THE CANADIAN ASSOCIATION OF ELIZABETH FRY SOCIETIES
NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2002

  1. Purpose of Organization
    The Canadian Association of Elizabeth Fry Societies is a federation of autonomous societies which works with and on behalf of women involved with the justice system, particularly women in conflict with the law. The organization is incorporated under the Canada Business Corporation Act as a not for profit organization and is registered as a Charity under the Income Tax Act.

  2. Significant Accounting Policies
    These financial statements have been prepared in accordance with generally accepted accounting principles. The significant accounting policies are summarized as follows: The Canadian Association of Elizabeth Fry Societies follows the deferral method of accounting for contributions.

    1. Fund Accounting
      The accounts of the Association are maintained in accordance with the principles of "fund accounting" in order that the limitations and restrictions placed on the use of resources available are maintained. All financial transactions have been recorded and reported in the appropriate fund categories. The Association's funds are categorized as follows:
      1. The Operating Fund, an unrestricted undesignated fund, is used for genera! operational needs.
      2. Bursary Fund, an unrestricted designated fund, has been established to provide financial assistance to staff or volunteers of member societies to pursue post secondary studies in areas related to the goals of the Association.
      3. The Society Development Fund, an unrestricted designated fund, has been established to provide financial support to new and emerging Elizabeth Fry Societies.
      4. The Special Projects Fund, an unrestricted designated fund, has been established to facilitate the management of various special projects initiated by the Association.
      5. The Justice for Women Fund, an unrestricted designated fund, has been established to provide financial support for the special projects involving women's intervention cases.
      6. The Restricted Fund, a restricted, designated fund, has been established to purchase capital items and to finance moving expenditures.
    2. Revenue recognition
      Donation revenue is recorded on a cash basis. Pledged or other donations expected but not received are not recorded as accounts receivable. Other receipts are recorded on an accrual basis.
    3. Capital assets
      Capital assets are recorded at cost in the year of purchase. Depreciation is charged on a straight line basis over a period of five years.
    4. Investments
      Investments are recorded at the lower of cost or market value and reflect interest accrued to the year end.

  3. Statement of Changes in Financial Position
    A statement of changes in financial position as not been prepared as It would not provide any additional meaningful information.

  4. Comparative Figures
    Certain figures in the comparative year have been changed to conform with the present presentation.

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