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Edmonton Opera Association
Notes to the Financial Statements
For the year ended June 30, 2013
7. Internally restricted funds
2013 2012
Province of Alberta - Working capital reserve 301,500 301,500
Canadian Actors' Equity Association - restricted term deposit 25,000 25,000
Canadian Actors' Equity Association - cash bond 23,876 2,743
Accrued interest on funds 3,499 -
353,875 329,243
The Association has a letter of credit outstanding to the Canadian Actors' Equity Association in the amount of $25,000
(2012 - $25,000).
The Association maintains restricted term deposits in the amount of $25,000 (2012 - $25,000) for the Canadian Actors'
Equity Association as required under Clause 25 of the July 2007 Opera Agreement. The additional cash bond held by the
Canadian Actors' Equity Association also relates to this agreement. This amount becomes payable to the Canadian Actors'
Equity Association if the Edmonton Opera Association fails to meet payroll obligations for any production.
The Association has deferred $231,500 (2012 - $231,500) of grant revenue for a working capital reserve, an additional
$70,000 (2012 - $70,000) of cash is included in the long-term cash and term deposits as part of the assets associated with
this reserve. The working capital reserve has been established to meet the requirements of an Alberta Foundation for the
Arts grant program and may not be expended without a resolution from the Board of Directors.
The Association holds restricted cash of $333,993 (2012 - $nil) relating to the production facility.
8. Authorized line of credit
The Association has a revolving line of credit that bears interest at prime, to maximum of $300,000, and is secured by a
general security agreement. Drawings on the line of credit at year-end are $60,000 (2012 - $75,000).
9. Deferred grant revenue
2012
Amounts
received
Amounts
recognized
as revenue 2013
Canada Council 163,000 310,700 327,000 146,700
Province of Alberta - working capital reserve 231,500 - - 231,500
Province of Alberta - operating funding 255,087 160,508 275,699 139,896
Alberta Lottery 32,500 - 32,500 -
Province of Alberta - production facility - 400,000 28,355 371,645
Federal government - production facility - 450,000 - 450,000
City of Edmonton - production facility - 150,000 10,633 139,367
Community Spirit - 25,000 25,000 -
Edmonton Community Foundation - 36,768 18,384 18,384
Edmonton Arts Council - 310,000 310,000 -
Other grant - 300 300 -
682,087 1,843,276 1,027,871 1,497,492
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