Waldenstrom’s Macroglobulinemia Foundation of Canada
2015 Financial Statements
Balance Sheet as at December 31, 2015
Assets
| 2014 | 2015 | |
| Cash in Bank Accounts | $89 724 | $66 387 |
| US Investment Saving Account (Note 6) | $27 215 | $0 |
| Guaranteed Investment Certificates (Note 6) | $65 000 | $55 000 |
| Sales Tax Receivable (Note 7) | $0 | $3 707 |
| Total Assets | $181 939 | $125 095 |
Liabilities
| 2014 | 2015 | |
| Research Grant (Note 4) | $40 604 | $14 567 |
| Other Liabilities | $ 309 | $ 0 |
| Total Liabilities | $40913 | $14567 |
Equity
| 2014 | 2015 | |
| Retained Earnings | $141 026 | $110 528 |
| Total Liabilities and Retained Earnings | $181 939 | $125 095 |
Approved on behalf of the Board
Signed
- A. Hinchcliffe Director and President
- D.R. Johnston Director and Treasurer
Statement of Revenue and Expense for the two years ended December 31, 2015
Revenue
| 2014 | 2015 | |
| Membership Contributions | $19 242 | $17 323 |
| Research Contributions | $33 317 | $51 946 |
| Educational Forums (Note 5) | $2 850 | $2 100 |
| Fundraising Activities | $37 383 | $0 |
| Sales Tax Refund (Note 7) | $0 | $3242 |
| Interest Income | $2 707 | $1 128 |
| Total Revenue | $95 498 | $75 739 |
Expense
| Research Grants (Note 4) | $98 527 | $91 853 |
| Educational Forums (Note 5) | $6 202 | $7 832 |
| Fundraising Activities | $11 846 | $0 |
| Payments to IWMF | $5 000 | $0 |
| Office Supplies and Postage | $2 597 | $2 257 |
| Website and Computer Services | $ 911 | $1 235 |
| Bank and Credit Card Services | $2 751 | $1 890 |
| Accounting | $136 | $327 |
| Travel | $0 | $843 |
| Total Expense | $127 971 | $106 237 |
| Excess/(Deficiency) of Revenue over Expense | ($ 32 473) | ($30 498) |
Statement of Retained Earnings for the two years ended December 31, 2015
| 2014 | 2015 | |
| Balance, beginning of year | $173 499 | $141 026 |
| Excess/(Deficiency) of Revenue over Expense | ($32 473) | ($30 498) |
| Balance, end of year | $141 026 | $110 528 |
Notes to the Financial Statements
- Accounting Policies
Contributions are recorded as revenue when made. Expenses are recorded on an accrual basis as incurred. US $ amounts are translated to Canadian $ amounts at actual cost.
- Incorporation and Status
The Foundation was incorpoated 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 services, 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 (IWMF), of a research project at the British Columbia Cancer Agency. WMFC contributed $94,748 to this project in 2014 and $90,626 in 2015. It has not commited funds for 2016, the last year of the project, but intends to provide funds as it is prudently able to do so. If WMFC does not provide a required amount, it will be paid by IWMF.
In 2012, WMFC commited to co-fund a research grant at Dana Farber Institute in Boston in the amount of US$112,500, and to pay this amount in instalments subject to the receipt of satisfactory progress reports. Instalments totalling US$101,000 have been paid by the end of 2015. A liability of CAN$14,567 is being held for the payment of US$11,500 due in 2016. This amount was bought in 2015, at a net exchange cost of $1,227.
- Educational Forums
WMFC held one day Educational Forums in Vancouver in 2014 and in Calgary in 2015.
- Short term Investments
A US$ Investment Savings Account, which was purchased in 2013 to provide some of the US dollar funds for the US research project described in Note 4, was used in 2014 and 2015 to fund payments for that project. The GICs shown on the Balance Sheet are one year cashable GICs.
- Sales Tax Receivable
As a charity, WMFC is eligible to receive a rebate of a portion of the HST it pays. Revenue includes a retroactive Sales Tax Refund of $3,242 for the years 2011 to 2014, which is part of the Sales Tax Receivable on the Balance Sheet together with a Receivable of $465 for 2015.
- Board of Directors
Arlene Hinchcliffe – President
J.A.Clancy
Bert Visheau
Betty McPhee – Vice-President
David Johnston – Treasurer
Raffaela Mercurio
Ian Roberts
