chilliwack foundation 2016 financial statements (online) · 2019. 3. 3. · chilliwack foundation...

Chilliwack FoundationFinancial Statements

June 30, 2016

Chilliwack FoundationStatement of Financial Position

As at June 30, 2016

2016 2015

AssetsCurrent

Cash 11,047 21,865Accounts receivable 658 235

11,705 22,100

Investments (Note 4) 9,131,325 8,171,794

9,143,030 8,193,894

LiabilitiesCurrent

Accounts payable and accruals 13,900 18,000

Net AssetsRestricted

Common Trust Fund ( ) 8,947,903 7,994,894Distributable Income Fund ( ) 181,227 181,000

9,129,130 8,175,894

9,143,030 8,193,894

Approved on behalf of the Board

Chair Treasurer

The accompanying notes are an integral part of these financial statements

1

Original Signed by Nigel Lennie Original Signed by Peter Dombowsky

Chilliwack FoundationStatement of OperationsFor the year ended June 30, 2016

2016 2015

RevenueDonations 923,810 254,160Interest and dividends 293,267 271,225Loss on sale of investments (14,117) (28,876)Increase in fair value of investments 43,316 10,888

1,246,276 507,397

ExpensesAwards and grants - Designated Funds (Note 5) 141,582 131,856Awards and grants - Undesignated Funds (Note 6) 127,039 83,797Administration 24,419 27,134

293,040 242,787

Excess of revenue over expenses 953,236 264,610


2

Chilliwack FoundationStatement of Changes in Net Assets

For the year ended June 30, 2016

DistributableIncome Fund(Schedule 1)

CommonTrust Fund

(Schedule 2)

2016 2015

Net assets, beginning of year 181,000 7,994,894 8,175,894 7,911,284

Excess of revenue over expenses 227 953,009 953,236 264,610

Net assets, end of year 181,227 8,947,903 9,129,130 8,175,894


3

Chilliwack FoundationStatement of Cash Flows


2016 2015

Cash provided by (used for) the following activitiesOperating

Excess of revenue over expenses 953,236 264,610Change in fair value of investments (43,316) (10,888)Loss on sale of investments 14,117 28,876Decrease in accrued interest 6,782 4,969Return of capital on investments 5,184 8,318Reinvested interest (7,031) (18,921)

928,972 276,964Changes in working capital accounts

Accounts receivable (423) 365Accounts payable and accruals (4,101) (2,791)

924,448 274,538

InvestingPurchase of investments (2,437,966) (1,939,686)Proceeds on disposal of investments 1,502,700 1,623,439

(935,266) (316,247)

Decrease in cash resources (10,818) (41,709)Cash resources, beginning of year 21,865 63,574

Cash resources, end of year 11,047 21,865


4

Chilliwack FoundationNotes to the Financial Statements


1. Incorporation and nature of the organization

The Chilliwack Foundation was created by an Act of the British Columbia provincial legislature on June 28, 1985. Thisperpetual body was created to receive donations in trust so that the net annual income from such donations would bedevoted perpetually to charitable purposes, principally within or near the boundaries of the former Regional District ofFraser-Cheam (as defined within the Act), in British Columbia.

2. Significant accounting policies

The accounting policies used by the Foundation are stated below to assist in understanding the financial statements.

Basis of presentation

The financial statements of the Foundation have been prepared in accordance with Canadian accounting standards for not-for-profit organizations.

Fund accounting

The Foundation follows the restricted fund method of accounting for contributions.

The General Fund:There is no activity in the General Fund and therefore it is not disclosed in the financial statements.

Restricted Funds:The Common Trust Fund comprises those assets contributed for perpetual management by the Foundation. Thecontributions within the fund are further segregated into an undesignated or specific fund category according to the terms ofthe donor. The Foundation exercises discretionary investment control within guidelines established by the Board ofDirectors.

The Distributable Income Fund accounts for all revenue, expenses and net assets of the Foundation which are available fordistribution within the guidelines of the Foundation.

Investments

Investments are valued at current market prices on the last day of the fiscal year. Gains or losses arising from investmenttransactions, including the revaluation of investments to current market prices, are reflected in the Common Trust Fund. TheFoundation has entered into a pooled investment arrangement whereby investment income is allocated between generaland specifically donated funds, held within the Common Trust Fund, based on the average net asset balance during theyear.

Market value for non-publicly traded investments is determined on the basis of generally accepted valuation methods whichbest and most objectively reflect the expected value that would be agreed upon in an open and unrestricted market betweenfully informed, knowledgeable and willing parties dealing at arm's length and without constraints.

The process of valuing investments from which no public market exists is inevitably based on inherent uncertainties and theresulting values that would have been used had a ready market existed for the investments. These differences could bematerial to the fair value of the investment portfolio.

Revenue recognition

Contributions are recognized on the earlier of when they are received or when the deeds of gift have been approved.

Bequests are recorded upon receipt of the donated assets. Bequests in a form other than cash or marketable securities arerecorded at fair value as determined by the Board.

Interest on bonds, debentures and short-term notes is recorded using the accrual basis. Dividends which have beendeclared are recorded as income on the last date of record set for the dividend. Interest and dividends are recorded asrevenue in the Distributable Income Fund.

5



2. Significant accounting policies (Continued from previous page)

Financial instruments

The Foundation recognizes its financial instruments when the Foundation becomes party to the contractual provisions of thefinancial instrument. All financial instruments are initially recorded at their fair value.

The Foundation subsequently measures investments in equity instruments quoted in an active market at fair value. Fairvalue is determined by published price quotations. Investments in equity instruments not quoted in an active market andderivatives that are linked to, and must be settled by delivery of, unquoted equity instruments of another entity, aresubsequently measured at cost less impairment. All other financial assets and liabilities are subsequently measured atamortized cost.

Transaction costs and financing fees directly attributable to the origination, acquisition, issuance or assumption of financialinstruments subsequently measured at fair value are immediately recognized in the excess of revenues over expenses forthe current period. Conversely, transaction costs and financing fees are added to the carrying amount for those financialinstruments subsequently measured at cost or amortized cost.

Financial assets are assessed for impairment on an annual basis at the end of the fiscal year if there are indicators ofimpairment. If there is an indicator of impairment, the Foundation determines if there is a significant adverse change in theexpected amount or timing of future cash flows from the financial asset. If there is a significant adverse change in theexpected cash flows, the carrying value of the financial asset is reduced to the highest of the present value of the expectedcash flows, the amount that could be realized from selling the financial asset or the amount the Foundation expects torealize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss willbe reversed to the extent of the improvement, not exceeding the initial carrying value.

Measurement uncertainty (use of estimates)

The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizationsrequires management to make estimates and assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenuesand expenses during the reporting period. Actual results could differ from those estimates.

These estimates and assumptions are reviewed periodically and, as adjustments become necessary they are reported inexcess of revenues and expenses in the periods in which they become known.

3. Commitments

The Foundation has committed to scholarships, awards and grants totaling $146,351 at June 30, 2016. Payment of theseawards and grants are conditional on the recipients meeting certain criteria and providing certain supporting information.

6



4. Financial instruments

The Foundation, as part of its operations, carries a number of financial instruments. It is management's opinion that theFoundation is not exposed to significant interest, currency, credit, liquidity or other price risks arising from these financialinstruments except as otherwise disclosed.

2016 2015

Cost Market Value Cost Market Value

Financial assets

Cash and cash equivalents $ 11,047 $ 11,047 $ 21,865 $ 21,865

Fixed income 667,899 610,47 1,370,396 1,305,249Equities 6,480,591 8,520,848 4,888,477 6,866,545

7,148,490 9,131,32 6,258,873 8,171,794

7,159,537 9,142,37 6,280,738 8,193,659

5. Awards and Grants Distributed - Designated Funds

2016 2015

F. Clifford Brown Memorial Scholarship 23,100 18,600Donald Urquhart McGillvary Fund 750 -Chilliwack Community Services 21,252 21,408UFV Scholarships and Bursaries 20,739 21,061Chilliwack Museum and Historical Society Fund 9,588 9,738Chilliwack Society for Community Living 2,401 2,438The Bowes Education Fund 2,400 2,700Dr. W.G. "Tony" Newby Memorial Scholarship Fund 1,200 1,200B.C. Summer Games Legacy Fund:

Educational Awards 6,000 3,000Culture/Arts Awards 1,732 4,147Sports/Recreation Awards 6,965 7,115

Luscombe/Von Bylburg Memorial Scholarship Fund 1,300 2,000Chilliwack Restorative Action and Youth Advocacy Association Fund 2,424 2,461Jack Williams Memorial Fund:

Educational Awards 3,600 4,000Culture/Arts Awards - 1,688Sports/Recreation Awards 1,702 1,740

Chris and Ken Jessiman Endowment Fund 5,942 6,042Dr. Anne and Sam Sussell Scholarship Endowment Fund 1,190 232Hospice Society 956 971Chilliwack General Hospital Memorial Fund 15,404 15,644Frank George Memorial Scholarship Fund 1,600 1,850John & Joy Helders Performing Arts Scholarship Fund 7,000 1,000St. Thomas Anglican Youth Ministry Fund 2,777 2,821Frances G. Thomas Memorial Fund 1,560 -

141,582 131,856

7



6. Awards and Grants Distributed - Undesignated Funds

2016 2015

Anne Davis Transition Society 1,000 -BC Dairy Historical Society - 2,000BC Wheelchair Basketball Society - 431Cascade Christian School 3,000 -Chilliwack Academy of Music 7,000 5,000Chilliwack Animal Safe Haven Society 2,100 -Chilliwack Arts & Cultural Centre Society 7,638 1,292Chilliwack Bowls for Hope 13,000 -Chilliwack Community Arts Council - 3,408Chilliwack Community Services 3,300 4,000Chilliwack Hospice Society 1,143 -Chilliwack Hospital Foundation 15,000 -Chilliwack Housing for Homeless 10,000 -Chilliwack Museum & Historical Society 5,000 6,366Chilliwack School of Performing Arts 9,124 -Chilliwack Senior Veterans Society 10,000 -Chilliwack Wheelchair Sports Club 3,334 -Chilliwack 4H Club - 2,450Fraser Valley Child Development Centre 3,000 3,500Fraser Valley Health Care Foundation - 31,000Great Blue Heron Nature Reserve Society - 5,500Justice Institute of BC 5,600 -Meadow Rose Society - 350Pacific Community Resources Society 10,000 -Sardis Doorway 1,000 2,000School District #33 - Central Elementary - 6,500School District #33 - McCammon Elementary - 5,000School District #33 - Rosedale Traditional School 7,500 -Scouts Canada Fairfield 3,200 -Special Olympics Chilliwack 4,100 -Veterans Memorial Rest Society 2,000 -147 Airwolf Cadets Parent Society - 5,000

127,039 83,797

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chilliwack foundation 2016 financial statements (online) · 2019. 3. 3. · chilliwack foundation...

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