National Capital Freenet													

Statement of Revenue, Expenses, and Surplus (unaudited)													

Period ended as stated



						Actuals	Budget	Actuals	Budget

						Dec-97	Dec-97	YTD1997 YTD1997

Revenue													

	Donations from members (note#1)												

		Associated with registration	$2,052 	$6,000 	$47,580 $72,000 

		Associated with renewals	$11,928 $16,250 $187,549$202,500 

			Total member donations	$13,981 $22,250 $235,129$274,500 

													

	Fundraising Activities												

		Line Sponsorships		$700 	$1,600 	$3,150 	$19,200 

		Corporate donations		$0 	$0 	$1,401 	$0 

		Auctions			$2,693 	$0 	$3,559 	$0 

		Sale of promotional items 	$10 	$0 	$813 	$0 

		Other activities		$0 	$0 	$0 	$0 

			Total fundraising 	$3,403 	$1,600 	$8,923 	$19,200 

													

	Government grants 			$0 	$0 	$0 	$0 

	Other revenues				$0 	$0 	$0 	$0 

	Deferred contributions			$5,257 	$7,959 	$27,029 $31,837 

		Total revenue			$22,641	$31,809	$271,081$325,537 

													

													

Expenses													

	System access telecommunications	$6,450 	$5,819 	$76,534	$69,825 

	System administration (note #2)		$3,736 	$5,349 	$42,869 $64,193 

	Office staff and supplies		$3,216 	$2,878 	$40,635	$34,530 

	Volunteer Coordination 			$1,518 	$50 	$3,067 	$600 

	Administration and professional fees	$4,550 	$5,805 	$72,613	$69,660 

	Fundraising and promotional costs	$0 	$0 	$4 	$0 

	Public events and access		$0 	$0 	$542 	$0 

	Costs of Grants				$0 	$0 	$0 	$0 

	Depreciation (note #3)			$9,118 	$18,807 $58,353 $74,114 

		Total expenses			$28,587 $38,707 $294,618$312,921 

													

Excess of revenue over expenses			($5,946)($6,898)(23,537)$12,615 

	Surplus, beginning of period		$56,040 $75,693 $73,631 $56,180 

													

Surplus, end of period				$50,094 $68,795 $50,094 $68,795 

													

	Notes:												

		#1 Renewal payments are begining to arrive however are lower 

		than budgeted.  Year to Date donations are lower than expected 

		as actual receipts dropped off in May as opposed to June as 

		Budgeted as well as decreases being greater than expected.	

									

		#2 Systems budget allowed for additional systems upgrading. 

		These contracts have not been let.	

									

		#3 Depreciation is lower than budget due to assets having been 

		fully depreciated.  Further, depreciation is expected to be 

		adjusted prior to audit to reflect additional donated equipment.										

													

																								

													

National Capital Freenet													

Balance Sheet (unaudited)													

For the period ended as stated



								Actuals	Budget

								Dec-97	Dec-97

Assets													

	Cash (note #4)						$28,824	$40,503 

	Other current assets					$252 	$330 

								$29,076 $40,833 

	Capital equipment (note #5)												

		Computer equipment				$123,517$122,780 

		Systems software				$43,784 $43,784 

		Telecommunications equipment			$108,675$122,508 

		Business equipment				$8,097 	$11,833 

								$284,073$300,905 

		Less accumulated depreciation			$223,481$240,483 

								$60,592 $60,421 

													

	Total assets						$89,669 $101,254 

													

													

													

Liabilities and Surplus													

	Accounts payable and accrued liabilities (note #6)	$10,742 $10,198 

													

	Deferred contributions, net of amortization		$28,833 $22,261 

													

	Surplus							$50,094	$68,795 

													

	Total liabilities and surplus				$89,669 $101,254 

													

	Notes:												

		#4 Cash is below budget as revenues have not met expectations, 

		the impact of reduced revenues has been reduced through delayed 

		capital expenditures.	

									

		#5 Capital and Deferred Contributions are subject to adjustment 

		to reflect equipment donated prior to year end	

									

		#6 Account Payable includes:										

			ONET Fee, Carleton University		$4,170 								

			Audit Fee, KPMG				$3,600 								

			Office lines, Carleton University	$2,640 								

		



													

National Capital Freenet													

Statement of Changes in Financial Position (unaudited)													

For the period ended as stated



						Actuals	Budget	Actuals	Budget

						Dec-97	Dec-97	YTD1997	YTD1997

Operating activities													

	Excess of revenue over expenses		($5,946)($6,898)(23,537)$12,615 

	Items not involving cash:												

		Deferred contributions		($5,257)($7,959)(27,029)(31,837)

		Depreciation			$9,118 	$18,807 $58,353 $74,114 

													

	Net change in non-cash working capital items												

		Acc Rec & Prepaid Expenses	$84 	$130 	$0 	($282)

		Acc Pay & accrued liabilities	$3,037 	$2,199 	($907)	($4,000)

		Cash provided by operations	$1,035 	$6,278 	$6,880 	$50,610 

					

Investing activities													

	Purchase of equipment for cash		$0 	$0 	($3,577)$14,800 

		Cash applied to investing 	$0 	$0 	($3,577)$14,800 

													

Increase in cash during the period		$1,035 	$6,278 	$10,457 $35,810 

Cash, beginning of period			$27,789 $34,225 $18,368	$4,693 

													

Cash, end of period				$28,825 $40,503	$28,825 $40,503 


--
Jeff Bossert (bossert@freenet.carleton.ca)
:
Treasurer and Director, National Capital FreeNet
Senior Engineer, Comgate Engineering