AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED …€¦ · School Jurisdiction Code: 154 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2011 [School Act, Sections 147(2)(a),

School Jurisdiction Code: 154

AUDITEDFINANCIAL STATEMENTS

FOR THE YEAR ENDED AUGUST 31, 2011[School Act, Sections 147(2)(a), 148, 151(1) and 276]

Legal Name of School Jurisdiction

Mailing Address

Telephone and Fax Numbers

SCHOOL JURISDICTION MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The financial statements of

Board of Trustees Responsibility

Mother Earth's Children's Charter School Society

RR 5 Stony Plain AB T7Z 1X4

Phone 780-702-7531 Fax 780-848-2395

Mother Earth's Children's Charter School Society

of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong system of budgetary control.

The ultimate responsibility for the financial statements lies with the Board of Trustees. The Board reviewed the auditedfinancial statements with management in detail and approved the financial statements for release.

presented to Alberta Education have been prepared by school jurisdiction management which has responsibility fortheir preparation, integrity and objectivity. The financial statements, including notes, have been prepared in accordance

to provide reasonable assurance that the school jurisdiction's assets are safeguarded, that transactions are executedin accordance with appropriate authorization and that accounting records may be relied upon to properly reflect theschool jurisdiction's transactions. The effectiveness of the control systems is supported by the selection and training

with generally accepted accounting principles and follow format prescribed by Alberta Education.

In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designed

External Auditors

Declaration of Management and Board Chairman

"ORIGINAL SIGNED"Name Signature



Board-approved Release Date

c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected]: (780) 644-5672 (Toll free 310-0000)

26-Oct-11

SECRETARY TREASURER OR TREASURER

SUPERINTENDENT

To the best of our knowledge and belief, these financial statements reflect, in all material respects, the financial positionand results of operations and cash flows for the year in accordance with generally accepted accounting principles and

Anita LeMoignan

Asha Rao

Ed Wittchen

The Board appoints external auditors to audit the financial statements and meets with the auditors to review their findings.The external auditors were given full access to school jurisdiction records.

BOARD CHAIR

follow the financial reporting requirements prescribed by Alberta Education.


TABLE OF CONTENTS

Page

AUDITOR'S REPORT 3

STATEMENT OF FINANCIAL POSITION 4

STATEMENT OF REVENUES AND EXPENSES 5

STATEMENT OF CASH FLOWS 6

STATEMENT OF CHANGES IN NET ASSETS 7

STATEMENT OF CAPITAL ALLOCATIONS 8

NOTES TO THE FINANCIAL STATEMENTS 9

page 2

ACCOUNTING › CONSULTING › TAX200, 5019 – 49TH AVENUE, LEDUC, AB T9E 6T5

P: 780.986.2626 F: 780.986.2621 mnp.capage 3

Independent Auditors’ Report

To the Trustees of Mother Earth's Children's Charter School Society:

We have audited the accompanying financial statements of Mother Earth's Children's Charter School, whichcomprise the statement of financial position as at August 31, 2011, and the statements of revenues andexpenses, cash flows, changes in net assets, and capital allocations for the year then ended, and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordancewith Canadian accounting standards for not-for-profit organizations, and for such internal control asmanagement determines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with Canadian generally accepted auditing standards. Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditors’ judgment, including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of MotherEarth's Children's Charter School as at August 31, 2011 and the results of its operations, changes in net assetsand its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profitorganizations.

Other Matter

The financial statements of Mother Earth’s Children’s Charter School for the year ended August 31, 2010 werereported on by another auditor.

Leduc, AlbertaOctober 26, 2011 Chartered Accountants


STATEMENT OF FINANCIAL POSITION

as at August 31, 2011

(in dollars)

2011 2010

Restated

ASSETSCurrent assets

Cash and temporary investments (Note 3) $915,226 $459,379

Accounts receivable (net after allowances) (Note 4) $119,220 $16,324

Prepaid expenses $40,706 $285,389

Other current assets $0 $0

Total current assets $1,075,152 $761,092

School generated assets $0 $0

Trust assets $0 $0

Long term accounts receivable $0 $0

Long term investments $0 $0

Capital assets (Note 5)

Land $0 $0

Construction in progress $0 $0

Buildings $0

Less: accumulated amortization $0 $0 $0

Equipment $259,343

Less: accumulated amortization ($111,900) $147,443 $195,758

Vehicles $277,091

Less: accumulated amortization ($87,962) $189,129 $216,837

Total capital assets $336,572 $412,595

TOTAL ASSETS $1,411,724 $1,173,687

LIABILITIESCurrent liabilities

Bank indebtedness (Note 3) $27,911 $57,795

Accounts payable and accrued liabilities (Note 6) $64,781 $10,114

Deferred revenue (Note 7) $322,650 $329,655

Deferred capital allocations $0 $0

Current portion of long term debt $0 $0

Total current liabilities $415,342 $397,564

School generated liabilities $0 $0

Trust liabilities $0 $0

Employee future benefit liabilities $0 $0

Long term debt

Supported: Debentures and other supported debt $0 $0

Less: Current portion $0 $0

Unsupported: Debentures and capital loans $0 $0

Capital leases $0 $0

Mortgages $0 $0

Less: Current portion $0 $0

Other long term liabilities $0 $0

Unamortized capital allocations $0 $0

Total long term liabilities $0 $0

TOTAL LIABILITIES $415,342 $397,564

NET ASSETS

Unrestricted net assets $659,810 $363,528

Operating reserves $0 $0

Accumulated operating surplus (deficit) $659,810 $363,528

Investment in capital assets $336,572 $412,595

Capital reserves $0 $0

Total capital funds $336,572 $412,595

Total net assets $996,382 $776,123

TOTAL LIABILITIES AND NET ASSETS $1,411,724 $1,173,687

Note: Please input "(Restated)" in 2010 column heading where comparatives are not taken from the finalized 2009/2010 Audited Financial Statements

filed with Alberta Education.

page 4


Budget ActualActual 2011 20102011 Restated

REVENUES

Government of Alberta $1,121,408 $1,097,928 $1,353,238

Federal Government and First Nations $1,266,985 $955,687 $916,454

Other Alberta school authorities $750 $0 $0

Out of province authorities $0 $0 $0

Alberta Municipalities-special tax levies $0 $0 $0

Instruction resource fees $0 $0 $0

Transportation fees $0 $0 $0

Other sales and services $6,191 $0 $15,314

Investment income $6,554 $0 $3,586

Gifts and donations $69,878 $0 $8,790

Rental of facilities $13,798 $3,000 $16,056

Gross school generated funds $24,754 $20,000 $25,313

Gains on disposal of capital assets $0 $0 $0

Amortization of capital allocations $0 $0 $0

Other revenue $37,650 $6,500 $0

Total Revenues $2,547,968 $2,083,115 $2,338,751

Certificated salaries (Note 12) $656,557 $653,931 $760,176

Certificated benefits (Note 12) $49,590 $61,776 $54,597

Non-certificated salaries and wages (Note 12) $478,761 $458,872 $441,358

Non-certificated benefits (Note 12) $44,509 $51,422 $38,824

Services, contracts and supplies $995,885 $980,378 $960,937

Gross school generated funds $24,754 $0 $25,313

Capital and debt services

Amortization of capital assets

Supported $0 $0 $0

Unsupported $76,023 $65,389 $54,032

Total Amortization of capital assets $76,023 $65,389 $54,032

Interest on capital debt

Supported $0 $0 $0

Unsupported $0 $0 $0

Total Interest on capital debt $0 $0 $0

Other interest and charges $1,630 $0 $1,527

Losses on disposal of capital assets $0 $0 $0

Other expense $0 $0 $0

Total Expenses $2,327,709 $2,271,768 $2,336,764

$220,259 ($188,653) $1,987

Extraordinary Item $0 $0 $0

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES $220,259 ($188,653) $1,987

Please input "(Restated)" where Actual 2010 comparatives are not as presented in the finalized 2009/2010 Audited Financial Statements filed with

Alberta Education. Budget 2011 comparatives presented are final budget amounts formally approved by the Board.

STATEMENT OF REVENUES AND EXPENSES

for the Year Ended August 31, 2011

(in dollars)

Note:

EXPENSES

EXCESS (DEFICIENCY) OF REVENUES OVER EXPENSES BEFORE EXTRAORDINARY ITEM

page 5

154

for the Year Ended August 31, 2011

(in dollars)

2011 2010

CASH FLOWS FROM:

A. OPERATIONS

Excess (deficiency) of revenues over expenses $220,259 $1,987

Add (Deduct) items not affecting cash:

Amortization of capital allocations revenue $0 $0

Total amortization expense $76,023 $54,032

Gains on disposal of capital assets $0 $0

Losses on disposal of capital assets $0 $0

Changes in:

Accounts receivable ($102,896) $45,592

Prepaids and other current assets $244,683 ($16,598)

Long term accounts receivable $0 $0

Long term investments $0 $0

Accounts payable and accrued liabilities $54,667 ($27,721)

Deferred revenue ($7,005) $48,427

Employee future benefit liabilitiies $0 $0

Other (describe) $0 $0

Total cash flows from Operations $485,731 $105,719

B. INVESTING ACTIVITIES

Purchases of capital assets

Land $0 $0

Buildings $0 $0

Equipment $0 ($85,577)

Vehicles $0 ($65,000)

Net proceeds from disposal of capital assets $0 $0

Other (describe) $0 ($39,733)

Total cash flows from Investing activities $0 ($190,310)

C. FINANCING ACTIVITIES

Capital allocations $0 $0

Issue of long term debt $0 $0

Repayment of long term debt $0 $0

Add back: supported portion $0 $0

Other (describe) $0 $0

Total cash flows from financing activities $0 $0

Net cash flows from during the year $485,731 ($84,591)

Cash and temporary investments, net of bank indebtedness, at Aug. 31/10 $401,584 $486,175

Cash and temporary investments, net of bank indebtedness, at Aug. 31/11 $887,315 $401,584

Note: Please input "(Restated)" where Actual 2010 comparatives are not as presented in the finalized 2009/2010 Audited Financial Statements

filed with Alberta Education.

School Jurisdiction Code:

STATEMENT OF CASH FLOWS

page 6

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STATEMENT OF CAPITAL ALLOCATIONS

(EXTERNALLY RESTRICTED CAPITAL CONTRIBUTIONS ONLY)

for the Year Ended August 31, 2011(in dollars)

Deferred Unamortized

Capital Capital

Allocations Allocations

Balance at August 31, 2010 $0 $0

Prior period adjustments $0 $0

Adjusted balance, August 31, 2010 $0 $0

Add:

Restricted capital allocations from: Alberta Education school building and modular projects $0

Other Government of Alberta $0

Federal Government and First Nations $0

Other sources $0

Interest earned on provincial government capital allocations $0

Other capital grants and donations $0

Net proceeds on disposal of supported capital assets $0

Insurance proceeds (and related interest) $0

Donated capital assets (amortizable, @ fair market value) $0

P3, other ASAP and Alberta Infrastructure managed projects $0

Transferred in capital assets (amortizable, @ net book value) $0

Current year supported debenture principal repayment $0

Expended capital allocations - current year $0 $0

Deduct:

Net book value of supported capital assets dispositions, write-offs, or transfer; Other $0 $0

Capital allocations amortized to revenue $0

Balance at August 31, 2011 $0 $0

* Infrastructure Maintenance Renewal (IMR) Program allocations are excluded from this Statement, since those allocations are not externally restricted to capital.

page 8

MOTHER EARTH’S CHILDREN’S CHARTER SCHOOL SOCIETYNOTES TO THE FINANCIAL STATEMENTS

AUGUST 31, 2011

page 9

1. Authority and Purpose

The Society delivers educational programs under the authority of the School Act, Chapter S-3Statutes of Alberta, January 1, 2002. It is not taxable under Section 149(1) of the Income Tax Act.

The Society receives block allocations for instruction and support under Regulation 72/95. Theregulation limits funding and expenses for administration. It permits the Society, within specified limitsto reallocate funding between the instruction and support blocks.

2. Significant Accounting Policies

The financial statements have been prepared in accordance with Canadian generally acceptedaccounting principles as issued by the Accounting Standards Board in Canada and include thefollowing significant accounting policies:

Revenue Recognition

Revenue is recognized as follows:

Instruction and support allocations are recognized in the year to which they relate.

Fees for services related to courses and programs are recognized as revenue when suchcourses and programs are delivered.

Unrestricted contributions are recognized as revenue when received or receivable. Contributionsin-kind are recorded at fair market value when reasonably determinable.

Externally restricted contributions are deferred and recognized as revenue in the period in whichthe restriction is complied with.

Prepaid Expenses

Certain expenditures incurred and paid before the close of the school year are for specific schoolsupplies, which will be consumed subsequent to the year-end, and are accordingly recorded asprepaid expenses.

School Generated Funds

These are funds which come under the control and responsibility of a school principal for schoolactivities. They are usually collected, retained, and expended at the school level (e.g. yearbooksales, hot lunches, field trip fees, etc.)

Investments

Short-term investments are valued at the lower of cost or market value.


AUGUST 31, 2011

page 10

2. Significant Accounting Policies (continued)

Capital Assets

Capital assets are recorded at cost. The cost for contributed capital assets is considered to be thefair value at the date of contribution

Amortization is provided using the straight-line method at rates intended to amortize the cost ofassets over their estimated useful lives:

Automotive equipment 10 yearsClassroom equipment 10 yearsComputer and media equipment 5 yearsPlayground, gym, kitchen and custodial equipment 5 years

Only capital assets with a cost in excess of $5,000 are capitalized. No amortization is recorded inthe year of acquisition.

Vacation Pay

Vacation pay is accrued in the period in which the employee earns the benefit.

Pensions

Pension costs included in these statements comprise the cost of employer contributions forcurrent service of employees during the year.

The current service and past service costs of the Alberta Teacher Retirement Fund are met bycontributions by active members and the Government of Alberta. Under the terms of theTeachers Pension Plan Act, the members contribute to the fund through payroll deductions. TheSociety does not make pension contributions for the staff.

Financial Instruments

The Society’s financial instruments consist of cash, term deposits, accounts receivable, bankindebtedness, and accounts payable. Unless otherwise indicated, it is management's opinion thatthe Society is not exposed to significant interest or credit risks arising from these financialinstruments. Unless otherwise noted, the fair values of these financial instruments approximatetheir carrying values. The Society has invested surplus funds in accordance with Section 60 ofthe School Act.

(i) Held for trading

The Society has classified cash and term deposits as held for trading. These instruments areinitially recognized at their fair value, determined by published price quotations in an activemarket. Transactions to purchase or sell these items are recorded on the settlement date.

Held for trading financial instruments are subsequently measured at their fair value, without anydeduction for transaction costs incurred on sale or other disposal. Gains and losses arising fromchanges in fair value are recognized immediately in income.


AUGUST 31, 2011

page 11


(ii) Available for sale

The Society has not classified any financial assets as available for sale.

(iii) Loans and receivables

The Society has classified accounts receivable as loans and receivables. The assets are initiallyrecognized at their fair value. Fair value is approximated by the instrument's initial cost in atransaction between unrelated parties. Transactions to purchase or sell these items are recordedon the settlement date.

Loans and receivables are subsequently measured at their amortized cost, using the effectiveinterest method. Under this method, estimated future cash receipts are discounted over theasset's expected life, or other appropriate period, to its net carrying value. Amortized cost is theamount at which the financial asset is measured at initial recognition less any reduction foruncollectibility. Gains and losses arising from changes in fair value are recognized in net incomeupon derecognition or impairment.

(iv) Held to maturity

The Society has not classified any financial assets as held to maturity.

(v) Other financial liabilities

The Society has classified bank indebtedness and accounts payable as other financial liabilities.These liabilities are initially recognized at their fair value. Fair value is approximated by theinstrument's initial cost in a transaction between unrelated parties. Transactions to purchase orsell these items are recorded on the settlement date.

Other financial liabilities are subsequently measured at amortized cost using the effective interestmethod. Under this method, estimate future cash payments are discounted over the liability'sexpected life, or other appropriate period, to their net carrying value. Amortized cost is theamount at which the financial liability is measured at initial recognition less principal repayments,and plus or minus the cumulative amortization using the effective interest method of anydifference between the initial amount and the maturity amount. Gains and losses arising fromchanges in fair value are recognized in net income upon derecognition.

Cash and Cash Equivalents

Cash and cash equivalents consist of balances with banks and short-term investments withmaturities not exceeding 90 days.

Contributed Services

Volunteers contribute a considerable number of hours per year to schools to ensure that certainprograms are delivered, such as kindergarten, lunch services and the raising of school generatedfunds. Because of the difficulty of compiling these hours and the fact that these services are nototherwise purchased, contributed services are not recognized in the financial statements.


AUGUST 31, 2011

page 12


Measurement Uncertainty

The preparation of financial statements in conformity with Canadian generally acceptedaccounting principles requires management to make estimates and assumptions that affect thereported amounts of assets and liabilities and disclosure of contingent assets and liabilities at thedate of the financial statements, and the reported amounts of revenues and expenses during thereporting period. Accounts receivable are stated after evaluation as to their collectability and anappropriate allowance for doubtful accounts is provided where considered necessary.Amortization is based on the estimated useful lives of capital assets.

Recent Accounting Pronouncements

Canadian accounting standards for not-for-profit organizations

In October 2010, the Accounting Standards Board (AcSB) approved the accounting standards forprivate sector not-for-profit organizations (NFPOs) to be included in Part III of the CICAHandbook-Accounting (“Handbook”). Part III will comprise:

The existing “4400 series” of standards dealing with unique circumstances of NFPOs,currently in Part V of the Handbook; and

The new accounting standards for private enterprises in Part II of the Handbook, to the extentthat they would apply to NFPOs.

Effective for fiscal years beginning on or after January 1, 2012, private sector NFPOs will havethe option to adopt either Part III of the Handbook or International Financial Reporting Standards(IFRS). Earlier adoption is permitted. The Association has not yet determined the impact of theadoption of these potential changes on its financial statements.

3. Cash and Temporary Investments

2011 2010AverageEffective

(Market) Yield CostFair

Value

AverageEffective

(Market) Yield CostFair

ValueCash and cashequivalents

0.10% $863,796 $863,796 $409,287 $409,287

Bank indebtedness (27,911) (27,911) (57,795) (57,795)

Term Deposit 1.00% 51,430 51,430 2.00% 50,092 50,092

Total cash andtemporaryinvestments

$887,315 $887,315 $401,584 $401,584

The Society has negotiated an overdraft facility in the amount of $50,000 with Servus Credit Unionwith an overdraft interest rate of prime. At August 31, 2011, this line of credit was not drawn upon.Bank indebtedness consists of outstanding cheques issued in excess of the operating bank balance.

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AUGUST 31, 2011

page 14

6. Accounts Payable2011 2010

Trade payables and accrued liabilities $ 50,813 $ 9,038Federal Government 13,968 725Alberta Teachers Retirement Fund - 351

$ 64,781 $ 10,114

7. Deferred Revenue

The following amounts have been deferred and will be recognized as income to match theexpenditures as incurred.

SOURCE AND GRANT OR FUND TYPE DEFERREDREVENUE

as atAug. 31, 2010

ADD:2010/2011

Restricted FundsReceived/Receivable

DEDUCT:2010/2011

Restricted FundsExpended

(Paid/Payable)

ADD(DEDUCT):2010/2011

Adjustmentsor Returned

Funds

DEFERREDREVENUE

as atAug. 31, 2011

Alberta Education Restricted Operational Funding: $0 $0 $0 $0 $0

Alberta Initiative for School Improvement $6,516 $22,874 $9,737 $0 $19,653

Lease $262,500 $350,000 $350,000 $0 $262,500

Dreamkeeper $57,355 $30,000 $63,217 $0 $24,138

Video Conferencing $3,284 $ $3,284 $ $

Other Government of Alberta Restricted Funding: $0 $0 $0 $0 $0

Circle of Courage $0 $20,400 $4,041 $0 $16,359

Total $329,655 $423,274 $430,279 $0 $322,650

8. Commitments

The Society is committed to a lease agreement with The Company of the Cross Alberta that expiresMay 31, 2014. As per the lease agreement, the Society shall pay $350,000 per annum as rent inrespect of each year of term.

9. Economic Dependence

The Society’s primary sources of revenue are received from the Province of Alberta and theGovernment of Canada. The Society’s ability to continue viable operations is dependent on thisfunding.


AUGUST 31, 2011

page 15

10. Related Party Transactions

Effective 2005/2006, school jurisdictions are controlled by the Government of Alberta according tocriteria set out in PSAB 1300. All entities consolidated or accounted for on a modified equity basis inthe accounts of the Government of Alberta are now related parties of school jurisdictions. Theseinclude government departments, health authorities, post-secondary institutions and other schooljurisdictions in Alberta.

All related-party transactions are in the normal course of business and are measured at the exchangeamount, which is the amount of consideration established and agreed to by the related parties.

Balances TransactionsAssets Liabilities Revenues Expenses

Government of Alberta:Education $ - $306,291 $1,121,408 $ -

Other Gov’t of Alberta departments - 16,359 4,041 -

Other:Post-secondary institutions 2,766 - 2,766 -

TOTAL 2010-2011 $ 2,766 $322,650 $1,128,215 $ -

TOTAL 2009-2010 $44,812 $329,655 $1,353,238 $ -

11. Budget Amounts

The budget was prepared by the school jurisdiction and approved by the Board of Trustees. It ispresented for information purposes only and has not been audited.


AUGUST 31, 2011

page 16

12. Disclosure of Salaries and Benefits

The Society had paid or accrued expenses for the year ended August 31, 2011 to or on behalf of thefollowing positions and persons in groups as follows:

Performance

Board Members: FTE Remuneration Benefits Allowances Bonuses Expenses

Chair - Asha Roa 1.0 $0 $0 $0 584Larry Lacoste 1.0 $0 $0 $0 541Mary Thomas 1.0 $0 $0 $0 412Geraldine Potts 1.0 $0 $0 $0 352Valerie Bird 1.0 $0 $0 $0 223

0.0 $0 $0 $0 00.0 $0 $0 $0 00.0 $0 $0 $0 00.0 $0 $0 $0 00.0 $0 $0 $0 00.0 $0 $0 $0 00.0 $0 $0 $0 0

Subtotal 5.0 $0 $0 $0 2,112

Superintendent Ed Wittchen 1.0 $0 $0 $0 $0 $0 6,6240.0 $0 $0 $0 $0 $0

Certificated teachers 8.4 $656,557 $49,590 $0 $0 $0Non-certificated - other 9.7 $478,761 $44,509 $0 $0 $0

TOTALS $1,135,318 $94,099 $0 $0 $0

ERIP's /

Other

The Superintendent, Ed Wittchen is paid based on contract and not wages. He received $80,503 as perhis contract.

13. Correction of Errors in Prior Period Financial Statements

Opening investment in capital assets has been increased and opening unrestricted net assets hasbeen decreased by $380,623 to correct a calculation error on the August 31, 2010 statement of netassets. Capital additions were incorrectly deducted from investment in capital assets and added tounrestricted net assets in the prior year.

Gross school generated funds expense has been increased by $25,313 and services, contracts andsupplies have been decreased by $25,313 in the prior year to correct a misclassification of expenses.This adjustment does not affect August 31, 2010 surplus.


UNAUDITED SCHEDULES

TO THEFINANCIAL STATEMENTS

FOR THE YEAR ENDED AUGUST 31, 2011[School Act, Section 276]

Legal Name of School Jurisdiction

Mailing Address

Telephone and Fax Numbers

Declaration of Secretary-Treasurer / Chief Financial Officer

reporting requirements for Alberta school jurisdictions. These schedules were submitted to the board for information

"Dated and Signed Electronically"Name Signature

Dated

c.c. ALBERTA EDUCATION, Financial Reporting & Accountability Branch8th Floor Commerce Place, 10155-102 Street, Edmonton AB T5J 4L5EMAIL: [email protected]: (780) 644-5672 FAX: (780) 422-6996

Mother Earth's Children's Charter School

RR5 Stony Plain, AB T7Z 1X5

Telephone: (780) 702-7531 Fax: (780) 848-2395

14-Nov-11

To the best of my knowledge and belief, these unaudited schedules have been prepared following Alberta Education's

purposes.

SECRETARY TREASURER OR TREASURER

Anita LeMoignan


TABLE OF CONTENTS

Page

SCHEDULE A 3

SCHEDULE B 4

SCHEDULE C 5

Allocation of Revenues and Expenses to Programs

School Generated Funds (SGF)

Operations and Maintenance Program Expense Details

page 2 of 5

S

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pag

e 3

of 5


SCHEDULE BSCHOOL GENERATED FUNDS (SGF) - 2010/2011

Unexpended SGF - Opening Balance August 31, 2010 (Note 1) $0

Sources of School Generated Funds: Gross SGF Related Expenses Net SGFFundraising activities $0 $0 $0Student fees (non-instructional) (note 1) $22,754 $0 $22,754Donations and grants to schools $2,000 $0 $2,000Other (describe): $0 $0 $0

Net Additions to SGF $24,754 $0 $24,754

Net SGF Available $24,754

Uses of Net School Generated Funds:Extra-curricular activities $0Field trips $1,053Other (describe): $23,701

Total Uses of Net SGF (Note 2) $24,754

Unexpended SGF - Closing Balance August 31, 2011 (Note 3) $0

Notes:

1

2 The sum of "total related expenses" and "total uses of net SGF" is reported as "gross school generated funds" in the Statement of Revenues & Expenses.

Foods purchased to operate Hot Lunch Program

School Generated Funds (SGF) are funds raised in the community for student activities that come under the control and responsibility of school management. These funds are usually collected and retained at the school for expenditures paid at the school level. SGF does not include any other funds collected at the school but remitted to central office and accounted for by central office (facility rentals, capital assets purchases, etc.)

Excludes fees collected pursuant to Section 60(2)(j) of the School Act (fees related to instructional supplies or materials - essentially textbooks, resource materials in lieu of textbooks, media, software, and materials for classrooms). Fees charged for CEU-related activities are recorded as instruction resource fees, not SGF.

3 Unexpended SGF is reported as SGF assets and SGF liabilities in the Statement of Financial Position.

page 4 of 5

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Documents

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED …€¦ · School Jurisdiction Code: 154 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED AUGUST 31, 2011 [School Act, Sections 147(2)(a),