L’ ASSOCIATION DES FRANCOPHONES DE NANAIMO
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 1998

(Unaudited)

SIGNIFICANT ACCOUNTING POLICIES

The financial statements of the association

prepared in accordance with accounting principles

accepted for non-profit organizations.

(a) Depreciation

have been
generally

Depreciation of capital assets is not recorded in the

accounts.

(b) Capital assets

Capital assets are recorded at cost.

Capital assets are recorded as expenditures

in the

statement of revenue and expenditure when purchased and
recorded as capital assets on the balance sheet with an

equal increase in equity in capital assets.

(c) Supply inventory

Supply inventory is recorded at cost.

CAPITAL ASSETS

1998
Land and building $ 84,127
Furniture and equipment 28,191

$ 112,318

BANK OVERDRAFT

1997

$ 84,127

—__25,070

$ 109,197

The association has an approved line of credit of $45,000
bearing interest at the bank prime rate plus 3% secured by a
first mortgage against the association’s Hecate Street property.

PF) BESTWICK &
PARTNERS

CHARTERED ACCOUNTANTS
Est. 1945