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L'ASSOCIATION DES FRANCOPHONES DE NANAIMO
NOTES TO FINANCIAL STATEMENTS
(Unaudited) Page 10

MARCH 31, 2015

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4. BANK INDEBTEDNESS

The Association has a line of credit of $28,000 with Coast Community Credit Union at prime plus 1%.
This amount is due on demand. As at March 31, 2015, the Association had used $18,647 (2014 -
$15,592) of its line of credit.

2015 2014
Overdraft per bank statement $ 18,647 $ 15,592
Outstanding cheques 7,928 4.741
Balance at end of year $ 26,575 $ 20,333

5. DEFERRED REVENUE

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

2015 2014
City of Nanaimo ' $ 9,100 $ 9,000
Direct Access Grant 627 6,058

$ 9,727 $ 15,058

6. CONTRIBUTED SERVICES AND MATERIALS

Contributed services and materials, received during the year, have been recorded as revenue at their
fair value of $60,004 (2014 - $64,623). A corresponding amount has been recorded in the following
expenses:

2015 2014
Event costs $ 45,233 $ 50,358
Salaries and employee benefits 14.771 14,265

$ 60,004 $ 64,623