200809 Summarized Financial Statements by bib20662


									               2008/09 Summarized Financial Statements
Com bined Balanc e Sheet March 31, 2009                                                    Com bined Statem ent of Revenue and Expenses
                                                                                           Year Ended March 31, 2009
                                                          2009                 2008
ASSETS                                                                                                                                      2009               2008
CURRENT                                                                                    REVENUE
  Cash & cash equival ents                        $6,582,178           $7,619,108          Donations
  Am ounts receivable                                 114,124              140,178           Capital cam paign                        $1,563,940        $1,764,805
                                                    6,696,302           7,759,286            Bequests                                     22,476           106,431
                                                                                             Fundraising                               1,280,698          1,433,360
LONG-TERM INVESTMENTS                               2,126,606           2,560,829                                                      2,867,114          3,304,596
CAPITAL ASSETS                                           7,743                7,867
                                                  $8,830,651         $10,327,982           Special projects, net                         654,562            646,079
                                                                                           Investm ent incom e                         (157,112)            398,499

LIABILITIES                                                                                                                            3,364,564          4,349,174
 Accounts payable and accrued liabilities             161,160              122,917         OPERATING EXPENSES                          1,730,773          1,769,456
  Due to Rouge Valley Health System                   243,805              813,373
                                                      404,965              936,290         EXCESS OF REVENUE OVER
                                                                                            OPERATING EXPENSES                         1,633,791          2,579,718

General fund                                           10,234              349,255
                                                                                             Bursari es                                 (23,120)           (17,370)
Invested in capital assets                              7,743                7,867
                                                                                             Donations to Rouge Valley
Restricted fund                                     6,802,856           6,935,642
                                                                                             Health System                            (2,576,677)       (1,111,886)
Endowm ent fund                                     1,604,853           2,098,928
                                                                                                                                      (2,599,797)       (1,129,256)
                                                    8,425,686           9,391,692
                                                  $8,830,651         $10,327,982
                                                                                           EXCESS (DEFICIENCY) OF REVENUE
                                                                                           OVER OPERATING EXPENSES AND
Auditors’ Report on Summarized Financial Statements
                                                                                           ALLOCATIONS                                $(966,006)        $1,450,462
To the Members of Rouge Valley Health System Foundation

   The accompanying summarized balance sheet, summarized statement of revenue
and expenses and summarized statement of changes in fund balances are derived
from the complete financial statements of Rouge Valley Health System Foundation
as at March 31, 2009 and for the year then ended on which we expressed a qualified
opinion in our report dated May 24, 2009. Our opinion stated that except for the
                                                                                           ROUGE VALLEY HEALTH SYSTEM FOUNDATION
effects of adjustments, if any, which we might have determined to be necessary had         Com bined statem ent of changes in fund balances
we been able to satisfy ourselves concerning the completeness of the donations the         year ended March 31, 2009
complete financial statements are, in all material respects, fairly presented in
accordance with Canadian generally accepted accounting principles. The fair                                                                 2009               2008
summarization of the complete financial statements is the responsibility of the            FUND BALANCES
Foundation’s management. Our responsibility, in accordance with the applicable
Assurance Guideline of The Institute of Chartered Accountants, is to report on the
                                                                                             BEGINNING OF YEAR                        $9,391,692        $7,941,230
summarized financial statements.
   In our opinion, referred to in the preceding paragraph, these financial statements        EXCESS (DEFICIENCY) OF REVENUE
fairly summarize, in all material respects, the related complete financial statements in
accordance with the criteria described in the Guideline referred to above.                     OVER EXPENSES AND ALLOCATIONS            (966,006)         1,450,462
   These summarized financial statements do not contain all the disclosures required
by Canadian generally accepted accounting principles. Readers are cautioned that             END OF YEAR                              $8,425,686        $9,391,692
these statements may not be appropriate for their purposes. For more information on
the Rouge Valley Health System Foundation’s financial position, results of operations
and cash flows, reference should be made to the related complete financial

                                                                                           APPROVED BY THE BOARD
                                                                                    J. Wiersma, Chair                                               J. Boyko, Treasurer
Deloitte & Touche LLP, Chartered Accountants
Licensed Public Accountants
Toronto, Ontario
May 24, 2009
                               For additional information, or to obtain complete financial statements, please contact the Foundation
                            Rouge Valley Ajax and Pickering  580 Harwood Avenue South, Ajax, Ontario L1S 2J4  Tel: (905) 683-2320 Ext. 1501
                                       Rouge Valley Centenary  2867 Ellesmere Road, Toronto, Ontario M1E 4B9  Tel: (416) 281-7342

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