 |
| December
31, 2002 |
| |
| 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 (2001 - $395,000). |
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