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NEADS Membership Report 2010-2012
Audited Financial Statements
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2012
NATURE OF ORGANIZATION
The National Educational Association of Disabled
Students/Association nationale des ťtudiant(e)
s handicapť(e)s au niveau post-secondaire is
a consumer organization with a mandate to
encourage self-empowerment of post-secondary
students with disabilities. The Association
advocates for increased accessibility at all levels so
that students with disabilities may gain access to a
college or university education, which is the right
of everyone. The Association provides extensive
information on services at the National level for
students with disabilities, publishes a newsletter,
and conducts research on issues of importance to
The Association is incorporated under the Canada
Corporations Act as a not-for-profit organization
and is a registered charity under the Income Tax
SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
Revenue and expenditure are recorded on the accrual basis, whereby they are reflected in the accounts in the period in which they have been earned and incurred respectively, whether or not such transactions have been finally settled by the receipt or payment of money.
The Association follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if the amount can be reasonably estimated and collection is reasonably assured.
Short-term deposits are classified as held for trading and are recorded at fair value. Fair values are determined by reference to published quotations in an active market at year end.
The Associationís investment in capital assets is nominal, and accordingly, capital assets are expensed in the year in which they are acquired.
Use of Estimates
The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenditure and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
The Association receives the services of many volunteers, the value of which cannot be reasonably estimated. Therefore, no representation of this expenditure has been included in these financial statements.
The Associationís financial instruments consist of
cash, accounts receivable, short-term deposits, and
accounts payable and accrued liabilities. The fair
values of these financial instruments approximate
their carrying values, unless otherwise stated. It is
managementís opinion that the Association is not
exposed to significant interest rate, currency or
credit risk arising from these financial instruments.
The Association considers its capital to be the
balance maintained in its Membersí Surplus. The
primary objective of the Association is to invest its
capital in a manner that will allow it to continue
as a going concern and comply with its stated
objectives. Capital is invested under the direction
of the Board of Directors of the Association with
the objective of providing a reasonable rate of
return, minimizing risk and ensuring adequate
liquid investments are on hand for current cash
flow requirements. The Association is not subject
to any externally imposed requirements of its
STATEMENT OF CASH FLOWS
This statement has not been prepared as all of the
relevant information is apparent from the other