On January 1, 2015, some residents of the community in Whistler formed the Whistler Winter Sports Association (WSA) which was organized as a not-for-profit organization which has as its purposes encouraging participation in outdoor winter sports. In its first year, the board decided to restrict its activities to ice skating and skiing.

Initial funding was provided by a wealthy individual who made an endowment contribution of $200,000 which was invested in bonds and generated income during the year of $8,000. The donor placed no restrictions on the use of the income produced by the investment of the endowment contribution which were to be divided evenly between all programs undertaken by the Association.

During the year donations of $750,000 were received and a further $150,000 of pledges was outstanding of which the board estimated $130,000 would be collected. It was agreed that such donations, all of which were unrestricted, would be divided evenly between the skating and skiing programs. As a practical matter, donations not yet received at year-end were considered to be restricted for use in the following year. A special fund drive was undertaken to raise money to provide skates to needy youngsters and skiing equipment to needy senior citizens. During the year $25,000 was received in contributions for skates and $15,000 for contributions towards purchasing skis.

During the year ended December 31, 2015, the organization incurred the following costs.

	Ice Skating Program	Skiing Program
Wages and salaries	$193,000	$81,000
Ice skates	8,000	-
Skiing equipment	-	9,000
Other equipment and supplies	58,000	75,000
Transportation	43,000	35,000
Rent	15,000	15,000
Other expenses	35,000	39,000
	$352,000	$254,000

At December 31, 2015, the only outstanding payables were for $30,000 relating to the skiing program (the costs are included in the table above). The ice skates and skiing equipment were paid for out of the funds raised by the special fund drive and were expensed as acquired. WSA does not use fund accounting but uses the deferred contribution method to account for restricted donations and uses programmatic reporting to report the results of its activities.

Required:

1) Prepare a statement of operations for the Whistler Winter Sports Association for the year ended December 31, 2015.

2) Prepare a statement of financial position of the Whistler Winter Sports Association as at December 31, 2015. Statements for the individual programs are not required.