September 2024

2023-2024 Financial Statements

2023-2024 Audited Financial Statements

There’s an upcoming change to the Accounting Standards for Not-for-Profit Organizations. Previously some organizations (like TRAS) recorded designated donations (e.g. towards a specific project) as restricted funds with revenues recognized on receipt of donations; others recorded them as deferred revenue (it’s not added to revenue until the donation is actually distributed to support the project). Under the new standards, all not-for-profit organizations should record them as deferred revenue. For more information, see this post by Grant Thornton. Accordingly, our auditors recommended that we use the deferred revenue method starting from 2023-2024, and we’ve done so. See “Deferred contributions” on page 3, and the note regarding “Revenue Recognition” on page 6. We still keep track of TRAS’ plans to meet future commitments (projects and scholarships), whether designated donations towards those commitments have been made or not, as shown in note 7.

See all Financial Statements here

2023-2024 Sponsorship Report

The Himalayan region is both spectacularly beautiful, and at the same time, one of the poorest regions in the world. Sponsorship enables these Tibetan children to receive a quality education as well as learn more about their Tibetan culture and language.

The sponsorship program began in May 1964 with 13 sponsors. Today we have 73 sponsors supporting 119 children. Over the years our sponsors have helped over 815 children graduate with many of them going on to post-secondary studies.

In 2023-24 we had 10 children graduate, 1 was selected as destitute and is receiving free education and 1 did not return to school as her father had passed away and her mother wanted her at home.

School reports, letters and cards were forwarded to many sponsors during the year. Many sponsors send cards and letters, and they have been warmly received by the children who love to hear from their sponsors.

Sponsorship disbursements are sent to the schools and settlements twice a year and we thank everyone who has paid for the 2024 year. Sponsorship renewal letters will go out in December via email.

We would like to help give as many Tibetan children as we can, a chance to grow up healthy and with enough education to improve their lives and those of their families and communities.

Please contact us at info@tras.ca or call 604-224-5133 if you would like to sponsor a child