ASSETSBank 16,874 Accounts Receivable 7,874 Deposits 1,200
LIABILITIESAccounts Payable and Accruals 11,229 Payroll Taxes 826 Provincial Freenet Society 360
REVENUEMemberships and Donations 19,215 Corporate Sponsorship 11,598 Government Contributions (Note 2) 7,874 Contributions in Kind (Notes 1 and 3) 31,350
EXPENDITURESOperating Expenses Fascilities Management 13,500 Equipment Rental 2,250 General Expenses 110 Internet Connection Fees 2,086 Office 666 Operations Management 12,000 Payroll Expenses 10,498 Printing 83 Rent 3,600 Telephone Line Fees 3,717
EXCESS REVENUE BEFORE EQUIPMENT 21,527 Equipment Modems and Communication Equipment 7,994
The cost of fixed assets acquired for the operation of the Chebucto FreeNet are expensed in the year of acquisition.
Contributions in kind to the society are reflected in the financial statements where it's possible to estimate an equivalent market value of services provided.
Government Contributions are recognized as income in the period in which they are claimed.
In addition to the contributions in kind listed above the society benefits from a significant discount on the network connection fee provided under our agreement with NSTN Inc.
Iotek No charge computer rental 2,250 Dalhousie University Facilities Management 13,500 Office rental 3,600 Operations Management 12,000
At November 30, 1994 the maxium rebate available would be approximately $200.