L'ASSOCIATION DES FRANCOPHONES DE NANAIMO
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2002

INVESTMENTS

The investment matures September 10, 2003, bears interest at 3.05% and its market value
approximates its cost.

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 $21,778.

LEASE COMMITMENT

The association is committed to a lease of its premises until June 30, 2004 with minimum rents of
$10,000 plus GST.

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.

2002 2001
Accommodations $ 2,000 $ 1,934
Advertising for events 50,129 15,700
Equipment rental for events 5,401 -
Food and technical, goods/services for events 8,920 -
Salaries 11,735 7,200
Travel 1,673 600

$ 79,858 $ 25,434

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-ABESTWICK&
PARTNERS’

CHARTERED ACCOUNTANTS © MANAGEMENT CONSULTANTS