Waldenstrom’s Macroglobulinemia Foundation of Canada

2009 Financial Statements

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Waldenstrom’s Macroglobulinemia Foundation of Canada
Balance Sheet
As at December 31, 2009

	2008	2009
ASSETS
Current assets:
Cash in Bank	$50,489	$35,373
Certificates of Deposit	50,000	75,000
TOTAL ASSETS	$100,489	$110,373
LIABILITIES
Current liabilities:
Research Contribution:
Research Grant payable in instalments in 2010-2011 (Note 3):		$74,950
Total liabilities	$          0	$74,950
EQUITY
Retained Surplus:	$100,489	$35,423
TOTAL LIABILITIES AND EQUITY	$100,489	$110,373

On Behalf of the Board:

signed
Arlene Hinchcliffe . . . . . . . . Director and President

Jeff Atlin . . . . . . . . . . . . . . . Director and Treasurer

 

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Waldenstrom’s Macroglobulinemia Foundation of Canada
Statement of Revenue and Expenses
For the year ended December 31, 2009

	2008	2009
Revenues:
Receipted Donations received during the year:
Membership Contributions	$24,915	$23,675
Non-Cash Donations (Note 4)	10,200
Interest & Misc. Income		1,264
Total Membership Fund Donations	35,115	24,939
Research Donations:
In Honour of	2,460	6,385
In Memory of	5,259
Other Research	32,330	28,714
Via Payroll Deduction	500	1,315
Non-receipted donations (fundraising activities)	14,504
Total Research Fund Donations:	55,053	36,414
TOTAL Revenues:	$90,168	$61,353
Expenses:
Research Contributions (Note 3)		99,935
Payment to IWMF (membership & member services) (Note 2)	22,224	13,998
Fundraising Expenses (Note 5)	10,200
Education Forum Expenses		6,614
Stationery & Office Supplies	352	1,660
Support Group Meetings		1,394
Postage & Delivery	410	350
Website / Computer Services	270	271
Software	68	616
Bank & Credit Card service charges	1,869	1,601
TOTAL Expenses:	$35,393	$126,419
Excess (Deficiency) of Revenues over Expenses for the Year	$54,775	($65,066)

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Waldenstrom’s Macroglobulinemia Foundation of Canada
Statement of Retained Earnings
For the year ended December 31, 2009

	2008	2009
Balance, beginning of year	$45,714	$100,489)
Excess / (Deficiency) of revenue over expenses for the year	54,775	(65,066)
Balance, end of year	$100,489	$35,423

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Waldenstrom’s Macroglobulinemia Foundation of Canada (WMFC)
Notes to the Financial Statements
December 31, 2009

1. ACCOUNTING POLICIES
   • Donations are recorded as revenue when received. Expenses are recorded on an accrual basis as incurred.
2. US DOLLAR ACCOUNTING
   • Cash held in the US dollar bank account and payment to IWMF in US Funds for member services from the US dollar account have been converted to Canadian dollars for the financial statements. The conversion rate used of $1.0977 is the average cost of purchasing the US dollars.
3. GRANT EXPENSE AND PAYABLE
   • WMFC committed to fund a research grant at the BC Cancer Agency in the amount of $99,935. This grant is payable in four instalments, the first of which was paid in December, 2009 in the amount of $24,985. WMFC is committed to pay the balance of the grant as follows, subject to receipt of satisfactory progress reports:

   June, 2010	$24,985
   December, 2010	$24,985
   June, 2011	$20,000
   on presentation of final progress report	$4,980
   	$74,950

4. NON-CASH DONATIONS
   • The WMFC held a fundraiser. All the out of pocket expenses of the funraiser were covered by a single donor, who was issued a tax receipt for the donation. This is offset by the corresponding expense under Fundraising Expenses.
5. FUNDRAISING EXPENSES
   • This amount reflects expenses that are incurred to hold fundraising events, whether paid directly by WMFC or receipted donations.
6. INCORPORATION
   • The WMFC was incorporated as a corporation without share capital under the Laws of Ontario on October 5, 2001. It received notification of registration as a charity under the provisions of the Income Tax Act effective December 27, 2002. It commenced operations in 2003.
7. STATUS
   • The WMFC has been designated as a charitable organization for the purposes of the Income Tax Act (149(I)(f)).
8. OBJECTS
   • The objects of the WMFC are:
     • To receive and maintain a fund or funds and to apply all or part of the principal and income therefrom, from time to time, for chartiable pursposes and in particular for the following charitable purposes:
       1. to undertake public education, family support services, dissemination and publication of information about Waldenstrom’s macroglobulinemia disease, and to coordinate medical care and social services for persons suffering from Waldenstrom’s macroglobulinemia;
       2. to provide funds for research into the cause, control and cure of Waldenstrom’s macroglobulinemia.
9. OFFICERS
   • The Officers of the Foundation are:
     

     Arelen Hinchcliffe	–	President
     Jeffrey M. Atlin	–	Treasurer
     Betty McPhee	–	Secretary