CARDIAC HEALTH FOUNDATION OF CANADA FINANCIAL STATEMENTS DECEMBER 31, 2009

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1 FINANCIAL STATEMENTS DECEMBER 31, 2009 CONTENTS AUDITORS' REPORT FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF CHANGES IN NET ASSETS 3 STATEMENT OF OPERATIONS 4 STATEMENT OF CASH FLOWS 5 NOTES TO FINANCIAL STATEMENTS 6

2 AUDITORS' REPORT To the Board of Directors of CARDIAC HEALTH FOUNDATION OF CANADA We have audited the Statement Of Financial Position of CARDIAC HEALTH FOUNDATION OF CANADA as at December 31, 2009 and the Statements Of Changes In Net Assets, Operations, and Cash Flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on these financial statements based on our audit. Except as explained in the following paragraph, we conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates used by management, as well as evaluating the overall financial statement presentation. In common with many charitable organizations, the organization generates revenue from donations and fundraising events, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of the organization and we were not able to determine whether any adjustments might be necessary to donation and fundraising event revenues, current assets and net assets. In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had we been able to satisfy ourselves concerning the completeness of revenue referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of CARDIAC HEALTH FOUNDATION OF CANADA as at December 31, 2009 and the results of its operations for the year then ended in accordance with Canadian generally accepted accounting principles. Parker Prins Lebano Chartered Accountants Professional Corporation Authorized to practice public accounting by The Institute of Chartered Accountants of Ontario Toronto, Ontario June 29,

3 STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2009 ASSETS CURRENT Cash $ 8,732 $ 61,858 Marketable securities (note 4) 213, ,984 Accounts receivable 2,235 - GST recoverable 3,461 4,343 Prepaid expenses 1,877 7,766 Inventory of books (note 5) 2,791 3, , ,890 CAPITAL (note 6) 4,747 2,810 LIABILITIES $ 237,313 $ 251,700 CURRENT Accounts payable and accrued charges $ 9,730 $ 5,152 Deferred revenue 15,050 41,000 NET ASSETS 24,780 46,152 Unrestricted net assets 212, ,548 APPROVED BY THE BOARD OF DIRECTORS $ 237,313 $ 251,700 Director Director The accompanying notes are an integral part of the financial statements. 2

4 STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2009 REVENUE Donations and program revenue $ 445,099 $ 467,104 Interest and investment income (note 4) 48,501 (34,133) Merchandise sales 4,546 6, , ,394 EXPENSES Cardiac expense programs 265, ,453 Cost of sales 1,148 1,596 Amortization 1, Office expenses and general 74,634 64,954 Research and other grants (note 7) 149, , , ,875 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES 6,985 (64,481) NET ASSETS, BEGINNING OF YEAR 205, ,029 NET ASSETS, END OF YEAR $ 212,533 $ 205,548 The accompanying notes are an integral part of the financial statements. 3

5 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2009 CASH FLOWS (USED FOR) FROM OPERATING ACTIVITIES Excess (deficiency) of revenue over expenses $ 6,985 $ (64,481) Items not affecting cash: Amortization 1, ,044 (63,720) Net changes in non-cash items related to operations: Accounts receivable (2,235) 2,346 GST recoverable Prepaid expenses 5,889 (3,939) Inventory 1,148 (4,940) Accounts payable and accrued charges 4, Deferred revenue (25,950) 33,500 (7,644) (35,905) CASH FLOWS (USED FOR) FROM INVESTING ACTIVITIES Decrease (increase) in fair market value of marketable securities (42,486) 94,267 Capital asset purchases (2,996) - (45,482) 94,267 (DECREASE) INCREASE IN CASH (53,126) 58,362 CASH, BEGINNING OF YEAR 61,858 3,496 CASH, END OF YEAR $ 8,732 $ 61,858 The accompanying notes are an integral part of the financial statements. 4

6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, PURPOSE OF THE ORGANIZATION AND INCOME TAX STATUS The Cardiac Health Foundation of Canada was founded as Marina Lodge in 1965 and incorporated as a not-for-profit organization under the laws of Ontario on November 19, Its purpose is to support cardiac rehabilitation and the advocacy of prevention and education across Canada. The Cardiac Health Foundation of Canada is a registered charitable organization under the Canadian Income Tax Act and is, thus, exempt from income taxes under Section 149(1)(1) of the Act. Exemption remains valid as long as the organization continues to meet the requirements of the Act and regulations in respect of registered charities. 2. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reporting amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reported year. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in the results of operations in the year in which they become known. Revenue Recognition The Cardiac Health Foundation of Canada follows the deferral method of accounting for contributions. Contributions are recognized as received or receivable if the amount to be collected can be reasonably estimated and collection is assured. Donations and sponsorships received during 2009 for the 2010 fiscal period have been deferred and will be recognized as revenue of that fiscal year. Capital Assets Capital assets are stated at cost. Computer software and equipment is amortized at a rate of 30% and furniture and equipment is amortized at a rate of 20% per annum on a declining balance basis. Volunteer Services Much of the work of the Cardiac Health Foundation of Canada is dependent on voluntary services. Since these services are not normally purchased, and because of the difficulty in determining their fair value, such donated services are not recognized in the accounts. 5

7 NOTES TO FINANCIAL STATEMENTS (continued) DECEMBER 31, FINANCIAL INSTRUMENTS The carrying amount of the Cardiac Health Foundation of Canada's financial instruments consisting of cash, term desposits, investments, accounts receivable, and accounts payable and accrued charges approximate their fair values. Investments are designated as held for trading, are recorded at fair value, and consist of a diversified portfolio of fixed income certifcates and North American equities. It is management's opinion that the Cardiac Health Foundation of Canada is not exposed to significant interest, currency, or credit risks. 4. MARKETABLE SECURITIES Marketable securities include a cashable GIC for $64,969 and shares of public companies with a fair market value of $150,294. As of the audit report date, the fair market value of these shares was $149,853. Included in Interest and Investment Income is an amount of $42,559 to reflect the increase in the fair market value of these securties between the 2008 and 2009 year-end. 5. INVENTORY Inventory has been recorded at the lower of cost or net realizable value determined on a first-in, firstout basis. 6. CAPITAL ASSETS Accumulated Net Net Cost Amortization Book Value Book Value Computer software and hardware $ 4,886 $ 2,150 $ 2,736 $ 2,810 Furniture and equipment 9,457 7,446 2, RESEARCH AND OTHER GRANTS $ 14,343 $ 9,596 $ 4,747 $ 2,810 During the year, the Cardiac Health Foundation of Canada made grants in support of ongoing research initiatives as follows: Canadian Association of Cardiac Rehabilitation for the Dr. Terry Kavanaugh Lecture $ 3,200 $ 3,200 Dr. Kavanaugh's lecture and research support 7,430 15,509 Program grants to thirty-four hospitals and charitable organizations 125, ,402 University of Toronto Dr. Jack Goodman lecture 1,500 - Scholarships - four at $3,000 each 12,000 12,000 $ 149,130 $ 188,111 6

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