Financial Position International Teams Canada Balance Sheet For the 12 Months Ending Dec. 31, 2007   2007 2006 ASSETS Cash - Checking 356,122.05 467,185.70 Cash - Short Term Investments 134,940.20 234,938.24 Total Cash 491,062.25 702,123.94   Accounts Receivable 78,513.83 26,594.74 Prepaids 43,268.62 92,329.50 Due From Affiliates 29,320.51 21,190.04 Net Accounts Receivable 151,102.96 140,114.28   Current Assets 642,165.21 842,238.22 Net Fixed Assets 46,571.33 54,205.24   Total Assets $688,736.54 $896,443.46 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts Payable and Accrued Liabilities $96,143.20 $90,771.74 Amounts Due to Affiliates 19,547.24 27,787.64 Deferred Revenue - 10,725.23 Total Current Liabilities 115,690.44 129,284.61   Restricted for Endowment Purposes 35,000.00 35,000.00 Net Assets Invested in Capital Assets 46,571.08 43,479.66 Internally Restricted 499,502.63 689,110.19 Unrestricted (8,027.61) (431.00) Shareholders' Equity 573,046.10 767,158.85   Total Liabilities and Equity $688,736.54 $896,443.46

Auditors' Report

We have audited the statement of financial position of Evangelical International Crusades Canada, Inc. operating as International Teams of Canada as at December 31, 2007, and the statements of operations, changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on these financial statements based on our audit.

Audited Financial Statements - PDF   • 2007 Audited Statement   • 2006 Audited Statement   • 2005 Audited Statement   • 2004 Audited Statement   • 2003 Audited Statement   • 2002 Audited Statement   • 2001 Audited Statement

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 our opinion, these financial statements present fairly, in all material respects, the financial position of the organization as at December 31, 2007 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.

Waterloo, Ontario
April 7, 2008

McClurkin Ahier & Company LLP
Licensed Public Accountants