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L'ASSOCIATION DES FRANCOPHONES DE NANAIMO
NOTES TO FINANCIAL STATEMENTS

(Unaudited) Page 10

MARCH 31, 2016

4. BANK INDEBTEDNESS

The Association has a line of credit of $28,000 with Coast Community Credit Union at 3.70%. This
amount is due on demand. As at March 31, 2016, the Association had used $16,513 (2015 - $18,647)
of its line of credit.

2016 2015
Overdraft per bank statement $ 16,513 $ 18,647
Outstanding cheques 9,468 7,928
Balance at end of year $ 25,981 $ 26,575

5. DEFERRED REVENUE

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

2016 2015
City of Nanaimo $ 15,400 $ 9,100
Direct Access Grant 39 627

$ 15,439 $ 9,727

6. CONTRIBUTED SERVICES AND MATERIALS

Contributed services and materials, received during the year, have been recorded as revenue at their
fair value of $50,507 (2015 - $60,004). A corresponding amount has been recorded in the following
expenses:

2016 2015
Salaries and employee benefits $ 22,943 $ 14,771
Event costs 27,564 45.233

$ 50,507 $ 60,004