BRUCE A. HERDMANChartered Accountant

13 Ivan AvenueGrimsby, Ontario L3M 1W7

(905) 945-3495 email: bherdman@cogeco.ca

December 19,2011

The Board of DirectorsCentral Ontario District of Optimist International

Attention: Gordon Holly

Enclosed are eight copies of the Financial Statements of the Central OntarioDistrict of Optimist International as at September 30, 2011.

No items needing correction or adjustment came to my attention during thecourse of my review of the accounts and records of the organization.

I have also enclosed my invoice which I trust you will find acceptable.

Yours truly,

^tUc^A-/-Bruce A. HerdmanChartered Accountant

Bruce A. Herdman, Chartered Accountant13 Jvan Avenue, Srimsby, ON L3M1W7

Contra! Ontario District of Optimist I nternationalFi nancial StatementsFor the year ended September 30, 2011

Contents

Reviewer's Report 2

Financial Statements (prepared withoutaudit)

Balance Sheet 3

Statement of Revenues, Expenditures and Retained Funds 4Statement of Expenditures 5

Notes to Financial Statements 6

BRUCE A. HERDMANChartered Accountant

13 Ivan Avenue{jriinsby, Ontario L3M 1W7

(905) 945-3495 email: bherdman@cogeco.ca

Reviewer's Report

December 19, 2011

The Board of DirectorsCentral Ontario District of Optimist International

In accordance with the terms of my engagement, I have completed a review of thebooks of -account of the Gentral Ontario District of Optimist International {theOrganization) and have compiled the accompanying Balance Street'as at September30, 2011 and Statement of Revenues, Expenditures and Retained Funds for the yearthen ended from information provided by the Organization.

I prepared my review from the information provided by the Organization.Accordingly, the accuracy and completeness of the information provided is theresponsibility of the Organization. These statements have been prepared solely forthe use of the Organization and not for the use of any other persons. It is understoodthat the Organization will attach this Reviewer's Report if and when it distributesthese Financial Statements to Third Parties.

My review was made in accordance with Canadian generally accepted accountingprinciples for review engagements and, accordingly, consisted primarily of enquiry,analysis and discussion related to the information provided to me by theOrganization. I have not audited or otherwise verified the accuracy or completenessof such information and do not express an opinion in respect of these FinancialStatements.

Based on my review, I believe that these Financial Statements are, in all materialrespects, prepared in accordance with Canadian generally accepted accountingprinciples.

Bruce A. HerdmanChartered Accountant

Central Ontario District of Optimist InternationalBalance Sheet

(Prepared Without Audit)

September 30 2011 2010

Assets

CurrentGash and cash equivalentsAccounts receivable

$ 34,402 $1,680

36,082 $

48,771

48,771

Liabilities and Retained Funds

Current LiabilitiesAccounts payable and accrued liabilities 5,000 $ 2,737

Retained FundsInternally restrictedUnrestricted

29,1151,967

31,082

22,92223,112

46,034

36,082 $ 48,771

Bruce A. Herdman, Chartered Accountant

Central Ontario District of Optimist InternationalStatement of Revenues, Expenditures

and Retained Funds(Prepared Withotrt Audit)

For the year ended September 30 2011 2010

RevenueDistrict duesRebates and commisssionsDistrict conventionDistrict conferencesOratorical contestsJunior golf tournamentEssay contestsGCDHH contestsTraining (Governor, Lietenant Governor, Secretary Treasurer)InterestMiscellaneous and District Pin SalesDonations from Clubs to OIF, Food Bank, etcPrevious administration revenues

Total revenue

Deduct expenditures (page 5)

Excess of revenues over expenditures

Retained funds, beginning of year

Retained funds, end of year

$ 25,883 $1,0758,5218,653

1718,410

222,039

768201245440

-

56,428

71,380

(14,352)

46,034

$ 31,082 $

24,8411,408

12,27212,718

5407,631

3863,2401,54362630350

1,974

67,532

61,630

5,902

40,132

46,034

Bruce A, tterdman, Chartered Accountant

Central Ontario District of Optimist InternationalStatement of Expenditures

(Prepared Without Audit)

For the year ended September 30 2011 2010

ExpendituresGovernorLi. GovernorDistrict Secretary TreasurerGovernor ElectPast Governors on executive committeesCommittee chairsPostagePrinting and suppliesBulletinDistrict conventionDistrict conferencesOratortoaJ contestCCDHH contestJunior golf tournamentUnder 18 International curling competitionEssay contestTrainingName badgesRecognition and IncentivesDistrict pinsAudit and bank chargesTelephoneVIP giftsStart-up funds to next administrationMiscellaneousPrevious administration expensesDonations from Clubs remitted to OIF, Food Bank, etcGovernor's discretionaryInternet safety and website

international convention costsGovernorLt. GovernorSecretary Treasurer - currentSecretary Treasurer -designateGovernor ElectDistrict expenses (hospitality)

$ 3,743 $3,6251,0001,250

-7,350

239734

-

14,4839,661

1713,3867,418

10,00022

768-

738-

254-

3181,000

50289440192680

5001,OOO

500500500569

$ 71,380 $

3,1973,9131,0001,250

2004,441

8581,176

1312,09412,666

6253,9007,376

-

3191,007

302567

1,059570165701828528643

50468215

500100

--

500399

61,630

Bruce A. Hercrman, Chartered AccDuraam

Central Ontario District of Optimist InternationalNotes to Unaudited Financial Statements

September 30,2011

Nature of Organization

Recognition of Revenuesand Expenditures

Financial Statements

Retained Funds InternallyRestricted

The Central Ontario District of Optimist International is an administrativedivision of Optimist International which is a not-for-profit corporation andreceives its receipts by agreement with Optimist International.

Revenues and expenditures are accounted for on the accrual basiswhereby they are recorded in the fiscal period to which they apply.

These financial statements are a summary of the revenues andexpenditures of the Central Ontario District administration division ofOptimist International {a non-profit organization) and do not reflectoperations of other divisions of Optimist International or its member clubs.

The Board of Directors of the Central Ontario District of OptimistInternational has restricted $29,115 of the total retained funds for thepurpose of funding a specific activity and to fund future potential futureexpenditures in excess of revenues. No part of the $29,115 may be usedfor any other purposes without explicit approval of the Board of Directorsof the Central Ontario District of Optimist International.

Boies A. Herdman, Chartered Accountant