The following represents the Monarch Foundation’s financial statements for the period Sept. 1 2019 to Aug. 31 2020.

 

August 31, 2020 (2019 for comparison)
Revenues & Expenses

2020

2019

$

$

Income
Donations Received 413,776 378,994
Other Income 0 0
Total Income   413,776 378,994
Expenses:
Service Contract Payments
ComuniCabo   18,248 5,407
Liga MAC   37,796 58,137
Building Bajas Future    20,453 32,051
Casa Hogar de San Jose    22,651 96,283
Casa de Abuelos    6,337 21,126
Boys + Girls Club   75,180 48,136
Los Cabos Children’s Foundation    51,322 10,478
Palabra de Vida    2,707 6,544
Sarahuaro    64,775 64,045
Cabo Church   66,003 – 0
LCCF Alliance   40,982 – 0
Total Service Contract Payments   406,653 342,207
Administrative Costs
Website management   671 945
Legal fees   2,562 731
Accounting Software   1,270 890
Bank Fees   503 413
PayPal Fees   1,109 1,927
Other Fees   371 -0
Total Administrative Costs   6,487 4,906
Total Expenses   413,140 347,113
Net Donations vs Expenses (+/-)   636 31,881
The accompanying Notes are an integral part of these financial statements.

 

Approved on behalf of the Board:

Peter Beaupré

Chairman

Kim Doward

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

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

8. Boys + Girls Club (Development program for young people)

9. Cabo Church (Food for children)

10. LCCF Alliance

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 2020 or 2019.