2011-2012 Annual Report - Dr. Stirling McDowell Foundation for ...

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DR. STIRLING MCDOWELL FOUNDATION FOR RESEARCH INTO TEACHING INC. NOTES TO THE FINANCIAL STATEMENTS year ended June 30, 2012 8. FINANCIAL INSTRUMENTS Financial Assets and Financial Liabilities The Foundation classifies its financial assets into the following categories: held-for-trading and loans and receivables. The Foundation classifies its financial liabilities as other financial liabilities. The Foundation has designated all cash and investment funds as held-for-trading, which are measured at fair value. Changes in fair value, including realized and unrealized gains and losses, are recorded in net (expenses) revenues. Accounts receivable, due from Saskatchewan Teachers’ Federation and due from Saskatchewan Teachers’ Retirement Plan have been designated as loans and receivables, which are measured at amortized cost. The Foundation has designated all amounts due to Saskatchewan Teachers’ Federation and accounts payable as other financial liabilities, which are measured at amortized cost. For all financial instruments carried at amortized cost, the cost approximates fair value due to short-term maturities. Interest Rate Risk Interest rate risk refers to the adverse consequences of interest rate changes on the Foundation’s cash flows. This risk arises from differences in the timing and amount of cash flows related to the Foundation’s assets and liabilities. To manage the interest rate risk, the Foundation has adopted an approach whereby investments are strategically distributed, on a long-term basis, among several classes of assets to reduce exposure to investment volatility. Credit Risk Credit risk is the risk that the interest and/or principal, of a fixed income investment, will be defaulted upon and a loss incurred. The Foundation limits credit risk by dealing with investees that are considered to be of high quality. Credit risk concentration exists where a significant portion of the portfolio is invested in securities which have similar characteristics or obey similar variations relating to economic or political conditions. This risk is managed by strategically diversifying investments, on a long-term basis, among several classes of assets. AnnuAl RepoRt 2011-12 pAge 29
DR. STIRLING MCDOWELL FOUNDATION FOR RESEARCH INTO TEACHING INC. NOTES TO THE FINANCIAL STATEMENTS year ended June 30, 2012 8. FINANCIAL INSTRUMENTS (continued) Fair Value For certain of the Foundation’s financial instruments, including cash, accounts receivable, due from (to) Saskatchewan Teachers’ Federation, due from Saskatchewan Teachers’ Retirement Plan and accounts payable, the carrying values approximate fair value due to the immediate or short-term maturity of these items. Investment funds are recorded at fair value as a result of their held-for-trading classification. 9. RELATED PARTY TRANSACTIONS The Saskatchewan Teachers’ Federation is the sole member of the Foundation and elects individuals to serve as directors of the Foundation. The Saskatchewan Teachers’ Federation provides administrative support to the Foundation. Revenues The Foundation has received a total of $80,000 (2011 – $74,800) in funds from Saskatchewan Teachers’ Federation for the year. $79,600 (2011 – $74,400) of this is related to an annual grant and $400 (2011 – $400) is received as donations made on behalf of members who passed away in the year. Administration During the year, the Foundation incurred the following administration costs and other charges from the Saskatchewan Teachers’ Federation: 2012 2011 Administration fees $ 14,000 $ 15,600 Other charges 9,108 8,204 $ 23,108 $ 23,804 pAge 30 AnnuAl RepoRt 2011-12
Page 1 and 2: AnnuAl RepoRt Dr. Stirling McDowell
Page 3 and 4: Contents Message From the President
Page 5 and 6: Message From the Manager New Beginn
Page 7 and 8: Boards, Committees and Staff in 201
Page 9 and 10: The Work of the McDowell Foundation
Page 11 and 12: Table 2 shows the geographic distri
Page 13 and 14: the writing of the final report as
Page 15 and 16: 2011-12 learning from Practice conf
Page 17 and 18: Fundraising Strategic DirectionS: 1
Page 19 and 20: Table 7 breaks down the donations t
Page 21 and 22: Lanette Kuchenski was hired as mana
Page 23 and 24: Basis for Qualified Opinion In comm
Page 25 and 26: DR. STIRLING MCDOWELL FOUNDATION FO
Page 31: DR. STIRLING MCDOWELL FOUNDATION FO
Page 35 and 36: Donors to the McDowell Foundation i

2011-2012 Annual Report - Dr. Stirling McDowell Foundation for ...

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