CALGARY FOOD BANK · CALGARY FOOD BANK FAST FACTS VOLUNTEERS ARE OUR LIFEBLOOD 90% of critical tasks at the food bank are done by volunteers. 6,000 volunteers gave over 106,000 hours
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2013 - 2014 Annual Report COMMUNITY OWNED | COMMUNITY SUPPORTED
CALGARYFOOD BANK
Check out our new food bank mural by local artist Wil Yee
Pg. 5
For more than 30 years the Calgary Food Bank has met the demand for emergency food; and we are staying the course.
The Calgary Food Bank experiences success by sharing food with individuals, families and agencies. Our programs are developed to adapt to the changing needs of our community.
We continue to focus on the health of the family by seeking higher nutritional standards for food. Supporting people through crisis has demonstrated the importance of food in maintaining health and building strength across our city.
Volunteers are our lifeblood. We are experiencing community change with more groups of volunteers. Episodic volunteerism is growing where groups of people join together to experience the difference their efforts make. More youth are making community engagement a priority and asking senior volunteers to help them to build resilience and understand the benefits they bring. We would not be able to meet the increased demand for our services without this engagement. Positive outcomes result from volunteer leadership.Agencies and partnerships are critical to ensuring our entire community benefits from food. By connecting individuals and families in crisis with our partners who have the services to address root causes is like EMS taking injured
people to hospitals. Our partners help us ensure crises are stopped with root cause supports knowing that the food resources are well in hand.The capacity of the Calgary Food Bank also goes beyond our city to assist as first responders to communities in crisis. Our experience continues to grow, but we know without food many situations become worse. We work hard to prevent that from happening; often independently. Engaging others to partner ensures that the Calgary Food Bank stays true to its Vision of working together to create a hunger-free community.
The Calgary Food Bank understands Calgary. The Calgary Food Bank understands people.We can prove that our impact prevents chronic dependency, resolves crises sooner and reflects Calgarians belief in a hand up not a hand out.Thanks to Calgarians, we will continue to ensure that others have enough to eat.Chief Executive Officer (CEO)
JAMES MCARA
Our community has been tested by many things, most recently by natural and man-made events.
Recent events have caused many families to experience loss for the first time. People are now adjusting to greater uncertainty in their communities. Many have not recovered from past crisis and are now having to adjust to a new reality of meal to meal and month to month
while working full time with insufficient means to get ahead.
Let’s hope the attitude of Calgarians will always be ‘let’s work together and get through this’.
Around everyone, Calgary has continued to grow but economic growth is not community growth. People still brim with hope, but now rather than sending out scouts first to see if a new opportunity is possible, people are abandoning their old securities and just seeking better opportunities.
In Calgary and across Alberta, housing and community infrastructure continues to be deferred. Our actions of the past have left us with deficits that public policies are unable or unwilling to change. We continue to experience relatively low wages in parts of our community that prevent families from civic engagement beyond basic survival.
We know that many people have been left behind over the past fifty years and that it continues. This is the legacy that Food Banks have been created to address. A hand up to a community that cares and provides hope.
Families seeking help from the Food Bank have jobs, homes and resiliency, just not enough.
Throughout our city we hear and experience the opinions of people who have difficulty in understanding why we have a Food Bank.
Extraordinary costs for housing, the lack of housing, increased prices for basic food needs, and the reductions in so many other family supports are eroding our wellbeing. We have heard report after report demonstrating key areas that are lacking. A more recent discussion is that affordable transportation, homes and where homes are located are linked. These areas of concerns are not adequately reflected in the changing locations of employment, services and neighbourhood. More people are choosing not to work downtown. Our city is open more than 8 am to 4 pm, Monday to Friday. Our city is changing globally but the impact is local.
We are concerned that a growing number of Calgarians need emergency food to recover from crisis. Previously, 85% of families who needed a hand up from the Food Bank historically required three or fewer emergency food hampers. In the past couple of years however the number of people needing two hampers instead of just one is growing. What was once just short term crises are now becoming longer term crises. This shift parallels migration, immigration, employment and other indicators that all is not as well as it could be in our city. People should only need help for a moment in time then not again. They should know that they will achieve success in recovery and a community that values prevention not dependency.
ChairRICHARD ALEXANDER
Food is the stuff of life. It nourishes our bodies and connects us to others. Good quality food should not be out of reach for anyone.
- James McAra, CEO
MESSAGE FROM JAMES AND RICK
“ ”
WHO USED THE CALGARY FOOD BANK?
132,469 Calgarians accessed the Food Bank this past year
WHERE DID THE FOOD GO?
16 MILLION LBS donated from the food industry and generous Calgarians
We fed over 132,469 people from every quadrant in the city
Gave food to 110 local agencies such as the
Drop-In Centre through Food Link
486,080 meals and snacks were provided in
one month to our Food Link partners
Shared across Alberta and Canada to 63 food banks to help with emergencies
BECAUSE OF YOUR THOUGHTFUL DONATION:
“”
I couldn’t believe how hard it was to find work. We moved here from
out east and the cost of everything ate up our savings. So, we came to the
Food Bank. I was amazed at how much food I was given. I can’t wait to pay
it forward when my family and I are back on our feet. Thank you.
29% SINGLE-PARENT HOUSEHOLDS
38% OF CLIENTS
HAVE AT LEAST 1 EMPLOYED PERSON IN
HOUSEHOLD6% more than the
national average of 37%
1 in 5 Canadian parents say they have skipped meals so their
children could eat
Over 56,000 kids will go to bed with a full stomach
Better nutrition will help a family deal with the stress of an unexpected crisis that led
to their food insecurity
An individual didn’t have to choose between keeping a
roof over his head or buying food for the week
CHILDREN MAKE UP
43% OF PEOPLE
WHO COME TO US FOR HELP
Most of our clients visit 3 times or fewer**Based on our 15-year study
3
CALGARY FOOD BANK FAST FACTS
VOLUNTEERS ARE OUR LIFEBLOOD
90% of critical tasks at the food bank are done by volunteers.
6,000 volunteers gave over 106,000 hours in 2014.
The food bank welcomes 111 volunteers per day, for an average total of 407 hours per day
A LIVING WAGEWith one of the lowest minimum
wages in Canada, Calgarians struggle between paying bills, buying food
and living a comfortable and dignified standard of living.
A Living Wage is a wage that is high enough to maintain a standard of living and participate as active citizens
in the community.
Calgary’s Living Wage Action Team has determined that an individual
working full time (35 hours per week, 52 weeks a year) needs to make a
minimum of $17.29/hour without benefits, or $16.14/hour with benefits to earn a
Living Wage in Calgary.
HARVEST THIS!Over 40,000 lbs of fresh produce
was donated by community gardens. Some of these gardens,
such as the BP Chevron Garden of Eat’n and the Transalta Power
Garden, have been around for over 20 years. Newer gardens like
Grow Calgary, have raised awareness that the Calgary Food
Bank accepts fresh produce.
All of our emergency food hampers meet or exceed Canada’s Food Guide. Fresh produce that is donated helps us provide the best nutritional quality for our clients.
STRETCHING A DOLLAR
$1 = $5Every dollar donated allows us to distribute $5 worth of food
and on average, it costs us $65 to feed a family of four for a week.
1 in 8 Canadian households struggle to feed their families
Families and individuals with food insecurity have to make tough financial decisions. Our clients gave up a meal to pay for things like:
• Rent• Utilities• Phone• Transportation
• Childcare • Medical needs• Education• Vehicle repairs
4
A NEW MURAL: BY WIL YEE
BEFORE: COLD AND STERILE
The glass doors open on the neutral colored warehouse to a flurry of activity: warm smiles and greetings welcome clients to the Calgary Food Bank. Care, compassion and empathy are the cornerstones to helping our clients, whatever their circumstance. The volunteers and staff work hard to make the client’s experience calm and pleasant, but the walls of the facility were cold and sterile.
Wil Yee writes, “The mural was initially influenced through some shared experiences about how food affected people and the multiple experiences it brought. My intentions were to capture and convey the positive relationship between the service provided by the staff and volunteers, and the clients.”
“Direct interaction with clients and staff were spontaneously incorporated into the mural. For example, a child would be still for five minutes, posing his shoes for me while his brother teasingly dangled candy just out of his reach. Along the way, something wonderful occurred and the mural seemed to develop on its own, alongside with my relationship with the staff, volunteers and clients.”
We nourish people and wanted an atmosphere in our client area that reflects how important our clients are. In the end, local artist Wil Yee created an interesting, warm and inviting environment.
AFTER: WARM, WELCOMING, BEAUTIFUL
5
BOYLE: 6,225 lbs
REGIONAL DISTRIBUTIONRepresenting the Calgary Food Bank’s previous fiscal year
(Sept. 1, 2013 — Aug. 31, 2014)
AIRDRIE:2,520 lbs
ATHABASCA: 304,095 lbs
CROWSNEST: 41,920 lbs
DRUMHELLER: 1,175 lbs
HIGH RIVER: 8,690 lbs
BROOKS: 178,550 lbs
COCHRANE: 300 lbs
EDMONTON: 0 lbs
MORLEY:308,820 lbs
MEDICINE HAT: 13,370 lbsMEDICINE HAT DC: 282,960 lbs
OLDS: 48,230 lbs
PEACE RIVER: 36,120 lbs
PINCHER CREEK: 83,365 lbs
RED DEER: 616,800 lbs
ROCKY MOUNTAIN HOUSE: 178,355 lbs
ST. PAUL:72,620 lbs
STRATHMORE: 64,525 lbs
TABER: 304,895 lbs
THREE HILLS: 195,380 lbs
VULCAN: 2,405 lbs
SIKSIKA: 125,555 lbs
ALBERTA
C
*
TOTAL: 3,966,775 lbs
CHESTERMERE: 2,990 lbs
PIIKANI: 17,280 lbs
WETASKIWIN:7,470 lbs
CARLOLINE:2,480 lbs
LETHBRIDGE:257,550 lbs
LETHBRIDGE IF: 209,815 lbs
OKOTOKS: 21,245 lbs
CLARESHOLM: 100,870 lbs
NANTON: 2,470 lbs
STANDOFF: 444,065 lbs
6
NATIONAL DISTRIBUTIONRepresenting the Calgary Food Bank’s previous fiscal year (Sept. 1, 2013 — Aug. 31, 2014)
100 MILE HOUSE: 125,540 lbs
VICTORIA: 112,790 lbs CRANBROOK:
77,900 lbs
GOLDEN: 61,125 lbs
KELOWNA: 37,930 lbs
VANCOUVER: 20,950 lbs
BRITISH COLUMBIATOTAL: 758,260 lbs
CRESTON:92,820 lbs
SASKATCHEWAN
PRINCE ALBERT: 60,210 lbs
REGINA: 52,945 lbs
TOTAL: 113,155 lbs
CHILLIWACK: 33,875 lbs
KAMLOOPS:180,900 lbs
NELSON: 14,430 lbs
MANITOBA
BRANDON: 52,315 lbs
TOTAL: 176,465 lbs
WINNIPEG: 85,265 lbs
STEINBACH: 38,885 lbs
WHITEHORSE: 30,035 lbs
YUKONTOTAL: 30,035 lbs
ONTARIOTOTAL: 387,140 lbs
NEW BRUNSWICK
TOTAL: 199,060 lbs
NBAFB: 141,135 lbs
MONCTON: 57,925 lbs
QUEBECTOTAL: 179,215 lbs
N.W.T.TOTAL: 11,280 lbs
YELLOWKNIFE: 11,280 lbs
MONTREAL: 92,005 lbs
LONGUEUIL: 87,210 lbs
OTTAWA: 57,000 lbs
TORONTO: 25,030 lbs
HAMILTON: 93,145 lbs
SARNIA: 27,845 lbs
WINDSOR: 77,910 lbs
PETERBOROUGH: 56,100 lbs
LONDON: 50,110 lbs
BRANDON SERVICES BOISSEVAIN, BIRTLE, DELORAINE, HAMIOTA, KILLARNEY, MINNEDOSA, NEEPAWA, RIVER, RUSSELL, SHOAL LAKE, SOURIS, VIRDEN
KELOWNA SERVICES LAKE COUNTY, WESTSIDE RFDA SERVICES ATIKOKAN, CURRENT RIVER, DRYDEN, IGNACE, NIPIGON, NORTH SHORE, RED-WOOD OPPORTUNITIES, RURAL CUPBOARD, ST. THOMAS, MARATHON, THUNDER BAY
RFDA: 295,495 lbs
7
”“
CALGARY FOOD BANK
When you are on a strict budget, anything little can put you over. If there is a school field trip, you might give up buying
food so you can afford to let them go. But, if there is no food for their lunch, they’ll stand out even more...
August 31, 2014
FINANCIAL STATEMENTS
INDEPENDENT AUDITORS’ REPORT
To the Members of Calgary Inter-Faith Food Bank SocietyWe have audited the accompanying financial statements of Calgary Inter-Faith Food Bank Society [the “Society”], which comprise the statements of financial position as at August 31, 2014, and the statements of operations, changes in net assets and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s responsibility for the financial statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.Auditors’ responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.
Basis for Qualified Opinion The Society derives revenue from food donations in-kind, 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 Society and we were not able to determine whether any adjustments for unrecorded food donations in-kind revenue might be necessary to revenues.
Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of the Society as at August 31, 2014 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.
Calgary, Canada, October 28, 2014.
INDEPENDENT AUDITORS’ REPORT
Chartered Accountants
9
ASSETSCurrentCash and cash equivalentsShort-term investments [note 3]Accounts receivable [note 12]Prepaid expenses and other assetsTotal current assetsInvestments [note 3]Property, plant and equipment, net [note 4]
LIABILITIES AND NET ASSETSCurrentAccounts payable and accrued liabilitiesCurrent portion of loan facility [note 7]Deferred operating donations [note 5]Total current liabilitiesDeferred capital contribution [note 6]Loan facility [note 7]Total liabilities
Net assetsUnrestrictedInternally restricted [note 8]Total net assets
See accompanying notes
714,277934,257
63,719167,992
1,880,2451,350,3095,721,3078,951,861
329,673–
15,368345,041167,754
–512,795
1,509,8636,929,2038,439,0668,951,861
2,844,3401,298,228
27,36776,408
4,246,343816,175
5,685,65810,748,176
206,62485,000
134,721426,345232,110
1,219,8821,878,337
2,130,8166,739,0238,869,839
10,748,176
2014$
2013$
As of August 31, 2014
STATEMENTS OF FINANCIAL POSITION
10
STATEMENTS OF CHANGES IN NET ASSETS
Net assets, beginning of yearDeficiency of revenue less than expensesContributions to Legacy FundInvestment in property, plant and equipmentNet assets, end of year
See accompanying notes
2,130, 816(430,773)
(19,852)(170, 328)1,509,863
6,739,023–
19,852170,328
6,929,203
8,869,839(430,773)
––
8,439,006
Unrestricted
$
InternallyRestricted
$2014
$
As of August 31, 2014
Net assets, beginning of yearDeficiency of revenue less than expensesContributions to Legacy FundInvestment in property, plant and equipmentNet assets, end of year
See accompanying notes
829,9901,518,801
(75,596)(142,379)2,130,816
6,521,048–
75,596142,379
6,739,023
7,351,0381,518,801
––
8,869,839
Unrestricted
$
InternallyRestricted
$2013
$
11
STATEMENTS OF OPERATIONS
REVENUEContributionsFood donations-in-kind [note 10]Non-food donations-in-kindCity of Calgary grantInvestment incomeOther
EXPENSESFood donation-in-kind [note 10]Non-food donations-in-kindFood purchasesAdministration and financeOperating costs [note 9]Client servicesDevelopment and fundraisingCommunications and resource developmentInterest on long-term [note 7]
Excess (deficiency) of revenue over expenses before the followingAmortization of deferred contributions [note 6]Amortization
Excess (deficiency) of revenue over (less than) expenses
See accompanying notes
6,230,76331,229,434
325,53236,121
118,171203,563
38,143,584
31,229,434325,532
1,122,668966,614
3,988,022505,694
39,99298,39524,050
38,300,401
(156,817)75,154
(349,110)(273,956)(430,773)
7,111,38129,288,117
133,05172,24388,37948,123
36,741,294
29,288,117133,051907,162829,081
3,297,536381,23853,41869,21640.190
34,999,009
1,742,28588,526
(312,010)(223,484)1,518,801
2014$
2013$
As of August 31, 2014
12
STATEMENTS OF CASH FLOWS
OPERATING ACTIVITIESExcess (deficiency) of revenues over (less than) expensesAdd (deduct) items not involving cash Amortization of deffered capital contributions Amortization
Net change in non-cash working capital balances related to operations [note 11]Cash provided by (used in) operating activities
INVESTING ACTIVITIESNet increase in investmentsProperty, plant and equipment acquiredCash used in investing activities
FINANCING ACTIVITIESContributions restricted for purchase of property, plant and equipmentRepayment of loan facilityCash used in financing activities
Net increase (decrease) in cash during the yearCash and cash equivalents, beginning of yearCash and cash equivalents, end of year
See accompanying notes
(430,773)
(75,154)349,110
(156,817)
(124,240)(281,057)
(170,163)(384,759)(554,922)
10,798(1,304,882)(1,294,084)
(2,130,063)2,844,340
714,277
1,518,801
(88,526)312,010
1,742,285
170,8661,913,151
(128,991)(416,643)(545,634)
16,780(247,261)(230,481)
1,137,0361,707,3042,844,340
2014$
2013$
As of August 31, 2014
13
NOTES TO FINANCIAL STATEMENTSAugust 31, 2014
1. OPERATIONSThe Calgary Inter-Faith Food Bank Society [the “Society”] is registered under the Societies Act of the Province of Alberta and is a registered charity and as such is exempt from income tax and may issue tax deductible receipts to donors. The Society’s function is the gathering and distribution of quality emergency food to those in need.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
[a] Basis of PresentationThe financial statements have been prepared in accordance with Part III of the Chartered Professional Accountants of Canada [“CPA Canada”] Handbook – Accounting, which sets out generally accepted accounting principles [“GAAP”] for not-for-profit organizations in Canada. These financial statements have been prepared in accordance with GAAP and reflect the following significant accounting policies.
[b] Revenue RecognitionThe Society follows the deferral method of accounting for contributions, which includes grants and donations. Unrestricted contributions are recognized as revenue when they are received or receivable if the amount can be reasonably estimated and collection is reasonably assured. Externally restricted contributions are initially deferred and then recognized as revenue in the year the related expenses are incurred. Donated property, plant and equipment and contributions received for the purchase of Property, plant and equipment is initially deferred and recognized as revenue on the same basis as the related amortization expense.Donations received in kind are recorded at estimated fair market value at the date the donation is made. Food and non-food in-kind donations without a fair value assigned by the donor are recorded at $2.00 and $1.00 per pound, respectively based on average historical cost.
The work of the Society is dependent on the voluntary services of many members and others. Since these services are not normally purchased by the Society and because of the difficulty of determining their fair value, these voluntary services are not recognized in these financial statements.Investment income (loss), which consists of interest, dividends, realized and unrealized gains and losses, are recognized in the statement of operations.
[c] Cash and cash equivalentsCash and cash equivalents consist of cash on deposit and short-term investments with a short term to maturity of approximately three months or less from the date of purchase unless they are held for investment rather than maturity purposes, in which case they are classed as investments.
[d] Property, plant and equipmentProperty, plant and equipment are recorded at cost with amortization calculated on the straight-line method over the assets’ estimated useful lives as follows:
TangibleCoin machineAutomotiveComputer equipmentForkliftsTelephone systemOther equipmentBuildingAir conditionerBatteriesFreezers and coolersMazzanineHVACCarpet
IntangibleComputer SoftwareNetwork upgradeCommunication PortalNew Network Security
5 years6 years3 years10 years10 years5 years25 years5 years5 years10 years10 years10 years5 years
3 years5 years3 years5 years
14
[e] Financial instrumentsShort-term investments in pooled funds are carried at the latest reported values. Equities and fixed income securities are valued at the latest traded prices. Transactions are recorded on a trade date basis and transaction costs are expensed as incurred.
Other financial instruments, including accounts receivable, other assets and accounts payable and accrued liabilities, are initially recorded at their fair value and are subsequently measured at cost or amortized cost, net of any provisions for impairment.
NOTES TO FINANCIAL STATEMENTS
3. INVESTMENTS
Investments, all of which are recorded at fair value, are allocated as follows:
Cash held by investment managersFixed income investmentsMutual Fund investmentsCanadian equitiesUS equitiesTotal short-term investments
Total long-term fixed income investments
8,198127,765659,563
89,16249,569
934,257
1,350,309
299,667664,650311,44621,467
9981,298,228
816,175
August 31, 2014
$
August 31, 2013
$
Investments in pooled funds have been allocated among the asset classes based on the underlying investments held in the pooled funds. The fixed income investments had effective interest rates that ranged from 2.05 – 2.95% in 2014 [2013 – 2.40 – 2.90%]
15
4. PROPERTY, PLANT AND EQUIPMENT
TangibleLandBuildingBatteriesAutomotiveCoin machineComputer equipmentForkliftsFreezers and coolersOther equipmentTelephone systemAir conditionerMezzanineHVACCarpet
IntangibleComputer softwareNetwork upgradeCommunications PortalNew Network Security
1,974,0003,297,586
61,424822,748
5,810323,499410,435292,675217,203133,59610,24396,85544,54626,038
7,716,658
306,908289,443
7,148
22,493625,992
8,342,650
–386,88439,513
681,8025,230
314,309324,590272,596174,61669,5255,1258,2384,6622,604
2,289,690
271,24756,965
1,192
2,249331,653
2,621,343
1,974,0002,910,702
21,911140,946
5809,190
85,84520,07942,58764,0715,122
88,61739,88423,434
5,426,968
35,661232,478
5,956
20,244294,339
5,721,307
1,974,0003,043,587
33,271196,488
1,74425,31798,496
–18,04456,3757,170
32,254–
5,486,746
72,821126,091
–
–198,912
5,685,658
August 31, 2014
August 31, 2013
NOTES TO FINANCIAL STATEMENTS
Cost$
Accumulatedamortization
$
Net book value$
Net book value$
16
5. DEFFERED CONTRIBUTIONS
Balance, beginning of yearDonations received for food purchasesDonations received for flood reliefAmount recognized as revenue during the yearBalance, end of year
134,721199,777
–(319,130)
15,368
50,000244,490959,461
(1,119,230)134,721
NOTES TO FINANCIAL STATEMENTS
Deffered operating contributions represent unspent externally restricted donations and grants. The changes in deferred operating contributions balance are as follows:
August 312014
$
August 312013
$
6. DEFERRED CAPITAL CONTRIBUTIONS
Balance, beginning of yearContributions externally restricted for purchase of property, plant and equipmentAmortization of deferred capital contributionsBalance, end of year
232,110
10,798(75,154)167,754
303,856
16,780(88,526)232,110
Deferred capital contributions represent the unamortized amount of contributions received for the purchase of property, plant and equipment. The amortization of deferred capital contributions begins when the associated property, plant and equipment are put into use, and is recorded as revenue in the statement of operations. The total unspent externally restricted capital contributions is $36,323 at August 31, 2014 [2013 – $25,525].
Changes in the deferred capital contribution balance are as follows: 2014$
2013 $
7. LOAN FACILITY
The Society has a non-revolving reducing loan facility with Alberta Treasury Branches [“ATB”] available to a maximum amount of $3,592,750. An amount of $1,700,000 was drawn on this facility in 2012. The loan facility is repayable over a 240 month term at monthly principal payments at $7,083 and bears interest at the ATB prime lending rate plus 0.25% per annum payable monthly. A mortgage on the land and building has been provided as collateral.
During fiscal 2014, the Society repaid the entire loan facility outstanding of $1,304,882. A total of $24,050 [2013 – $40,190] an interest was recorded in the year.
17
NOTES TO FINANCIAL STATEMENTS
8. INTERNALLY RESTRICTED NET ASSETS
The Board of Directors [“Board”] has established a Legacy Fund, the principal amount of which is reserved for the future benefit of the Society and may be drawn down only with the approval of the Board. Annual investment income earned on this fund, amounting to $19,852 in fiscal 2014 [2013 – $19,970] has been included in investment income in the statement of operations and transferred into the Legacy Fund.
The Capital Replacement Reserve represents management’s recognition that the future capital replacement cost of the Society’s property, plant and equipment, will exceed their historic cost recorded and amortized in these financial statements. An amount of $500,000 has been recorded.
Internally restricted net assets consist of the following:
Legacy FundCapital Replacement ReserveInvestment in property, plant and equipmentTotal internally restricted
839,326500,000
5,589,8776,929,203
819,474500,000
5,419,5496,739,023
2014$
2013 $
9. OPERATING COSTS
Salaries and benefitsOccupancyVehicle and transportationOther
2,871,491301,274471,318343,939
3,988,022
2,445,924283,651145,897422,064
3,297,536
2014$
2013$
10. FOOD-IN-KIND
The food donations are valued at an average price per pound of $1.96. In 2014, management estimates that approximately 15.9 million pounds of food were received and distributed [15.3 million pounds at $1.92 per pound in 2013].
18
NOTES TO FINANCIAL STATEMENTS
11. NET CHANGE IN NON-CASH WORKING CAPITAL BALANCES
Decrease (increase) in accounts receivableDecrease (increase) in prepaid expenses and other assetsDecrease (increase) in accounts payable and accrued liabilities Increase (decrease) in deferred operating contributionsIncrease (decrease) in deferred operating contributions
(36,352)
(91,584)
123,049(119,353)(124,240)
18,127
57,777
10,24184,721
170,866
2014$
2013$
12. FINANCIAL INSTRUMENTS
The Society is exposed to various financial risks through transactions in financial instruments.
Credit Risk
The organization is exposed to credit risk in connection with its accounts receivable and its short-term investments because of the risk that one party to the financial instrument may cause a financial loss for the other party by failing to discharge an obligation. As at August 31, 2014, $41,023 of accounts receivable balance is due from Canada Revenue Agency. Due to certainty of collection, no allowance for doubtful accounts has been recorded.
Market Risk
The Society is exposed to market risk through changes in marketable security prices, other than changes arising from interest rate or currency risk, in connection with investments in equity securities and other pooled funds.
13. COMPARATIVE FIGURES
Certain reclassifications have been made to the comparative figures in order to conform the current year’s presentation.
19
CALGARYFOOD BANK
CALGARY FOOD BANK 5000 - 11 STREET SE
CALGARY, ALBERTA T2H 2Y5PHONE: 403-253-2059 | FAX: 403-259-4240
WWW.CALGARYFOODBANK.COM
CHARITABLE #: 130 167 349 RR0001
@CalgaryFoodBank Facebook.com/Calgaryfoodbank
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