Lumacare Annual Report, 2008-09

2008 Summarized Financial Statements
as at March 31, 2008
ASSETS 2008 2007
Current assets
Cash and short-term deposits $ 614,208 $ 515,180
Account receivable and other assets 209,859 177,880
824,067 693,060
Property and equipment 115,513 97,140
$ 939,580 $ 790,200
LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued liabilities $ 224,453 $ 167,118
Due to Local Health Integration Network 45,389 -
Deferred revenue – grants 59,864 56,417
329,706 223,535
Deferred revenue – property and equipment 115,513 97,140
445,219 320,675
Net assets
Internally restricted 325,523 325,523
Unrestricted 168,838 144,002
494,361 469,525
$ 939,580 $ 790,200
Summarized Statement of Operations and Net Assets
Year Ended March 31, 2008
Revenue
2008 2007
Government grants $ 1,684,436 $ 1,522,485
Fees for services 924,327 864,378
United Way of Greater Toronto 98,592 80,346
Other 37,141 45,854
2,744,496 2,513,063
Direct Program Expenses
Salaries, benefits and training 1,951,708 1,797,004
Food, transportation and other 311,137 346,739
Rent 218,953 190,315
Administrative and other 99,492 116,435
Professional services 76,791 47,846
Amortization of property and equipment 61,579 41,591
2,719,660 2,539,930
24,836 (26,867)
Excess (deficiency) of revenue over expenses
469,525 496,392
Net assets, beginning of year
Net assets, end of year $ 494,361 $ 469,525
3 |