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Home My WebLink AboutTR-80-98 REPORT 16 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON REPORT Meeting: Council File #:fu5. Co Res.#:C - 7?-5 -CJ<75' Date: October 26, 1998 Report #: TR-80-98 File #: By-Law #: Subject: BUILD COURTICE FUNDRAISING STATUS UPDATE Recommendations: It is respectfully recommended to Council the following: 1. THAT Report TR-80-98 be received for information. Backqround and Comment: At the General Purpose and Administration Committee meeting of October 19, 1998, Council requested the Treasury Department to contact the Build Courtice Fundraising Committee and provide an update as to the Committee's fundraising efforts for the Courtice Community Complex. It was originally anticipated, per Report TR-64-96, that the Build Courtice Campaign would raise $500,000 towards the capital cost of the Courtice Community Complex (see Attachment "A"). As of October 19,1998, the Municipality has received a total of $150,000 from the Build Courtice Fundraising Campaign. However, $50,000 was a reimbursement to the Municipality for start-up funds advanced to the committee as an interest-free loan. As a result the Municipality has received a net contribution to-date of $100,000 from the Fundraising Committee. Treasury Staff have contacted Mr. Ian Smith, Campaign Chair, Build Courtice Campaign to request information on the current status and projected future contributions to be forwarded to the Municipality. Mr. Smith indicated that active fundraising efforts have been completed and the Campaign Committee is holding in a charitable trust $40,066 in future pledges receivable (as of December 31, 1997). The Trust also had a cash balance at December 31, 1997 of $14,774 (see Attachment "8"). The Trust will remain operating for another year until existing pledges have been received. Mr. Smith is anticipating a final cheque to the Municipality at that time of approximately $50,000. TR-80-98 BUILD COURTICE FUNDRAISING STATUS UPDATE Page -2 - Conclusion: This would conclude the activity of the Committee and result in a net contribution to the Municipality for the Courtice Community Complex of $150,000. As the approved Capital budget for the Complex identified $500,000 in fundraising contributions, this results in a $350,000 shortfall. This is currently being financed from Municipal Reserve Funds and has contributed to a negative balance in the Community Services Development Charges Reserve Fund. Should the final contribution not be received from the Build Courtice Fundraising Committee in the anticipated amount, the funding shortfall will be included in the new Development Charges policy, if possible, or from the existing Development Charges Reserve funds. Respectfully submitted, Reviewed by: ~ arie A. Marano, H.BSc.,AMCT, Treasurer. /j#:~~1 W.H. Stockwell, Chief Administrative Officer. 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Qj I- .0 <( ::J al 0.. 0 >, (/)001-~i< ATTACHMENT liB" BUILD COURTICE Sixteen Fifty-One Nash Road, Box 183 COURTlCE, aNT ARIa LlE lS8 AUG , 0 II 35 MI '98 August 4, 1998. Ms. Patti Barrie, A.M.C.T., Clerk, Municipality of Clarington, 40 Temperance St., Bowmanville, Ontario. L1C 3A6 Re: Audited Financial Statements - Build Courtice Fund Dear Ms. Barrie: As the treasurer for the "Build Courtice Fund Raising Campaign", I wanted to forward to the Municipality copies of the audited financial statements including the auditor's reports for the 1996 and 1997 fiscal year-ends for "Build Courtice". The auditor completed his report in early April of this year and we had been holding the audited financial statements with the anticipation that we would have a board meeting to review the statements and at that time provide copies of the financial statements to Councillor Novak for the Municipality. Since that meeting has yet to be convened and has been delayed pending final approval for the location and design for the cornerstone wall, I have decided that rather than waiting any longer, I would forward copies of the financial statements to the Municipality for these two fiscal periods. I should also mention that the issue that was raised by Ann Mailer in her correspondence dated December 4, 1997, related to the numbering of receipts was addressed and I spoke with Revenue Canada regarding the matter. It was their indication that the serial numbering of receipts was primarily related to door to door canvassing by charities and was not a significant issue in our case., although it is part of the regulations. However, we did address the matter and all receipts that were issued during 1993 CfuTj a separate and unique nlli"11ber. I trust you will find the enclosed in order and would ask that you circulate copies ofthe.se .al!di~~d_ ,---"-".d financial statements to the appropriate individuals. Should you have any questiors,~~tUefION n a call. \ CLE.RK ~ --~. 1 1. '. ~ I\CK. 8f --------- ; , . : \ ORI'~'NAI fll:_.-~-....-' l'r;- D~ ;~~.~~--- ----:' L ,,0, L::l, ~. .._-.. ~."" ...J LUQ.-'=- --I ~_.__....~ \--Ai-;'~':: .^ ;~-;- ~'~0)----- V~\JJ~_."-""'-'_.- Ian Smith, Cbainnan, Build Courtice Campaign Fund Raising Committee f..... " . --.' .---- ! . .......' cc: HEH/ca ;-. ... 'I.. .. \ t __ .__._ ---. - .. , ,--- - 10, ':" .-....' . '..?"'. O.-J.': .C.-e..>.,- I I I I I I I I I I I I I I I I I I I BUILD COURTICE CHARITABLE TRUST FINANCIAL STATEMENTS DECEMBER 31. 1997 STEPHEN J. SUTHERLAND, C/1lJ1It'rl'd A(((IUlIllIIlI ~ STEPHENJ.SUTHERLAND Chartered Accollntant 13 JOHN STREET WEST OSHAWA ONTARIO L1H 1W8 (905) 721.8600 FAX (905) 721-8604 AUDITOR'S REPORT I To the Members of Build Courtice Courtice, Ontario I I have audited the balance sheet of Build Courtice as at December 31, 1997 and the statement of revenue, expenditures and unexpended funds for the year then ended. These financial statements are the responsibility of the association's management. My responsibility is to express an opinion on these financial statements based on my audit. Except as explained in the following paragraph, I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perfonn an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In common with many associations, the association derives revenue from fund raising activities, the completeness of which is not susceptible of satisfactory audit verification. Accordingly, my verification of these revenues was limited to the amounts recorded in the records of the association and I was not able to detennine whether any adjustments might be necessary to revenues, excess of revenue over expenditures, assets and surplus. In my opinion, except for the effect of adjustments, if any which I might have detennined to be necessary had I been able to satisfy myself concerning the completeness of the revenues referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the association as at December 31, 1997 and the results of its operations for the year then ended in accordance with generally accepted accounting principles. I I I I I I Oshawa, Ontario ril I, 1998 St phen J. Sutherland C artered Accountant I I I I I Assm Current Bank Pledges Receivable Liabilities BUILD COURTICE CHARITABLE TRUST BALANCE SHEET AS AT DECEMBER 31. 1997 Unexpended funds Accounts payable and accrued charges I I I I I ! I I I ;;Iif {/ (" oard: . (an Smith, President ~ ------ , Harry Horricks, Treasurer STEPHEN J. SUTHERLAND, Clll/rlat'" :\"""I/IU/II m.z $ 14,774 40 066 $ 54 840 $ 1,300 53.540 $ 54.840 l22Q $ 14,627 4.000 $ 18.627 $ 651 17976 $ 18.627 BUILD COURTICE CHARITABLE TRUST STATEMENT OF REVENUE EXPENDITIJRES AND UNEXPENDED FUNDS fOR TI-JE YEAR ENDED DECEMBER 31. 1997 I Transferred to Municipality ofClarington l221 m2. 34,500 $ 8,467 97,929 23,250 6,557 30,477 22,471 18,710 5,520 25,261 2,670 1.455 43 214 889 62421 2,861 1,354 61 14 5,987 6,427 1,411 1,719 127 25,983 3,385 1.858 9,032 5,208 987 4,850 1,489 624 393 29.325 44 445 185,564 17,976 17.976 203,540 17.976 ( 150.000) 53 540 S 17976 Revenue b, ;ck campaign Business and industry Community canvassing Donations School events Special events Other $ Expenditures Advenising Bank charges Brick campaign Equipment rentals and purchases Management and administration Office and general Professional fees Schools campaign Special events Telephone Excess of revenue over expenditures Unexpended funds at beginning of the year Unexpended funds at end of the year s I I I I I I STEPHEN J. SUTHERLAND, Ch"rI"'c" Accoul/tlJl/t ~JJILD COURTICE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS DECEMBER 3 I. 1997 I. Operations The purpose of the Trust shall be to manag<;., ';,'I)-ordinate and administer the charitable works program which net revenues will be distributed to the Municipality ofClarington. 2. Significant Accounting Policy The accounting policies of the Trust conform with accounting policies generally accepted in Canada. Accrual Basis of Accounting Revenues and expenditures are recorded on the accrual basis, whereby they are reflected in the accounts in the period in which they have been earned and incurred, respectively, whether or not such transactions have been finally settled by the receipt or payment of money. STEPHEN J. SUTHERLAND, Clll/non! Ai,(J""!lIl! BUILD COURTICE CHARITABLE TRUST FINANCIAL STATEMENfS DECEMBER 31. 1996 STEPHEN J. SUTHERLAND I Clll/rtard AccOIII/taf/t ~ STEPHENJ.SUTHERlAND Chartered Accountant 13 JOHN STREET WEST OSHAWA, ONTARIO. l1H 1W8 (905) 721-8600 FAX (905) 721-8604 AUDITOR'S REPORT To the Members of Build Courtice Courtice, Ontario I have audited the balance sheet of Build Courtice as at December 31, 1996 and the statement of revenue, expenditures and Unexpended funds for the six month period then ended. These financial statements are the responsibility of the association's management. My responsibility is to express an opinion on these frnancial statements based on my audit. Except as explained in the following paragraph, I conducted my audit in accordance with generally accepted auditing standards. Tnose standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supponing the amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In common with many associations, the association derives revenue from fund raising activities, the completeness of which is not susceptible of satisfactory audit verification. Accordingly, my verification of these revenues was limited to the amounts recorded in the records of the association and I was not able to determine whether any adjustments might be necessary to revenues, excess of revenue over expenditures, assets and surplus. In my opinion, except for the effect of adjustments, if any which I might have determined to be necessary had I been able to satisfy myself concerning the completeness of the revenues referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the association as at December 31, 1996 and the results of its operations for the six month period then ended in accordance with generally accepted accounting principles. I A.ss.ets Current Bank Pledges Receivable Liabilities BUILD COURTICE CHARITABLE mUST BALANCE SHEET AS AT DECEMBER 3 I. 1996 Accounts payable and accrued charges Unexpended funds / , Ian Smith, President '--- ------- , Harry Horricks, Treasurer STEPHEN J. SUTHERLAND, Char/m'd A"illIlIllIIII $ 14,627 4 000 .l22.Q $ 18.627 $ 651 17976 $ 18 6~7 I I BUILD COT ffi.IICE I CHARITABLE TRUST STATEMENT OF REVENUE EXPENDITIJRES AND UNEXPENDED FUNDS FOR THE SIX MONTI-I PERIOD ENDED DECEMBER 31 1996 Revenue Brick campaign $ 8,467 Business and industry 23,250 Donati.:ms 22,471 School events 5,520 Special events 2,670 Other 43 $ 62.42 I Expenditures Advertising 1,354 Bank charges 14 Brick campaign 6,427 Equipment rentals and purchases 1,719 Management and administration 25,983 Office and general 1,858 Professional fees 5,208 Special events 1,489 Telephone 393 44.445 Excess of revenue over expenditures 17,976 Unexpended funds at beginning of the period Unexpended funds at end of the period $ 17.976 STEPHEN J. SUTHERLAND, OWl/mod AC('(IUI/IlII/( :.. -,'" _.-.~ '-'.. . ~ I I I I I - - I I I I I I I ] BUILD COt JRl1CE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31. 1996 1. Operations The purpose of the Trust shall be to manage, co-ordinate and administer the charitable works program which net revenues will be distributed to the Municipality ofClarington. 2. Significant Accountin~ Policy The accounting policies of the Trust conform with accounting policies generally accepted in Canada. Accrual Basis of Accounting Revenues and expenditures are recorded on the accrual basis, whereby they are reflected in the accounts in the period in which they have been earned and incurred, respectively, whether or not such transactions have been finally settled by the receipt or payment of money. STEPHEN J. SUTHERLAND, Chllr/cml AU(lUI/(III/(