FY22FinancialStatements.pdf

CAMPUS FOOD BANK SOCIETY
Financial Statements
Year Ended April 30, 2022

Index to Financial Statements
Page
INDEPENDENT AUDITOR'S REPORT 1 - 2
FINANCIAL STATEMENTS
Statement of Financial Position 3
Statement of Revenues and Expenditures 4
Statement of Changes in Net Assets 5
Statement of Cash Flows 6
Notes to Financial Statements 7 - 13

INDEPENDENT AUDITOR'S REPORT
To the Members of Campus Food Bank Society
Qualified Opinion
We have audited the financial statements of Campus Food Bank Society (the Society), which comprise
the statement of financial position as at April 30, 2022, and the statements of revenues and expenditures,
changes in net assets and cash flows for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
section of our report, the accompanying financial statements present fairly, in all material respects, the
financial position of the Society as at April 30, 2022, and the results of its operations and cash flows for
the year then ended in accordance with Canadian accounting standards for not-for-profit organizations
(ASNPO)
Basis for Qualified Opinion
In common with many charitable organizations, the Society derives revenue from donations and
fundraising, the completeness of which is not susceptible of satisfactory audit verification. They also derive
revenues from donated food products, of which the accuracy of the weight is not susceptible to
satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts
recorded in the records of the Society and we were not able to determine whether any adjustments might
be necessary to contributions, excess of revenues over expenses, current assets and net assets. Our
audit opinion on the financial statements for the year ended April 30, 2022 was modified accordingly
because of the possible effects of this limitation of scope.
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Financial Statements section of our report. We are independent of the Society in accordance with
ethical requirements that are relevant to our audit of the financial statements in Canada, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with ASNPO, and for such internal control as management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is responsible for assessing the Society's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Society or to cease
operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Society's financial reporting process.
(continues)

Independent Auditor's Report To the Members of Campus Food Bank Society (continued)
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with Canadian generally accepted auditing standards will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
 Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Society’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
 Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Society’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to
the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Society to cease to continue as a going
concern.
 Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
Rutwind Brar LLP
Edmonton, Alberta Rutwind Brar LLP
September 23, 2022 Chartered Professional Accountants

Statement of Financial Position
April 30, 2022
2022 2021
ASSETS
CURRENT
Cash (Note 5) $ 412,379 $ 421,850
Accounts receivable 10,395 3,556
Public Service Bodies' rebate receivable 1,061 739
Prepaid expenses 964 860
424,799 427,005
EQUIPMENT (Net) (Note 6) 8,156 3,598
TOTAL ASSETS $ 432,955 $ 430,603
LIABILITIES AND NET ASSETS
CURRENT
Accounts payable (Note 7) $ 32,372 $ 43,190
Deferred income (Note 9) - 23,000
32,372 66,190
LONG TERM DEBT (Note 8) 60,000 60,000
TOTAL LIABILITIES 92,372 126,190
NET ASSETS
General fund 332,427 300,815
Capital fund 8,156 3,598
340,583 304,413
TOTAL LIABILITIES AND NET ASSETS $ 432,955 $ 430,603
ON BEHALF OF THE BOARD
_____________________________ Director
_____________________________ Director
See notes to financial statements - 3 -

Statement of Revenues and Expenditures
2022 2021
RECEIPTS
Donations $ 121,440 $ 103,489
Donated Food Product (Note 4) 119,931 94,639
Grant revenue (Note 9) 99,632 98,843
Dedicated fee unit revenue 70,375 67,568
WECAN Order Payments 9,750 11,951
421,128 376,490
DISBURSEMENTS
Salaries and wages 138,745 135,299
Donated food product distributed (Note 4) 119,931 94,639
Program supplies 43,771 22,272
Professional fees 26,077 7,475
Office 16,781 5,453
Employee benefits 14,044 11,533
Rental 6,900 7,040
Travel 6,575 368
Advertising and promotion 3,147 -
Training 3,021 326
Insurance 2,248 1,875
Amortization 1,425 1,070
Non-recoverable GST 1,061 380
Telephone 1,001 929
Fundraising 898 3,591
385,625 292,250
EXCESS OF RECEIPTS OVER DISBURSEMENTS FROM
OPERATIONS 35,503 84,240
OTHER INCOME 667 187
EXCESS OF RECEIPTS OVER DISBURSEMENTS $ 36,170 $ 84,427

Statement of Changes in Net Assets
General
Fund
Capital
Fund 2022 2021
NET ASSETS - BEGINNING OF YEAR $ 300,815 $ 3,598 $ 304,413 $ 219,986
CAPTIAL ASSETS (5,983) 5,983 - -
EXCESS OF RECEIPTS OVER
DISBURSEMENTS 37,595 (1,425) 36,170 84,427
NET ASSETS - END OF YEAR $ 332,427 $ 8,156 $ 340,583 $ 304,413

Statement of Cash Flows
2022 2021
OPERATING ACTIVITIES
Excess of receipts over disbursements $ 36,170 $ 84,427
Item not affecting cash:
Amortization of property, plant and equipment 1,425 1,070
37,595 85,497
Changes in non-cash working capital:
Accounts receivable (6,839) (3,556)
Donation receivable - 2,433
Accounts payable (10,818) 12,675
Deferred income (23,000) 3,000
Prepaid expenses (104) (183)
Goods and services tax payable (322) (380)
(41,083) 13,989
Cash flow from (used by) operating activities (3,488) 99,486
INVESTING ACTIVITY
Purchase of property, plant and equipment (5,983) (1,028)
FINANCING ACTIVITY
Proceeds from long term financing - 60,000
INCREASE (DECREASE) IN CASH FLOW (9,471) 158,458
Cash - beginning of year 421,850 263,392
CASH - END OF YEAR $ 412,379 $ 421,850
CASH FLOWS SUPPLEMENTARY INFORMATION
Interest received $ (667) $ (187)
Interest paid $ - $ -
CASH CONSISTS OF:
Cash $ 412,379 $ 421,850

Notes to Financial Statements
1. PURPOSE OF THE SOCIETY
Campus Food Bank Society (the "Society") is a not-for-profit organization incorporated provincially
under the Companies Act of Alberta. As a registered charity the Society is exempt from the payment
of income tax under Section 149(1) of the Income Tax Act.The Society is also a registered charitable
organization for income tax purposes.
The Society operates a food bank distributing food items and toiletries to University of Alberta
community members in need.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The financial statements were prepared in accordance with Canadian accounting standards for not-
for-profit organizations (ASNFPO).
Cash and short term investments
Cash includes cash and cash equivalients. Cash equivalents are investments in Guaranteed
Investment Certificates and are valued at cost plus accrued interest. The carrying amounts
approximate fair value because they have maturities at the date of purchase of one year and less.
Contributed services
The operations of the organization depend on both the contribution of time by volunteers and donated
materials from various sources. The fair values of donated materials and services cannot be
reasonably determined and are therefore not reflected in these financial statements.
Government grants
Government grants are recorded when there is a reasonable assurance that the Society had
complied with and will continue to comply with, all the necessary conditions to obtain the grants.
Donated goods
Donated goods are recorded at their fair market value at the time of the donation.
Fund accounting
Campus Food Bank Society follows the deferral method of accounting for contributions.
Revenues and expenses related to program delivery and administrative activities are reported in the
General Fund.
The Capital Fund reports the assets, liabilities, revenues, and expenses related to Campus Food
Bank Society's capital assets.
(continues)
- 7 -

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Revenue recognition
Campus Food Bank Society follows the deferral method of accounting for contributions.
Restricted contributions are recognized as revenue in the year in which the related expenses are
incurred. Unrestricted contributions are recognized as revenue when received or receivable if the
amount to be received can be reasonably estimated and collection is reasonably assured.
Endowment contributions are recognized as direct increases in net assets.
Restricted investment income is recognized as revenue in the year in which the related expenses are
incurred. Unrestricted investment income is recognized as revenue when earned.
Measurement uncertainty
When preparing financial statements according to ASNPO, management makes estimates and
assumptions relating to:
 reported amounts of revenues and expenses
 reported amounts of assets and liabilities
 disclosure of contingent assets and liabilities.
Estimates are based on a number of factors including historical experience, current events and
actions that the Society may undertake in the future, and other assumptions that management
believes are reasonable under the circumstances. By their nature, these estimates are subject to
measurement uncertainty and actual results could differ. In particular, estimates are used in
accounting for certain items such as revenues, useful lives of capital assets, asset impairments, legal
and tax contingencies, and employee benefit plans.
Goods and Services Tax
Contributed materials and services are recoverable at 50% as a PSB Rebate. The unrecoverable
portion is recorded as an expense with the rebate treated as a receivable.
Net assets
Net assets invested in equipment represents the organization’s net investment in equipment
which is comprised of the unamortized amount of equipment purchased with restricted funds.
Internally restricted net assets are funds which have been designated for a specific purpose by
the organization’s Board of Directors.
Unrestricted net assets comprise the excess of revenue over expenses accumulated by the
organization each year, not of transfers, and are available for general purposes.
(continues)
- 8 -

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Equipment
Equipment is stated at cost or deemed cost less accumulated amortization and is amortized over its
estimated useful life on a declining balance basis at the following rates and methods:
Equipment 20% declining balance method
Computer equipment 55% declining balance method
The Society regularly reviews its equipment to eliminate obsolete items. Government grants are
treated as a reduction of equipment cost.
Equipment acquired during the year but not placed into use are not amortized until they are placed
into use.
Financial instruments
Financial instruments are recorded at fair value when acquired or issued. In subsequent periods,
financial assets with actively traded markets are reported at fair value, with any unrealized gains and
losses reported in income. All other financial instruments are reported at amortized cost, and tested
for impairment at each reporting date. Transaction costs on the acquisition, sale, or issue of financial
instruments are expensed when incurred.
Impairment
For financial assets measured at cost or amortized cost, the Society determines whether there are
indicators of possible impairment. When there is an indication of impairment, and the Society
determines that a significant adverse change has occurred during the period in the expected timing
or amount of future cash flows, a write-down is recognized in net income. If the indicators of
impairment have decreased or no longer exist, the previously recognized impairment loss shall be
reversed to the extent of the improvement. The carrying amount of the financial asset may not be
greater than the amount that would have been reported at the date of the reversal had the
impairment not been recognized previously. The amount of the reversal is recognized in net
income.
3. DISBURSEMENT REQUIREMENT
In order to maintain its status as a registered charity under the Income Tax Act (Canada), the Society
is required to make qualifying disbursements of $11,300 prior to April 30, 2023 (Prior - $9,200). The
Society is generally required to distribute a minimum of 3.5% of the previous year's average fair value
of net assets.
- 9 -

4. DONATED FOOD PRODUCT
The Society received significant contributions of food and consumer products to support its
operations. The volume of food and consumer products acquired by donation in the year was 45,775
pounds (Prior - 36,122 pounds) with a value of $2.62 (Prior - $2.62) per pound based on an estimate
provided by a third party. These donated food products are reflected in the statement of revenue and
expenditures and statement of changes in net assets in the period in which they are received. The
Society recognizes the donated food products in the period in which they are received and
distributed.
2022 2021
Statement of Revenues and Expenditures
Donated food product revenue $ 119,931 $ 94,639
Donated food product expense (119,931) (94,639)
$ - $ -
5. CASH
2022 2021
Cash $ 402,379 $ 421,850
GIC bearing interest at 0.60% payable on maturity,
maturing on July 9, 2022 10,000 -
$ 412,379 $ 421,850
6. PROPERTY, PLANT AND EQUIPMENT
2022 2021
Accumulated Net book Net book
Cost amortization value value
Equipment $ 11,116 $ 3,099 $ 8,017 $ 3,290
Computer equipment 2,095 1,956 139 308
$ 13,211 $ 5,055 $ 8,156 $ 3,598
- 10 -

7. ACCOUNTS PAYABLE
2022 2021
University of Alberta Students' Union $ 21,492 $ 29,444
Credit card payable 6,378 1,335
Audit fee accrual 4,500 4,500
Source deductions payable - 7,909
$ 32,370 $ 43,188
8. LONG TERM DEBT
In January 2021, the Society applied for and received the $ 60,000 Canada Emergency Business
Account (CEBA) loan from the Government of Canada. CEBA was launched to ensure small
businesses have access to the capital required to see them through the current challenges, and
better position them to quickly return to providing services to their communities and creating
employment.
CEBA is interest free to December 31, 2023. The remaining balance is then converted to a 3-year
term loan at an interest rate of 5% per annum. If the balance of the loan is fully repaid on or before
December 31, 2023, it will result in loan forgiveness of 33% or $ 20,000.
9. GRANT REVENUE
2022 2021
CRA CEWS Wage Subsidy Grants $ 30,422 $ 52,948
Graduate Students' Association Grant 23,000 20,000
Epcor Heart + Soul Fund 20,000 -
Link2Feed 13,618 -
Canada Summer Job Grant 9,472 4,767
Critical Workers Benefit 2,584 -
Food Banks Canada Grants 535 12,628
REALTORS Community Foundation Grant - 8,500
$ 99,631 $ 98,843
Prior year deferred revenue related to the Graduate Student's Association Grant of $23,000 that was
recorgnized as revenue in the current year. No deferred revenue in current year.
10. FINANCIAL INSTRUMENTS
The Society is exposed to various risks through its financial instruments and has a comprehensive
risk management framework to monitor, evaluate and manage these risks. The following analysis
provides information about the Society's risk exposure and concentration as of April 30, 2022.
(continues)
- 11 -

10. FINANCIAL INSTRUMENTS (continued)
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other
party by failing to discharge an obligation. The Society's' exposure to credit risk relates to accounts
receivable and arises from the possibility that a debtor does not fulfil its obligations.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with
financial liabilities. The Society is exposed to this risk mainly in respect of its receipt of funds from
its customers and accounts payable.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises three types of risk: currency rate risk,
interest rate risk and other price risk. The Society is mainly exposed to interest rate risk.
Interest rate risk
lnterest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. The Society is exposed to interest rate
risk on its investments. The Society only invests in secured investments with guaranteed
interest rates to mitigate this risk
Other price risk
Other price risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market prices (other than those arising from interest rate risk
or currency risk), whether those changes are caused by factors specific to the individual
financial instrument or its issuer, or factors affecting all similar financial instruments traded in
the market. The Society is not exposed to other price risk.
Change in exposure
There have been no significant changes in the Soceity's risk exposures from the 2022 fiscal year.
11. LEASE COMMITMENTS
The Society has a long term lease with respect to its premises. The lease provides for payment of
utilities and rent. Future minimum lease payments as at April 30, 2022, are as follows:
Long-term lease with The University of Alberta Students' Union was re-negotiated and extended
through 2023 including monthly payments of $325 & $255 (2021/2022), and $260 (2022/2023) for
rent and utilities, respectively.
- 12 -

12. SUBSEQUENT EVENTS
The ongoing pandemic of the novel strain of coronavirus, specifically identified as "COVID-19", has
continued to result in worldwide emergency measures to combat the spread of the virus. These
measures, which include self-quarantine periods, have caused disruption to businesses globally,
which are resulting in an economic slowdown. The duration and impact of the COVID-19 outbreak is
unknown at this time, including measures implemented by governments and central banks. It is not
possible to reliably estimate the length of effect of these developments, including the impact on the
financial results of the Society in future periods.
- 13 -

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