HPIC Finances

       After reviewing the financial statements from HPIC’s website, it is in my opinion that they are fairly presented. They financials this not for profit provides are prepared using Canadian accounting standards for not-for-profit organizations. The 2015-2016 financial reports state that “contributions of materials are recognized as revenue in the year the contributed materials are distributed. They are measured at fair value, which represents the estimated wholesale price” (p. 8). Everything HPIC’s presents in terms of financials seems to be to charitable organization standards. The preparation of all the financial statements is in accordance with all not-for-profit guidelines and is easily accessed on the company website. The charity has funding reserves of $203k, resulting in a program cost coverage ratio of 22%, of every dollar donated, 79 cents goes directly towards programs or emergency aid relief help. The money comes mostly from private donors such as those listed above, but the organization also relied on partnerships that fund the charity. Because HPIC is a health-based charity, it does receive government compensation through health care, this equivalent to approximately $30,400 of the unrestricted revenues, which accumulates to approximately $145,4400 total annually.

            According to HPIC’s financial statements the money is spent first and foremost of programs and emergency relief measures. This includes pharmaceuticals, which is mostly by donation, and medical equipment, also donation. Next, is capital assets, which includes operational equipment such as computer equipment, leasehold costs and additional operational equipment. A portion of the money is also spent on shipping materials to foreign countries, this costs between $4,000-$8,000 annually. And finally, the remainder of the cost goes towards salaries, benefits and rent charges. The annual financial reports for 2015 states “salaries and benefits expenses in the amount of $1,155,045 and rent charges in the amount of $73,675. For specifics of salaries, rent charges and operating leases, please look at Figure 1 & 2.
Figure 1 & 2

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