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

DR. STIRLING MCDOWELL FOUNDATION FOR RESEARCH INTO TEACHING INC.
NOTES TO THE FINANCIAL STATEMENTS
year ended June 30, 2012
9. RELATED PARTY TRANSACTIONS (continued)
During the year, the Foundation incurred the following direct service costs, which are
included in administrative expenses on the statement of operations and changes in net
assets:
2012 2011
Saskatchewan Teachers’ Federation
Direct Costs $ 31,500 $ 2,680
Saskatchewan Teachers’ Retirement Plan
Direct Cost Service Expense 1,200 -
$ 32,700 $ 2,680
At the end of the year, the amount due from (to) Saskatchewan Teachers’ Federation is
$145 (2011 – ($3,582)) and the amount due from Saskatchewan Teachers’ Retirement
Plan is $2,815 (2011 – $nil).
10. CAPITAL MANAGEMENT
The Foundation’s objectives when managing capital are to maintain sufficient net
assets to achieve the purpose of the Foundation and to ensure compliance with external
and internal restrictions placed on the net assets.
In the management of capital, the Foundation includes net assets in the definition of
capital. As of June 30, 2012, the Foundation has $2,034,519 (2011 – $2,124,794) in
capital.
Capital management objectives, policies and procedures are unchanged since the
preceding year.
AnnuAl RepoRt 2011-12 pAge 31