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L'ASSOCIATION DES FRANCOPHONES DE NANAIMO
NOTES TO FINANCIAL STATEMENTS
(Unaudited) Page 11

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MARCH 31, 2013 AND 2012

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6. BANK INDEBTEDNESS

The Association has a line of credit of $20,000 with Coast Community Credit Union at prime plus 1%. This
amount is due on demand. As at March 31, 2013, the Association had used $18,070 of its line of credit.

Line of credit $ 18,070
Outstanding cheques 9,787
$ 27,857

7. DEFERRED REVENUE

The Association has received subsidies in advance for projects starting or continuing next year, as follows:

2013 2012
Direct Access Grant $ 15,006 $ 20,019
City of Nanaimo 6,200 7,000
Contributed inventory : 222

$ 21,206 $ 27,241

8. CONTRIBUTED SERVICES AND MATERIALS

Contributed services and materials, received during the year, have been recorded as revenue at their fair
value of $61,126 (2012 - $123,549). A corresponding amount has been recorded in expenses as in the
following expenses:

2013 2012
Salaries and employee benefits $ 15,335 $ 37,440
Event costs 45,183 83,673
Travel 608 500
Purchase of materials - 1,936

$ 61,126 $ 123,549