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Auditors' Report
To the Members of
Toronto Arts Council Foundation
The accompanying summarized balance sheet and
statement of revenues, expenses and changes in program balances
are derived from the complete financial statements of Toronto
Arts Council Foundation as at December 31, 2003 and for the
year then ended on which we expressed a reservation of opinion
in our report dated April 15, 2004. Our opinion stated that
except for our inability to satisfy ourselves concerning the
completeness of revenues from donations, as is common with
many charitable organizations, the complete financial statements
are, in all material respects fairly presented in accordance
with Canadian generally accepted accounting principles. The
fair summarization of the complete financial statements is
the responsibility of management. Our responsibility, in accordance
with the applicable Assurance Guideline of The Canadian Institute
of Chartered Accountants, is to report on the summarized financial
statements.
In our opinion, the accompanying summarized
financial statements fairly summarize, in all material respects,
the related complete financial statements in accordance with
the criteria described in the Guideline referred to above.
These summarized financial statements do not
contain all the disclosures required by Canadian generally
accepted accounting principles. Readers are cautioned that
these summarized financial statements may not be appropriate
for their purposes. For more information on the Foundation's
financial position, results of operations and cash flows,
reference should be made to the related complete financial
statements.
Chartered Accountants
Toronto, Ontario
April 15, 2004
TORONTO ARTS COUNCIL FOUNDATION
Balance Sheet
December 31, 2003
| ASSETS |
2003 |
2002 |
| CURRENT |
|
|
| Cash and short-term investments |
$ 9,422 |
$ 51,192 |
| Accounts and grants receivable |
15,096 |
4,171 |
| Accrued interest |
2,142 |
3,635 |
| Prepaid expenses |
3,089
|
4,097 |
|
|
|
| |
29,749 |
63,095 |
| |
|
|
| INVESTMENTS |
628,089 |
915,304 |
| |
|
|
| CAPITAL ASSETS |
58,093 |
37,632 |
|
|
|
| |
$ 715,931 |
$ 1,016,031 |
|
|
|
| LIABILITIES |
|
|
| |
|
|
| Accounts payable and accrued liabilities |
$ 20,675 |
$ 77,826 |
| Deferred revenue |
555 |
5,389 |
|
|
|
| |
21,230 |
83,215 |
|
|
|
| PROGRAM BALANCES |
|
|
| |
|
|
| General Program |
|
|
| Invested in capital assets |
58,093 |
37,632 |
| Externally restricted |
361,672 |
346,222 |
| Unrestricted |
6,525 |
311,634 |
|
|
|
| |
426,290 |
695,488 |
| |
|
|
| Other Programs |
|
|
| Muriel Sherrin Program |
179,099 |
158,488 |
| William Kilbourn Program |
29,791 |
26,168 |
| Marilyn Lastman Program |
59,521 |
52,672 |
|
|
|
| |
694,701 |
932,816 |
|
|
|
| |
$ 715,931 |
$ 1 ,016,031 |
APPROVED BY THE BOARD OF DIRECTORS
TORONTO ARTS COUNCIL FOUNDATION
Summarized Statement of Revenues, Expenses
and Changes in Program Balances
Year ended December 31, 2003
| |
2003 |
2002 |
| REVENUES |
|
|
| Grants and donations |
$ 88,113 |
$ 81,070 |
| Other |
3,658 |
75,473 |
| Realized gain on sale of investments |
103,994 |
70,716 |
| Interest and dividends |
25,133 |
30,848 |
| Management fee |
250 |
1,500 |
|
|
|
| TOTAL REVENUES |
221,148 |
259,607 |
|
|
|
| EXPENSES |
|
|
| Grants and awards |
75,000 |
168,500 |
| Purchase of services |
356,305 |
58,861 |
| Great Arts/Great City initiative |
- |
181,030 |
| Investment management fee |
7,201 |
9,485 |
| Management fee |
2,886 |
2,786 |
| Amortization |
17,871 |
5,924 |
|
|
|
| TOTAL EXPENSES |
459,263 |
426,586 |
|
|
|
| EXCESS OF EXPENSES OVER REVENUES |
(238,115) |
(166,979) |
| |
|
|
| PROGRAM BALANCES, BEGINNING OF YEAR
|
932,816 |
1,099,795 |
| |
|
|
| PROGRAM BALANCES, END OF YEAR |
$ 694,701 |
$ 932,816 |
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