Annual Financial Statements – 2019

The following represents the Monarch Foundation’s financial statements for 2019.

 

August 31, 2019 (2018 for comparison)
Monarca Canada Foundation
Revenues & Expenses

2019

2018

$

$

Income
Donations Received 378,994 431,474
Other Income 0 0
Total Income   378,994   431,474
Expenses:
Service Contract Payments
ComuniCabo   5,407   – 0
Liga MAC   58,137   57,547
Building Bajas Future    32,051   104,077
Casa Hogar de San Jose    96,283   65,117
Casa de Abuelos    21,126   18,094
Gente Joven por un Cambio    48,136   64,408
Los Cabos Children’s Foundation    10,478   65,630
Palabra de Vida    6,544   5,598
Sarahuaro    64,045   76,649
Cabo Church   – 0
Total Service Contract Payments   342,207   457,120
Administrative Costs
Website management   945   557
Legal fees   731   2,261
Accounting Software   890
Paypal and bank service fees   1,491
Bank Fees   413
PayPal Fees   1,927
Total Administrative Costs   4,906   4,309
Total Expenses   347,113   461,429
Net Donations vs Expenses (+/-)   31,881 – 29,955
The accompanying Notes are an integral part of these financial statements.

 

Approved on behalf of the Board:

Byron Hill

Chairman

Peter Beaupre

Secretary-Treasurer

 

Notes to Financial Statements

Note 1 – Incorporation

The Monarca Canada Foundation was incorporated on July 7, 2011 and registered as private Foundation with the Canada Revenue Agency effective September 1, 2011. As such, the Foundation can issue charitable donation receipts.

Note 2 – Objectives of the Foundation

The Constitution of the Foundation specifies that its purposes are as follows:

(a) to advance education in Mexico by the provision of books, equipment and educational aids for elementary, secondary and post-secondary schools or funding for the purpose thereof;

(b) to advance education by providing scholarships, bursaries, awards, and other forms of financial aid to impoverished Mexican youth;

(c) to relieve poverty by providing food, housing, and the necessities of life to needy children in Mexico;

(d) to relieve poverty by providing primary and preventative health care to impoverished Mexican families;

(e) to receive bequests, legacies, donations, gifts, funds and property from all sources and to hold and invest such funds and property and to administer and distribute such funds and property for the purposes of the Foundation;

(f) to do all such other things as are incidental and ancillary to the attainment of the foregoing purposes and the exercise of the powers of the Foundation.

Note 3 – Service Contracts

(a) The Foundation has contracts with the following organizations to provide medical, educational and basic food services to impoverished families and individuals in the Los Cabos region of Baja California Sur, Mexico:

1. CommuniCabo (Speech therapy for cleft lip and cleft palate children)

2. Liga MAC (Food, medical and eductional support)

3. Building Baja’s Future (University scholarships)

4. Casa de Abuelos San Miguel (Food for senior citizens)

5. Los Cabos Children’s Foundation (Oncology and heart treatment for children)

6. Palabra de Vida Centro de Rehabilitacion (Drug and alcohol rehabilitation)

7. Sarahuaro (Education for women and children’s school lunches)

8. Casa Hogar de Cabo San Lucas (Shelter for children in legal guardianship)

9. Gente Joven Por Un Cambio (Development program for young people)

10. Cabo Church (Food for children)

Note 4 – Directors’ Remuneration

The Foundation paid no remuneration to any director nor did it provide any financial assistance (such as loans or guarantees) to any Director during 2019 or 2018.