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2016 Financials

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






Research Grants (Note 4)                                                           $14,567        $0

Total Liabilities                                                                              $14,567        $0




Retained Earnings                                                                       $110,528       $205,330


Total Liabilities and Retained Earnings                                 $125,095       $205,330



Approved on behalf of the Board



  1. Hinchcliffe, Director and President
  2. R. Johnston, Director and Treasurer



Statement of Revenue and Expense for the two years ended December 31, 2016


                                                                                          2015                       2016


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



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

  1. Accounting Policies

Contributions are recorded as revenue when made. Expenses are recorded on an accrual basis as incurred.


  1. 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)).


  1. 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.


  1. 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.


  1. 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.


  1. Fundraising Activities

Fundraising Activities in 2016 included the WMFC bi-annual fundraiser in November, and a fundraiser hosted by the Hinchcliffe family in July.


  1. 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.


  1. Board of Directors

Arlene Hinchcliffe – President     David Johnston – Treasurer     J. A. Clancy

Betty McPhee – Vice-President   Raffaela Mercurio                   Ian Roberts