| August 31, 2022 (2021 for comparison) | |||
| Revenue & Expenses |
2022 |
2021 |
|
| Canadian Dollars |
|
|
|
| Income | |||
| Donations Received | 1,078,913 | 448,546 | |
| Other Income | 0 | 0 | |
| Total Income | 1,078,913 | 448,546 | |
| Expenses: | |||
| Service Contract Payments | |||
| ComuniCabo | 37,556 | 28,981 | |
| Liga MAC | 42,000 | 64,740 | |
| Building Bajas Future | 144,416 | 30,673 | |
| Casa Hogar de San Jose | 90,450 | 46,630 | |
| Casa de Abuelos | 24,875 | 8,014 | |
| Boys + Girls Club | 43,756 | 36,588 | |
| Los Cabos Children’s Foundation | 36,551 | 0 | |
| Sarahuaro | 36,312 | 75,404 | |
| Cabo Church | 129,236 | 78,654 | |
| Total Service Contract Payments | 585,153 | 386,685 | |
| Administrative Costs | |||
| Website management | 757 | 1,037 | |
| Professional fees | 2,512 | 4,590 | |
| Accounting Software | 1,200 | 1,252 | |
| Bank Fees | 602 | 1,387 | |
| Processing Fees | 2,327 | 1,838 | |
| Total Administrative Costs | 7,398 | 10,104 | |
| Total Expenses | 591,372 | 378,789 | |
| Net Donations vs Expenses (+/-) | 487,540 | 69,757 | |
| The accompanying Notes are an integral part of these financial statements. |
Approved on behalf of the Board:
Peter BeaupréChairman |
Kim DowardTreasurer |
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.