2007

Documentation

Notes: 
Prior to 2011, Contributions & Grants were listed as two separate line items in the Financial Review, they are presented below as consolidated to reflect the most recent format for financial information and to allow for adequate comparison.

Statement of Financial Position

Assets

Current Assets
Cash: 
1,970
Accounts Receivable: 
18,691
Prepaid expenses and deposits: 
7,783
Total current assets: 
28,444
Capital
Fixed Assets at Cost: 
769,983
Accumulated Amortisation: 
-73,054
Total capital: 
696,929
Total assets: 
725,373

Liabilities

Current Liabilities
Accounts payable and accrued charges: 
2,725
Short term loans: 
15,000
Loans from predecessor trustees: 
70
Current portion of long-term debt: 
32,519
Total current liabilities: 
50,314
Long-term liabilities
Long Term Debt: 
495,485
Deferred Contributions Related to Capital Assets: 
85,940
Total liabilities: 
631,739

Net Assets

Net Assets invested in capital assets: 
82,985
Unrestricted net assets: 
10,649

Statement of Changes in Net Assets

Balance, Beginning of Year: 
72,064
Excess of revenue over expenses: 
21,570
Balance, End of Year: 
93,634

Statement of Operations

Revenue
Amortization of deferred contributions: 
3,433
Bad debt recovery: 
0
Contributions & Grants: 
11,007
Eastern elevator settlement: 
0
Interest income: 
304
Student memberships: 
138,693
Special events (net): 
1,614
Rental income: 
38,196
Workshop fees: 
0
Total Revenue: 
193,247
Expenses
Advertising and promotion: 
355
Amortization: 
24,209
Bank charges and interest: 
101
Bad debts: 
0
Hospitality and reception: 
86
Insurance: 
14,369
Long-term interest: 
37,496
Municipal taxes: 
5,852
Office and general: 
5,836
Professional fees: 
1,500
Repairs and maintenance: 
7,843
Taxes and licenses: 
0
Telephone: 
2,648
Utilities: 
19,246
Total Expenses: 
171,677
Excess of Revenue over Expenses: 
21,570