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CLUB LAC BRÛLÉ INC

STATEMENT OF REVENUES AND EXPENSES


YEAR ENDED DECEMBER 31, 2018

2018 2017
REVENUES
Annual dues - Full members $ 27,242 $ 28,140
- Associate members 4,122 3,125
Children's program fees 3,540 2,790
Regatta raffle sales (net of prizes) 1,170 1,455
Proceeds from sales of Preserve & Protect - 105
Interest income 45 25
Miscellaneous 450 210
Total revenues 36,569 35,850

EXPENSES
Insurance - Fire, Liability and Directors 4,913 4,979
Taxes - Municipal and School 4,559 4,598
Tennis courts 3,525 3,450
Children's Program 4,638 6,116
Maintenance - General 4,378 4,048
- Dock work - 11,600
Environment and water testing 2,445 316
Regatta 3,257 3,084
Snow removal 885 970
Telephone 360 397
Hydro 292 267
Miscellaneous 643 -
Bank Charges 317 170
Total expenses 30,212 39,995

Excess (deficiency) of revenues over expenses $ 6,357 $ (4,145)


CLUB LAC BRÛLÉ INC
BALANCE SHEET
AS AT DECEMBER 31, 2018

2018 2017
CURRENT ASSETS
Cash in bank $ 19,064 $ 17,707
Term deposit (Note 2) 10,000 5,000
29,064 22,707

FIXED ASSETS
Land (Islands) 2,073 2,073
Land (Clubhouse) 1,970 1,970
4,043 4,043

$ 33,107 $ 26,750

MEMBERS' EQUITY
Capital of previously issued shares
cancelled upon Continuation (Note 1) $ 6,850 $ 6,850

ACCUMULATED EXCESS OF REVENUES OVER


EXPENSES

Balance, beginning of year 19,900 24,045

Excess (deficiency) of revenues over expenses 6,357 (4,145)

Balance, end of year 26,257 19,900

$ 33,107 $ 26,750

APPROVED ON BEHALF OF THE BOARD

President
CLUB LAC BRÛLÉ INC
NOTES TO ACCOMPANY THE FINANCIAL STATEMENTS
DECEMBER 31, 2018

1. ORGANIZATION

Club Lac Brûlé Inc is a non-profit corporation and was continued on


August 16, 2010, by Letters Patent constituting it as a legal person
under Part III of the Quebec Companies Act. As of that date, the
share capital of Club Lac Brûlé Inc, including the 137 shares then
issued, was anulled, the shareholders became members of Club
Lac Brûlé Inc and the amount paid on the shares constituted a
contribution of the existing shareholders to Club Lac Brûlé Inc.

2. TERM DEPOSIT

Guaranteed Investment Certificates with the Royal Bank of Canada

3. ACCOUNTING POLICIES

These financial statements have been prepared on a cash basis.


Consequently, such items as unpaid dues and accrued expenses
are recorded when received or incurred. None of these items
would be of significant value.

Depreciable Assets are expensed in the year in which they are


acquired, even though their useful life may extend over several
years.
CLUB LAC BRÛLÉ INC
BUDGETED REVENUES AND EXPENSES
FOR 2019

2019
REVENUES
Annual dues - Full members $ 29,750
- Associate members 3,900
Children's program fees 3,500
Regatta raffle sales (net of prizes) 1,200
Total revenues $ 38,350

EXPENSES
Insurance - Fire, Liability and Directors $ 5,140
Taxes - Municipal and School 4,900
Tennis courts/Blue Trail 6,000
Children's program 4,700
Maintenance - General 3,700
- Repair of dock, gallery 6,000
- Excavation, regrading 8,000
100th celebration 2,500
Environment and water testing 2,000
Regatta 3,300
Snow removal 1,050
Telephone 370
Hydro 300
Miscellaneous 200
Bank Charges 180
Total expenses $ 48,340

Budgeted deficiency of revenues over expenses ($9,990)