The following represents the Monarch Foundation’s financial statements for the period Sept. 1 2020 to Aug. 31 2021.

 

August 31, 2021 (2020 for comparison)      
       
Revenue & Expenses

2021

 

2020

Canadian Dollars

 

Income      
Donations Received 448,546   413,776
Other Income 0   0
       
Total Income   448,546   413,776
       
Expenses:      
Service Contract Payments      
ComuniCabo   28,981   18,248
Liga MAC   64,740   37,796
Building Bajas Future    30,673   20,453
Casa Hogar de San Jose    46,630   22,651
Casa de Abuelos    8,014   6,337
Boys + Girls Club   36,588   75,180
Los Cabos Children’s Foundation    0   51,322
Palabra de Vida    0   2,707
Sarahuaro    75,404   64,775
Cabo Church   78,654   66,003
LCCF Alliance   0   40,982
       
Total Service Contract Payments   386,685   406,653
       
Administrative Costs      
Website management   1,037   671
Professional fees   4,590   2,562
Accounting Software   1,252   1,270
Bank Fees   1,387   503
Processing Fees   1,838   1,480
       
       
Total Administrative Costs   10,104   6,487
       
Total Expenses   378,789   413,140
Net Donations vs Expenses (+/-)   69,757   636
       
       
       
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 educational 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)

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 2021 or 2020.