CEPCO Financial Statements
CHILLIWACK ECONOMIC PARTNERS CORPORATION
Notes to Financial Statements (continued)
Year ended December 31, 2013
1. Significant accounting policies (continued):
(d) Revenue recognition:
Revenues are recognized on the accrual basis according to the terms of the contractual
agreements.
(e) Investments:
Investments are recorded at amortized cost plus accrued interest. If it is determined that
there is a permanent impairment in the value of an investment, it is written down to net
realizable value.
(f) Budget figures:
Budget figures represent the budget approved by the Board of Directors on March 13, 2013.
(g) Use of estimates:
The preparation of the financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses during the year. Actual results could differ from those
estimates.
2. Recasted 2012 figures:
During the year, the Corporation determined that certain property under development had been
previously transferred to the City of Chilliwack. The change to reflect this disposal of property has
been recorded retroactively and, accordingly, the comparative amounts of accumulated surplus
and property under development have decreased by $103,710.
There was no changes to revenues, expenses or annual surplus for 2012.
3. Bank indebtedness:
The Corporation has an operating line of credit for a maximum of $3,000,000 (2012 - $3,000,000)
that is due on demand, bears interest at prime plus 0.35% and is secured by a general security
agreement. No funds were drawn on the line of credit at December 31, 2013.
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2013 Annual Report
