National Capital Freenet													
Statement of Revenue, Expenses, and Surplus													
Period ended as stated			

						Actuals	Budget	Actuals	Budget
						May-98	May-98	YTD1998	YTD1998
Revenue												
	Donations from members				
		Associated with registration	$3,067 	$2,826 	$16,120	$17,487 
		Associated with renewals (1)	$15,876	$34,662 $107,142$170,213 
			Total member donations	$18,943 $37,488	$123,262$187,700 
													
	Fundraising Activities												
		Corp donations & sponsorships	$400 	$575 	$1,510 	$2,875 
		Other fundraising activities	$0 	$0 	$382 	$0 
			Total fundraising 	$400 	$575 	$1,892 	$2,875 
													
	Grants and other revenues		$0 	$0 	$0 	$0 
	Contributed services			$0 	$0 	$0 	$0 
	Deferred contributions			$0 	$0 	$7,516 	$5,327 
		Total revenue			$19,343 $38,063 $132,670$195,902 
													
													
Expenses													
	System access telecommunications (2)	$4,726 	$6,333 	$30,306 $31,667 
	System administration			$3,898 	$3,885 	$18,424 $19,128 
	Office staff and supplies		$3,355 	$3,423 	$18,454 $17,113 
	Volunteer Coordination			$0 	$125 	$482 	$625 
	Administration and professional fees	$4,453 	$5,717 	$25,156 $28,585 
	Promotional and other costs		$52 	$0 	$461 	$0 
	Depreciation				$0 	$0 	$14,194 $14,632 
		Total expenses			$16,484	$19,483 $107,479$111,750 
													
Excess of revenue over expenses			$2,859 	$18,580 $25,191 $84,153 
	Surplus, beginning of period		$70,599	$104,526$48,267 $38,953 
													
Surplus, end of period				$73,458 $123,106$73,458	$123,106 
													
																									
	Notes:												
		1)	Revenues behind volume and price targets as per statistics 
			forecasted at budgeting time										
		2) 	New agreement under negotiations with for ONET access										
																									
													
													
National Capital Freenet													
Balance Sheet													
For the period ended as stated			

								Actuals	Budget
								May-98	May-98
Assets													
	Cash							$51,194 $114,423 
	Other current assets					$839 	$840 
								$52,033	$115,263 
	Capital equipment (3)												
		Computer equipment				$132,909$133,517 
		Systems software				$48,784 $43,784 
		Telecommunications equipment			$95,579 $108,676 
		Business equipment				$7,033 	$8,097 
								$284,305$294,074 
		Less accumulated depreciation			$209,963$246,064 
								$74,341	$48,010 
													
	Total assets						$126,374$163,273 
												
																									
Liabilities and Surplus													
	Accounts payable and accrued liabilities (4)		$2,726 	$18,403 
	Deferred contributions, net of amortization 		$50,190 $21,763 
													
	Surplus							$73,458 $123,106 
													
	Total liabilities and surplus				$126,374$163,272 
													
	Notes:												
		3)	Capital differs to budget due to contributed capital 
			being recieved after setting of budget										
		4) 	Accrued Liabilities lower than budget as payments to 
			Carleton on ONET now made monthly										
													
													
National Capital Freenet													
Statement of Changes in Financial Position													
For the period ended as stated			

						Actuals	Budget	Actuals	Budget
						May-98	May-98	YTD1998	YTD1998
Operating activities													
	Excess of revenue over expenses		$2,859 	$18,580 $25,191 $84,153 
	Items not involving cash:												
		Deferred contributions		$0 	$0 	($7,516)($5,327)
		Depreciation			$0 	$0 	$14,194 $14,632 
													
	Net change in non-cash working capital items												
		Acc Rec & Prepaid Expenses	$84 	$84 	($587)	($588)
		Acc Pay & accrued liab. (4)	$1,104 	$2,713 	($8,816)($4,513)
		Cash provided by operations	$4,047 	$21,377 $22,466 $88,357 
													
Investing activities													
	Purchase of equipment for cash		$0 	$0 	$0 	$10,000 
		Cash applied to investing	$0 	$0 	$0 	$10,000 
												
Increase in cash during the period		$4,047 	$21,377 $22,466	$78,357 
Cash, beginning of period			$47,147 $93,046	$28,728 $36,066 
													
Cash, end of period				$51,194 $114,423$51,194 $114,423 
						($0)	$0 	($0)	$0 
	Notes:												
		4)	Budget assumed payments bi-annually.  The ONET related 
			charges are now being settled monthly.										

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