NOTES TO FINANCIAL STATEMENTS (continued) 2.
ACCOUNTS RECEIVABLE:
Donations receivable Canadian International Development Agency (“CIDA”) MSF Holland Other MSF organizations Other
2004
2003
$ 3,098,450 600,000 140,941 67,079 63,609
$ 999,289 – 146,209 97,422 67,094
$ 3,970,079
$ 1,310,014
3. INVESTMENTS: Investments represent a variable rate Dow Jones Industrial Average Linked Deposit Note from a chartered bank with a minimum annualized compounded rate of return of 2.83% and a maturity date of November 2, 2006.
4.
CAPITAL ASSETS: 2004
Office equipment Leasehold improvements
2003
Cost $ 245,020 8,966
Accumulated amortization $ 179,627 2,335
Net book value $ 65,393 6,631
Net book value $ 60,690 1,645
$ 253,986
$ 181,962
$ 72,024
$ 62,335
5. DEFERRED CONTRIBUTIONS: Deferred contributions represent funds received for special projects. The continuity of this balance is as follows: 2004 2003 Deferred contributions, beginning of year Receipts from other sources Program expenditures Refund of unspent amount Deferred contributions, end of year
$ 36,671 2,217,309 (21,852) –
$ 559,526 21,562 (138,968) (405,449)
$ 2,232,128
$ 36,671
6. CANADIAN INTERNATIONAL DEVELOPMENT AGENCY: MSF Canada solicits funds for projects being undertaken by MSF worldwide from CIDA. CIDA funds a number of these projects and grants the funding to MSF Canada. MSF Canada retains between 4% and 5% (2003 - 4% and 5%) of the CIDA funds to cover its project coordination, administration and overhead costs. MSF Canada enters into an agency agreement with the operational MSF section that will carry out the project and passes on the CIDA funds to that section. At the conclusion of the project, the operational section accounts for the funds to MSF Canada. MSF Canada reviews these accounts and presents them to CIDA. To the extent that the funds are not fully spent, they are returned by the operational section to MSF Canada and by MSF Canada to CIDA.
New grants recognized as revenue Grants disbursed by country: Angola Bangladesh Burundi Côte d’Ivoire Democratic Republic of Congo Liberia Sudan
2004
2003
$ 3,974,293
$ 4,014,276
$ 1,153 – 1,208,678 – 1,331,900 475,000 760,000
$ 1,074,285 95,000 424,302 708,613 475,000 563,778 475,000
$ 3,776,731
$ 3,815,978
The grants disbursed are included in program services expenses - emergency and medical projects. For the year ended December 31, 2004, the difference between net grants recognized as revenue and grants disbursed represents project coordination, administration and overhead expenses totalling $197,562 (2003 - $198,298).
ANNUAL REPORT 2004
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