APPROVED ON BEHALF OF THE PROVINCIAL EXECUTIVE AND BOARD OF DIRECTORS “Colin Keess, Provincial Executive President” “Terry Johanson, Chairperson of Board” “Elaine Broughton, Board of Director” AnnuAl RepoRt <strong>2011</strong>-12 pAge 21
DR. STIRLING MCDOWELL FOUNDATION FOR RESEARCH INTO TEACHING INC. STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS year ended June 30, <strong>2012</strong> OPERATING RESTRICTED FUND FUND <strong>2012</strong> <strong>2011</strong> REVENUES Donations (Notes 6 and 9) $ 107,935 $ 11,760 $ 119,695 $ 50,203 Investment income (Note 4) 90,803 - 90,803 105,920 Literacy research grant 3,530 - 3,530 - Saskatchewan Teachers’ Federation grant (Note 9) 79,600 - 79,600 74,400 281,868 11,760 293,628 230,523 EXPENSES Administrative (Note 9) 168,787 - 168,787 141,647 Fundraising campaign 858 - 858 2,467 Governance 3,404 - 3,404 915 Research grants 79,969 - 79,969 64,912 Literacy research grant 3,530 - 3,530 - 256,548 - 256,548 209,941 25,320 11,760 37,080 20,582 UNREALIZED CHANGES IN MARKET VALUE OF INVESTMENT FUNDS (127,355) - (127,355) 120,576 NET (EXPENSES) REVENUES (102,035) 11,760 (90,275) 141,158 NET ASSETS, BEGINNING OF YEAR 1,806,294 318,500 2,124,794 1,983,636 INTERFUND TRANSFERS 66,659 (66,659) - - NET ASSETS, END OF YEAR $ 1,770,918 $ 263,601 $ 2,034,519 $ 2,124,794 1 pAge 22 AnnuAl RepoRt <strong>2011</strong>-12