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403.253.2059 5000 11 St SE, Calgary, AB T2H 2Y5

ANNUAL REPORT 2015 – 2016

Where Change Happens

Together we fight hunger & it’s root causes because no one should go hungry.

Letter From Board Chair

simon-lauIf there was a time we needed support from our community, it was this past year. The recession that has been gripping our province is said to be one of the most severe that Alberta has ever endured. That along with the Fort McMurray fire, which forced the largest wildfire evacuation in Alberta History, has increased the demand for emergency food support.

Our success through the past year is because our community has risen to the challenge and stood together to tackle each crisis that we face. I would like to recognize and thank the tens of thousands of volunteers for donating countless hours to the Calgary Food Bank. I would also like thank all our suppliers and community businesses for donating food and funds when they too are feeling the effects of the economy.

The Calgary Food Bank has been successful for over three decades in keeping up with the demand and will continue to work together with the community to meet the increasing need for emergency food support.

I am very proud to be a part of the Calgary Food Bank and together with our community we will work towards our Vision for a hunger-free community.

Letter From CEO

james-mcaraA casserole over the fence. Being a snow angel and shoveling the neighbours walk while you are out doing yours. Sharing your lunch at noon. These are just some of the ways that Calgarians are here for each other, opening their hearts through good times and bad times.

The Food Bank has been here to help build up community by ensuring that food is available to all Calgarians during difficult times. Calgary is experiencing a new normal and from our history, we know that we will need to sustain these new levels of support. No matter the crisis, the need for support is the same and that starts with food. Then conversation and information so that families can continue to thrive. Because of the community’s generosity and interconnectedness, we have been able to provide 30% more emergency food hampers and support than last year.

We also carefully listened to the changing needs in our community and they said there was the need for more health and cultural content. Working with our community partners, we are now able to distribute food hampers that not only include more fresh foods but items that are cognizant of health and diversity.

We could not focus on crisis support and root cause remediation without the significant partnerships with over 185 community agencies. We share food and ideas to make us all stronger. We also use our collective knowledge to identify the root causes that prevent families from falling further behind. Ours is a group effort, in the same way that individual Calgarians act to help their neighbours.

We are proud that we are able to reflect the spirit and focus of our entire community. Together, we fight hunger and its root causes because no one
should go hungry.

“Today we went to the food bank for some help. We literally had nothing in the fridge to eat for this weekend. And we were depressed. But after visiting you folks today I feel uplifted. Everyone working/volunteering there – and I mean EVERYONE – made a point of looking us in the eye and saying hello with a big smile on their faces. The amount of food we received was a little mind blowing to me . . .Now I know we can make it until next payday.  Please let your people know that we appreciate them. So so much. Thank you all for the important work you do.”

– Calgary Food Bank Client

Fast Facts

Numbers reflect the Calgary Food Bank’s fiscal year of Sept. 1, 2015 tp Aug. 31, 2016

Distributed Enough Food for Approximately

9786

Meals and Snacks per day

Children
Families
Individuals
Unique Clients
New Clients
Single Parent Households
One Food Bank visit
4 - 8 Food Bank visits

262 Emergency Hampers given out per day

170,0932 Client Visits

156 Volunteers donate their time every day

37 Food banks across Canada received food during emergencies

Our Food Link Program partners and invests in

228

non-profit organizations and programs.

3000000

snacks and meals were served by these programs an initiatives last year.

Food insecure Calgarians give up meals to pay for:

Childcare

Rent

Utilities

Phone

Transportation

Medical Needs

Education

Vehicle Repairs

DID YOU KNOW: 

Volunteers are our lifeblood

41,988 volunteers donated 121,926 hours of their time

The Calgary Food Bank welcomes over 156 volunteers per day

Every day, the volunteer to staff ratio is 3:1

Every day we recieve
188+
phone calls on our Hamper Request Line.

During calls, we assess needs, book emergency food hampers and refer clients to agencies and resources

Who comes to the food bank?

  • Families
  • Individuals

THE FOOD

9,139,114 

pounds of food distributed

Our Trucks travelled 175,000km
to complete 29,191 pickups
  • Emergency Hampers
  • Food Link
  • Regional Distribution
  • Fort McMurray
Volunteers sort 18,000 lbs every day

THE PEOPLE

215,195 

Work Hours

2/3

of work hour are
done by Volunteers

  • Volunteers
  • Staff

121,926 Volunteer Hours/Year

Volunteers answered 49,175 calls to our Emergency Hamper Request Line

That’s over 4,000 per month

Program Highlights

I didn’t have to choose between school fees and groceries. Rent or food. The help I received from the Calgary Food Bank helped me move past this crisis and stay on my feet.Calgary Food Bank Client

Emergency Hampers

My first time at the Food Bank, I was very nervous, but the staff helped me through the entire process. The staff and volunteers are extremely thoughtful and friendly. I am very thankful for the service they provide, and the compassion with which they do it. My heartfelt thanks to everyone who donates to the food bank, I’ve done so many time, your generosity is helping our family at a very hard emotional and financial time.Calgary Food Bank Client

Overview

In alignment with Canada’s Food Guide recommendations, we provide those in temporary crisis with seven to ten days worth of quality nutritional food. This past fiscal year 66,041 Emergency Food Hampers were distributed. That’s 170,093 lives that were affected, alleviating the stress of wondering where their next meal was coming from and providing the fuel to help deal with their crisis.

Learnings

Our Emergency Hamper Program is the backbone of what we do. We are constantly measuring and adjusting in response not only to our client feedback and needs but also changes in our supply chain and the community at large.

Our Emergency Hampers meet the requirements of the Canada Food Guide. As changes in our supply happen we are constantly adjusting the content of the hampers to ensure they meet these nutritional requirements. These changes often have effects throughout the organization as we find alternate sources of donations, or request specific items to maintain inventory levels.

We have often heard that it can be a challenge for our clients to find transportation to our facility to pick up their hamper. In response to this we have increased the number of community depots.  The addition of our new Depots has increased our reach into the community and made it easier for us to serve our clients. The feedback we have received has been tremendous and we look forward to opening even more in the coming years.

Client Visits

170095,141271,132469

Children

26525,23077,22189

Food Link

Drop In Centre Logo

We are very reliant on the food bank. In order to feed the volume of people who are coming to us, we are picking up from the food bank two times a day, five days a week, and it’s only because of generous community support that we are able to provide the support Calgarians need in these trying times.Jordan Hamilton , Manager of External Relations
The Drop-In Centre

Overview

Food Link ensures more than 183 non-profit and charitable organizations and programs receive necessary food and supplies. We know that when agencies and their clients thrive when they can focus on meeting the needs of the community instead of sourcing food. Last year, 2,828,800 pounds of food moved through this area for Calgarians in every quadrant of the city.

Client Visits

170095,141271,132469

2,828,882 lbs of Food

1,260,541 meals/snacks

183 partner agencies and programs

Distribution

ab-bc-pins-map

ALBERTA

pounds
Morley 389,660
Lethbridge 336,180
Rocky Mountain House 207,840
Medicine Hat 183,470
Red Deer 178,425
Standoff 178,370
Athabasca 169,185
Brooks 154,615
Taber 140,335
Pincher Creek 119,905
Siksika 112,155
St. Paul 91,385
Olds 90,595
Other Food Banks 88,672
Claresholm 74,040
Strathmore 65,895
Medicine Hat 33,195
Edmonton 30,610
Crowsnest 27,925
Airdrie 25,625
Okotoks 19,285
Chestermere 3,415
High River 3,290
Nanton 1,420
Cochrane 535
Trochu 280
Turner Valley 145

British Columbia

pounds
Cranbrook 89,445
100 Mile House 70,760
Creston 47,045
Kamloops 42,325
Nelson 24,675
Golden 23,690
Trail 17,290

Other

Regional Food Distribution
Association of Northwestern
Ontario
89,010

Overview

Regional Food Distribution ensures that emergency food and supplies are delivered where they are needed most. In the past year, we were able to support
Food Banks in Alberta and across the nation with more than 3.1 million pounds of food.

Weekends and More (WAM)

The expressions of joy and excitement on their faces makes my heart melt each Friday. Weekends, long weekends and holidays were always our saddest times wondering what our children had available to them. Thank you, thank you! This program has impacted our students in their daily lives and our school has been able to reach out and assist our little ones in ways I never thought would be feasible!Participating School

Overview

Our new program to help students who are food insecure on the weekends, when they have no access to school breakfasts or lunches. During the 2015-2016 school year nine schools across the city received 4,600 child friendly hampers. Teachers tell us 219 students are now thriving academically and socially because they have the nutrition to learn and lead.

Learnings

This content is coming

WAM Hampers Delivered
2934,1929

Milk

Often women and children fleeing family violence and abuse arrive at the Calgary Women’s Emergency Shelter hungry, being denied basic life needs and regular meals. The Food Link and Bulk Milk Program allows us to remove any restrictions to food and provide nutritious meals to our clients.Calgary Women's Emergency Shelter

Overview

59,328 litres of healthy, nutritious milk and 2,710 cans of infant formula were provided to 1,688 mothers and 4,169 children 18 years of age and younger through the Childrens Milk Program building strong bones and minds. There are 15 agencies in the Bulk Milk Program, including Calgary Women’s Emergency Shelter, Inn from the Cold, Discovery House, Louise Dean, Metis Calgary Parent Link, Salvation Army and YWCA Sheriff King Home, who received 23,758 litres of milk to pre-school aged children and/or pregnant & nursing women in educational, group, or
support programs.

Learnings

This content is coming

Litres of Milk
87226,88882,86878
Number of Children
1688,1823,1760

Specialty Hampers

The person I spoke with to request an emergency food hamper was knowledgeable and professional. He treated me with the utmost respect. When I arrived at the warehouse, the lineup moved steadily which reflects on the efficiency of the organization. Being my first and hopefully only visit, I was unsure of the procedure. The staff I spoke with was extremely pleasant, respectful and friendly. The volunteers who stocked my hamper were also very pleasant, respectful and
friendly. I will forever be grateful for your assistance during this very challenging time in my life. I was treated like a person, the way we should be treated. Thank you.Calgary Food Bank Client

Overview

Speciality Hampers help us meet the unique circumstances, diverse health and nutritional needs of our clients. This may be for those with food allergies, specific dietary restrictions or expecting parents. We were able to distribute 22,878 speciality hampers that ranged from celiac hampers, pantry hampers, hampers for the homeless, renal-care hampers, prenatal nutrition and infant hampers.

Learnings

This content is coming

Number Delivered
22963,22920,22868
Baby and Prenatal
6008,5414,4929

Food Rescue

It’s hard to imagine throwing out perfectly good food because it’s too cold, but that was about to happen to about 90,000 pounds of single serve yogurt. A time and temperature check on a shipment noted the yogurt was 1/2 degree too cold and so the grocery store rejected it believing customers might assume the product had gone bad. Luckily the quick-thinking delivery driver knew the yogurt was still perfectly good to eat and so he called us. We happily received this fantastic contribution and were able to get the yogurt into hampers the very next day. This is just one example of what happens every day at the Food Bank. We rescue viable food and ensure that it doesn’t end up in the land fill.Cindy Drummond - Calgary Food Bank

Overview

Food Rescue (Reverse Logistics Program) is how we rescue and redirect 4,838,047 pounds of viable food directly from 434 food industry partnerships with retailers, wholesalers, producers, vendors and transportation companies, working towards a community with zero waste.

Learnings

This content is coming

Financial Statements

Independent auditors’ report Statement of Financial Position

To the Members of
Calgary Inter-Faith Food Bank Society

We have audited the accompanying financial statements of Calgary Inter-Faith Food Bank Society [the”Society”], which comprise the statement of financial position as at August 31, 2016, and the statements of operations, changes in net assets and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.

Basis for qualified opinion

The Society derives revenue and incurs expenses related to food donations in-kind, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues and expenses were limited to the amounts recorded in the records of the Society and we were not able to determine whether any adjustments for unrecorded revenue or expense related to food donations in-kind might be necessary.

Qualified opinion

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion paragraph, the financial statements present fairly, in all material respects, the financial position of the Society as at August 31 , 2016 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-forprofit organizations.

Calgary, Canada
October 25, 2016

Ernst & Young LLP
Chartered Professional Accountants

Statement of Financial Position

2016
$
2015
$
Assets
Current
Cash and cash equivalents 3,078,294 797,689
Short-term investments [note 3] 1,990,129 1,983,100
Accounts receivable [note 11] 59,052 48,129
Prepaid expenses and other assets 338,028 294,968
Total current assets 5,465,503 3,123,886
Long-term investments [note 3] 884,069 551,563
Property, plant and equipment, net [note 4] 5,507,126 5,732,212
11,856,698 9,407,661

Liabilities and net assets

2016
$
2015
$
Current
Accounts payable and accrued liabilities 250,564  307,453
Deferred operating contributions [note 5] 168,308 351,423
Total current liabilities 418,872 658,876
Deferred capital contributions [note 6] 584,432 115,101
Total liabilities 1,003,304 773,977
2016
$
2015
$
Net assets
Unrestricted 3,907,889  1,548,766
Internally restricted [note 7] 6,945,505 7,084,918
Total net assets 10,853,394 8,633,684
11,856,698 9,407,661

Fund Contribution Sources

  • Individual
  • Community Organizations
  • Corporate
  • Food Industry
  • Foundations

Statement of Cash Flows

2016
$
2015
$
Operating activities
Excess of revenues over expenses for the year 2,219,710 194,618
Add (deduct) items not involving cash
Amortization of deferred capital contributions (29,635) (58,353)
Amortization of property, plant and equipment 391,362 386,551
Loss on disposal 3,746
2,585,183 522,816
Net change in non-cash working capital balances related to operations  [note 10] (293,987) 202,449
Cash provided by operating activities 2,291,196  725,265
Investing activities
Net increase in investments (339,535) (250,097)
Property, plant and equipment acquired (170,022) (397,456)
Cash used in investing activities (509,557) (647,553)
Financing activities
Contributions restricted for purchase of property, plant and equipment 498,966 5,700
Cash provided by financing activities 498,966 5,700
Net increase in cash during the year 2,280,605 83,412
Cash and cash equivalents, beginning of year 797,689 714,277
Cash and cash equivalents, end of year 3,078,294 797,689

Statement of Operations

2016
$
2015
$
Revenue
Contributions [note 5] 9,423,448 7,100,757
Food donations-in-kind [note 9] 27,065,085 27,379,438
Non-food donations-in-kind 84,071 120,078
Casino funds received 67,613 2,500
Investment income [note 7] 111,152 53,726
Other 101,135 193,603
36,852,504 34,850,102
Expenses
Food donations-in-kind [note 9] 27,065,085 27,379,438
Food purchases 1,284,666 1,018,932
Administration and finance 1,300,038 1,110,682
Operating costs [note 8] 3,785,337 3,891,758
Client services 596,775 664,433
Development and fundraising 64,723 41,373
Communications and resource development 90,372 100,592
34,271,067 34,327,286
Excess of revenue over expenses before the following 2,581,437 522,816
Amortization of deferred capital contributions [note 6] 29,635 58,353
Amortization of property, plant and equipment (391,362) (386,551)
(361,727) (328,198)
Excess of revenue over expenses for the year 2,219,710 194,618

Statement of Change in Net Assets

Unrestricted
$
Internally
restricted
$
2016
$
Unrestricted
$
Internally
restricted
$
2015
$
Net assets, beginning of year  1,548,766  7,084,918  8,633,684  1,509,863  6,929,203  8,439,066
Excess of revenue over expenses for the year 2,219,710  2,219,710  194,618  –  194,618
Transfers to Legacy Fund [note 7] (73,537) 73,537 (111,984)  111,984  –
Transfers to investment in property, plant and equipment [note 7] 212,950 (212,950) (43,731)  43,731  –
 Net assets, end of year 3,907,889 6,945,505 10,853,394  1,548,766  7,084,918  8,633,684

Notes to financial statements

1. Operations

The Calgary Inter-Faith Food Bank Society [the “Society”) is registered under the Societies Act of the Province of Alberta and is a registered charity under the Income Tax Act (Canada) and, as such, is exempt from income taxes and may issue tax deductible receipts to donors. The Society’s function is the gathering and distribution of quality emergency food to those in need.

2. Summary of significant accounting policies

[a] Basis of presentation
The financial statements have been prepared in accordance with Part Ill of the Chartered Professional Accountants of Canada [“CPA Canada”] Handbook – Accounting, which sets out generally accepted accounting principles [“GAAP”] for not-for-profit organizations in Canada. These financial statements have been prepared in accordance with GAAP and reflect the following significant accounting policies.

[b] Revenue recognition
The Society follows the deferral method of accounting for contributions, which includes grants and donations. Unrestricted contributions are recorded as revenue when they are received or receivable if the amount can be reasonably estimated and collection is reasonably assured. Externally restricted contributions are initially deferred and then recognized as revenue in the year the related expenses are incurred. Donated property, plant and equipment and contributions received for the purchase of property, plant and equipment are initially deferred and recognized as revenue on the same basis as the related amortization expense. Food donations received in kind are not recorded as revenue until they are distributed as there is no ability to estimate the value of perishable products until the date of distribution. Revenue measurement is at estimated fair market value at the date the donation is made. Food and non-food in-kind donations without a fair value assigned by the donor are recorded at $2.00 and $1.00 per pound, respectively based on average historical cost. Investment income, which consists of interest, dividends, income distributions from pooled funds and realized and unrealized gains and losses, are recognized in the statement of operations.

[c] Cash and cash equivalents
Cash and cash equivalents consist of cash on deposit and short-term investments with a maturity of approximately three months or less from the date of purchase.

[d] Property, plant and equipment
Purchased property, plant and equipment are recorded at cost. Contributed property, plant and equipment are recorded at fair value at the date of the contribution. Amortization calculated using the straightline method over the assets’ estimated useful lives, as follows:

Tangible

Building 5-25 years
Automotive 6 years
Computer equipment 3 years
Telephone system 10 years
Equipment 5 – 10 years
Furniture and fixtures 10 years

Intangible

Computer software 3 years
Network upgrade 5 years
Communication portal 3 years
Network security 5 years

[e] Financial instruments
Investments in pooled funds, equities and fixed income securities traded in an active market are recorded at their fair value. Transactions are
recorded on a trade date basis and transaction costs are expensed as incurred.

Other financial instruments, including accounts receivable and accounts payable and accrued liabilities, are initially recorded at their fair value and
are subsequently measured at amortized cost, net of any provisions for impairment.

[f] Contributed Services
The work of the Society is dependent on the voluntary services of many members and others. Since these services are not normally purchased by the Society and because of the difficulty of determining their fair value, these voluntary services are not recognized in these financial statements.

[g] Allocation of expenses
The costs of each function include the costs of personnel and other expenses that are directly related to the function. General support and other costs are not allocated.

3. Investments

Investments, all of which are recorded at fair value, have an asset mix as follows:

2016
$
2015
$
Cash held by investment managers 14,511 105,381
Fixed income securities 1,360,549 1,358,111
Mutual funds 1,066,140 836,805
Canadian equities 361,081 178,801
Foreign equities 62,780 52,080
US equities 9,137 3,485
Total investments 2,874,198 2,534,663
Less: Short term investments (1,990,129) (1,983,100)
Total Long term investments 884,069 551,563

Investments in pooled funds have been allocated among the asset classes based on the underlying investments held in the pooled funds. The fixed income investments had effective interest rates in 2016 ranging from 1.46% to 2.95% with maturity dates ranging from 1 month to 53 months [2015-1.76% to 2.95%].

4. Property, plant and equipment

 

 

2016 2015
Cost
$
Accumulated amortization
$
Net book value
$
Net book value
$
Tangible
Land 1,974,000 1,974,000 1,974,000
Building 3,561,495 (730,106) 2,831,389 2,945,889
Automotive  822,264 (693,710) 128,554 119,192
Computer equipment 323,499 (323,072) 427 1,770
Telephone system 133,596 (90,316) 43,280 53,676
Equipment 702,132 (619,463) 82,669 108,600
Furniture and fixtures 572,591 (313,725) 258,866 235,572
8,089,577 (2,770,392) 5,319,185 5,438,699
Intangible
Computer software 314,038 (310,471) 3,567 15,263
Network upgrade 289,443 (172,742) 116,701 174,590
Communication portal 113,096 (56,669) 56,427 87,915
Network security 22,493 (11,247) 11 ,246 15,745
739,070 (551 ,129) 187,941 293,513
8,828,647 (3,321 ,521) 5,507,126 5,732,212

5. Deferred operating contributions

Deferred operating contributions represent unspent externally restricted donations and grants. Changes in the deferred operating contributions balance are as follows:

2016
$
2015
$
 Balance, beginning of year 351,423 15,368
 Donations received for food purchases 71,097 427,532
Other externally restricted donations received 67,721
Amount recognized as revenue during the year (321,933) (91,477)
Balance, end of year 168,308 351,423

6. Deferred capital contributions

Deferred capital contributions represent the unamortized amount of contributions received for the purchase of property, plant and equipment. The amortization of deferred capital contributions begins when the associated property, plant and equipment are put into use, and amortization is recorded in the statement of operations.

Changes in the deferred capital contributions balance are as follows:

2016
$
2015
$
 Balance, beginning of year 115,101 167,754
Contributions externally restricted for purchase of property, plant and equipment 498,966 5,700
Amortization of deferred capital contributions (29,635) (58,353)
Balance, end of year 584,432 115,101

The total unspent externally restricted capital contributions is $497,964 as at August 31 , 2016 [2015 – $16,497).

7. Internally restricted net assets

The Board of Directors [the “Board”] has established a Legacy Fund, the principal amount of which is reserved for the future benefit of the Society and may be drawn down only with the approval of the Board. Annual investment income earned on this fund, amounting to $13,977 in fiscal 2016 (2015- $17,254] has been included in investment income in the statement of operations and transferred into the Legacy Fund.

The Capital Replacement Reserve represents management’s recognition that the future capital replacement cost of the Society’s property, plant and equipment, will exceed their historic cost recorded and amortized in these financial statements. An amount of $500,000 has been approved to be recorded.

Investment in property, plant and equipment represents the amount the Society has invested of its own funds in these assets. The amount is calculated as the net book value of property, plant and equipment less amounts financed through capital contributions.

Internally restricted net assets consist of the following:

2016
$
2015
$
Legacy Fund 1,024,847 951,310
Capital Replacement Reserve 500,000 500,000
Investment in property, plant and equipment 5,420,658 5,633,608
Total internally restricted 6,945,505 115,101

The total unspent externally restricted capital contributions is $497,964 as at August 31 , 2016 [2015 – $16,497).

8. Operating costs

2016
$
2015
$
Salaries and benefits 2,898,368 3,096,801
Occupancy 229,374 242,167
Vehicle and transportation 214,321 174,717
Other 443,274 378,073
3,785,337 3,891,758

The total unspent externally restricted capital contributions is $497,964 as at August 31 , 2016 [2015 – $16,497).

9. Food donations-in-kind

The food donations are valued at an average price per pound of $2.00. In 2016, management estimates that approximately 13.5 million pounds of food were received and distributed [2015 – 13.9 million pounds at $1.98 per pound].

10. Net change in non-cash working capital balances

2016
$
2015
$
Decrease (increase) in accounts receivable (10,923) 15,590
Increase in prepaid expenses and other assets (43,060) (126,976)
Decrease in accounts payable and accrued liabilities (56,889) (22,220)
Increase (decrease) in deferred operating contributions (183,115) 336,055
(293,987) 202,449

The total unspent externally restricted capital contributions is $497,964 as at August 31 , 2016 [2015 – $16,497).

11. Financial instruments

The Society is exposed to various financial risks through transactions in financial instruments.

Credit Risk

The organization is exposed to credit risk in connection with its accounts receivable and its investments because of the risk that one party to the financial instrument may cause a financial loss for the other party by failing to discharge an obligation. As at August 31, 2016, the accounts receivable balance includes $12,878 outstanding from Moneris and $39,747 due from the Canada Revenue Agency [2015 – $24,862 from Canada Revenue Agency]. No allowance for doubtful accounts has been recorded.

Other Price Risk

The Society is exposed to other price risk through changes in market prices, other than changes arising from interest rate or currency risk in connection with investments in equity securities and pooled funds.