draft - Latitude 53
Transcription
draft - Latitude 53
Annual Report 2011–2012 Contents ·· President’s report 4 ·· Executive Director’s report 6 ·· Framework policies 9 ·· Board of directors 2011–2012 10 ·· Proposed slate 2012–2013 11 ·· Biographies 12 ·· Programming Summary 14 ·· Funders, donors and sponsors 16 ·· Staff and committees 18 ·· Volunteers 19 ·· Circle of Friends 19 ·· Financial statements (draft) 21 3 Change is good… Throughout my life, I have always found the prospect of change to be exciting and vital, and therefore have always been eager to embrace it. With change comes the opportunity to do something a bit better than before, to try something new, to push limits, and to experiment. While I should be looking back on my third and final year as President of the Board of Latitude 53 Contemporary Visual Culture, I can’t help but look forward with anticipation. So what’s changing? The extremely capable and talented Jessie Beier will take over the reins as President and, under her stewardship, guide Latitude 53 to the next level. I look forward to the upcoming addition of two new board members, as well as the Society’s move into a new downtown location and the addressing of our long-term space requirements. Yes, there are big changes ahead… and I for one am excited about this coming year. It has been a great honour to serve on the Board and to work alongside some of the most driven and gifted individuals I know. I am extremely proud of what we accomplished together in furthering Latitude 53’s vision of exploring the boundaries of contemporary art, and thank each of you for your commitment, your brilliance, and your passion. This past year was highlighted by the tremendous work of the various committees that helped in transitioning Latitude 53 into the future. The Nomination Committee, comprised of Holly Sykora, Anya Tonkonogy and myself, identified board positions that will be up for election at the AGM and recommended nominees to stand for election as directors of the board for Latitude 53. The Bylaw and Policy Committee, comprised of Jessie Beier (Chair), Liz Gomez and Shafraaz Kaba, reviewed, revised and compiled an updated Policy document for the Society. This involved working closely with all Committees of the Board to identify policy gaps and areas of need, in order to restructure and redevelop policy templates and procedures. 4 The Building/Facility Planning Committee, comprised of Shafraaz Kaba (Chair), Genevieve Simms, Todd Janes and advisor Matthew Best, worked tirelessly to identify the gallery’s short- and long-term space requirements, and brought a number of recommendations to the Board. The Finance Committee, comprised of Patricia Cerisano (Chair), Terrena Boss, Fawnda Mithrush, Todd Janes and myself, continued its review of the organization’s finance policy and presented an overview of financial statements to increase financial literacy of the Board. The Fundraising Committee, comprised of Erin Ross (Chair), Holly Sykora, Genevieve Simms, David Candler and Todd Janes, who developed the annual fundraising plan and researched and identified bylaw and policy matters of relevance to the Society. The Committee continues to build connections and networking opportunities with service clubs and businesses with the goal of securing donations and funding for Latitude 53. I would like to take this time to acknowledge the contributions of two former Board members; Emily Soder-Duncan for her work as Secretary, and Dr. Liz Gomez who is completing her two-year term as a Director. I want to thank you both for the tremendous dedication you have given Latitude 53, and you will be missed. I wish to offer a very special and heartfelt thank-you to Todd Janes. Throughout my tenure as President, he has been both a mentor and a friend to me. Todd’s patience was greatly appreciated, particularly in light of all the ridiculous questions I threw his way. He helped me to be focused and effective in my role, and I know that he will provide Jessie with the same incredible support. President’s report On behalf of the Board, I wish to extend sincere thanks to the staff of Latitude 53: Todd Janes (Executive Director), Kyle Appelt, Joanne Madeley, Tyler Sherard and Adam Waldron-Blain. If not for their hard work and dedication, none of this would be possible. I would be remiss if I did not graciously acknowledge the support of Latitude 53’s funders and season sponsors; The City of Edmonton, Canada Council for the Arts, Edmonton Arts Council, Alberta Foundation for the Arts, Heron Printing, City TV, Avenue Magazine, and Days Inn Edmonton. Special thanks to our Executive Patio sponsor, ATB Financial, and Protostatix Engineering for sponsoring our Parka Patio. Let me close by thanking the volunteers and the volunteer committees, whose enthusiastic support of Latitude 53 makes everything work. You are truly the backbone of the organization. I want to acknowledge the Programming Committee, comprised of Brenda Draney, David Candler, Dana Holst, Kyla Tichkowsky and Blair Brennan, for giving shape and direction to the Gallery’s exhibits. I also need to thank the Special Events Committee, comprised of Jenna Frost (Chair), Holly Sykora, Sean Garritty, Emma Wynters and Jackie Lee, who poured their souls into making every function, every fundraising event, special. As I mentioned earlier, I am very excited about the changes that are on the horizon. Latitude 53’s future is in very good hands and I look forward to watching it grow and prosper. I thank you again for this wonderful opportunity that I’ve had to serve as your President for the past three years and look forward to seeing you at upcoming functions and events. Vieri Berretti Board President Latitude 53 5 Executive Director’s report The past year has seen significant growths for Latitude 53 in terms of enhancing our scope in the greater Edmonton region and beyond through deeper public engagement and larger visibility. Collectively, we have worked tirelessly to uphold a commitment to solid, efficient operations, accountability to all community members, and revenue generation through productive enterprises, government funding, and individual and corporate support. Throughout this growth we have held steadfast to Latitude 53 as a site for artists and artistic mindsets – to provide multiple points of entry for all Edmontonians and those beyond who seek to be challenged, to be entertained, and to be provoked. Building upon our 39-year history, Latitude 53 is a significant site for creative research and artistic exploration in Alberta. Latitude 53 is primed with a connected, engaged, and visionary Board; a creative and dedicated staff; a dynamic volunteer pool; and increasingly, engaged, diverse audiences to reach higher and deeper. From the perspective of our strategic plan we have continued to enhance our four strategic pillars in 2011/12. In communications we have continued to focus upon increasing awareness and visibility of Latitude 53 and our programs with communities, physical audiences and digital audiences for our programs. Our blog (http://blog. latitude53.org/) animates our programming and links contemporary visual culture beyond our galleries and enters into a dialogue with audiences near and far in a new and exciting formats—providing sneak peaks into programming and future plans, opening up the artistic process and bringing viewers into the artist’s studio and their process—challenging and instigating discourse in new ways. We have engaged Donovan Creative Communications to complete a communications audit and develop a plan for us to better expose and engage with a wider communities. I am excited for the plans and processes that Latitude 53 will develop to interact with audiences and artists. In this past year we have continued to expand our diversification of revenues which has resulted in two significant things: one, we brought in more money to fund our operations from a diversity of sources; and two, we also expanded the number of people who were 6 introduced or reacquainted with Latitude 53. Latitude 53 has always throw amazing gatherings, but it has been our Sumer Rooftop Series that has really placed Latitude 53 on a higher level of awareness. When we combine our special events revenue with our increased sponsorship this earned revenue becomes the second largest income revenue just below provincial grant funding that is a significant accomplishment for our small, yet mighty, organization. This considerable goal has been achieved through the work of our incredible volunteers, dedicated staff and the sizable ambassadorship of Latitude’s Board and I would like to thank each of them for their contributions towards this goal. The artist-run milieu has always been about networks and communities and as this ecosystem evolves; as we expand audiences and as visual culture become more prevalent within common dialogues; it seems natural to expand our circles of involvement and investments. This year saw the launch of an enhanced philanthropy program—the Circle of Friends—and while membership is slowly growing I am extremely pleased with the commitment of our friends. The Circle of Friends program is an exciting manifestation of how Latitude 53 can and will build long-lasting, meaningful relationships Executive Director’s report with individuals who share a vision for the type of city we know Edmonton can become. We also need to build stronger opportunities for revenue generation to support programs and operations long-term. On behalf of our organization, I would like to offer my overwhelming gratitude to our granting agencies, foundations, individual and corporate donors, season and event sponsors; your support and belief in what we do and our vision is so very affirming to Latitude 53 as we move forward creating sites for the intersection of contemporary art and ideas in Alberta. This year Latitude 53 maintained our commitment to human resources for both employees and volunteers. We continued to build on our investment in developing structures and supports for volunteers throughout our organization. Latitude 53 retains a significant portion of visual arts volunteers in this region and we are expanding transparency and structures for multiple points of entry for volunteers to build lifelong participation with our organization. In 2011/12 we worked with a reduced staffing component and tried several approaches to meet the need of our organization and an ambitious executive director—our staff went above and beyond countless times to help make magic happen and it has been my privilege to work with this team over the past year and I would like to acknowledge their efforts and formally thank each of them for their energy, ideas, creativity and teamwork with deep gratitude to both Tyler Sherard and In closing, Adam Waldron-Blain. Latitude 53’s programming provides a range of media, approaches, and a diversity of voices that take the issues and trends of our daily lives and intersect them through dynamic and exciting art. Latitude 53 animates the stories of what it means to live in Canada’s largest northern city and one of the fasting growing urban centres in North America. We present work that engages with you beyond being pretty to look at; our programming challenges you to explore ideas and engage in discussions with people, including people you might not normally associate with; we create multiple points of entry into artists’ worlds and into different mindsets. When you visit Latitude through our galleries, the internet, our community programming, in publications, artist talks and lectures, or via site-specific or interventionist performances and reading our writer-in-residence, I hope that you will engage in dialogue with others about the ideas that the works provoke. Latitude 53 provided over 35,000 people a rich spectrum of artistic experiences this past year through a diversity of portholes. Latitude 53’s programming establishes our organization as the contemporary arts organization in this region and situates our scope beyond what we program but also our deep, fundamental commitment to advancing artists, cultural producers and the greater Edmonton region beyond just producing exhibitions, but being intrinsically committed to a better environment for art, artists and audience engagements. I want to personally thank our volunteers for their assistance in animating everything we do; the artists that we have had the pleasure to program for their passion and creativity; our audiences for attending and bring friends and making new friends here; to our Board of Directors and committees for their vision, work and ambassadorship; to our staff for their exciting and thoughtful approaches to ideas; and to our donors, supporters and funders for their investments in what we do to explore the boundaries of contemporary art. Todd Janes Executive Director Latitude 53 7 8 Framework policies Facilities visioning session with The Big Foldy Painting of Death by Ian Forbes Vision Exploring the boundaries of contemporary art. Mission Latitude 53 creates sites for the intersection of contemporary art and ideas in Alberta. Mandate Values Latitude 53 is Alberta’s leading contemporary art centre that: Latitude 53 values: · Experimentation · Animates and promotes thought provoking local, national, and international visual art. · Collaboration · Stimulates artistic research and education, audience engagement and experimental art practices. · Artist-centredness · Provides a supportive environment for artists taking risks · Critical engagement · Diversity · Sustainability · Risk-taking 9 Board of directors 2011–2012 10 · President Vieri Berretti · Vice President Jessie Beier · Treasurer Patricia Cerisano · Secretary Emily Soder-Duncan · Director Terrena Boss · Director David Candler · Director Liz Gomez · Director Shafraaz Kaba · Director Fawnda Mithrush · Director Erin Elizabeth Ross · Director Genevieve Simms · Director Holly Sykora · Director Anya Tonkonogy · Ex-officio Todd Janes Proposed slate 2012–2013 · President Jessie Beier · Vice President Anya Tonkonogy · Treasurer Patricia Cerisano · Secretary Genevieve Simms · Director Terrena Boss · Director Jaime Calayo · Director David Candler · Director Derek Hopfner · Director Shafraaz Kaba · Director Fawnda Mithrush · Director Erin Elizabeth Ross · Director Holly Sykora · Past President Vieri Berretti · Ex-officio Todd Janes 11 Executive President Treasurer Jessie Beier is an Edmonton-based illustrator/designer. Beier’s experiences in a variety of settings as an illustrator, designer, teacher and researcher have contributed to her deep commitment to art education with a focus on cultural learning through visual objects and language. Beier is the Education Programs Manager at the Art Gallery of Alberta and is currently completing a Masters Degree in Educational Policy Studies where her research interests lie in cultural studies and theories of representation in education. Patricia Cerisano is a Chartered Accountant working with Enbridge Pipelines Inc. By day, she is an Audit Advisor. By night, she is an avid reader of any printed material. Patricia began as a volunteer at Latitude 53’s Rooftop Patio Series and then took on the role of Treasurer with the Board of Directors in 2011. Secretary Genevieve Simms is an illustrator living in Edmonton. After graduating from the Alberta College of Art and Design in 2006, she attended a guest study program at the School of Visual Arts, New York. Since settling in Edmonton in 2007, Genevieve has been working on editorial illustration assignments for a variety of clients, and self- publishing a zine called International Beauty Saloon with Josh Holinaty. Genevieve’s illustration work has been recognized by The Art Director’s Club of New York, American Illustration, The Society of Illustrators, and Communication Arts. In June of 2011, she was awarded gold for spot illustration at The National Magazine Awards in Toronto. Currently, Genevieve is completing a diploma in Architectural Technology at NAIT. 12 Past President Vieri Berretti is the owner-operator of Edmonton’s Mongolie Grill Restaurants. Born and raised in Edmonton, he studied Art History at the University of Alberta. He loves Pam, Rebecca, contemporary art, cooking, hockey, skiing, fly-fishing-all in different orders depending on the time of year. Executive Director Todd Janes is a curator and critic with an interest on pop culture and queer theory. A performance artist with an emphasis on intimacy. Todd has been the Executive Director of Latitude 53 since 1996. He has extensive Board and committee work and currently is the National President of Artist-Run Centres and Collectives Conference/La Conférence des collectifs et des centres d’artistes autogérés (ARCCC-CCCAA) and Treasurer on the Board of the Alberta Association of Artist-Run Centres. Todd is an active advocate for artists and supporter for the research and development of arts and cultural explorations. Biographies Directors Terrena Boss was born and raised in Edmonton, Alberta. She studied fine art at MacEwan University and received her Bachelor of Fine Art degree from Nova Scotia College of Art and Design in Halifax. She is currently the Exhibitions and Art Education Manager at Harcourt House Artist Run Centre, where she also maintains her studio practice. Terrena was recently recognized as one of Edmonton’s Top 40 Under Forty for her dedication and contributions to art and art education in Edmonton. Fawnda Mithrush is the General Manager of Theatre Network and has been marketing, promoting, and administrating arts groups and festivals since 2009. A past music/ lifestyle editor at SEE Magazine, she is a regular contributor to local publications on a range of topics, including the Edmonton Journal, Vue Weekly, and Avenue Magazine. This season she looks forward to promoting Firefly Theatre and Circus-Edmonton’s only aerial theatre company. She also loves cheese and The BBC. Jaime Calayo is a graduate of the University of Alberta’s Design program and has been a long time supporter of Latitude 53. As a creative, he has professionally worked as a graphic and interactive designer and is now practicing as an art director in the realm of advertising. Erin Ross was born in Edmonton and grew up in southern Alberta. A BFA graduate (U of A, 2006), her work had been represented in galleries since 2008. She has received public attention for her work, including an award of excellence in Illustration from Communication Arts magazine and a feature in their 2005 Design Annual; the cover and a feature article in SEE magazine; a documentary segment on Alberta Primetime; and interviews with CBC Radio One, Parlour Life and Profile magazines. She was also nominated as an emerging artist for the 25th Mayor’s Celebration of the Arts, and short-listed for the CSCE art award, curated by Ryan Doherty of the SAAG, winning “People’s Choice”. Erin recently started collaborating and showing with Thomas Moser showrooms across the USA. Erin is extremely engaged in her community, volunteering her time in a variety of ways, including her board work with Latitude 53 where she is the Chair of Fundraising, ArtsScene Edmonton, Edmonton Arts Council and the CTV Good Neighbour Fund. David Candler is a medical doctor working at the Cross Cancer Clinic. He is a passionate observer and collector, interested in the origin of the artistic impulse. He describes himself as an interdisciplinary explorer who is interested in the space between science and art, and understanding what happens when that artificial delineation is interrupted. Derek Hopfner is a lawyer with Emery Jamieson LLP. He is currently the Board Chairperson of Student Legal Services of Edmonton and volunteers his time with other legal non-profit organizations throughout the city. Derek lives across the street from Latitude 53, which facilitates his love for attending art and design exhibitions and lectures, despite having no formal background in either. Shafraaz Kaba is an architect and partner with Manasc Isaac. Manasc Isaac Architects formerly occupied the current Latitude 53 space, so Shafraaz feels at home coming to the gallery. He is a founding member of the Media, Art and Design Exposed [M.A.D.E.] in Edmonton Society, as well as the Edmonton Design Committee. He spent the last year building a house for his family. He now knows why he is an architect and not a contractor. Holly Sykora has been involved in Alberta artist-run culture for the past seven years. A painter by night, she completed her Bachelor of Fine Arts in printmaking at the University of Alberta in 2007, and is currently working on a second degree. Born and raised in the Edmonton area, Holly’s loyalty lies here, and she hopes that others too, see the beauty in our eight-month winters, though she struggles with this at times. She loves cats, Paris, Cy Twombly, candy, and Marc Jacobs, in no particular order. Anya Tonkonogy immigrated to Edmonton at the age of 10, from the former Soviet Union. She earned an Honours BA in psychology in 2001 from the University of Alberta, followed by a MA in art therapy from Concordia University in Montreal in 2007. Anya has been working as an HR Consultant for the past 3 years, as well as building her art practice with a specialization in painting and drawing. 13 Main Space Taxonomia Maria Whiteman November 4–December 17, 2011 Striking a Pose Emanuel Licha Curated by Marie-Hélène Leblanc and presented in association with PAVED Arts and Musée Régional de Rimouski January 13–February 11, 2012 Unstable Natures Curated by Alysha Creighton, Tessa Hawkins, and Andrea Kastner In association with the University of Alberta Art and Design Graduate Student Association Work by Kayla Cady, Alexandra Emberley, Anna Gaby-Trot, Megan Hahn, Megan Hildebrandt, Patricia Huijen, Annie King, Galia Kwetny, Nathalie Lavoie, Colin Lyons, Faye Mullen, Sam Pettengill, Kim Thomas, Alma Visscher, and Sam Walrod March 2–31, 2012 The Flood by Sergio Serrano & Alexander Stewart The Big Foldy Painting of Death Ian Forbes April 6–May 13, 2012 Duet & Mouth Andrew Forster May 18–June 23, 2012 I Have This Dream Turner Prize* and Craig Francis Power Curated by Todd Janes July 5–August 4, 2012 And All The Queen’s Men Jorden and David Doody August 9–September 8, 2012 14 Programming Summary ProjEx Room Community Gallery Working Order Karen Zalamea Hidden Truths Presented by the GELA Women’s Prison Library & Reintegration Project November 4–December 17, 2011 Pollination Proposition Nicole Rayburn January 13–Februrary 11, 2012 Anusawaree (Monuments) Korapin Chaotakoongite April 13–May 26, 2012 Summer Incubator Series June 11–16 Jennie Vegt June 18–24 Max Amerongen, Chris Camp, Bryan Kulba & Matt Satchwill June 25–30 Adriean Koleric July 2–7 Grace Law July 9–14 Dana Holst July 16–21 Perry Medina July 23–28 Anya Tonkonogy February 24–April 7, 2012 Monotone Voice Yusuke Shibata April 13–May 12, 2012 Messages To: The Edmonton Remand Centre Newspaper Lindsey Bond May 25–June 23, 2012 The Flood Sergio Serrano & Alexander Stewart July 5–August 4, 2012 Surrealist Gestures Blake Betteridge August 9–September 8, 2012 Performance Art July 30–August 4 Dwayne Martineau August 6–11 Daniel Chmielewski August 13–18 Leslie Sharp August 20–25 Dallas Whitley Writer in Residence Anne Pasek April–September 2011 Megan Bertagnolli October 2011–March 2012 Visualeyez 2012: Loneliness Curated by Todd Janes Festival Animator Amber Landgraff With Heidi Bunting & Gerry Morita, Adriana Disman, Tanya Doody, Lilian Gael, k.g. Guttman, Stephen Mueller, and Martine Viale 15 The Rooftop Patio Series Government funders Season Sponsors Community Gallery Sponsor 16 Special Events Sponsor Funders, donors and sponsors Financial Partners Donors ATB Financial Protostatix Engineering Avison Young Alberta Pork GDC Alberta North Chapter The Organic Beauty Parlour Mackenzy Albright Kyle Appelt Atari28Beta Zachary Ayotte Allen Ball Jessie Beier & Andrew Scollay Vieri Berretti Everett Blackwell Laurie Blakeman E. Ross Bradley Cindy Baker Chelsea Boos Richard Boulet Andrew Buszchak Karen Cassidy David Candler Sean Caufield Patricia Cerisano Cordelia Chan Olivia Chow Mark Clintberg Jim Corrigan Scott Cumberland April Dean Nick Dobson Joseph Doherty Margaret Dragu Brenda Draney Andrea Foht Simone Gareau & Blair Brennan Jana Hargarten Robert Harpin Daria Hirny Dana Holst Ashley Huot Lauren Huot Kristen Hutchinson Emanuel Ilagan Todd Janes Liz Ingram Joel Kadziolka Andrea Kastner Taryn Kneteman Adriean Koleric Jeff Kulak Catherine & Jared Kuzik Sydney Lancaster Collen LaPerle Colin Lyons Martina MacFarlane Darci Mallon Lynn Mandel Patio Sponsors 2012 Coup Boutique Foosh Bamboo Ballroom Edmonton International Film Festival interVivos Edmonton’s NextGen CIC Edmonton ACE (Ad Club Edmonton) M.A.D.E. in Edmonton Gravitypope Blackbyrd myoozik In Kind Sponsors The Marc Niche Restaurant d’Lish Special Event Rentals Elm Café Upper Crust Café The Bothy Edible Arrangements Remedy Café Next Act Pub The Common Rota Runway 29 Suede Lounge Mongolie Grill Elemental Interiors The Works Art and Design Festival Credo Coffee Save on Foods The Paint Spot Little Royal Framing & Gallery Courtenay McKay Maegan Rose Mehler Alexa Mietz Brad Necyk Corissa O’Donnell Christina Paradun Gabrielle Paré Brenda Raynard Chris Reid Paul Roche Erin Ross Daryl Rydman Daniela Schleuter Sergio Serrano Justin Wayne Shaw Marc Siegner Allison Sivak Jill Stanton Megan Stein Kesley Stephenson Stuart Whitson Jeff Sylvester Imre Szeman Borys Tarasenko Anya Tonkonogy Wayne Turner Sonia Varela Jennie Vegt Alma Visscher Katherine Vos Pat Wagensveld Adam Waldron-Blain Keith Walker Campbell Wallace Sam Walrod Maria Whiteman Stephan Wiebe Gillian Willans Pam Wilman Ryan Wolters Gabe Wong 17 Staff Todd Janes Executive Director Tyler Sherard Development Assistant Rober Harpin Program Officer* Kyle Appelt Program Coordinator Sarah Clarke Development Assistant* Carolyn Jervis Projects Assistant* Dennis Limitovski Programming Assistant* Madeline Smith Communications Assistant* Kimi Ahluwalia Outreach Coordinator* Joanne Madeley Administrative Coordinator Adam Waldron-Blain Communications Coordinator * departed this year Special Events Committee Jenna Frost Sean Garrity Lawrence Kwok* Jackie Lee* Holly Sykora Emma Wynters Program Advisory Committee Blair Brennan David Candler Brenda Draney Dana Holst Kyla Tichkowsky 18 Volunteers, staff and committees Volunteers Kimi Ahluwalia Doreen Almonitis Justin Andrade Benny Arkless Jeka Arnold Jennifer Babcock Dawn and Alan Baker Tess Banack Jack Bawden Dulguun Bayasgalan Jessie Beier Charles Belanger-Nzakimuena Jaye Benoit Vieri & Pamela Ryan Berretti Lindsey Bond Terrena Boss Richard Guy Boulet Rachelle Bowen Tegan Bowers Riley Braden Nicole Braseth Stephanie Brown Eric Brown Andrew Buszchak Ann Campbell David Candler Teddy Carter Patricia Cerisano Heather Challoner Sarah Clarke Matthew Clarke Dan Corbett Cindy Couldwell Charlene Czirfusz Sandra Der Julien Doucette-Preville Anna Dow Maria Dycha Ryan Edgar James English Mark Feddes Andrea Foht Jenna Frost Allen Gales Sean Garritty Andriana Georgopolis Wendy Gervais Jaleel Gibbs Kyle Goldsbury Carly Greene Ryan Halun Robert Harpin Casie Hauck Ruth Hill Daria Hirny Paul Holowack Sadeeq Hudda Ashley Huot Chris Hutchison Shannon Jones Chris Jung Anita Kante Andrea Kastner Kristen Keegan Walter Kehl Annie King Tracy Kolenchuk Veronica Krawcewicz Juleta Krivoblocki Caroline Kubicki Alyssa Kuhnert Catherine Kuzik Jared Kuzik Patricia Laing Sydney Lancaster Emery Lane Norton Shteynpres Liron Eleni Loutas Lawrence Loyek Arijana Lukic Colin Lyons Tamara Majiwska Matthew Mazowita Julia McGarvey Sara McKarney Kaitlyn McKinley Fawnda Mithrush Linda Mullen Amy Nelson Jacqueline Ohm Gordon Osborne Angela Ostafichuk Andrea Parker Anne Pasek Cindy Poon Alexandra Price Emilee Rausch Patrick Reed Nicole and Jeff Reynolds Jeff Reynolds Chris Roberts Brittney Roy Sansitny Ruth Dominic Sabatier Suranga Samarakoon Andy Scollay Tyler Sherard Julianne Sherwin Annique Shields Danielle Siemens Allison Sivak Angela Skaley Simplicious Ssentamu Holly Sykora Becca Taylor Kyla Tichkowsky Anya Tonkonogy Kylee van der Poorten Emily Vespi Keith Walker Michelle Weremczuk Charlene White Matt Whitson Jonathan Williams Pam Wilman Diane Sonya Wong Emma Wynters Axcella Zelensky Circle of Friends Jessie Beier Vieri Berretti Laurie Blakeman & Ben Henderson David Candler Patricia Cerisano Derek Hopfner Liz Ingram & Bernd Hildebrandt Todd Janes Catherine & Jared Kuzik Darci Mallon Stephen & Lynn Mandel Fawnda Mithrush Erin Ross & Matt Evans Genevieve Simms Allison Sivak Judith Sivak Alayne Spafford & Donald Gross Anya Tonkonogy 19 20 Latitude 53 Society of Artists DRAFT Financial Statements For the year ended March 31, 2012 (Unaudited) 21 Latitude 53 Society of Artists Financial Statements DRAFT For the year ended March 31, 2012 (Unaudited) Contents Review Engagement Report 2 Financial Statements Balance Sheet 3 Statement of Operations 4 Statement of Changes in Net Assets 5 Statement of Cash Flows 6 Notes to Financial Statements Schedule 1 - Facility Operations 7 - 12 13 Review Engagement Report DRAFT To the Members of Latitude 53 Society of Artists I have reviewed the balance sheet of Latitude 53 Society of Artists as at March 31, 2012 and the statements of operations, net assets and cash flows for the year then ended. My review was made in accordance with Canadian generally accepted standards for review engagements and accordingly consisted primarily of enquiry, analytical procedures and discussion related to information supplied to me by the Society. A review does not constitute an audit and consequently I do not express an audit opinion on these financial statements. Based on my review, nothing has come to my attention that causes me to believe that these financial statements are not, in all material respects, in accordance with Canadian generally accepted accounting principles. David Ushko Chartered Accountant November 5, 2012 Edmonton, Alberta 2 Latitude 53 Society of Artists DRAFT Balance Sheet (Unaudited) March 31 2012 2011 Assets Current assets Cash and equivalents Term deposits - held to maturity (Note 2) Accounts receivable Accrued interest receivable Prepaid expenses $ 115,805 30,100 69,596 211 3,904 $ 219,616 1,164 Capital assets (Note 3) 137,529 10,000 3,305 69 3,904 154,807 1,645 $ 220,780 $ 156,452 $ 7,701 51,251 $ 6,091 24,518 Liabilities and Net Assets Current liabilities Accounts payable and accrued liabilities Deferred contributions (Note 4) Net Assets Net assets invested in capital assets Unrestricted net assets $ 58,952 30,609 1,164 160,664 1,645 124,198 161,828 125,843 220,780 Approved on behalf of the Board: Director Director The accompanying summary of significant accounting policies and notes are an integral part of these financial statements 3 $ 156,452 Latitude 53 Society of Artists DRAFT Statement of Operations (Unaudited) For the year ended March 31 2012 Revenue Provincial government grants Federal government grants Municipal government grants Gaming - casino Fundraising Other revenue Fundraising - sponsorships Donations Gaming - bingo Foundation grants $ Expenses Advertising and promotion Amortization Fundraising Fundraising - gaming (bingo and casino) Insurance Interest and bank charges Memberships and licenses Office Professional fees Programming Facility operations (Schedule 1) Salaries, wages and benefits Excess from operations Investment income Excess of revenue over expenses $ 95,062 85,026 71,800 33,676 70,475 24,398 17,150 11,113 25,983 10,323 $ 90,825 77,610 52,640 58,727 51,711 20,626 13,000 12,948 14,619 2,500 445,006 395,206 11,165 1,066 19,151 2,090 1,600 1,386 1,393 39,128 4,280 77,091 91,172 160,074 8,940 1,051 12,013 44 1,269 1,174 703 36,390 3,975 66,442 81,377 134,979 409,596 348,357 35,410 575 46,849 103 35,985 The accompanying summary of significant accounting policies and notes are an integral part of these financial statements 4 2011 $ 46,952 For the year ended March 31 Balance, beginning of year Excess of revenues over expenses Transfer from (to) unrestricted funds Balance, end of year $ DRAFT Latitude 53 Society of Artists $ 2011 78,891 2012 $ Total 125,843 Total Statement of Changes in Net Assets (Unaudited) Unrestricted 124,198 46,952 125,843 35,985 $ 35,985 161,828 - $ - 160,664 - $ 481 1,164 (481) 1,645 Invested in Capital Assets $ $ The accompanying summary of significant accounting policies and notes are an integral part of these financial statements 5 Latitude 53 Society of Artists Statement of Cash Flows DRAFT (Unaudited) For the year ended March 31 2012 Cash flows from operating activities Cash receipts from funders and donors Cash paid to suppliers and employees Interest received Membership fees received $ Cash flows from operating activities Investing activities Purchase of capital assets Maturity of term deposits Purchase of term deposits Decrease in cash and equivalents during the year Cash and equivalents, beginning of year 2011 404,179 $ (407,986) 575 2,193 326,390 (348,045) 103 2,976 (1,039) (18,576) (585) 10,000 (30,100) (1,570) 20,000 (10,000) (20,685) 8,430 (21,724) 137,529 Cash and equivalents, end of year $ 115,805 The accompanying summary of significant accounting policies and notes are an integral part of these financial statements 6 (10,146) 147,675 $ 137,529 Latitude 53 Society of Artists DRAFT Notes to Financial Statements (Unaudited) March 31, 2012 1. Significant Accounting Policies (a) Nature of Organization and Purpose Latitude 53 Society of Artists was incorporated as a Society under the laws of Alberta on February 22, 1978 and is a not-for-profit charitable organization whose purpose is to provide art and culture exhibitions and presentation to the general public. The Society is a registered charity under the Income Tax Act (Canada). Therefore, it is exempt from income tax and able to issue donation receipts for income tax purposes. In order to maintain its status as a registered charity, the Society must meet certain requirements. (b) Changes in Accounting Policies and Estimates New accounting framework The Canadian Institute of Chartered Accountants (CICA) has issued a new accounting framework applicable to non government controlled Canadian not-for-profit organizations. Effective for the annual reporting period that commences on or after January 1, 2012, these not-for-profit organizations will have to choose between International Financial Reporting Standards ("IFRS") and Canadian accounting standards for not-for-profit organizations. Organizations can choose which of these two frameworks suits them best and early adoption is permitted. The Society currently plans to adopt the new Canadian accounting standards for not-forprofit organizations for its fiscal year beginning April 1, 2012. The Society does not anticipate any significant changes to its financial statements due to the adoption of these new accounting standards. (c) Capital Assets Purchased capital assets are recorded at cost. Contributed capital assets are recorded at the fair value at the date of contribution. Amortization based on the estimated useful life of the asset is as follows: Computer equipment - 55% diminishing balance basis In the year of asset acquisition, amortization is applied at one half of the above stated rate. 7 Latitude 53 Society of Artists DRAFT Notes to Financial Statements (Unaudited) March 31, 2012 1. Significant Accounting Policies (continued) (d) Revenue Recognition The Society follows the deferral method of accounting for contributions. Deferred revenue represents funding received for programs and projects with periods extending beyond the current year end. These revenues will be recognized in future periods when the related expenditures occur. Unrestricted contributions are recognized as revenue when received. Fees charged for workshops, programs and fundraising events are recognized as revenue when the workshop, program or fundraising event is held. Membership revenue is recognized when received. (e) Financial Instruments All financial assets are required to be classified as either: held-for-trading, held-to-maturity investments, loans and receivables or available for sale. All financial liabilities are required to be classified as: held for trading or other liabilities. The classification depends on the purpose for which the financial instruments were acquired or issued, their characteristics and the Society's designation of the particular instrument at the time of initial recognition. Classifications are as follows: Cash Term deposits Accounts receivable Accounts payable and accrued liabilities Held-for-trading Held-to-maturity Loans and receivables Other financial liabilities Held-for-trading These financial assets are measured at fair value at the balance sheet date. Fair value fluctuations including: interest earned, interest accrued, gains and losses realized on disposal and unrealized gains and losses are included as investment income. Held-to-maturity, Loans and receivables These financial assets are measured at amortized cost using the effective interest rate method, less any impairment. The Society assesses at each balance sheet date whether financial assets are permanently impaired. If there is an impairment, the asset value is reduced by the difference between the carrying amount of the asset and its fair value. The amount of the loss is recognized as an expense. 8 Latitude 53 Society of Artists DRAFT Notes to Financial Statements (Unaudited) March 31, 2012 1. Significant Accounting Policies (e) Financial Instruments (continued) Other financial liabilities These financial liabilities are recorded at amortized cost using the effective interest rate method. Gains and losses on other financial liabilities are recognized in the statement of operations in the period the liability is derecognized. It is management's opinion that the Society is not exposed to significant credit, interest or market risk as it invests in only high quality, conservative, bank issued guaranteed investment products and does not extend significant credit to others. Investments can be liquidated on a short term basis if necessary, so there is no significant liquidity risk. Substantially all the Society's assets, liabilities and transactions are in Canadian dollars, therefore the Society is not exposed to significant currency risk. (f) Capital Management and Sufficiency In managing capital, the Society focuses on liquid resources available for operations. Capital consists of unrestricted net assets which does not contain any externally imposed restrictions. The Society's objective is to have sufficient liquid resources to continue operating despite adverse events with financial consequences and to provide the Society with the flexibility to take advantage of opportunities that will advance its purpose. The need for sufficient liquid resources is considered in the preparation of an annual budget and in the monitoring of cash flows and actual results compared to the budget. As of March 31, 2012, the Society has sufficient liquid resources to meet its current obligations. The General Standard of Financial Statement Presentation requires management to make an assessment of the organization's ability to continue as a going concern. Management has also concluded that there are no material uncertainties that cast significant doubt on the Society's ability to continue as a going concern. (g) Cash and Equivalents Cash and equivalents includes cash on hand and held in bank accounts. 9 Latitude 53 Society of Artists DRAFT Notes to Financial Statements (Unaudited) March 31, 2012 1. Significant Accounting Policies (continued) (h) Contributed Materials and Services Contributed materials and services are recognized in the financial statements when a fair value can be reasonably determined and when these materials and services are used in the normal course of the Society's operation and would otherwise have been purchased. The amounts recorded in the financial statements are at fair value. Volunteers contribute many hours per year to assist the Society in carrying out its service delivery activities. Because of the difficulty of determining their fair value, these contributed services are not generally recognized in the financial statements. (i) Use of Estimates The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenditures for the year. The precise determination of the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year are dependent on future events. Significant areas requiring management estimates include: accruals for investment income not yet received, useful life of capital assets, accrued liabilities for items where the invoice has not been received and the timing of revenue recognition. Actual results could differ from those estimates and approximations. The financial statements have, in management's opinion, been prepared within reasonable limits of materiality and within the framework of the accounting policies summarized above. 10 Latitude 53 Society of Artists DRAFT Notes to Financial Statements (Unaudited) March 31, 2012 2. Term Deposits The Society has a portion of its general funds invested in bank issued term deposits, held to maturity. The interest rate on the term deposits during the fiscal year was 1.15% to 1.70% (2011 - 1.00%). 3. Capital Assets 2012 Accumulated Amortization Cost Computer equipment $ 6,170 Net carrying value 4. 2011 $ 5,006 $ 1,164 Accumulated Amortization Cost $ 5,585 $ 3,940 $ 1,645 Deferred Contributions Funding Received Deferred March 31, 2011 Total $ 24,518 $ 86,392 Funding Utilized 59,160 Deferred March 31, 2012 $ 51,750 Deferred contributions represent unspent bingo and casino gaming revenues which are externally restricted by Alberta Gaming and Liquor Commission to be spent on activities directly related to art promotions, rent and utilities. The Society intends to utilize this funding on expenses as allowed by the terms in the upcoming year. 11 Latitude 53 Society of Artists DRAFT Notes to Financial Statements (Unaudited) March 31, 2012 5. Commitments and Subsequent Events The Society has committed to an operating lease for office equipment and for office space, with minimum annual lease payments before operating and common costs, as follows: Office Equipment Office Space 2013 2014 2015 2016 2017 Thereafter $ 48,182 56,376 59,160 61,944 64,728 50,112 $ 4,152 4,152 4,152 4,152 2,076 - $ 340,502 $ 18,684 The current lease for office space ends on November 30, 2012. The Society is in the process of negotiating a lease for new office space. The above includes estimated minimum annual lease payments for the new space. 6. Economic Dependence A substantial portion of the Society's operating funds are granted by the Federal, Provincial and Municipal arts funding organizations. The Society would likely be unable to continue operations to the extent that it currently does, without this funding and is therefore economically dependent on these Federal, Provincial and Municipal arts funding organizations. 12 Latitude 53 Society of Artists DRAFT Schedule 1 - Facility Operations (Unaudited) For the year ended March 31 2012 Facility supplies Insurance Operating costs Rent Security Salaries 13 2011 $ 1,066 1,000 24,203 41,904 350 22,649 $ 1,278 1,269 18,479 37,225 336 22,790 $ 91,172 $ 81,377 Current location: 10248 106 Street, Edmonton, Alberta T5J 1H7 Opening in 2013: 10242 106 Street, Edmonton, Alberta T5J 1H7 www.latitude53.org phone 780 423 5353 @Latitude_53 on twitter facebook.com/Latitude53