BRUCE A. HERDMANChartered Accountant
13 Ivan AvenueGrimsby, Ontario L3M 1W7
(905) 945-3495 email: [email protected]
December 19,2011
The Board of DirectorsCentral Ontario District of Optimist International
Attention: Gordon Holly
Enclosed are eight copies of the Financial Statements of the Central OntarioDistrict of Optimist International as at September 30, 2011.
No items needing correction or adjustment came to my attention during thecourse of my review of the accounts and records of the organization.
I have also enclosed my invoice which I trust you will find acceptable.
Yours truly,
^tUc^A-/-Bruce A. HerdmanChartered Accountant
Bruce A. Herdman, Chartered Accountant13 Jvan Avenue, Srimsby, ON L3M1W7
Contra! Ontario District of Optimist I nternationalFi nancial StatementsFor the year ended September 30, 2011
Contents
Reviewer's Report 2
Financial Statements (prepared withoutaudit)
Balance Sheet 3
Statement of Revenues, Expenditures and Retained Funds 4Statement of Expenditures 5
Notes to Financial Statements 6
BRUCE A. HERDMANChartered Accountant
13 Ivan Avenue{jriinsby, Ontario L3M 1W7
(905) 945-3495 email: [email protected]
Reviewer's Report
December 19, 2011
The Board of DirectorsCentral Ontario District of Optimist International
In accordance with the terms of my engagement, I have completed a review of thebooks of -account of the Gentral Ontario District of Optimist International {theOrganization) and have compiled the accompanying Balance Street'as at September30, 2011 and Statement of Revenues, Expenditures and Retained Funds for the yearthen ended from information provided by the Organization.
I prepared my review from the information provided by the Organization.Accordingly, the accuracy and completeness of the information provided is theresponsibility of the Organization. These statements have been prepared solely forthe use of the Organization and not for the use of any other persons. It is understoodthat the Organization will attach this Reviewer's Report if and when it distributesthese Financial Statements to Third Parties.
My review was made in accordance with Canadian generally accepted accountingprinciples for review engagements and, accordingly, consisted primarily of enquiry,analysis and discussion related to the information provided to me by theOrganization. I have not audited or otherwise verified the accuracy or completenessof such information and do not express an opinion in respect of these FinancialStatements.
Based on my review, I believe that these Financial Statements are, in all materialrespects, prepared in accordance with Canadian generally accepted accountingprinciples.
Bruce A. HerdmanChartered Accountant
Central Ontario District of Optimist InternationalBalance Sheet
(Prepared Without Audit)
September 30 2011 2010
Assets
CurrentGash and cash equivalentsAccounts receivable
$ 34,402 $1,680
36,082 $
48,771
48,771
Liabilities and Retained Funds
Current LiabilitiesAccounts payable and accrued liabilities 5,000 $ 2,737
Retained FundsInternally restrictedUnrestricted
29,1151,967
31,082
22,92223,112
46,034
36,082 $ 48,771
Bruce A. Herdman, Chartered Accountant
Central Ontario District of Optimist InternationalStatement of Revenues, Expenditures
and Retained Funds(Prepared Withotrt Audit)
For the year ended September 30 2011 2010
RevenueDistrict duesRebates and commisssionsDistrict conventionDistrict conferencesOratorical contestsJunior golf tournamentEssay contestsGCDHH contestsTraining (Governor, Lietenant Governor, Secretary Treasurer)InterestMiscellaneous and District Pin SalesDonations from Clubs to OIF, Food Bank, etcPrevious administration revenues
Total revenue
Deduct expenditures (page 5)
Excess of revenues over expenditures
Retained funds, beginning of year
Retained funds, end of year
$ 25,883 $1,0758,5218,653
1718,410
222,039
768201245440
-
56,428
71,380
(14,352)
46,034
$ 31,082 $
24,8411,408
12,27212,718
5407,631
3863,2401,54362630350
1,974
67,532
61,630
5,902
40,132
46,034
Bruce A, tterdman, Chartered Accountant
Central Ontario District of Optimist InternationalStatement of Expenditures
(Prepared Without Audit)
For the year ended September 30 2011 2010
ExpendituresGovernorLi. GovernorDistrict Secretary TreasurerGovernor ElectPast Governors on executive committeesCommittee chairsPostagePrinting and suppliesBulletinDistrict conventionDistrict conferencesOratortoaJ contestCCDHH contestJunior golf tournamentUnder 18 International curling competitionEssay contestTrainingName badgesRecognition and IncentivesDistrict pinsAudit and bank chargesTelephoneVIP giftsStart-up funds to next administrationMiscellaneousPrevious administration expensesDonations from Clubs remitted to OIF, Food Bank, etcGovernor's discretionaryInternet safety and website
international convention costsGovernorLt. GovernorSecretary Treasurer - currentSecretary Treasurer -designateGovernor ElectDistrict expenses (hospitality)
$ 3,743 $3,6251,0001,250
-7,350
239734
-
14,4839,661
1713,3867,418
10,00022
768-
738-
254-
3181,000
50289440192680
5001,OOO
500500500569
$ 71,380 $
3,1973,9131,0001,250
2004,441
8581,176
1312,09412,666
6253,9007,376
-
3191,007
302567
1,059570165701828528643
50468215
500100
--
500399
61,630
Bruce A. Hercrman, Chartered AccDuraam
Central Ontario District of Optimist InternationalNotes to Unaudited Financial Statements
September 30,2011
Nature of Organization
Recognition of Revenuesand Expenditures
Financial Statements
Retained Funds InternallyRestricted
The Central Ontario District of Optimist International is an administrativedivision of Optimist International which is a not-for-profit corporation andreceives its receipts by agreement with Optimist International.
Revenues and expenditures are accounted for on the accrual basiswhereby they are recorded in the fiscal period to which they apply.
These financial statements are a summary of the revenues andexpenditures of the Central Ontario District administration division ofOptimist International {a non-profit organization) and do not reflectoperations of other divisions of Optimist International or its member clubs.
The Board of Directors of the Central Ontario District of OptimistInternational has restricted $29,115 of the total retained funds for thepurpose of funding a specific activity and to fund future potential futureexpenditures in excess of revenues. No part of the $29,115 may be usedfor any other purposes without explicit approval of the Board of Directorsof the Central Ontario District of Optimist International.
Boies A. Herdman, Chartered Accountant