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Transcript of A place to call home. - A Port In The · PDF fileA HUGE THANK-YOU TO OUR GENEROUS DONORS THIS...
A place to call home.
A PORT IN THE STORM | ANNUAL REVIEW | 2014/15
Our Vision
Supporting rural and northern patients and their families.
Our Mission
A Port in the Storm serves rural and northern adults who require medical treatment in Winnipeg. We will provide a safe, supportive, and affordable home-like environment for these patients and their families.
Achievement of the organizations and the HOUSE’s mission statements is predicated on our belief in certain values:
Quality of Life The right of individuals to focus on health rather than housing. A relaxed, home-like environment contributes to an improved attitude and sense of well-being.
Dignity Is sustained by mutual respect among staff, volunteers, and guests within the organizational structure. Every staff member, volunteer, donor, and guest will be valued for their role and contribution.
Caring We recognize the intrinsic value of caring through collaboration with health care institutions and staff.
Fiscal Accountability We promote efficient and responsible utilization of resources.
CollaborationWe will bring together human and financial resources with ingenuity, respect, and responsibility.
MESSAGE FROM THE PRESIDENT AND EXECUTIVE DIRECTOR
Patricia Benjaminson, President
It’s with great enthusiasm we conclude our 2014-2015 fiscal year. Since opening our doors in 2012, we have demonstrated the local relevancy of our services and support to the many communities we serve across Manitoba, Northwestern Ontario and places as far north as Nunavut. In addition to serving these regions, we are grateful for our partnerships with St. Boniface Hospital, Health Sciences Centre and many of the community hospitals.
Over the past twelve months, we have seen a combination of hard work and commitment from so many partners such as health care professionals, staff and volunteers who continue to help more and more families in need and strive for excellence. Through the generous contributions of our donors, community partners, volunteers and stakeholders, we are able to help over 200 families this past year and with certainty have provided a ‘place to call home.’
Over the past year, we have established and strengthened polices and infrastructure to support our growth and future development. Some of these milestones included expansion of volunteer committees, updating our vision, mission and values for relevancy and upgrades in information technology, generously supported by The Winnipeg Foundation.
The following report highlights the organizational accomplishments which are reflective of this milestone year and pays tribute to everyone who gave of their time, expertise and financial support to ensure that we realize through our collective goals, we can provide a ‘place to call home’ for our families who are receiving medical care.
On behalf of A Port in the Storm Board of Directors and staff – thank-you! With a special thank-you to all of the guests and their families who have welcomed us into their lives and show us strength and courage on a daily basis.
All the best,
Stacey Grocholski, Executive Director
Pat Benjaminson RN, President
Stacey Grocholski, ED
BOARD OF DIRECTORS
Patricia Benjaminson, PresidentHeather Emerson-Proven, Vice-PresidentValerie Strath, TreasurerJoanne Loughery, Past PresidentSharon StevensLeah KosokowskyLawrence TraaRob ElderDonna McKenzie *resigned July 2015
STAFF
Stacey Grocholski, Executive DirectorDebby-Lute Storey, House ManagerMaria Harper, House Manager (on leave)Cara Adams, CasualSophia Petryk, Casual
COMMITTEES
Board Development and Nominations
Joanne Loughery, ChairPatricia BenjaminsonLeah KosokowskyStacey Grocholski
Board Governance and Policy
Heather Emerson-Proven, ChairDr. David SzwajcerSharon StevensLeah KosokowskyPatricia BenjaminsonStacey Grocholski
Finance
Valerie Strath, ChairLawrence TraaDebby Lute-StoreyStacey Grocholski
Partnerships
Joanne Loughery, ChairLawrence TraaSharon StevensCrystal GregoirePatricia BenjaminsonStacey Grocholski
Marketing and Communications
Stacey Grocholski, ChairKristin HancockAlyson PilePatricia Benjaminson
Building
Rob Elder, ChairGary CarrWade BenjaminsonGuy GeorgeLawrence Traa Greg Pilgrim
Advisors to the Board
Dr. David Szwajcer, MedicalBryan Luce, HRBruce King, Legal
STATISTICS (2014-2015 FISCAL YEAR)
UNOCCUPIED 22%
OCCUPIED 78%
OCCUPANCY
SOUTHERN 4%
PRAIRIE MOUNTAIN 27%
INTERLAKE EASTERN 4%
WINNIPEG 1%SASKATCHEWAN 3%
NORTHERN 41%
ONTARIO 16%
UNKNOWN 1%
NUNAVUT 3%
REGIONS
DIAGNOSIS
CANCER 69%
SURGERY 2%
PEDIATRIC 2%UNKNOWN 2%
CARDIAC 13%
DIAGNOSTIC 5%
RENAL-DIALYSIS 7%
A HUGE THANK-YOU TO OUR GENEROUS DONORS THIS PAST YEAR!
Donations of $1 - $499
Stephanie BerriganKofi TorpeyChristine AndersonMandy BergRamil Dela CruzJustin SawlerJeff VandramelliEleanor AireyJoan LajambeDoug & Ellen LongHeather FisherMyrna AdamsChris AmmarGrace AndersonJim AshtonColleen BoutangMabel & Charles BradeGrant ButlerLynn CaldwellGarth DechDan DekezelP. DuncanCourtney DurnfordLorrie DyerFranca GillespieCliff & Diane GouldieNorah Gray
Craig & Karen GuginTanis HallDenis HebertRyan HowardTillie & Wayne JohnsonAlice MacFarlansDonna & Ernest MansfieldGary MarxSally McDonaldJean McKinnonGraham NecykValarie NordquistHoward NorekJackie RainkieCindy RoutledgeMichelle RoutledgeBetty RuddNorma SheardownLenora ShierDon & Donna ShorrockBernice SildeMavis SmithArt StangleClayton ThompsonDonelda TibbattsCalude ToltonCathy & Leonard WarkMarianne Whyte
Leslie WrightStephanie CisarMorag ApostleMarilyn BerknerJoan BolducMargaret BoonstraAndy CardyStacie CardyRaymond Charles & Vera CherneckiKevin DuguidHelen FinnieCorrine Faith Slide GinterWalter HiebertNigel & Caroline JeanesJohn KinczyloPeggy KirkRichard KroppAudrey LarmonDolores LaurendeauBart LobbRenee MacleanPete MagierowskiMarguerite McAlpineDennis & Donna McLeodIone MorashDerek & Shirley Anne MurrayStan PatenaudeVerna Polcyn
Roberta & Clarence PrawdzikWilfred PriceSteffie PrydunDon & Virginia RogersPhyllis SawatzkyDorothy StokerPatricia SurowyStanley & Lillian SwiderskiRaymond & Donna ToddElizabeth WilliamsVaughn & Frances WilsonDeepdale Ladies AidLinda & Larry CoulthardCynthia DraperGeordena & Edwin JohnsonMarvin & Patricia JohnsonLinda & Larry CoulthardLarry MaguireMary & Gordon McPheeSarah PrudenAlbert & Geraldene QuonKeith RitchieBarry & Kathy RoutledgeMarie TaplinMark & Rena TherrienLoree WedderburnRandy & Joan BowmanJean CaldwellBecky DoironVelma DoupeDouglas & Irene DraperCarol HunterIan & Beth McPhaden
Jasper MunozMatthew PalmerPat RamptonCarole & Lenard BaconHazel BailyRosalie BeamishRuth BergmanTony BokenLorene & Dale BonnetteDr. Ray C. BrightPaulo CabralAllan CameronMorris & Irene ClarkeHarding Community ClubCommunity Futures Triple R CorporationLarry & Tonis CoulsonGarry DraperHolly DraperJulia Ward DunnGail DupontBarb & Jim DutchieRobert & Sharon FinesDavid & Karyn FormoTony FranklinJudith & Lawrence GalickRobert & Wilma GenungArnold & Sonia GiesbrechtEverett GurrMary Ida HerbertStella & Clarence HildebrandLlyod & Ihros HopleyJanice Hunt
Marlene & Cameron HunterDennis JonassonAndrew & Stephanie KlassenSusan & David LindsayLarry & Myrna LivingstonJoyce MacDuffChrissy MacKinnonRonald & Joy MackenzieLinda Joan MaliteareNorma MarciDenise MarstonMichelle MartinLew McClurgGrace McTavishBrad MillsCressida MillsBranko MilosevicKaren MitchellStan & Lorraine NankivellColleen NelsonJanice NorieDave & Jacki NylenGordon & Myrna OrrKeith & Brenda OrrIrene OsinchukMaria (Mary) PetersRicky PhillipsJohn Curtis RoseveareSheldon SeafootPatricia ServatkaGraham ShawDonna SlackWarren & Margaret Smallwood
Barry & Jeanette SmithCarl SmithGeoffrey & Rose SmithSnow Lake Health AuxillaryMaureen & Leo SteinfeldRoma StevensonK. TorgrudElsie WedgewoodBarb WilliamsJudy YahnkeFritz EngelD. Robin JohnsonManitoba Public InsuranceJ. Leith CorneyValdine DoeringPatricia & Brian KerrSharon HildebrandEileen KentBonnie MazurGerald & M. Lynne SmithPeter SpencerDonald IkmanKaren InnesMarianne WhyteAnna EliasDr. Kourosh Alamian-HarandiCountry Meadows Nurses MNU Local 20Manitoba Nurses Union Local 71Gordon BoerchersLinda BuchananRalph BucklandCarlyle CameronDennis Cameron
Carman Nurses Union Local 89Julia ChambersCora Hartigan & Patrick FloodMary E CurtisLora DobsonRoberta DyckCarol EllingsonSouth Wind Acres FarmRand FinlayLynne GauldBruce GowansBarry & Gwen GreenTops #MB 3963 HamiotaLori HawkinsElizabeth HinchMargaret HinksGwen HoffmanHoryshen HoldingsEileen & Grant JacksonJohn Van Haaren / Pamela AchurchDawn Marie JohnstonKatherine KlassenClement Charriere & Irene LansardCycelia LazarowichJ. Eric LoweM&B Abel Farms Ltd.Carol Lynn MaxwellElizabeth McInerneyRonald McLeodLinda MillsSuper 8 MotelJerry MyersRay OgibowskiLisa Pearson
Calvin & Barbara PituraDoyle PiwniukPeter PlettR.C.M.P. Veterans AssociationLes RankinLeo & Diane RobertMary Ann StevensonVal StrathMarjorie ThompsonLenore W.I.Coleen WallaceLes & Patricia WoodJS FurnitureLucille CanartHortense WilcottRene WilcottHi-Tech Social CommitteeEagle 93.5Adam BrownMichael CarrFergus ClearlyCooperatorsRichard DyckTerry DyckNathan EliasJake FehrConcentra FinancialBob FriesenGreg HesomAbe HilderbrandJim HuntJohn JanzenScott Johnson
Bernie KrahnMNPBob McPhersonWiens Doell Law OfficeMark PetersEnterprise RielImpact SignsSwan Valley Credit UnionBev KruegerTralle Works Ltd.My Tribute Gift FoundationRaymond & Nancy BayneDeloraine School Social Justice CommitteeGrant & Susan GugardConcordia Manitoba Nurses Union Local 27Robert J. McIntyre & AssociatesJim BondGary & Margaret BrownPamela BrownGordon & Terri HallKaren HumeniukHarry & Connie Ellis Farms LtdMarie & James ScottHSC Retirees AssociationPam FroeseSandra DoellBen DuekJake JanzenDennis KehlerRay KirkDarrell LoewenJim Neufeld
JPB RepairMNU Local #113Minnedosa Nurses Union Local 31Tache Nurses Union Local 49Birch River Legion Ladies AuxiliaryKen & Merrilee BondCrossroads Community ChurchMelvin & Janice DixonJack & Gwen HoustonSandra KeatesBrian KellsGloria KrahnLadies Auxiliary Flin FlonCatholic Womens LeagueRed River Valley Manitoba Nurses Union Local 35Susan RosenbergMichael & Donna SmalleyDorothy SyslakVirden and District Nurses – Manitoba Nurses Union Local 40Irene WiebeGary CarrDavis & HendersonDGCMDrew LockhartKeith LougheryFriesen’s Business MachinesDoug RempelMB Nurses Union Stonewall Local 106Patricia & John GrayJason & Barbara Hodson
Whyte’s LumberMNU Worksite 16Manitoba Nurses Union Local 17 - SourisIona GaudetMarilynn ShimkusIDC CommunicationsFriesens CorporationMicroage ManitobaEagleye PrintingTelexpertsDonna MooreNeepawa U.C.W.Phil UnrauCumis Insurance CompanyFriesen InsuranceLeatherdale InsuranceCurt LetkemanChicken ChefMarlene JacksonBoiteau Ent LTDJillian WhitfordHeather Emerson-ProvenCredit Union Central of ManitobaRANA Respiratory GroupCity of MordenAssiniboine Credit UnionCatalyst Credit UnionEntegra Credit UnionNiverville Credit UnionSunova Credit UnionSunrise Credit UnionWinnipeg Police Credit Union
Donations of $500 - $999
Bethesda Nurses Local 101Neepawa Nurses Local 12Portage La Prairie Nurses Union Local 39Manitoba Nurses Union Local 41Winnipeg Home Care Nurses Worksite 97The Great West Life Assurance CompanyYolande FreynetSWS GroupPatricia Hawkins
Helen KleinParkland Community Nurses Local 122Greg PilgrimThompson Nurses Union Local 6 Mo Tus Nua YogaCELEROManitoba Hydro, BrandonAnglican United ChurchGreen Valley EquipmentGrandeur/BerdickDA Loewen
Piston Ring ServiceGTPSimmons Multi-MediaLarry DaveySian BarrowAlbert FisherBDODecor CabinetsPullan Kammerloch FrohlingerPatricia Benjaminson
Donations of $1000 - $4999
United Way of Calgary and AreaBrian LagimodiereHarry G. McGillivaryRadisson Fire DepartmentShare & Care St. RoseSt. Boniface Nurses Local #5Lawrence TraaAmerican Women’s Club of WinnipegLadies Auxiliary of the Canadian Legion Kenton Br #118Robert Beriault
Veron Consultants Inc.CRI CanadaStead and Area New Horizon Senior ClubVariety AdvertisingCo-op WinklerVirden & District Health AuxillaryWilma & Evan BellThe Pas Metis Association Inc. CanteenManitoba Hydro, GillamMinnedosa Rotary Club
Michael & Sheila PaddonAccess Credit UnionRoblin and District Lion’s ClubMinnedosa Credit Union
Donations of $5000 - $9999
R.M. of Kelsey
Donations of $10,000 +
The Thomas Sill FoundationDr. Donna WallKaren MathieuManitoba Hydro
Michael & Sheila PaddonAccess Credit UnionRoblin and District Lion’s ClubMinnedosa Credit Union
THANK YOU SO MUCH TO ALL OUR DONORS!
A PORT IN THE STORM FINANCIAL STATEMENTS
MARCH 31, 2015
Independent Auditors’ Report
To the Directors of A Port in the Storm Inc.:
We have audited the accompanying financial statements of A Port in the Storm Inc., which comprise the statement of financial position as at March 31, 2015, and the statements of operations, changes in net assets and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not‑for‑profit organizations, 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’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing 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 qualified audit opinion.
Basis for Qualified OpinionIn common with many charitable organizations, the Organization derives revenue from donations, contributions and fundraising activities, 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 donations, contributions, fundraising, deficiency of revenues over expenses, current assets and net assets.
Qualified OpinionIn our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly in all material respects the financial position of A Port in the Storm Inc., as at March 31, 2015, and the results of its operations, changes in net assets and its cash flows for the year then ended in accordance with Canadian accounting standards for not‑for‑profit organizations.
Winnipeg, Manitoba August 9, 2015
Chartered Accountants
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2015 2014
AssetsCurrent Cash (Note 3) Accounts receivable (Note 4) Goods and services tax Prepaid expenses and deposits
124,99128,590
1,500500
167,40723,385
4,636500
155,581 195,9281
Capital assets (Note 5) 1,097,735 112,604
Investments (Note 6) 255,791 280,330
Patronage equity 1,000 8,182
1,510,107 1,597,044
Liabilities
Current Accounts payable and accruals (Note 7)
18,464 42,490
Deferred contributions related to capital assets (Note 8) 122,618 104,821
141,082 147,311
Net Assets Unrestricted Invested in capital assets
371,290997,735
441,9501,007,783
1,369,0251,449,733
1,510,107 1,597,044
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE THESE FINANCIAL STATEMENTS
Approved on behalf of the Board
Director Director
A Port in the Storm Inc.
Statement of Financial PositionAs at March 31, 2015
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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE THESE FINANCIAL STATEMENTS
A Port in the Storm Inc.
Statement of OperationsAs at March 31, 2015
2015 2014
Revenues
Rental incomeDonationsMealsFundraisingCleaningParking
229,854169,199
21,57517,420
6,6241,828
186,300154,239
-192
--
446,500 340,731
Expenses
AdvertisingAmortizationBad debtBank charges and interestFundraisingGoods and Services Tax and sales taxInsuranceMeals and entertainmentOffice supplies and otherProfessional developmentProfessional feesProperty taxesRentRepairs and maintenanceSalaries and benefitsTelephoneUtilities
29515,304
1,3563,657
10,8491,554
13,82121,39217,463
1,22327,41527,509
236,72515,246
132,0224,5498,339
61316,514
-2,648
19,5264,636
12,8554,954
11,3301,847
42,23014,636
222,13023,328
123,0764,8765,640
538,719 510,839
Deficiency of revenues over expenses (92,219) (170,108)
Other items
Interest income Unrealized gain on investmentsUnrealized interest income on investments Loss on disposal of investmentProceeds from insurancePatronage dividends
8992
3,625(548)6,2331,201
596586
3,154--
9,010
11,511 13,346
Deficiency of revenues over expenses (80,708) (156,762)
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A Port in the Storm Inc.
Statement of Changes in Net AssetsAs at March 31, 2015
UnrestrictedInvested in
capital assets 2015 2014
Net assets, beginning of year 441,950 1,007,783 1,449,733 1,606,495
Deficiency of revenues over expenses (65,404) (15,304) (80,708) (156,762)
Capital asset purchases 435 (435) – –
Transfers (4,821) 4,821 – –
Net assets, end of year 371,290 997,735 1,369,025 1,449,733
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE THESE FINANCIAL STATEMENTS
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A Port in the Storm Inc.
Statement of Cash FlowsAs at March 31, 2015
2015 2014
Cash provided by (used for) the following activities Operating
Deficiency of revenues over expensesAmortizationUnrealized gain on investmentsUnrealized interest income on investmentsLoss on disposal of investments
(80,708)(156,762)
(992)(3,625)
548
(156,762)16,514
(586)(3,154)
–
(69,473) (143,988)
Changes in working capital accounts
Changes in working capital accounts Accounts receivableGoods and services taxAccounts payable and accrualsDeferred contributions related to capital assets
(5,205)3,136
(24,026)17,797
(3,821)3,089
(22,690)4,821
(77,771) (162,589)
Investing
Purchase of capital assetsPurchase of investmentsProceeds on disposal of investmentsAdvances of patronage equityPatronage equity received
(435)(1,392)30,000
–7,182
(60,187)-
200,000(8,182)
-
35,355 131,631
Decrease in cash resourcesCash resources, beginning of year
(42,416) 167,407
(30,958) 198,365
Cash resources, end of year 124,991 167,407
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE THESE FINANCIAL STATEMENTS
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A Port in the Storm Inc.
Notes to the Financial StatementsFor the year ended March 31, 2015
1. Incorporation and nature of the organization
A Port in the Storm Inc. (the “Organization”) is incorporated as a not-for-profit entity under the Corporations Act of Manitoba and is a registered charity under the Income Tax Act. Its goal is to provide safe, supportive and affordable accommodations for out of town adults while staying in the city for medical treatments.
The Organization is registered as a charitable organization under the Income Tax Act (the “Act”) and as such is exempt from income taxes and is able to issue donation receipts for income tax purposes. In order to maintain its status as a registered charity under the Act, the organization must meet certain requirements within the Act. In the opinion of management, these requirements have been met.
2. Significant accounting policies
The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations and include the following significant accounting policies:
Cash Cash includes balances with banks. Cash subject to restrictions that prevent its use for current purposes is
included in restricted cash.
Revenue recognition The Organization follows the deferral method of accounting for contributions. Restricted contributions are
recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Endowment contributions are recognized as direct increases in net assets.
Revenues from rental operations are recognized when services are provided.
Capital assets
Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair value at the date of contribution if fair value can be reasonably determined.
Amortization is provided using the declining balance method at rates intended to amortize the cost of assets over their estimated useful lives.
In the year of acquisition, amortization is taken at one-half of the rates noted below.
Equipment Rate 20%
Long-lived assets
Long-lived assets consist of capital assets. Long-lived assets held for use are measured and amortized as de-scribed in the applicable accounting policies.
When the Organization determines that a long-lived asset no longer has any long-term service potential to the Organization, the excess of its net carrying amount over any residual value is recognized as an expense in the statement of operations. Write-downs are not reversed.
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A Port in the Storm Inc.
Notes to the Financial StatementsFor the year ended March 31, 2015
Contributed services
Contributions of services are recognized both as contributions and expenses in the statement of operations when a fair value can be reasonably estimated and when the services are used in the normal course of the Organization’s operations and would otherwise have been purchased.
Deferred contributions related to capital assets
Deferred contributions related to capital assets represent the unamortized portion of restricted contributions that were used to purchase the Organization’s building under construction. Recognition of these amounts as revenue is deferred to periods when the related capital asset is amortized.
Measurement uncertainty
The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.
Accounts receivable are stated after evaluation as to their collectability and an appropriate allowance for doubtful accounts is provided where considered necessary. Amortization is based on the estimated useful lives of capital assets.
These estimates and assumptions are reviewed periodically and, as adjustments become necessary they are reported in the statement of operations in the periods in which they become known.
Financial instruments The Organization recognizes its financial instruments when the Organization becomes party to the contractual
provisions of the financial instrument. All financial instruments are initially recorded at their fair value.
At initial recognition, the Organization may irrevocably elect to subsequently measure any financial instrument at fair value. The Organization has not made such an election during the year.
The Organization subsequently measures investments in equity instruments quoted in an active market at fair value. Fair value is determined by published price quotations. Investments in equity instruments not quoted in an active market are subsequently measured at cost less impairment. With the exception of those instruments designated at fair value, all other financial assets and liabilities are subsequently measured at amortized cost.
Transaction costs and financing fees directly attributable to the origination, acquisition, issuance or assumption of financial instruments subsequently measured at fair value are immediately recognized in the statement of operations for the current period. Conversely, transaction costs and financing fees are added to the carrying amount for those financial instruments subsequently measured at amortized cost or cost.
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A Port in the Storm Inc.
Notes to the Financial StatementsFor the year ended March 31, 2015
3. Cash
2015 2014
Cash for operationsCash reserved for future capital asset purchases
102,373 22,618
162,5864,821
124,991 167,407
4. Accounts receivable
2015 2014
Accounts receivableInsurance proceeds receivablePatronage dividends receivable
22,5136,2331,200
23,385––
Allowance for doubtful accounts29,946
(1,356)23,385
–
28,590 23,385
5. Capital assets
2014
CostAccumulatedamortization
Net book value
Building under constructionEquipment
1,036,300101,288
–39,853
1,036,30061,435
1,137,588 39,853 1,097,735
2014
CostAccumulatedamortization
Net book value
Building under constructionEquipment
1,036,300100,853
–24,549
1,036,30076,304
1,137,153 24,549 1,112,604
A Port in the Storm Inc.
Notes to the Financial StatementsFor the year ended March 31, 2015
6. Investments
2015 2014
Measured at fair value: Assante Mutual Fund Investment Royal Bank of Canada Mutual Fund Investment
43,389212,402
70,598 209,732
255,791 280,330
7. Accounts payable and accruals
2015 2014
Trade accounts payablePayroll liabilitiesVacation payable
10,328 3,179
4,957
32,4337,8222,235
18,464 42,490
8. Deferred contributions related to capital assets
Deferred contributions consist of unspent contributions externally restricted for capital expenditures. Recognition of these amounts as revenue is deferred to periods when the specified expenditures are made. Changes in the deferred contribution balance are as follows:
2015 2014
Balance, beginning of yearAmount received during the year
104,82117,797
32,4337,822
Balance, end of year 122,618 2,235
A Port in the Storm Inc.
Notes to the Financial StatementsFor the year ended March 31, 2015
9. Commitments
The Organization has entered into various lease agreements with estimated minimum annual payments as follows:
2016 266,055
10. Financial instruments
The Organization, as part of its operations, carries a number of financial instruments. It is management’s opinion that the Organization is not exposed to significant interest, currency, credit, liquidity or other price risks arising from these financial instruments except as otherwise disclosed.
Credit concentration
As at March 31, 2015, four customers accounted for 65% of the accounts receivable. The Organization believes that there is no unusual exposure associated with the collection of these receivables. The Organization performs regular credit assessments of its customers and provides allowances for potentially uncollectible accounts receivable.
MORE INFORMATION:
Phone: (204) 231-0720 Fax: (204) 594-6435
E [email protected] W: aportinthestorm.ca
LOCATION:
101-311 Alexander AvenueWinnipeg, Manitoba
R3A 0M9
MAILING ADDRESS:
Box 85Winnipeg, Manitoba
R2H 3B4
OFFICE HOURS:
8:30 am – 4:30 pm Monday to Friday