L'ASSOCIATION DES FRANCOPHONES DE NANAIMO
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2001

INVESTMENTS

The investment matures September 10, 2001 and bears interest at 4.35%.

CAPITAL ASSETS
2001 2000
(Unaudited)
Furniture and equipment $ 37,570 $ 27,892
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 $20,871.

&

BANK LOAN

Demand bank loan due July 19, 2001, bearing interest at bank prime plus 4%, secured by a
commercial security agreement and assignment of short-term investments.

LEASE COMMITMENT

The association is committed to a lease of its premises until June 30, 2001 with minimum rents of
$7,885 plus GST.

ECONOMIC DEPENDENCE

The society'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.

FA BESTWICKE&
PARTNERS’

CHARTERED ACCOUNTANTS © MANAGEMENT CONSULTANTS