1. ORGANIZATIONAL STATUS.

 

Brampton West Alliance Church (hereinafter referred to as “the Church”) is a Registered Charity under Canadian Federal Statutes, having income tax exempt status.

 

2. SIGNIFICANT ACCOUNTING PROCEDURES.

 

§ RESTRICTED FUND accounting is used in the preparation of the financial statement.

§ Fixed assets are recorded at their original cost or estimated fair market value in the case of donated assets. No depreciation is recorded in the accounts.

§ Donated materials are recorded at their fair market value, where such values can reasonably be estimated.

 

3. CAPITAL SURPLUS.

 

The Church is a member of the Central Canadian District of the Christian and Missionary Alliance in Canada, and as such all non-cash capital assets of the Church become the property of the Central Canadian District of the Christian and Missionary Alliance in Canada upon the removal of membership therein, or upon dissolution.

 

4. OTHER NOTES.

 

A. Donations Breakdown:

      Tax receipted:                                         $  214,879

      Non-receipted:                                               18,589    

      TOTAL:                                      $  233,468

 

B. Missions Support:

            Global Advance fund:                           $    12,843

            Canadian Ministries Consolidated Budget:                      1,965

            World Relief:                                          225

            South Asia Tsunami Relief:                                 2,850

            Emergency Evacuation – Cote D’Ivoire:                         100

      TOTAL 2004 MISSIONS SUPPORT:                    $    17,983

 

 

 

 

 

 

 

C. Special Designations:

            Youth 30 hour famine (World Vision):                               $     489

            “Boot Camp” leadership retreat:                                              280       

“Brianni” dinner:                                                                                                           450

            C.E.F. designation:                                                            75

            Samaritan’s Purse (Christmas gifts):                                        1000

            Hildebrand Mission expenses (Ecuador):                                2200

            TOTAL SPECIAL DESIGNATIONS:                        $    4494

 

D. Assets/Liabilities/Net Worth:

            Fixed assets - start of 2004 (undepreciated):                 $ 31,520

            Value of assets acquired in 2004:                             357

            Value of assets disposed of in 2004:                           0

Total fixed assets end of 2004 (undepreciated):            $ 31,877           

            Liquid assets - cash in bank account 31 Dec 2004:         $  74,060                       

            Total Assets:                                 $105,937

            Total Liabilities:                                                  $           0

            Net Worth - excess of assets over liabilities:         $105,937