DRAFT- FOR DISCUSSION PURPOSES ONLY

METRO COMMUNITY ACCESS NETWORK SOCIETY

BALANCE SHEET


As at November 30, 1994


ASSETS

Bank 16,874 Accounts Receivable 7,874 Deposits 1,200
25,948

LIABILITIES

Accounts Payable and Accruals 11,229 Payroll Taxes 826 Provincial Freenet Society 360
12,415

SURPLUS

Surplus 13,533
25,948

REVENUE

Memberships and Donations 19,215 Corporate Sponsorship 11,598 Government Contributions (Note 2) 7,874 Contributions in Kind (Notes 1 and 3) 31,350
70,037

EXPENDITURES

Operating 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
48,510
EXCESS REVENUE BEFORE EQUIPMENT 21,527 Equipment Modems and Communication Equipment 7,994
SURPLUS 13,533

Note 1 Accounting Policies

The Society is registered as a non-profit organization, but is not yet registered as a charity. Negotiations with Revenue Canada for future registration are being conducted at a national level.

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.

Note 2 Government Contributions

Government Contributions reflect the initial claim based on a funding agreement with Canada-Nova Scotia Cooperation Agreement on Technology Development. The total funding available under the agreement is $50,000.00 and is spread over the period to March 1995.

Note 3 Contributions in Kind

Services Contributed during the period.

Iotek No charge computer rental 2,250 Dalhousie University Facilities Management 13,500 Office rental 3,600 Operations Management 12,000
29,100
31,350
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.

Note 4 Goods and Services Tax

The Society does not have suffient taxable revenues to require registration under the act, but as a non-profit organization it may claim a rebate of up to 50% of GST paid depending on the final level of government support.

At November 30, 1994 the maxium rebate available would be approximately $200.

Note 5 Commitments

The Society is committed to an agreement with NSTN Inc. for computer network services. The agreement expires in October 1995, with a cost to expiration of $9095.

DRAFT-FOR DISCUSSION PURPOSES ONLY