L'ASSOCIATION DES FRANCOPHONES DE NANAIMO
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2003

INVESTMENT

The investment matures September 10, 2003, bears interest at 3.05% and its market value
approximates its cost. This investment is required by the Credit Union as security for the association's
overdraft privileges. The association intends to renew the investment after maturity.

BANK OVERDRAFT

The association has an approved line of credit of $20,000 bearing interest at the bank prime rate plus
1%, secured by a term deposit of $22,442.

LEASE COMMITMENT

The association is no longer committed to a lease of its premises. The association rents its premises
on a month to month basis. The association has entered into a lease beginning April 1, 2003 for a
photocopier. This lease is for 42 months with minimum lease payments totalling $3,857 in 2004 fiscal
year.

ECONOMIC DEPENDENCE
The association's main source of income is derived from grants from the Federal Government and

its agencies. It's ability to continue viable operations is dependent upon the continued support from the
Federal Government.

GIFTS IN KIND

During the year, gifts of goods and services were received for the following activities.

2003 2002
Accommodations $ - $ 2,000
Advertising for events 124,341 50,129
Equipment rental for events 13,211 5,401
Food and technical, goods/services for events 12,981 8,920
Human resources 38,957 11,735
Travel 3,250 1,673

$__192.740  $_79,858

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