CLUB LAC BRULE INC STATEMENT OF REVENUES AND EXPENSES YEAR ENDED DECEMBER 31, 2017 2017 2016 REVENUE! Annual dues - Full members $28,140 $ 28,096 - Associate members 3,125 3,372 Children's program fees 2,790 3,418 Regatta raffle sales (net of prizes) 1,455 4571 Proceeds from sales of Preserve & Protect 105 2,490 Interest income 2s 33 Miscellaneous 210 947 Total revenues 35,850 39,927 EXPENSES Insurance - Fire, Liability and Directors 4,979 5,067 Taxes - Municipal and School 4,598 4,601 Tennis courts 3,450 3,525 Children's Program 6,116 4,049 Maintenance - General 4,048 3,263 = Dock work 11,600 - Chairs - 3,622 Environment and water testing 316 28 Regatta 3,084 3,156 Snow removal 970 820 Telephone 397 362 Hydro 267 304 Miscellaneous : 429 Bank Charges 170 150 Total expenses 39,995 29,476 Excess (deficiency) of revenues over expenses $ (4,145) $ 10,451CLUB LAC BROLE INC BALANCE SHEET AS AT DECEMBER 31, 2017 2017 RENT. Cash in bank $17,707 Term deposit (Note 2) 5,000 22,707 FIXED ASSETS Land (Islands) 2,073, Land (Clubhouse) 1,970. 4,043, $26,750 MEMBERS' EQUITY Capital of previously issued shares cancelled upon Continuation (Note 1) $6,850 ACC TED EXCESS OF REVENUES OVER EXPENSES Balance, beginning of year 24,045 Excess (deficiency) of revenues over expenses (4,145) Balance, end of year 19,900 $__ 26,750 APPROVED ON BEHALF OF THE BOARD President “Ui dada ‘b , ae $ 21,852 5.000 mazes $6850 13,594 10,451 24,045 $30,895,CLUB LAC BRULE INC NOTES TO ACCOMPANY THE FINANCIAL STATEMENTS DECEMBER 31, 2017 1, ORGANIZATION Club Lac Brdlé Inc is a non-profit corporation and was continued on August 16, 2010, by Letters Patent constituting it as a legal person under Part Ill of the Quebec Companies Act. As of that date, the share capital of Club Lac Brdlé Inc, including the 137 shares then issued, was anulled, the shareholders became members of Club Lac Brilé Inc and the amount paid on the shares constituted a contribution of the existing shareholders to Club Lac Brilé 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 BRULE INC BUDGETED REVENUES AND EXPENSES FOR 2018, REVENUES Annual dues - Full members ~ Associate members Children’s program fees Regatta raffle sales (net of prizes) Total revenues 2018 $ 29,600 3,250 3,000 1,500 $37,350 EXPENSES, Insurance - Fire, Liability and Directors $ 4,920 Taxes - Municipal and School 4,800 Tennis courts - Preparation and Maintenance 3,500 Children’s program 4,500 Maintenance - General 3,700 - Staining of steps 2,000 Environment and water testing 500 Regatta 3,200 Snow removal 1,000 Telephone 380 Hydro 350 Miscellaneous 200 Bank Charges 180 Total expenses $23,230 Budgeted excess of revenues over expenses $8,120