipment and computer equipment) are expensed as acquired. Total expensed in the current year was
$9,712 (2009 - $4,228).
COMPARATIVE FIGURES
Prior year figures have been reclassified, where applicable, to conform to the current presentation.
3. PROPERTY, PLANT AND EQUIPMENT
Cost
Office furniture and equipment
Accumulated
Amortization
2010
2009
$
32,480
$
31,199
$
1,281
$
1,601
$
32,480
$
31,199
$
1,281
$
1,601
MCKINNON GERMANN GRANGER
Professional Accountants
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2010
Page 24
4. GRANTS AND SUBSEQUENT COMMITMENTS
The Society receives grants from various agencies such as:
Ministry of Attorney General and Minister Responsible for Multiculturalism and Inclusive Communities
Ministry of Advanced Education and Labour Market Development, Immigrant Integration Branch
BC Gaming
Citizenship and Immigration Canada, Status of Women
Ministry of Child and Family Development
Coast Capital Savings Foundation
Municipality of North Cowichan
City of Duncan
Earth Charter Youth Groups
The Society is committed to expend certain amounts of it's surplus on programs whose fiscal period
do not coincide with that of the Society.
The various funding agencies require that funds be spent only on the projects for which they are
allocated. Any funds advanced which are unused must be returned to the agency or a request made
for their other use. As such, the cash and net assets of these funds is externally restricted. (Note 6 and
7)
5. MISCELLANEOUS INCOME
2010
2009
Miscellaneous grant
BC Gaming - bingo dividend
Miscellaneous - other programs
Miscellaneous sales, etc.
Sales
Fundraising (net of costs)
Other program cost recovery
$
1,340
2,535
7,651
189
15
351
22,370
$
2,000
7,977
995
448
18,201
Total
$
34,451
$
29,621
MCKINNON GERMANN GRANGER
Professional Accountants
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2010
Page 25
6. RESTRICTED CASH (Note 4)
2010
Language Training Program (ELSA)
Gaming
Internally restricted
2009
$
24,489
763
85,000
$
22,179
6,008
40,000
$
110,252
$
68,187
7. NET ASSETS (Note 4)
2010
RESTRICTED:
Language Training Program (ELSA)
Gaming
Internally restricted
$
UNRESTRICTED
TOTAL NET ASSETS
$
MCKINNON GERMANN GRANGER
Professional Accountants
21,642
897
85,000
2009
$
20,458
1,185
40,000
107,539
61,643
(22,872)
27,079
84,667
$
88,722
COWICHAN VALLEY INTERCULTURAL AND
IMMIGRANT AID SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2010
Page 26
8. GAMING FUND
BALANCE SHEET
AT MARCH 31, 2010
2010
2009
ASSETS
CURRENT
Cash
Accounts Receivable - GST
$
Total Assets
763
134
$
6,008
177
897
6,185
-
5,000
LIABILITIES
CURRENT
Accounts Payable
FUND BALANCE
$
897
$
1,185
$
25,000
74
$
25,000
24
STATEMENT OF OPERATIONS
INCOME
Bingo
Interest
Total income
EXPENSES
Advertising and promotion / newsletter
Honoraria
Office equipment
Office expenses/program materials
Telephone and utilities
Wages and benefits
OPERATING INCOME
25,074
25,024
3,063
2,796
19,503
5,156
481
1,858
579
246
17,444
25,362
25,764
(288)
FUND BALANCE, beginning
(740)
1,185
FUND BALANCE, ending
$
MCKINNON GERMANN GRANGER
Professional Accountants
897
1,925
$
1,185