 |
| December
31, 2004 |
| |
| 1.
Accounting Policies |
| |
a) |
These
financial statements reflect the financial activity and
financial position of funds held in trust by the Regional
Municipality of York (the ‘Region’) for residents
of Newmarket Health Centre and Maple Health Centre, and
funds donated to the facilities. |
| |
b) |
Funds
held in trust and monies received by way of donation are
invested by the Region on behalf of the residents. Interest
is credited to the funds based on the average yield earned
by the Region on its investments. |
| |
| 2.
Basis of Accounting |
| |
a) |
Cash
and investments are recorded at cost. |
| |
b) |
Deposits
on behalf of residents are reported upon receipt and interest
income is reported on the accrual basis of accounting.
Withdrawals are reported in the period made. |
| |
| 3.
Investments |
| |
The
investments have a market value of $380,000 (2003 - $380,000). |
