Metro Community Access Network Society

CHEBUCTO COMMUNITY NET


Statement of Revenues and Expenses

For the year ended December 31,1995

                                                1995              1994
REVENUE
         Membership Dues & Donations            64,898            21,960
         Fundraising Revenue                     4,073               576
         Corporate Sponsorships                    815            11,599
         Contract Revenue                       19,100                 0
         Government Contributions (Note 2)      42,683             7,874
         Contributions in Kind (Note 3)         48,900            34,750
                                              ---------         ---------
TOTAL REVENUE                                  180,469            76,758

EXPENSES

Operating & Development Expenses

         Administrative Salaries                25,925            13,538
         Development Salaries                   17,248                 0
         Employee Benefits                       2,811               896
         Equipment Rental                          366                 0
         Fundraising & Promotion                11,244                 0
         General                                    89               115
         Internet Carrier Fees                   9,513             2,996
         Office Costs                              712               739
         Telephone Line Fees                    26,090             3,900
         Travel                                  1,344                 0
                                              ---------         ---------
                                                95,342            22,185
Contributed Services

         Equipment Rental                       11,100             2,500
         Facilities Management                  18,000            15,000
         Office Rent                             4,800             4,000
         Operations Management                  15,000            13,250
                                              ---------         ---------
                                                48,900            34,750
Equipment Expenditures

         Communications Equipment               20,622             8,077
         Computer Hardware                      24,091                 0
                                              ---------         ---------
                                                44,713             8,077
                                              ---------         ---------
TOTAL EXPENSES                                 188,955            65,012
                                              ---------         ---------
NET SURPLUS/(DEFICIT)                           (8,486)           11,746

Balance, beginning of the year                  11,746
                                              ---------         ---------
Balance, end of the year                         3,260            11,746
                                              =========         =========

Metro Community Access Network Society

CHEBUCTO COMMUNITY NET

Balance Sheet

December 31,1995

                                                1995              1994

ASSETS

         Bank                                   12,022             5,462
         Accounts Receivable                       398             7,965
         Inventory                                 232             2,811
                                              ---------         ---------
                                                12,652            16,238
                                              =========         =========
LIABILITIES

         Accounts Payable and Accruals           7,889                 0
         Payroll Taxes                           1,503             1,239
         NS Federation of Community Networks                       3,253
                                              ---------         ---------
                                                 9,392             4,492

SURPLUS                                          3,260            11,746
                                              ---------         ---------
                                                12,652            16,238
                                              =========         =========

Metro Community Access Network Society

CHEBUCTO COMMUNITY NET

Notes to Financial Statements

December 31,1995

Note 1 Accounting Policies

The Society is registered as a non-profit organization.

The cost of fixed assets acquired for the operation of the Chebucto Community Net are expensed in the year of acquisition.

Contributions in kind to the society are reflected in the financial statements where it is possible to estimate an equivalent market value of services provided.

Commercial discounts are reflected in the financial statements where services provided to the society under contract are discounted in support of the aims of the Society. The discounts are calculated as being the difference between the estimated commercial value of the contracts and the amounts paid. Prior years have been restated to reflect these discounts.

Note 2 Government Contributions

Government contributions reflect funding through the Canada-Nova Scotia Cooperation Agreement on Technology Development.

Note 3 Contributions in Kind

During the period the following contributions in kind were recognised.
                                                  1995              1994

   Dalhousie University                           37,800            32,250
   Iotek                                           1,500
   Sun Microsystems                                9,600             2,500
                                                ---------         ---------
                                                  48,900            34,750
                                                =========         =========
In addition to the above contributions the society benefited from additional core support in the form of contracts for services at substantially below commercial value.

NSTN Inc provided our network connection until October 1995 when our contract expired. The contract had an estimated commercial value of $16,200 for the period and our cost was $5,189. This represents a contribution of $11,011 in the period.

ISIS Inc provided our network connection from October 1995. The contract has an estimated commercial value of $8,750 for the period and our cost was $750. This represents a contribution of $8,000 in the period.