FA/BalanceJune05

Peace and Environment Resource Centre 07/27/05Balance Sheet As of June 30, 2005

HOW TO READ THE PERC BALANCE SHEET  SEE BELOW

Jun 30, '05

ASSETS Current Assets Chequing/Savings 1010 · Petty Cash                                  151.89 1020 · Cash (chequing)                           6,295.66 1030 · Bank Shares                                  50.00 Total Chequing/Savings                             6,497.55

Accounts Receivable 1200 · PEN Advertising                              -7.70 Total Accounts Receivable                             -7.70

Other Current Assets 1110 · GST Receivable                              665.33 1300 · Prepaid Postage                             251.09 1400 · Prepaid Insurance                           191.22 Total Other Current Assets                         1,107.64

Total Current Assets                                  7,597.49

TOTAL ASSETS                                             7,597.49

LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 2000 · Accounts Payable                       4,276.88 Total Accounts Payable                           4,276.88

Other Current Liabilities 2300 · Designated Funds 2308 · Arbour Youth awards            1,263.31 2306 · Peacefund Canada                 500.00 Total 2300 · Designated Funds                 1,763.31

Total Other Current Liabilities                  1,763.31

Total Current Liabilities                          6,040.19

Total Liabilities                                     6,040.19

Equity 3000 · Opening Bal Equity                             72.59 3900 · Retained Earnings                          -3,694.95 Net Income                                         5,179.66 Total Equity                                          1,557.30

TOTAL LIABILITIES & EQUITY                               7,597.49

HOW TO READ THE PERC BALANCE SHEET

The Balance Sheet describes the assests and liabilities of the PERC on a given date. It is essentially a statement of the financial status of the organization on that date.

At the end of each month, a member of the Finance Committee "reconciles" the account. This means he/she verifies that amounts recorded in our bookkeeping journals are consistent with those on the Credit Union statement. Once this is verified, amounts are entered in Quickbooks, which electronically prepares the Balance Sheet.

Assets include petty cash, cash(chequing) and bank shares, as well as "receivables",i.e.,amounts that are for some reason owing to the PERC.

Petty Cash is a small amount of money kept on the premises for small unforseen expenses. Knowledge of the location of the petty cash is restricted to the Co-ordinator, committee chairs, and members of the Finance Committee. Procedures for use of petty cash are described on the container. Please follow these carefully.

Cash(chequing) is money held in our account at the Credit Union. It is a business account. Cheques written require the signature of two of the Co-ordinator,the Board Chair and/or the Treasurer. Deposits may be made by any trained member of the Finance Committee.

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