Auditor's Report
Year end March 31, 2008
To the Directors of the Dalhousie Medical Research Foundation
We have audited the statement of financial position of the Dalhousie Medical Research Foundation as at March 31, 2008, and the statements of operations and changes in fund balances for the year then ended.These financial statements are the responsibility of the Foundation’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
Except as explained in the following paragraph,we conducted our audit in accordance with Canadian generally accepted auditing standards.Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
In common with many charitable organizations, the Foundation derives part of its revenues from the general public in the form of fundraising activities, donations, gifts and contributions, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of this revenue was limited to the amounts recorded in the records of the Foundation and we were not able to determine whether any adjustments might be necessary to such revenues, excess of revenues over expenses, assets and fund balances.
In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary had we been able to satisfy ourselves concerning the completeness of the revenue referred to in the preceding paragraph, these financial statements present fairly, in all material respects, the financial position of the Foundation as at March 31, 2008 and the results of its operations and changes in fund balances for the year then ended in accordance with Canadian generally accepted accounting principles.
Halifax, Nova Scotia
April 28, 2008
Grant Thornton LLP
Chartered Accountants
Click here for a PDF version of the financial statements of the Dalhousie Medical Research Foundation.