WMFC final 2016 Financial Statements
Waldenstrom’s Macroglobulinemia Foundation of Canada
2016 Financial Statements
Balance Sheet as at December 31, 2016
Assets 2015 2016
Cash in Bank Accounts $66,387 $121,940
Guaranteed Investment Certificates $55,000 $0
Research Grant Receivable (Note 4) $0 $80,626
Sales Tax Receivable (Note 7) $3,707 $2,764
Total Assets $125,095 $205,330
Liabilities
Research Grants (Note 4) $14,567 $0
Total Liabilities $14,567 $0
Equity
Retained Earnings $110,528 $205,330
Total Liabilities and Retained Earnings $125,095 $205,330
Approved on behalf of the Board
Signed
- Hinchcliffe, Director and President
- R. Johnston, Director and Treasurer
Statement of Revenue and Expense for the two years ended December 31, 2016
2015 2016
Revenue
Membership Contributions $17,323 $11,594
Research Contributions $51,946 $56,675
Fundraising Activities (Note 6) $0 $51,403
Educational Forums (Note 5) $2,100 $14,089
Interest Income $1,128 $460
Sales Tax Refund (Note 7) $3,242 $0
Total Revenue $75,739 $134,221
Expense
Research Grants (Note 4) $91,853 $0
Fundraising Activities (Note 6) $0 $11,462
Educational Forums (Note 5) $7,832 $16,145
Professional and Accounting Fees $327 $4,624
Bank and Credit Card Fees $1,890 $1,496
Web Site and Computer Services $1,235 $1,063
Office Supplies and Postage $2,257 $3,270
Miscellaneous $843 $1,359
Total Expense $106,237 $39,419
Excess/(Deficiency) of Revenue over Expense $(30,498) $94,802
Statement of Retained Earnings for the two years ended December 31, 2016
Balance, beginning of year $141,026 $110,528
Excess/(Deficiency) of Revenue over Expense $(30,498) $94,802
Balance, end of year $110,528 $205,330
Notes to the Financial Statements
- Accounting Policies
Contributions are recorded as revenue when made. Expenses are recorded on an accrual basis as incurred.
- Incorporation and Status
The Foundation 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.The Foundation has been designated as a charitable organization for
purposes of the Income Tax Act (149(I)(f)).
- Objects
The objects of the Foundation 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 charitable purposes, and in particular for the following purposes: (a) to undertake public education, family support sevices, dissemination and publication of information about Waldenstrom’s Macroglobulinemia, and (b) to promote and provide funds for research in the cause, control and cure of Waldenstrom’s Macroglobulinemia.
- Research Grants
In 2014, WMFC agreed to become a co-sponsor, with the International Waldenstrom’s Macroglobulinemia Foundation, of a research project at the British Columbia Cancer Agency (BCCA).WMFC contributed $94,748 to this project in 2014, $90,626 in 2015 and $80,626 in 2016. However by the end of 2016, BCCA informed the sponsors that the project could not be completed and a portion of the contributions would be refunded to the sponsors in 2017. Since the amount to be refunded to WMFC was not known, but was estimated to exceed the contribution made in 2016, a receivable equal to $80,626 has been held as an asset, and the research grant expense has been reduced to zero. Any amount of refund received greater than $80,626 will be included in the 2017 accounts.
In 2012, WMFC committed to co-fund a research project at Dana Farber Institute in Boston in the amount of US$112,500, and to pay that amount in instalments. A liability of CAN$112,500 was held in 2012, which has been reduced each year as payments have been made. A liability of CAN$14,567 was held at the end of 2015 for the final instalment of US$11,500 which was paid in 2016.
- Educational Forums
WMFC holds one-day Educational Forums from time to time, to help patients and caregivers learn about WM from renowned researchers and clinicians. An Educational Forum was held in 2015 in Calgary, and in 2016 in Toronto.
- Fundraising Activities
Fundraising Activities in 2016 included the WMFC bi-annual fundraiser in November, and a fundraiser hosted by the Hinchcliffe family in July.
- Sales Tax Refund
As a charity, WMFC is eligible to receive rebates of a portion of the HST it pays. In 2015, WMFC received a rebate based on the HST paid in years prior to 2015. Rebates received for 2015 and later are accounted for as a reduction in the tax paid.
- Board of Directors
Arlene Hinchcliffe – President David Johnston – Treasurer J. A. Clancy
Betty McPhee – Vice-President Raffaela Mercurio Ian Roberts
