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LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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Volunteer Benevoles Yukon Society
Financial Statements Review
Year Ending March 31,2020
(Unaudited)
LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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NOTICE TO READER
We have compiled the balance sheet of VOLUNTEER BENEVOLES YUKON SOCIETY as March 31,2020, and the
statement of operations and retained earnings for the year then ended from information provided by
management. We have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of
such information. Readers are cautioned that these statements may not be appropriate for their purposes.
Whitehorse, YT
May 21 2020 Hélène Girardeau
LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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Compilation Engagement Report
To the Board of
Volunteer Benevoles Yukon Society
We have compiled the balance sheet as of March 31,2020 and the statement of operations for the year then
ended. The compilation was completed using information provided by the above-named company.
A compilation does not constitute an Audit; consequently, there is not an audit opinion expressed regarding the
enclosed financials.
Based on the information provided, nothing has come to my attention that causes me to believe these financial
statements are not, in all material respects, in accordance with generally accepted accounting principles.
Whitehorse, Yukon
May 21,2020
Hélène Girardeau
LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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Volunteer Benevoles Yukon Society
STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31,2020
(UNAUDITED – SEE NOTICE TO READER)
2020 2019
Asset
Current Assets
Cash 63 948 122 531
Accounts Receivable 0 150
Prepaid Expenses 0 0
Total Current Assets 63 948 122 681
Property & Equipment (see Note 2) 3 119 3 338
Total Asset 67 067 126 020
Liability
Current Liabilities
Accounts Payable & Accrued Liabi l i ties 5 466 5 339
GST Receivable -551 -568
Deferred Revenue (Note 6) 0 71 735
Total Current Liabilities 4 915 76 506
Total Liability 4 915 76 506
Equity
Retained Earnings
Retained Earnings - Previous Year 49 514 38 183
Current Earnings 12 638 11 331
Total Retained Earnings 62 152 49 514
Total Equity 62 152 49 514
Total Liabilities & Equity 67 067 126 020
On Behalf of The Board :
_____________________________________ Director
_____________________________________ Director
LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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Volunteer Benevoles Yukon Society
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31,2019
(UNAUDITED – SEE NOTICE TO READER)
2020 2019
Revenue
Yukon Government - Core Funding 67 000 67 000
Yukon Government - NGO Tra ining 39 827 37 693
Service Canada - Youth on Board 286 341 195 008
Yukon Government - CDF 30 000 20 000
Membership Fees 1 540 1 820
Specia l Projects Funding & Miscel laneous14 845 25 232
Donations 704 2 689
Total Revenue 440 257 349 442
Expenses
Accounting & Admin 0
Advertis ing 4 738 4 250
Amortization 220 195
Bank Charges and Interest 652 553
Computer Maintenance & Suppl ies 559 5 273
Insurance 2 034 1 334
Membership, Licenses , Fees & Dues 3 288 3 643
NGO Tra ining 34 873 34 010
Office & Miscel laneous 5 201 7 131
Profess ional Fees 1 333 1 706
Rent 9 000 12 000
Salaries & Benefi ts 128 205 110 832
Smal l Contractors (Subcontractors ) 44 183 31 402
YOB Wage Subs idies 180 251 105 105
Specia l Projects 4 112 12 248
Meeting Room 6 160 6 875
Telephone 1 354 1 255
Tra ining and Development 1 457 300
Total Expenses 427 619 338 112
Net Income (Loss) 12 638 11 330
LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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Volunteer Benevoles Yukon Society
NOTES TO THE FINANCIAL STATEMENTS
(UNAUDITED – SEE NOTICE TO READER)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF ORGANIZATION Volunteer Benevoles Yukon Society was incorporated as a Society under the Yukon
Societies Act. The Society was formed to provide support for volunteer organizations
throughout the Yukon Territory and provides training and resources to help support
them in their endeavours. The Society is a registered charity under the Income Tax
and is therefore not subject to income taxes.
FINANCIAL INSTRUMENTS Section 3855 of the CICA Handbook sets out criteria for the recognition and
measurement of financial instruments. It requires all financial instruments to be
measures at fair value or, when fair value is not relevant, at cost or amortized cost.
Changes in fair value are recognized in the statements of operations or changes in net
assets.
REVENUE RECOGNITION The Society follows the deferral method of accounting for grants and contributions.
Restricted contributions are recognized as revenue in the year in which the related
expenses are incurred. Unrestricted contributions are recognized as revenue when
received or receivable if the amount to be received can be reasonably estimated and
collection is reasonably assured.
PROPERTY AND EQUIPMENT Property and equipment is stated at cost less accumulated amortization.
Amortization is provided for annually at rates calculated to write-off the assets over
their estimated useful lives as follows:
Furniture and Equipment - 20% diminishing balance basis
Signs - 20% diminishing balance basis
Computer equipment - 45% diminishing balance basis
USES OF ESTIMATES The preparation of financial statements in accordance with Canadian Generally
Accepted Accounting Principles requires management to make estimates and
assumption that affect the reported amounts of assets and liabilities at the date of
the financial statements, and the reported amount of revenues and expenses during
the reporting period. Actual results could differ from management’s best estimates as
additional information becomes available in the future.
DONATED SERVICES AND MATERIALS The Society is assisted by the donation of supplies and services from members of the
community. Supplies and services which are not normally purchased by the Society
are not recorded in the financial statements because of their difficulty of determining
their faire value. Supplies and services which are normally purchased by the Society
are recognized in the financial statements based on their fair value.
2. PROPERTY AND EQUIPMENT
LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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Cost 2019 NBV Additions CCA Claim 2020 NBV
Artwork 2 850 2 850 2 850
Furniture & Equipment 13 175 488 220 269
Signs 800 0 0
Computer Equipment 9 270 0 0
Totals 26 095 3 338 0 220 3 119
3. NET ASSETS AND CAPITAL
The Society’s net assets represent the cumulative excess of revenue over expenses of the Society since inception. It comprises of the
following :
The Society considers its capital to be its nets assets. The Society’s objectives when managing capital are to safeguard its ability to
continue as a going concern so it can provide services to its clients and allow for future expansion, as appropriate. Annual Budgets are
prepared and monitored to ensure the Society’s capital is maintained at an appropriate level. The Society’s must achieve a balanced
budget, or it may not continue as a going concern.
4. ECONOMIC DEPENDENCE
The Society receives a major portion of its funding from the Yukon Government and is dependent on this funding for continued
operations
5. FINANCIAL INSTRUMENTS
All financial instruments are classified into one of the following five categories: held-for-trading, held to maturity, loans and
receivables, available for sale financial assets, or financial liabilities. Initial and subsequent measurement and recognition of changes in
the value of financial instruments depend on their initial classification.
The Society has adopted the following classifications for its financial instruments:
Cash is classified as held-for-trading. Changes in fair value are recorded in the statement of operations.
Accounts Receivable is classified as loans and receivables. It is initially recorded at fair value and subsequently measured
at amortized cost using the effective interest method.
Accounts Payables is classified as other financial liabilities. It is initially recorded at fair value and subsequently measures
at amortized cost using the effective interest method.
The fair value of cash, receivables and payables approximates their carrying values due to their short-term to maturity or capacity for
prompt liquidation.
2020 2019
Net Book Value of Property and Equipment 3 119 3 338
Unrestricted Net Assets 46 395 34 845
49 514 38 183
LN Bookkeeping Helene Girardeau 202C Strickland Street Whitehorse, YT Y1A 2J8 : 867-335-2204 [email protected]
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The Society is not exposed to currency risks because it does not transact in foreign currencies and it is not exposed to credit risk as the
vast majority of its revenue comes from government agencies. The Society is exposed to financial risks that arise from the fluctuation in
interest rates.
6. DEFERRED REVENUE
Deferred revenue represents funds received in connection with the future rendering of services for the following project:
2020 2019
NGOTF Funding 0 5 536
Youth on Board Funding 0 66 199
CDF Funding 0 0
0 71 735
