community living elgin consolidated financial statements
TRANSCRIPT
COMMUNITY LIVING ELGIN
Consolidated Financial Statements
March 31, 2016
COMMUNITY LIVING ELGIN
Consolidated Financial Statements
For The Year Ended March 31, 2016
Table of Contents PAGE
Independent Auditors' Report 1
Consolidated Statement of Financial Position 2
Consolidated Statement of Changes in Net Assets 3
Consolidated Statement of Operations 3
Consolidated Statement of Cash Flow 5
Notes to the Consolidated Financial Statements 6 - 15
Schedule of Program Revenues 16
Schedule of Operating Fund 17
Schedule of Capital Fund 18
INDEPENDENT AUDITORS' REPORT
To the Members of Community Living Elgin:
We have audited the accompanying consolidated financial statements of Community Living Elgin, which comprise theconsolidated statement of financial position as at March 31, 2016, and the consolidated statements of changes in net assets,operations and cash flow for the year then ended, and a summary of significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statements in accordancewith Canadian accounting standards for not-for-profit organizations and for such internal control as management determines isnecessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due tofraud or error.
Auditors' ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted ouraudit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements arefree of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidatedfinancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks ofmaterial misstatement of the consolidated 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 consolidated financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by management, as well as evaluating the overallpresentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified auditopinion.
OpinionIn our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated statement offinancial position of Community Living Elgin as at March 31, 2016, the consolidated statements of changes in net assets,operations and cash flow for the year then ended in accordance with Canadian accounting standards for not-for-profitorganizations.
St. Thomas, Ontario Graham Scott Enns LLPJune 15, 2016 CHARTERED PROFESSIONAL ACCOUNTANTS
Licensed Public Accountants
- 1 -
COMMUNITY LIVING ELGIN
Statement of Changes In Net AssetsFor The Year Ended March 31, 2016
Unrestricted Net Assets Replacement Reserve Funds Capital 2016
Operating Steamr Elgin Operating Steamr Capital Fund TotalHousing Community Housing
Resource Services $ $ $ $ $ $ $ $
NET ASSETS, BEGINNING OF YEAR (86,081) (31,904) 24,820 206,041 26,923 39,575 1,889,577 2,068,951Excess (deficiency) of revenues
over expenditures 1,737 16,854 (3,553) - - - 55,295 70,333Interfund transactions - - - 10,930 (6,768) 10,104 - 14,266
NET ASSETS, END OF YEAR (84,344) (15,050) 21,267 216,971 20,155 49,679 1,944,872 2,153,550
Unrestricted Net Assets Replacement Reserve Funds Capital 2015
Operating Steamr Elgin Operating Steamr Capital Fund TotalHousing Community Housing
Resource Services $ $ $ $ $ $ $ $
NET ASSETS, BEGINNING OF YEAR(NOTE 16) (85,200) (41,093) 17,760 199,985 24,768 34,541 1,824,758 1,975,519
Excess (deficiency) of revenues over expenditures (881) 9,189 7,060 - - - 64,819 80,187
Interfund transactions - - - 6,056 2,155 5,034 - 13,245
NET ASSETS, END OF YEAR (86,081) (31,904) 24,820 206,041 26,923 39,575 1,889,577 2,068,951
See accompanying notes to the consolidated financial statements- 3 -
COMMUNITY LIVING ELGIN
Consolidated Statement of OperationsFor The Year Ended March 31, 2016
Operating Capital Subtotal Steamr Elgin InterfundFund Fund Community Housing Community transactions
(Page 17) (Page 18) Living Elgin Resource Services 2016 2015
$ $ $ $ $ $ $ $
PROGRAM REVENUES (Page 16) 12,706,699 621,490 13,328,189 56,877 36,000 (645,435) 12,775,631 13,071,318
PROGRAM EXPENDITURES
Salaries and employee benefits 10,813,525 32,280 10,845,805 - - - 10,845,805 10,709,171
Purchased services 1,050,851 2,239 1,053,090 2,100 1,101 - 1,056,291 1,411,593
Repairs and maintenance 583,640 86,945 670,585 18,676 4,740 (449,695) 244,306 267,166
Amortization - 271,067 271,067 - 8,724 - 279,791 281,313
Utilities and taxes 67,622 96,984 164,606 14,752 16,083 - 195,441 192,673
Supplies 121,742 417 122,159 - - - 122,159 106,538
Vehicle operation and repair 94,344 - 94,344 - - - 94,344 111,202
Staff training 83,236 - 83,236 - - - 83,236 31,474
Rent 260,806 - 260,806 - - (189,453) 71,353 46,648
Insurance 33,462 23,655 57,117 2,411 2,142 - 61,670 59,917
Interest on long-term debt - 39,454 39,454 589 6,763 - 46,806 51,019
Staff travel 42,946 - 42,946 - - - 42,946 37,789
Capital expenditures and leaseholds 14,407 16,438 30,845 - - - 30,845 37,579
Equipment rental 14,929 - 14,929 - - - 14,929 15,143
Other 5,396 - 5,396 - - - 5,396 5,555
Board conferences - 2,137 2,137 - - - 2,137 939
Advertising and promotion 8,337 - 8,337 - - - 8,337 7,188
Discretionary funds 583 - 583 - - - 583 9,773
Provision for replacement 14,375 4,210 18,585 1,968 - (20,553) - -
Expenditure recoveries (505,239) (9,631) (514,870) (473) - - (515,343) (416,040)
Capital fund expenditures - - - - - - - 10,656
Personal needs - - - - - - - 590
12,704,962 566,195 13,271,157 40,023 39,553 (659,701) 12,691,032 12,977,886EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 1,737 55,295 57,032 16,854 (3,553) 14,266 84,599 93,432
See accompanying notes to the consolidated financial statements- 4 -
COMMUNITY LIVING ELGIN
Consolidated Statement of Cash FlowFor The Year Ended March 31, 2016
2016 2015 $ $
CASH FLOWS FROM OPERATING ACTIVITIESExcess (deficiency) of revenues over expenditures for the year 84,599 93,432Amortization of capital assets 279,791 281,313Amortization of deferred capital contributions (171,658) (149,755)
192,732 224,990
Changes in non-cash working capital:Decrease (increase) in accounts receivable 12,009 54,254Decrease (increase) in prepaid expenses 34,211 (18,848)Increase (decrease) in accounts payable (131,414) 318,841Increase (decrease) in deferred revenue (54,984) (40,007)
52,554 539,230
CASH FLOWS FROM INVESTING ACTIVITIESChange in Replacement Reserve Fund - Cash (11,667) (13,244)Increase in deferred capital contributions net of capital asset additions (66,715) -
(78,382) (13,244)
CASH FLOWS FROM FINANCING ACTIVITIESRepayments of long-term debt (137,456) (170,943)Repayments of capital lease obligations (42,067) (42,090)
(179,523) (213,033)
NET INCREASE IN CASH DURING THE YEAR (205,351) 312,953
CASH, BEGINNING OF YEAR 1,999,540 1,686,587
CASH, END OF YEAR 1,794,189 1,999,540
SUPPLEMENTAL CASH FLOW INFORMATION:Interest received 15,544 22,461
Interest paid 54,887 52,822
- 5 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
NATURE OF THE ORGANIZATION
Community Living Elgin (the "organization"):
Provides supports and services, primarily to people with developmental disabilities and their
families to enable them to participate in our community.
Educates the public on the values of an inclusive community.
The organization envisions an inclusive community where all people can achieve their full potential.
The organization is a registered charity under the Canadian Income Tax Act and is exempt fromincome tax.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements were prepared in accordance with Canadian accounting standards for not-for-profit organizations and include the following significant accounting policies:
Consolidation
The organization's consolidated financial statements include the Operating and Capital funds ofCommunity Living Elgin, as well as Steamr Housing Corporation and Elgin Community ResourceServices, both organizations that are controlled by Community Living Elgin.
Fund Accounting
The organization, which follows the deferral method of accounting for contributions, uses two fundsto record its transactions, the Operating Fund and the Capital Fund.
Operating Fund
The operating fund includes the normal day to day operation of the organization including delivery ofservices to clients.
Capital FundThe capital fund includes the fundraising activities of the organization, the operation of Project 3000Homes and holds all tangible capital assets of the organization.
Steamr HousingSteamr Housing Corporation is operated under the control of Community Living Elgin and operatesgovernment assisted housing projects under the Canada Mortgage and Housing Corporation.
Elgin Community Resource ServicesElgin Community Resource Services is operated under the control of Community Living Elgin andoperates property used by Community Living Elgin.
- 6 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Use of Estimates
The preparation of these financial statements in accordance with Canadian accounting standards fornot-for-profit organizations requires management to make estimates and assumptions that affect thereported amount of assets and liabilities and the disclosure of contingent assets and liabilities at thedate of the financial statements, and the reported amount of revenues and expenses during thereporting period. These estimates are reviewed periodically, and, as adjustments become necessary,they are reported in earnings in the period in which they become known.
In particular, the organization uses estimates when accounting for certain items, including:Allowance for doubtful accountsUseful lives of tangible assetsAsset impairmentsRevenuesEmployee compensation plans
Tangible Capital Assets and Amortization
Tangible capital assets are recorded at cost. When as asset is sold or otherwise disposed of, theoriginal cost and related accumulated amortization are removed from the accounts and the gain orloss is recognized in earnings. Amortization is calculated using the following annual rates:
Buildings - straight line over 30 yearsBuilding additions - straight line over the greater of 10 years or the remaining useful
life of the buildingVehicles - straight line over 5 yearsEquipment under capital lease - straight line over 20 yearsFurniture and fixtures - straight line over 5 yearsComputers - straight line over 3 years
Impairment of Long-Lived Assets
A long-lived asset is tested for impairment whenever events or changes in circumstances indicate thatits carrying amount may not be recoverable. An impairment loss is recognized when the carryingamount of the asset exceeds the sum of the undiscounted cash flows resulting from its use andeventual disposition. The impairment loss is measured as the amount by which the carrying amountof the long-lived asset exceeds its fair value.
- 7 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Replacement Reserves
Funds for replacements have been included in the fund from which allocations are made, rather thanin a separate replacement reserve fund.
Revenue Recognition
Rental revenues are recognized at the time that the properties are provided to the tenant. Governmentassistance revenues are recognized at the time period to which the funds have been allocated by theMinistry of Community and Social Services. Other revenues are accrued at time the service isprovided.
Unrestricted contributions are recognized as revenue when received since pledges are not legallyenforceable claims. Restricted contributions are deferred and recognized as revenue in the period inwhich the related expenses are incurred.
Donations-In-Kind and Contributed Services
Volunteers contribute an indeterminable number of hours per year. Because of the difficulty indetermining their fair value, contributed services and donations in kind are not recognized in thefinancial statements.
Financial Instruments
Measurement of financial instruments
The organization initially measures its financial assets and liabilities at fair value, except for certainnon-arm’s length transactions.
The organization subsequently measures all its financial assets and financial liabilities at amortizedcost, except for investments in equity instruments that are quoted in an active market (if any), whichare measured at fair value. Changes in fair value are recognized in operations.
Financial assets measured at amortized cost include accounts receivable.
Financial liabilities measured at amortized cost include accounts payable, and long-term debt.
Financial assets measured at fair value include cash.
Impairment
Financial assets measured at cost are tested for impairment when there are indicators of impairment.The amount of the write-down is recognized in net operations. The previously recognized impairmentloss may be reversed to the extent of the improvement, directly or by adjusting the allowance account,provided it is no greater than the amount that would have been reported at the date of the reversal hadthe impairment not been recognized previously. The amount of the reversal is recognized inoperations.
- 8 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
2. TANGIBLE CAPITAL ASSETS
AccumulatedCost Amortization 2016 2015 $ $ $ $
Capital Fund
Land 907,608 - 907,608 907,608Buildings 3,890,824 2,374,358 1,516,466 1,635,694Vehicles 194,903 90,776 104,127 59,013Computer Equipment 131,037 127,975 3,062 39,225Sprinklers 213,921 14,547 199,374 85,337Infrastructure 923,594 144,505 779,089 564,828Furniture 52,668 34,792 17,876 28,410Equipment under capital lease 283,312 42,497 240,815 254,981
6,597,867 2,829,450 3,768,417 3,575,096
Steamr Housing Corporation
Land 56,010 - 56,010 56,010Buildings 236,354 236,354 - -Equipment and furnishings 3,504 3,504 - -
295,868 239,858 56,010 56,010
Elgin Community Resource Services
Land 35,000 - 35,000 35,000Building 264,032 42,599 221,433 230,157
299,032 42,599 256,433 265,157
Total Tangible Capital Assets 7,192,767 3,111,907 4,080,860 3,896,263
The Ministry provided major funding for the acquisition of certain land and buildings. Theorganization is therefore not free to dispose of these facilities nor to use the assets for other purposeswithout the consent of the Ministry.
- 9 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
3. DEFERRED REVENUE
2016 2015 $ $
Operating FundFamily respite project 18,458 -City of St. Thomas 2,665 2,665Trillium funding 44,779 40,159Other funding - 75,188
65,902 118,012Capital Fund
Ministry of Community and Social Services 7,728 7,728
73,630 125,740
4. DEFERRED CAPITAL CONTRIBUTIONS2016 2015
$ $
Infrastructure 779,088 564,828Buildings 436,323 281,556Sprinklers 199,374 85,337Furniture 17,877 28,410Vans 13,171 23,523Computer Equipment 3,062 39,225
1,448,895 1,022,879
Deferred capital contributions represent the unamortized amount of funds received for the purchaseof capital assets. The amortization of capital contributions is recorded as revenue in the statement ofoperations.
5. BANK INDEBTEDNESS
The organization has a revolving line of credit to a maximum of $200,000 that bears interest at theRBC prime rate. The balance drawn on the line of credit at year end was $nil (2015 - $nil).
6. GOVERNMENT REMITTANCES RECEIVABLE
Includes in accounts receivable is an amount of $136,030 (2015 - $118,168) in governmentremittances receivable
- 10 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
7. LONG-TERM DEBT
Community Living Elgin2016 2015 $ $
Fixed Rate Term Loan, Royal Bank of Canada, prime plus 1.25%,blended monthly instalments of $1,300, due September, 2016 (securedby land and buildings with a carrying value of $311,912) 12,958 27,727
Fixed Rate Term Loan, Royal Bank of Canada, interest at 3.46%,blended monthly instalments of $7,196, due October, 2015 (secured byland and buildings with a carrying value of $1,107,881) - 42,899
Fixed Rate Term Loan, Royal Bank of Canada, interest at 4.29%,blended monthly instalments of $591, due May, 2018 (secured by landand buildings with a carrying value of $77,547) 26,561 32,320
Mortgage payable, Great West Life Assurance, interest at 5.755%,blended monthly instalments of $3,924, due May, 2024 (secured byland and buildings with a carrying value of $188,495) 308,640 337,378
Fixed Rate Term Loan, Royal Bank of Canada, interest at 4.37%,blended monthly instalments of $3,063, due October 2018 (secured byland and buildings with a carrying value of $604,113) 280,019 -
Fixed Rate Term Loan, Royal Bank of Canada, interest at prime plus1.25%, blended monthly instalments of $1,220, due October 2014 - 304,087
Loan payable, East Elgin Support Services Parent Group, interest free,due on demand, repayable on 6 months notice by the lender (intent offunds for use in future East Elgin projects to provide services todevelopmentally disabled adults) - 200,000
628,178 944,411
Less: current portion 73,995 328,749
554,183 615,662
- 11 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
7. LONG-TERM DEBT (CONTINUED)
Steamr Housing Corporation2016 2015
$ $
Mortgage payable, 1.12%, repayable in blended monthly instalments of$1,088, due December 1, 2019 (secured by land and building includedin capital assets with a carrying value of $256,433) 47,953 60,413
Less: current portion 12,599 12,446
35,354 47,967
Elgin Community Resource Services2016 2015
$ $
Mortgage payable, 5.33%, repayable in blended monthly instalments of$1,276, due April, 2016 (secured by land and building included incapital assets with a carrying value of $256,433) 118,993 127,756
Less: current portion 118,993 8,729
- 119,027
The aggregate amount of principal payments required in each of the next five years to meet debtretirement provisions is as follows:
$
2017 205,5872018 76,9192019 282,5312020 52,5352021 38,197Thereafter 139,569
- 12 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
8. OBLIGATION UNDER CAPITAL LEASE 2016 2015
$ $
Capital lease, 2.47%, repayable in blended monthly paymentsof $2,601, due May 2020 (secured by solar panels with acarrying value of $158,365) 127,458 158,674
Capital lease, 2.42%, repayable in blended monthly paymentsof $1,351, due July 2020 (secured by solar panels with acarrying value of $82,450) 70,238 86,443
197,696 245,117
Less: interest component 32,396 37,750
165,300 207,367
Less: current portion 40,473 40,473
124,827 166,894
Future minimum lease payments under capital leases are as follows:
$
2017 40,4732018 40,4732019 40,4732020 40,4732021 3,408
165,300
9. EMPLOYEE RETIREMENT BENEFITS
The organization has a defined contribution plan (registered retirement savings plan) where theemployer matches employee contributions depending on employment classification and years ofservice. In the year the organization contributed $301,193 (2015 - $272,301). These contributionsare included in salaries and benefits on the statement of operations.
- 13 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
10. OPERATING LEASES
The organization leases a building at $4,000 per month for the period of August 2014 to August2017. The minimum annual lease payments required in each of the next three years in respect of thisoperating lease is as follows:
$
2017 48,0002018 24,000
11. ECONOMIC DEPENDENCE
The majority of the organization's revenues are derived from the Ontario Ministry of Community andSocial Services, Ministry of Children and Youth Services, and the Ministry of Education. Thesecontracts are reviewed annually and the organization is dependant on this funding to continueoperations. The organization is required to file various reports to ensure compliance with the fundingagreements. If the organization doesn't spend funding according to the agreements or is not incompliance with the agreements the organization may be required to repay some of the funding. Atyear end the organization was in compliance with these agreements. The organization managementdoesn't foresee any issues that this funding will not be continuing.
12. PAY EQUITY
The organization has met its Pay Equity obligation for the fiscal year ended March 31, 2016. Futurepay equity obligations are not funded by the Ministry of Community and Social Services, Ministry ofChildren and Youth Services, or the Ministry of Education.
13. GOVERNMENT ASSISTANCE
The organization is eligible for yearly Federal Supportive Housing funding towards operatingexpenditures as long as it continues to satisfy requirements determined in its operating agreementsigned with the Canada Mortgage and Housing Corporation. The ministry of Community and SocialServices administers the program on behalf of the Canada Mortgage and Housing Corporation.
14. LOAN FORGIVENESS
During the year, the East Elgin Parent's Association forgave their outstanding loan of $200,000. Asthe $200,000 was originally loaned for a capital asset, the balance has been added to the deferredcapital contributions and will be recognized into revenue over the life of the corresponding building.
- 14 -
COMMUNITY LIVING ELGIN
Notes to the Consolidated Financial StatementsFor The Year Ended March 31, 2016
15. FINANCIAL INSTRUMENTS
The organization is exposed to the following significant risks. There were no changes in theseassessment from the prior year.
Foreign currency risk
The organization has no significant revenues or expenditures in foreign currencies.
Interest rate risk
The organization is exposed to interest rate risk as the interest cost on its long-term debt varies withthe change in the prime rate. It is management's opinion that this exposure is not significant.
Credit risk
The organization does not have any significant exposure to any individual customer other than theOntario Ministry of Community and Social Services and Ministry of Children and Youth Services.At year end, the organization was not in default of any of it's financial liabilities.
16. PRIOR PERIOD ADJUSTMENTS
The organization retroactively restated the financial statements to report in accordance with theaccounting policies disclosed in Note 1. As a result of this restatement, opening net assets at April 1,2014 decreased by $1,162,648 and net assets at March 31, 2015 decreased by $1,143,597.
- 15 -
COMMUNITY LIVING ELGIN
Schedule of Program RevenuesFor The Year Ended March 31, 2016
Operating Capital Subtotal Steamr Elgin InterfundFund Fund Community Housing Community transactions
(Page 17) (Page 18) Living Elgin Resource Services 2016 2015 $ $ $ $ $ $ $ $
PROGRAM REVENUESGovernment funding 12,442,961 92,740 12,535,701 3,152 - (458,565) 12,080,288 12,423,661Rental income 165,233 294,817 460,050 53,725 36,000 (189,453) 360,322 372,091Amortization of deferred capital contributions - 171,658 171,658 - - - 171,658 149,755Fee for service 68,718 - 68,718 - - - 68,718 5,836Solar panel rental - 37,591 37,591 - - - 37,591 42,861Contract sales 17,468 - 17,468 - - - 17,468 29,686Other 12,319 - 12,319 - - - 12,319 18,662Fundraising - 10,022 10,022 - - - 10,022 9,956Donations and bequests - 9,826 9,826 - - - 9,826 9,256Interest - 4,836 4,836 - - 2,583 7,419 9,554
12,706,699 621,490 13,328,189 56,877 36,000 (645,435) 12,775,631 13,071,318
See accompanying notes to the consolidated financial statements- 16 -
COMMUNITY LIVING ELGIN
Schedule of Operating FundAs At March 31, 2016
2016 2016 2016 2015
Government Other Total TotalFunded Programs Programs
$ $ $ $ PROGRAM REVENUES
Government funding 12,442,961 - 12,442,961 12,626,205Rental income - 165,233 165,233 180,336Fee for service 68,718 - 68,718 5,836Contract sales - 17,468 17,468 29,686Other 10,445 1,874 12,319 18,662
12,522,124 184,575 12,706,699 12,860,725PROGRAM EXPENDITURES
Salaries 9,057,161 70,645 9,127,806 9,063,981Employee benefits 1,667,617 18,102 1,685,719 1,597,325Purchased services 1,041,726 9,125 1,050,851 1,406,805Repairs and maintenance 528,525 55,115 583,640 444,493Rent 254,490 6,316 260,806 260,348Supplies 117,475 4,267 121,742 105,717Vehicle operation and repair 91,206 3,138 94,344 111,202Staff training 83,039 197 83,236 31,474Utilities and taxes 20,316 47,306 67,622 66,572Staff travel 41,148 1,798 42,946 37,789Insurance 24,098 9,364 33,462 33,341Equipment rental 14,747 182 14,929 15,143Capital expenditures and leaseholds 13,939 468 14,407 37,579Provision for replacement - 14,375 14,375 15,000Advertising and promotion 8,337 - 8,337 9,949Other 4,060 1,336 5,396 5,769Discretionary funds 583 - 583 9,773Personal needs - - - 591Expenditure recoveries (446,343) (58,896) (505,239) (391,244)
12,522,124 182,838 12,704,962 12,861,607
EXCESS (DEFICIENCY) OF REVENUES OVEREXPENDITURES - 1,737 1,737 (882)
- 17 -
COMMUNITY LIVING ELGIN
Schedule of Capital FundAs At March 31, 2016
2016 2016 2016 2015
Capital Fund Project 3000 Total Total $ $ $ $
REVENUESRental income 265,114 29,703 294,817 313,308Amortization of deferred capital contributions 171,658 - 171,658 149,755Government funding - 92,740 92,740 94,205Solar panel rental 37,591 - 37,591 42,861Fundraising and other 10,022 - 10,022 9,956Donations and bequests 9,826 - 9,826 9,256Interest 4,631 205 4,836 6,061
498,842 122,648 621,490 625,402EXPENDITURES
Utilities and taxes 80,638 16,346 96,984 98,122Amortization 253,090 17,977 271,067 270,059Repairs and maintenance 64,833 22,112 86,945 89,279Interest on long-term debt 21,104 18,350 39,454 42,314Wages and benefits 7,491 24,789 32,280 45,105Insurance 18,735 4,920 23,655 22,023Capital fund expenditures 16,438 - 16,438 10,658Provision for replacement - 4,210 4,210 4,210Purchased services - 2,239 2,239 1,848Board conferences 2,137 - 2,137 939Supplies - 417 417 821Expenditure recoveries (9,631) - (9,631) (24,796)
454,835 111,360 566,195 560,582
EXCESS OF REVENUES OVER EXPENDITURES 44,007 11,288 55,295 64,820
- 18 -