Post on 28-May-2018
School Jurisdiction Code: 154
AUDITEDFINANCIAL STATEMENTS
FOR THE YEAR ENDED AUGUST 31, 2014[School Act, Sections 147(2)(a), 148, 151(1) and 276]
Legal Name of School Jurisdiction
Mailing Address
Telephone & Fax Numbers, and Email Address
SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
The financial statements of
Board of Trustees Responsibility
External Auditors
Declaration of Management and Board Chair
c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: sarah.brennan@gov.ab.caPHONE: (780) 422-0312 (Toll free 310-0000) FAX: (780) 422-6996
Brenda Nelson
of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong system of budgetary control.
The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the auditedfinancial statements with management in detail and approved the financial statements for release.
The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findings.The external auditors were given full access to school jurisdiction records.
To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial position,results of operations and cash flows for the year in accordance with Canadian Public Sector Accounting Standards.
BOARD CHAIR
"Original Signed"
school jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training
Mother Earth's Children's Charter School Society
RR 5 Stony Plain, AB T7Z 1X4
Phone 780-702-7531 Fax 780-848-2395
presented to Alberta Education have been prepared by school jurisdiction management which has responsibility fortheir preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordancewith Canadian Public Sector Accounting Standards and follow format prescribed by Alberta Education.
In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designedto provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executedin accordance with appropriate authorization and that accounting records may be relied upon to properly reflect the
Mother Earth's Children's Charter School Society
Board-approved Release Date
Signature
Signature
SignatureName
Name
Name
SUPERINTENDENT
Ed Wittchen
SECRETARY-TREASURER OR TREASURER
Anita LeMoignan
November 17, 2014
"Original Signed"
"Original Signed"
1
School Jurisdiction Code: 154
TABLE OF CONTENTS
Page
3
4
5
6
7
8
9
11
12
13
14
STATEMENT OF CHANGE IN NET DEBT
INDEPENDENT AUDITOR'S REPORT
NOTES TO THE FINANCIAL STATEMENTS
SCHEDULE OF PROGRAM OPERATIONS
SCHEDULE OF CAPITAL REVENUE
SCHEDULE OF CHANGES IN ACCUMULATED SURPLUS
STATEMENT OF REMEASUREMENT GAINS AND LOSSES
STATEMENT OF CASH FLOWS
STATEMENT OF OPERATIONS
STATEMENT OF FINANCIAL POSITION
SCHEDULE OF PLANT OPERATIONS AND MAINTENANCE EXPENSES
2
MN~ Independent Auditors' Report
To the Trustees of Mother Earth's Children's Charter School Society:
We have audited the accompanying financial statements of Mother Earth's Children's Charter School Society, which comprise the statement of financial position as at August 31, 2014 and the statements of operations, cash flows, change in net debt, and remeasurement gains and losses, and the schedules of changes in accumulated surplus, capital revenue, program operations, and plant operations and maintenance expenses for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian auditing standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian public sector accounting standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Mother Earth's Children's Charter School Society as at August 31, 2014 and the results of its operations, changes in net debt and its cash flows for the year then ended in accordance with Canadian Public Sector Accounting Standards.
Leduc, Alberta November 17, 2014
Praxitli.": MEMBER••
GLOBAL ALLIANCE OF INDEPENDENT FIRMS ~
Best Employers in Canada
·-- 3
MNPLLP Chartered Accountants
ACCOUNTING > CONSULTING > TAX
200, 5019 - 49TH AVENUE; LEDUC AB; T9E 6TS
P: 780-986-2626 F: 780-986-2621 www.MNP.ca
School Jurisdiction Code: 154
2014 2013
FINANCIAL ASSETS
Cash and cash equivalents (Note 3) 211,366$ 210,604$
Accounts receivable (net after allowances) (Note 4) 17,955$ 32,212$
Portfolio investments (Note 5) 51,430$ 151,430$
Other financial assets -$ -$
Total financial assets 280,751$ 394,246$
LIABILITIES
Bank indebtedness (Note 3) 8,814$ 54,547$
Accounts payable and accrued liabilities (Note 6) 94,659$ 48,223$
Deferred revenue (Note 7) 8,243$ 2,000$
Employee future benefit liabilities -$ -$
Other liabilities -$ -$
Debt
Supported: Debentures and other supported debt -$ -$
Unsupported: Debentures and capital loans -$ -$
Capital leases -$ -$
Mortgages -$ -$
Total liabilities 111,716$ 104,770$
Net financial assets (debt) 169,035$ 289,476$
NON-FINANCIAL ASSETS
Tangible capital assets (Note 8)
Land -$ -$
Construction in progress -$ -$
Buildings -$
Less: Accumulated amortization -$ -$ -$
Equipment 126,907$
Less: Accumulated amortization (90,688)$ 36,219$ 58,046$
Vehicles 327,135$
Less: Accumulated amortization (122,113)$ 205,022$ 237,735$
Computer Equipment 132,435$
Less: Accumulated amortization (132,435)$ -$ 5,484$
Total tangible capital assets 241,241$ 301,265$
Prepaid expenses 5,914$ 20,695$
Other non-financial assets -$ -$
Total non-financial assets 247,155$ 321,960$
Accumulated surplus 416,190$ 611,436$
Accumulating surplus / (deficit) is comprised of:
Accumulated operating surplus (deficit) 416,190$ 611,436$
Accumulated remeasurement gains (losses) -$ -$
416,190$ 611,436$
Contractual obligations (Note 9)
Contingent liabilities
The accompanying notes and schedules are part of these financial statements.
As at August 31, 2014 (in dollars)STATEMENT OF FINANCIAL POSITION
4
School Jurisdiction Code: 154
Budget Actual Actual2014 2014 2013
Alberta Education 565,174$ 800,423$ 906,773$
Other - Government of Alberta -$ -$ -$
Federal Government and First Nations 957,676$ 841,244$ 862,961$
Other Alberta school authorities -$ -$ -$
Out of province authorities -$ -$ -$
Alberta municipalities-special tax levies -$ -$ -$
Property taxes -$ -$ -$
Fees 20,000$ -$ -$
Other sales and services 2,000$ 48,397$ 41,691$
Investment income 2,500$ 4,434$ 7,155$
Gifts and donations 110,833$ 113,821$ 74,290$
Rental of facilities 4,000$ 5,034$ 11,019$
Fundraising -$ -$ -$
Gains on disposal of capital assets -$ -$ -$
Other revenue -$ -$ 184,685$
Total revenues 1,662,183$ 1,813,353$ 2,088,574$
Instruction (ECS - Grade 12) 1,219,856$ 1,149,259$ 1,364,700$
Plant operations and maintenance 283,246$ 471,437$ 608,560$
Transportation 190,121$ 203,877$ 250,853$
Board & system administration 181,238$ 184,026$ 194,699$
External services -$ -$ -$
Total expenses 1,874,461$ 2,008,599$ 2,418,812$
(212,278)$ (195,246)$ (330,238)$
STATEMENT OF OPERATIONSFor the Year Ended August 31, 2014 (in dollars)
EXPENSES
Operating surplus (deficit)
The accompanying notes and schedules are part of these financial statements.
REVENUES
5
154
2014 2013
CASH FLOWS FROM:
A. OPERATING TRANSACTIONS
Operating surplus (deficit) (195,246)$ (330,238)$
Add (Deduct) items not affecting cash:
Total amortization expense 60,024$ 59,191$
Gains on disposal of tangible capital assets -$ -$
Losses on disposal of tangible capital assets -$ 16,437$
Expended deferred capital revenue recognition -$ -$
Deferred capital revenue write-off -$ -$
Donations in kind -$ -$
Changes in:
Accounts receivable 14,257$ 81,925$
Prepaids 14,781$ (535)$
Other financial assets -$ -$
Non-financial assets -$ -$
Accounts payable and accrued liabilities 46,436$ (49,956)$
Deferred revenue (excluding EDCR) 6,243$ (287,035)$
Employee future benefit liabilitiies -$ -$
Other (describe) -$ 47,746$
Total cash flows from operating transactions (53,505)$ (462,465)$
B. CAPITAL TRANSACTIONS
Purchases of tangible capital assets
Land -$ -$
Buildings -$ -$
Equipment -$ -$
Vehicles -$ (178,677)$
Computer equipment -$ -$
Net proceeds from disposal of unsupported capital assets -$ 71,000$
Other (describe) -$ (47,746)$
Total cash flows from capital transactions -$ (155,423)$
C. INVESTING TRANSACTIONS
Purchases of portfolio investments -$ (100,000)$
Dispositions of portfolio investments 100,000$ -$
Remeasurement gains (losses) reclassified to the statement of operations -$ -$
Other (describe) -$ -$
Total cash flows from investing transactions 100,000$ (100,000)$
D. FINANCING TRANSACTIONS
Issue of debt -$ -$
Repayment of debt -$ -$
Other (describe) -$ -$
Total cash flows from financing transactions -$ -$
Increase (decrease) in cash and cash equivalents 46,495$ (717,888)$
Cash and cash equivalents, at beginning of year 156,057$ 873,945$
Cash and cash equivalents, at end of year 202,552$ 156,057$
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2014 (in dollars)
School Jurisdiction Code:
STATEMENT OF CASH FLOWS
Capital asset purchase in accounts payable
Capital asset purchase in accounts payable
6
154
Budget 2014 2013
2014
Operating surplus (deficit) (212,278)$ (195,246)$ (330,238)$
Effect of changes in tangible capital assets
Acquisition of tangible capital assets -$ -$ (178,677)$
Amortization of tangible capital assets 65,138$ 60,024$ 59,191$
Net carrying value of tangible capital assets disposed of -$ -$ 87,437$
Write-down carrying value of tangible capital assets -$ -$ -$
Other changes -$ -$ -$
Total effect of changes in tangible capital assets 65,138$ 60,024$ (32,049)$
Changes in:
Prepaid expenses -$ 14,781$ (535)$
Other non-financial assets -$ -$ -$
Net remeasurement gains and (losses) -$ -$ -$
Endowments -$ -$ -$
Decrease (increase) in net debt (147,140)$ (120,441)$ (362,822)$
Net debt at beginning of year 289,476$ 289,476$ 652,298$
Net debt at end of year 142,336$ 169,035$ 289,476$
School Jurisdiction Code:
STATEMENT OF CHANGE IN NET DEBT
For the Year Ended August 31, 2014
The accompanying notes and schedules are part of these financial statements.
7
School Jurisdiction Code: 154
2014 2013
Accumulated remeasurement gains (losses) at beginning of year -$ -$
Unrealized gains (losses) attributable to:
Portfolio investments -$ -$
Other -$ -$
Amounts reclassified to the statement of operations:
Portfolio investments -$ -$
Other -$ -$
Net remeasurement gains (losses) for the year -$ -$
Accumulated remeasurement gains (losses) at end of year -$ -$
STATEMENT OF REMEASUREMENT GAINS AND LOSSES
The accompanying notes and schedules are part of these financial statements.
For the Year Ended August 31, 2014 (in dollars)
8
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154
SCHEDULE OF CAPITAL REVENUE(EXTERNALLY RESTRICTED CAPITAL REVENUE ONLY)
for the Year Ended August 31, 2014 (in dollars)
Proceeds on UnexpendedDisposal of Deferred
Provincially Surplus from Provincially Capital Expended
Approved Provincially Funded Revenue from Deferred
& Funded Approved Tangible Capital Other Capital
Projects (A) Projects (B) Assets (C) Sources (D)Revenue
Balance at August 31, 2013 -$ -$ -$ -$ -$
Prior period adjustments -$ -$ -$ -$ -$
Adjusted balance, August 31, 2013 -$ -$ -$ -$ -$
Add:
Unexpended capital revenue received from:
Alberta Education school building & modular projects (excl. IMR) -$
Infrastructure Maintenance & Renewal capital related to school facilities -$
Other sources: (Describe) -$ -$
Other sources (Describe) : -$ -$
Unexpended capital revenue receivable from:
Alberta Education school building & modular (excl. IMR) -$
Other sources: (Describe) -$ -$
Other souces: (Describe) -$ -$
Interest earned on unexpended capital revenue -$ -$ -$ -$
Other unexpended capital revenue: (Describe) -$
Net proceeds on disposal of supported tangible capital assets -$ -$
Insurance proceeds (and related interest) -$ -$
Donated tangible capital assets (Explain): -$
Alberta Schools Alternative Program (ASAP), Building Alberta School Construction Program, (BASCP) and other Alberta Infrastructure managed projects -$
Transferred in (out) tangible capital assets (amortizable, @ net book value) -$
Expended capital revenue - current year -$ -$ -$ -$ -$
Surplus funds approved for future project(s) -$ -$
Other adjustments (Explain): -$ -$ -$ -$ -$
Deduct:
Net book value of supported tangible capital dispositions or write-offs -$
Other adjustments (Explain): -$ -$ -$ -$ -$
Capital revenue recognized - Alberta Education -$
Capital revenue recognized - Other Government of Alberta -$
Capital revenue recognized - Other revenue -$
Balance at August 31, 2014 -$ -$ -$ -$ -$ (A) (B) (C) (D)
Balance of Unexpended Deferred Capital Revenue at August 31, 2014 (A) + (B) + (C) + (D) -$
Unexpended Deferred Capital Revenue
(A) - Represents funding received from the Government of Alberta to be used toward the acquisition of new approved tangible capital assets with restricted uses only.
(B) - Represents any surplus of funding over costs from column (A) approved by Minister for future capital expenditures with restricted uses only.
(C) - Represents proceeds on disposal of provincially funded restricted-use capital assets to be expended on approved capital assets per 10(2)(a) of Disposition of Property Reg. 181/2010.
(D) - Represents capital revenue received from entities OTHER THAN the Government of Alberta for the acquisition of restricted-use tangible capital assets.
Unexpended Deferred Capital Revenue
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Pla
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nsp
ort
atio
nA
dm
inis
trat
ion
Ser
vice
sT
OT
AL
TO
TA
L
(1)
Alb
erta
Ed
uca
tio
n38
6,13
8$
20
6,60
3$
13
,845
$
193,
837
$
-$
80
0,42
3$
90
6,77
3$
(2)
Oth
er -
Go
vern
men
t o
f A
lber
ta-
$
-$
-
$
-$
-
$
-$
-
$
(3)
Fed
eral
Go
vern
men
t an
d F
irst
Nat
ion
s73
4,53
7$
10
6,70
7$
-
$
-$
-
$
841,
244
$
862,
961
$
(4)
Oth
er A
lber
ta s
cho
ol a
uth
ori
ties
-$
-
$
-$
-
$
-$
-
$
-$
(5)
Ou
t o
f p
rovi
nce
au
tho
riti
es-
$
-$
-
$
-$
-
$
-$
-
$
(6)
Alb
erta
mu
nic
ipal
itie
s-sp
ecia
l tax
levi
es-
$
-$
-
$
-$
-
$
-$
-
$
(7)
Pro
per
ty t
axes
-$
-
$
-$
-
$
-$
-
$
-$
(8)
Fee
s-
$
-$
-
$
-$
-
$
(9)
Oth
er s
ales
an
d s
ervi
ces
26,8
34$
18
,717
$
-$
2,
846
$
-
$
48,3
97$
41
,691
$
(10)
Inve
stm
ent
inco
me
-$
-
$
-$
4,
434
$
-
$
4,43
4$
7,15
5$
(11)
Gif
ts a
nd
do
nat
ion
s24
,321
$
54,5
00$
35
,000
$
-$
-
$
113,
821
$
74,2
90$
(12)
Ren
tal o
f fa
cilit
ies
-$
5,
034
$
-
$
-$
-
$
5,03
4$
11,0
19$
(13)
Fu
nd
rais
ing
-$
-
$
-$
-
$
-$
-
$
-$
(14)
Gai
ns
on
dis
po
sal o
f ta
ng
ible
cap
ital
ass
ets
-$
-
$
-$
-
$
-$
-
$
-$
(15)
Oth
er r
even
ue
-$
-
$
-$
-
$
-$
-
$
184,
685
$
(16)
TO
TA
L R
EV
EN
UE
S1,
171,
830
$
391,
561
$
48,8
45$
20
1,11
7$
-
$
1,81
3,35
3$
2,
088,
574
$
EX
PE
NS
ES
(17)
Cer
tifi
cate
d s
alar
ies
563,
731
$
-$
-
$
563,
731
$
772,
031
$
(18)
Cer
tifi
cate
d b
enef
its
120,
804
$
-$
-
$
120,
804
$
129,
654
$
(19)
No
n-c
erti
fica
ted
sal
arie
s an
d w
ages
27
6,43
8$
10
6,63
9$
82
,812
$
72,0
97$
-
$
537,
986
$
566,
115
$
(20)
No
n-c
erti
fica
ted
ben
efit
s25
,618
$
10,7
29$
12
,430
$
6,17
5$
-$
54
,952
$
61,7
81$
(21)
SU
B -
TO
TA
L98
6,59
1$
11
7,36
8$
95
,242
$
78,2
72$
-
$
1,27
7,47
3$
1,
529,
581
$
(22)
Ser
vice
s, c
on
trac
ts a
nd
su
pp
lies
153,
629
$
335,
796
$
75,9
23$
10
5,37
6$
-
$
670,
724
$
813,
065
$
(23)
Am
ort
izat
ion
of
sup
po
rted
tan
gib
le c
apit
al a
sset
s-
$
-$
-
$
-$
-
$
-$
-
$
(24)
Am
ort
izat
ion
of
un
sup
po
rted
tan
gib
le c
apit
al a
sset
s9,
039
$
18
,273
$
32,7
12$
-
$
-$
60
,024
$
59,1
91$
(25)
Su
pp
ort
ed in
tere
st o
n c
apit
al d
ebt
-$
-
$
-$
-
$
-$
-
$
-$
(26)
Un
sup
po
rted
inte
rest
on
cap
ital
deb
t-
$
-$
-
$
-$
-
$
-$
-
$
(27)
Oth
er in
tere
st a
nd
fin
ance
ch
arg
es-
$
-$
-
$
378
$
-$
37
8$
53
8$
(28)
Lo
sses
on
dis
po
sal o
f ta
ng
ible
cap
ital
ass
ets
-$
-
$
-$
-
$
-$
-
$
16,4
37$
(29)
Oth
er e
xpen
se-
$
-$
-
$
-$
-
$
-$
-
$
(30)
TO
TA
L E
XP
EN
SE
S1,
149,
259
$
471,
437
$
203,
877
$
184,
026
$
-$
2,
008,
599
$
2,41
8,81
2$
(31)
22,5
71$
(7
9,87
6)$
(1
55,0
32)
$
17
,091
$
-$
(1
95,2
46)
$
(3
30,2
38)
$
O
PE
RA
TIN
G S
UR
PL
US
(D
EF
ICIT
)
SC
HE
DU
LE
OF
PR
OG
RA
M O
PE
RA
TIO
NS
for
the
Yea
r E
nd
ed A
ug
ust
31,
201
4 (in
dol
lars
)
2014
12
Sch
oo
l Ju
risd
icti
on
Co
de:
154
Exp
ense
d IM
R,
Un
sup
po
rted
2014
Uti
litie
s M
od
ula
r U
nit
Am
ort
izat
ion
S
up
po
rted
TO
TA
L
EX
PE
NS
ES
Cu
sto
dia
lM
ain
ten
ance
and
Rel
oca
tio
ns
&&
Oth
er
Cap
ital
& D
ebt
Op
erat
ion
s an
d
Tel
eco
mm
.L
ease
Pay
men
tsE
xpen
ses
Ser
vice
sM
ain
ten
ance
Un
cert
ific
ated
sal
arie
s an
d w
ages
54
,168
$
18
,405
$
-
$
-
$
34
,066
$
10
6,63
9$
10
6,63
9$
Un
cert
ific
ated
ben
efit
s4,
673
$
3,59
1$
-
$
-
$
2,
465
$
10,7
29$
10,7
29$
Su
b-t
ota
l Rem
un
erat
ion
58,8
41$
21,9
96$
-$
-$
36,5
31$
117,
368
$
117,
368
$
Su
pp
lies
and
ser
vice
s7,
450
$
11,6
38$
-$
-$
33,3
40$
52,4
28$
52,4
28$
Ele
ctri
city
34,4
14$
34,4
14$
34,4
14$
Nat
ura
l gas
/hea
tin
g f
uel
25,4
44$
25,4
44$
25,4
44$
Sew
er a
nd
wat
er1,
288
$
1,28
8$
1,
288
$
Tel
eco
mm
un
icat
ion
s3,
946
$
3,94
6$
3,
946
$
Insu
ran
ce26
,519
$
26
,519
$
26
,519
$
Am
ort
izat
ion
of
tan
gib
le c
apit
al a
sset
s
Sup
port
ed-
$
-
$
Uns
uppo
rted
18,2
73$
18,2
73$
18,2
73$
To
tal A
mo
rtiz
atio
n18
,273
$
18
,273
$
-
$
18
,273
$
Inte
rest
on
cap
ital
deb
t
Sup
port
ed-
$
-
$
Uns
uppo
rted
-$
-$
-$
Leas
e pa
ymen
ts fo
r fa
cilit
ies
191,
757
$
191,
757
$
191,
757
$
Oth
er in
tere
st c
har
ges
-$
-$
-$
Lo
sses
on
dis
po
sal o
f ca
pit
al a
sset
s-
$
-
$
-
$
TO
TA
L E
XP
EN
SE
S66
,291
$
33
,634
$
65
,092
$
19
1,75
7$
96
,390
$
18
,273
$
47
1,43
7$
-
$
47
1,43
7$
Sch
ool b
uild
ings
4,41
7.0
Non
sch
ool b
uild
ings
0.0
All
expe
nses
rel
ated
to a
ctiv
ities
und
erta
ken
to k
eep
the
scho
ol e
nviro
nmen
t and
mai
nten
ance
sho
ps c
lean
and
saf
e.
All
expe
nses
ass
ocia
ted
with
the
repa
ir, r
epla
cem
ent,
enha
ncem
ent a
nd m
inor
con
stru
ctio
n of
bui
ldin
gs, g
roun
ds a
nd e
quip
men
t com
pone
nts.
Thi
s in
clud
es r
egul
ar a
nd p
reve
ntat
ive
mai
nten
ance
und
erta
ken
to e
nsur
e co
mpo
nent
s re
ach
or e
xcee
d th
eir
life
cycl
e an
d th
e re
pair
of b
roke
n co
mpo
nent
s. M
aint
enan
ce e
xpen
ses
excl
ude
oper
atio
nal c
osts
rel
ated
to
expe
nsed
IMR
& M
odul
ar U
nit r
eloc
atio
ns, a
s th
ey a
re r
epor
ted
on s
epar
atel
y.
All
expe
nses
rel
ated
to e
lect
ricity
, nat
ural
gas
and
oth
er h
eatin
g fu
els,
sew
er a
nd w
ater
and
all
form
s of
tele
com
mun
icat
ions
.
All
oper
atio
nal e
xpen
ses
asso
ciat
ed w
ith n
on-c
apita
lized
Infr
astr
uctu
re M
aint
enan
ce R
enew
al p
roje
cts,
mod
ular
uni
t (po
rtab
le)
relo
catio
n, a
nd p
aym
ents
on
leas
ed fa
cilit
ies.
All
expe
nses
rel
ated
to th
e ad
min
istr
atio
n of
ope
ratio
ns a
nd m
aint
enan
ce in
clud
ing
(but
not
lim
ited
to)
cont
ract
adm
inis
trat
ion,
cle
rical
func
tions
, neg
otia
tions
, sup
ervi
sion
of e
mpl
oyee
s
& c
ontr
acto
rs, s
choo
l fac
ility
pla
nnin
g &
pro
ject
'adm
inis
trat
ion'
, adm
inis
trat
ion
of jo
int-
use
agre
emen
ts, a
nd a
ll ex
pens
es r
elat
ed to
ens
urin
g co
mpl
ianc
e w
ith h
ealth
and
saf
ety
stan
dard
s,
code
s an
d go
vern
men
t reg
ulat
ions
.
All
expe
nses
rel
ated
to s
uppo
rted
cap
ital a
sset
s am
ortiz
atio
n an
d in
tere
st o
n su
ppor
ted
capi
tal d
ebt.
SQ
UA
RE
ME
TR
ES
SC
HE
DU
LE
OF
PL
AN
T O
PE
RA
TIO
NS
AN
D M
AIN
TE
NA
NC
E E
XP
EN
SE
Sfo
r th
e Y
ear
En
ded
Au
gu
st
31, 2
014
(in
do
llars
)
Fac
ility
Pla
nn
ing
&
Op
erat
ion
s A
dm
inis
trat
ion
SU
B-T
OT
AL
O
per
atio
ns
&
Mai
nte
nan
ce
Cu
sto
dia
l:
No
te:
Su
pp
ort
ed C
ap
ital
& D
ebt
Ser
vice
s:
Fac
ility
Pla
nn
ing
& O
per
atio
ns
Ad
min
istr
atio
n:
Exp
ense
d IM
R &
Mo
du
lar
Un
it R
elo
cati
on
& L
ease
Pm
ts:
Uti
litie
s &
Tel
eco
mm
un
icat
ion
s:
Mai
nte
nan
ce:
13
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
14
1. Authority and purpose
Mother Earth’s Children’s Charter School Society (the “Society”) delivers educational programs under the authority of the School Act, Revised Statutes of Alberta 2000, Chapter S-3. It is not taxable under Section 149(1) of the Income Tax Act.
The Society receives funding for instruction and support under Education Grants Regulation (AR 120/2008). The regulation allows for the setting of conditions and use of grant monies. The Society is limited on certain funding allocations and administration expenses.
2. Significant accounting policies These financial statements have been prepared in accordance with the CICA Canadian public sector
accounting standards (PSAS). The financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the accounting policies summarized below:
Revenue recognition
Revenue is recorded on an accrual basis. Instruction and support allocations are recognized in the year to which they relate. Fees for services related to courses and programs are recognized as revenue when such courses and programs are delivered.
Eligibility criteria are criteria that the Society has to meet in order to receive certain contributions. Stipulations describe what the Society must perform in order to keep the contributions. Contributions without eligibility criteria or stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity. Contributions with eligibility criteria but without stipulations are recognized as revenue when the contributions are authorized by the transferring government or entity and all eligibility criteria have been met.
Contributions with stipulations are recognized as revenue in the period the stipulations are met, except when and to the extent that the contributions give rise to an obligation that meets the definition of a liability in accordance with Section PS 3200. Such liabilities are recorded as deferred revenue.
Expenses
Expenses are reported on an accrual basis. The cost of all goods consumed and services received during the year is expensed. Actual salaries of personnel assigned to two or more programs are allocated based on the time spent in each program. Employee benefits and allowances are allocated to the same programs, and in the same proportions, as the individual’s salary. Supplies and services are allocated based on actual program identification.
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
15
2. Significant accounting policies (continued)
Prepaid expenses
Certain expenditures incurred and paid before the close of the school year are for specific school supplies, which will be consumed subsequent to the year-end, and are accordingly recorded as prepaid expenses. Certain insurance expenses also fall into this category.
Portfolio investments
The Society has investments in GIC’s that have maturity dates greater than 3 months. GIC’s not quoted in an active market are reported at cost or amortized cost. Detailed information regarding portfolio investments is disclosed in Note 5.
Asset classification
Assets are classified as either financial or non-financial. Financial assets are assets that could be used to discharge existing liabilities or finance future operations. Non-financial assets are acquired, constructed or developed assets that do not normally provide resources to discharge existing liabilities but are employed to deliver services, may be consumed in normal operations and are not for resale in the normal course of operations. Non-financial assets include tangible capital assets and prepaid expenses.
Tangible capital assets
Tangible capital assets are initially recorded at cost which includes amounts that are directly attributable to acquisition, construction, development or betterment of the asset. Donated tangible capital assets are recorded at their fair market value at the date of donation, except in circumstances where fair value cannot be reasonably determined, when they are then recognized at nominal value. Transfers of tangible capital assets from related parties are recorded at original cost less accumulated amortization. Tangible capital assets are amortized on a straight-line basis over the estimated useful life as follows:
Equipment 10 to 20 years Vehicles 10 years Computer equipment 5 years
Only capital assets with a cost in excess of $5,000 are capitalized. No amortization is recorded in the year of acquisition.
Vacation pay
Vacation pay is accrued in the period in which the employee earns the benefit.
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
16
2. Significant accounting policies (continued)
Program reporting
The Society’s operations have been segmented as follows:
ECS-Grade 12 Instruction: The provision of Early Childhood Services education and grades 1 – 12 instructional services that fall under the basic public education mandate.
Plant Operations and Maintenance: The operation and maintenance of all school buildings and maintenance shop facilities as well as the operations of the Hot Lunch program.
Transportation: The provision of regular and special education bus services (to and from school), whether contracted or board operated, including transportation facilities.
Board and System Administration: The provision of board governance and system-based/central office administration.
External Services: All projects, activities, and services offered outside the public education mandate for ECS children and students in grades 1-12. Services offered beyond the mandate for public education are to be self-supporting, and Alberta Education funding may not be utilized to support these programs.
The allocation of revenue and expenses are reported by program, source, and object on the Schedule of Program Operations.
Pensions
Pension costs included in these statements comprise the cost of employer contributions for current service of employees during the year. The current and past service costs of the Alberta Teachers Retirement Fund are met by contributions by active members and the Government of Alberta. Under the terms of the Teachers Pension Plan Act, the Society does not make pension contributions for certificated staff. The Government portion of the current service contribution to the Alberta Teachers Retirement Fund on behalf of the jurisdiction is included in both revenue and expenses. For the school year ended August 31, 2014, the amount contributed to the Teachers’ Retirement Fund by the Province was $68,791 (2013 - $71,308). The Society participates in a multi-employer pension plan, the Local Authorities Pension Plan, and does not report on any unfunded liabilities. The Society does not make pension contributions for the staff. At December 31, 2013, the Local Authorities Pension Plan reported an actuarial deficiency of $4,861,516,000 (2012 – deficiency of $4,977,303,000).
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
17
2. Significant accounting policies (continued)
Financial instruments
A contract establishing a financial instrument creates, at its inception, rights and obligations to receive or deliver economic benefits. The financial assets and financial liabilities portray these rights and obligations in the financial statements. The Society recognizes a financial instrument when it becomes a party to a financial instrument contact. The Society’s financial instruments consist of cash and cash equivalents, accounts receivable, portfolio investments, bank indebtedness and accounts payable and accrued liabilities. Unless otherwise indicated, it is management's opinion that the Society is not exposed to significant credit and liquidity risks, or market risk, which includes currency, interest rate and other price risks. Portfolio investments in equity instruments quoted in active markets and derivates are recorded at fair value. All other financial assets and liabilities are recorded at cost or amortized cost and the associated transaction costs are added to the carrying value of items in the cost or amortized cost upon initial recognition. The gain or loss arising from derecognition of a financial instrument is recognized in the Statement of Operations. Impairment losses such as write-downs or write-offs are reported in the Statement of Operations.
Cash and cash equivalents
Cash and cash equivalents include cash and investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of change in value. These short-term investments have a maturity of three months or less at acquisition and are held for the purpose of meeting short-term cash commitments rather than for investing.
Accounts receivable
Accounts receivable are shown net of allowance for doubtful accounts.
Deferred revenue
Deferred revenue includes contributions received for operations which have stipulations that meet the definition of a liability per Public Sector Accounting Standards (PSAS) PS 3200. These contributions are recognized by the Society once it has met all eligibility criteria to receive the contributions. When stipulations are met, deferred revenue is recognized as revenue in the fiscal year in a manner consistent with the circumstances and evidence used to support the initial recognition of the contributions as a liability.
Contributed services
Volunteers contribute a considerable number of hours per year to schools to ensure that certain programs are delivered, such as kindergarten, lunch services and the raising of school generated funds. Because of the difficulty of compiling these hours and the fact that these services are not otherwise purchased, contributed services are not recognized in the financial statements.
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
18
2. Significant accounting policies (continued) Contributed supplies
Supplies to support the hot lunch program are donated to the Society. These supplies consist of perishable food products nearing expiry, with no market value. Because of the difficulty in determining the value of the contributions due to the fact that there is no market for these products, contributed supplies are not recognized in the financial statements.
Measurement uncertainty
The precise determination of many assets and liabilities is dependent on future events. As a result, the preparation of financial statements for a period involves the use of estimates and approximations, which have been made using careful judgement. Actual results could differ from those estimates. Significant areas requiring the use of management estimates relate to the potential impairment of assets, rates for amortization and estimated employee future benefits.
3. Cash and cash equivalents and bank indebtedness
2014 2013
Average Effective
(Market) Yield Cost
Amortized Cost
Amortized Cost
Cash 0.10 - 0.60% $211,366 $211,369 $210,604
Bank indebtedness (8,814) (8,814) (54,547)
Total cash and bank indebtedness $202,552 $202,555 $156,057
The Society has negotiated an overdraft facility in the amount of $50,000 with Servus Credit Union with an overdraft interest rate of prime. At August 31, 2014, there were no drawings on this overdraft facility (2013 - $29,865). Bank indebtedness consists of outstanding cheques issued in excess of the operating bank balance.
4. Accounts receivable
2014 2013
Federal Government $ 6,847 $ 8,713 Other 1,300 6,952 Foundations 10,408 10,647 Payroll advances 600 5,900 19,155 32,212 Less: allowance for doubtful accounts (1,200) -
$ 17,955 $ 32,212
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
19
5. Portfolio investments
2014 2013
Average Effective (Market)
Yield
Cost Fair Value
Average Effective (Market)
Yield
Cost Fair
Value
Long term deposit 0.90% $51,430 $51,430 1.00% $51,430 $51,430
Long term deposit 2.15% $100,00 $100,000
Total portfolio investments 0.90% $51,430 $51,430 1.53% $151,430 $151,430
The following is the maturity structure for fixed income securities based on the principal amount:
2014 2013
3 months to 5 years 100% 100%
6 to 10 years - -
11 to 20 years - -
Over 20 years - -
100% 100% It is management’s opinion that there has been no impairment during the year. 6. Accounts payable and accrued liabilities 2014 2013
Trade payables and accrued liabilities $ 18,927 $ 19,841 Foundations 50,750 750 Federal Government 24,982 27,632
$ 94,659 $ 48,223
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
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7. Deferred revenue
SOURCE AND GRANT OR FUND TYPE
DEFERREDREVENUE
as at Aug. 31, 2013
ADD: 2013/2014
Restricted FundsReceived/ Receivable
DEDUCT: 2013/2014
Restricted Funds Expended
(Paid/Payable)
ADD (DEDUCT): 2013/2014
Adjustmentsor Returned
Funds
DEFERREDREVENUE
as at Aug. 31, 2014
Alberta Education Restricted Operational Funding:
Lease - $200,000 $191,757 - $8,243
Other Deferred Revenue:
School rental fees $2,000 - $2,000 - -
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
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8. Tangible capital assets
August 31, 2014
Vehicles Equipment Computer Equipment Total
Historical cost
Beginning of year $327,135 $126,907 $132,435 $586,477
Additions -
-
-
-
Transfers in (out) - - -
-
Less disposals including write-offs -
-
-
-
$327,135 $126,907 $132,435 $586,477
Accumulated amortization
Beginning of year $89,400 $68,861 $126,951 $285,212
Amortization expense 32,713 21,827 5,484
60,024
Transfers in (out) - - -
-
Less disposals including write-offs - -
-
-
$122,113 $90,688 $132,435 $285,212
Net book value at end of year
$205,022 $36,219 - $241,241
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
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8. Tangible capital assets (continued)
August 31, 2013
Vehicles Equipment Computer Equipment Total
Historical cost
Beginning of year $235,895 $126,907 $132,435 $495,237
Additions
178,677
-
-
178,677
Transfers in (out) - - -
-
Less disposals including write-offs
(87,437) - -
(87,437)
$327,135 $126,907 $132,435 $586,477
Accumulated amortization
Beginning of year $65,810 $47,033 $113,176 $226,019
Amortization expense 23,590 21,828 13,775
59,193
Transfers in (out) - - -
-
Less disposals including write-offs - - -
-
$89,400 $68,861 $126,951 $285,212
Net book value at end of year
$237,735 $58,046 $5,484 $301,265
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
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9. Contractual obligations
The Society is committed to a lease agreement with a related party, The Friends of MECCS Education Foundation, which expires January 31, 2022. As per the lease agreement, the Society shall pay $350,000 per annum as rent in respect of each year of the term. Each year this amount is subject to change based on Friends of MECCS Education Foundation board approval.
10. Economic dependence
The Society’s primary sources of revenue are received from the Province of Alberta and the Government of Canada. The Society’s ability to continue viable operations is dependent on this funding.
11. Related party transactions
All entities consolidated in the accounts of the Government of Alberta are related parties of school jurisdictions. These include government departments, health authorities, post-secondary institutions and other school jurisdictions in Alberta. All related-party transactions are in the normal course of business and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. Friends of MECCS Education Foundation (the “Foundation”) is a related party as its board of directors includes management and board members from the Society. These two entities have not been consolidated as it was determined that there is no common control. The Society and the Foundation pay expenses on behalf of one another, which are then fully reimbursed at cost. The Society also pays the Foundation rent for the use of the school and related property. These transactions are in the normal course of operations and have been measured at the exchange amount, which is the amount of consideration agreed to by the parties.
Balances Transactions Financial
Assets (at cost) Liabilities (at
amortized cost) Revenues Expenses
Government of Alberta Education - $8,243 $800,423 - Other Gov’t of Alberta departments - - - - Other Post-secondary institutions - - - - Friends of MECCS Education Foundation
$10,408 $50,750 - $191,757
TOTAL 2013-2014 $10,408 $58,993 $800,423 $ 191,757
TOTAL 2012-2013 $17,509 $750 $1,091,459 $476,353
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
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12. School generated funds
2014 2013Deferred school generated revenue, beginning of year $ - $ -Gross receipts: Other sales and services 18,718 19,939Current year activities – total direct costs including cost of goods sold to raise funds
18,718 19,939
Deferred school generated revenue, end of year $ - $ - 13. Budget amounts
The budget was prepared by the school jurisdiction and approved by the Board of Trustees on May 13, 2013.
14. Remuneration and monetary incentives
The Society had paid or accrued expenses for the year ended August 31, 2014 to or on behalf of the following positions and persons in groups as follows:
PerformanceBoard Members: FTE Remuneration Benefits Allowances Bonuses ExpensesChair - Brenda Nelson 1.0 $0 $0 $0 $0 $0 $269Dale Friedel 1.0 $0 $0 $0 $0 $0 $0Emil Durocher 1.0 $0 $0 $0 $0 $0 $0Terry Regamey 1.0 $0 $0 $0 $0 $0 $389Garrett Strawberry 1.0 $0 $0 $0 $0 $0 $366Allan Ross 1.0 $0 $0 $0 $0 $0 $492Clifford Cardinal 1.0 $0 $0 $0 $0 $0 $0Rod Burnstick 1.0 $0 $0 $0 $0 $0 $0
0.0 $0 $0 $0 $0 $0 $00.0 $0 $0 $0 $0 $0 $00.0 $0 $0 $0 $0 $0 $00.0 $0 $0 $0 $0 $0 $0
Subtotal 8.0 $0 $0 $0 $0 $0 $1,516
Certificated teachers 7.0 $563,731 $120,804 $0 $0 $0 $0Non-certificated - other 13.6 $537,986 $54,952 $0 $0 $0 $0
TOTALS $1,101,717 $175,756 $0 $0 $0 $1,516
ERIP's / Other
The Superintendent, Ed Wittchen is paid based on contract and not wages. He received $72,920 (2013 - $77,883) as per his contract. Benefits include government portion of the current service contribution to the Alberta Teachers Pension Fund on behalf of the school jurisdiction.
MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETY NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31, 2014
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15. Going concern
These financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the payment of liabilities in the ordinary course of operations. Should the Society be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. The continuation of the Society is dependent upon the continuing availability of Federal and Provincial funding, the additional funding of third parties, and upon adherence to budgeted expenses. These financial statements do not reflect the adjustments or reclassification of assets and liabilities which would be necessary if the Society were unable to continue its operations.
16. Additional information
The following information is required to comply with the disclosure requirements of the Charitable Fund-raising Act and Regulation: Gross contributions received were $100,986. Gross contributions were disposed of through various expenditures which have been detailed on
the schedule of program operations and were in excess of 10% of the gross contributions received.
There were no expenses incurred for the purposes of soliciting contributions. No amounts were paid as remuneration to employees whose principal duties involve fundraising.