A Not-for-Profit Organization FINANCIAL STATEMENTS

MICHAEL CUCCIONE FOUNDATION

A Not-for-Profit Organization

FINANCIAL STATEMENTS

December 31, 2017

INDEX TO FINANCIAL STATEMENTS

Page

Independent Practitioner's Review Engagement Report

1

Financial Statements

Statement of Operations and Changes in Net Assets

2

Statement of Financial Position

3

Statement of Cash Flows

4

Notes to Financial Statements

5-8

INDEPENDENT PRACTITIONER'S REVIEW ENGAGEMENT

REPORT

To the members of Michael Cuccione Foundation

We have reviewed the accompanying financial statements of Michael Cuccione Foundation that comprise

the statement of financial position as at December 31, 2017, and the statements of operations and

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 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.

Practitioner's Responsibility

Our responsibility is to express a conclusion on the accompanying financial statements based on our

review. We conducted our review in accordance with Canadian generally accepted standards for review

engagements, which require us to comply with relevant ethical requirements.

A review of financial statements in accordance with Canadian generally accepted standards for review

engagements is a limited assurance engagement. The practitioner performs procedures, primarily

consisting of making inquiries of management and others within the entity, as appropriate, and applying

analytical procedures, and evaluates the evidence obtained.

The procedures performed in a review are substantially less in extent than, and vary in nature from, those

performed in an audit conducted in accordance with Canadian generally accepted auditing standards.

Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial

statements do not present fairly, in all material respects, the financial position of Michael Cuccione

Foundation as at December 31, 2017, 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.

Chartered Professional Accountants

Vancouver, BC

June 28, 2018

-1-

MICHAEL CUCCIONE FOUNDATION

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS

For the year ended December 31, 2017

Unaudited - see review engagement report

2017

Revenue

Government grants

Fundraising events

Annual gala

Donations

Interest income

Foreign currency exchange gain (loss)

$ 1,000,000

481,848

324,563

99,255

25,340

(3,681)

2016

%

51.9

25.0

16.8

5.1

1.3

(0.2)

$

100,000

417,302

320,450

195,023

7,984

(6,620)

9.7

40.4

31.0

18.9

0.8

(0.6)

1,927,325

100.0

173,876

58,532

30,105

20,733

19,150

15,162

11,639

7,195

4,743

2,780

1,830

205

-

9.0

3.0

1.6

1.1

1.0

0.8

0.6

0.4

0.2

0.1

0.1

0.0

0.0

0.0

136,579

54,491

28,938

5,434

17,015

32,113

6,616

5,955

5,275

2,049

1,282

272

1,462

(200)

13.2

5.3

2.8

0.5

1.6

3.1

0.6

0.6

0.5

0.2

0.1

0.0

0.1

0.0

345,950

17.9

297,281

28.7

Excess of revenue over expenditures before distribution

of funds

1,581,375

82.1

736,858

71.3

Distribution of funds

Donations to qualified donees

1,008,000

52.3

502,000

48.5

573,375

29.7

234,858

22.7

Expenditures

Fundraising events

Annual gala

Wages and benefits

Community support

Advertising and promotion

Website and social media

Bank charges

Office

Professional services

Telephone

Insurance

Amortization

Travel

Bad debts (recovered)

Excess of revenue over expenditures/distributions

Net assets, beginning of year

Net assets, end of year

See accompanying notes

-2-

1,034,139

%

1,238,246

1,003,388

$ 1,811,621

$ 1,238,246

100.0

MICHAEL CUCCIONE FOUNDATION

STATEMENT OF FINANCIAL POSITION

As at December 31, 2017

Unaudited - see review engagement report

2017

ASSETS

Current

Cash and cash equivalents

Term deposits

Accounts receivable (note 3)

Prepaid expenses

$

NET ASSETS

139,837

816,093

74,427

1,689

1,032,046

335,522

216,094

736

940

$ 2,823,291

$ 1,249,080

$

$

Capital assets (note 5)

Deferred revenue (note 7)

$

2,487,033

Investments (note 4)

LIABILITIES

Current

Accounts payable and accrued liabilities (note 6)

606,461

1,824,996

53,887

1,689

2016

11,670

10,834

1,000,000

-

1,011,670

10,834

1,811,621

1,238,246

$ 2,823,291

$ 1,249,080

See accompanying notes

Approved:

President

Michael Cuccione, Sr.

Vice President

John Audia

-3-

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