MBAs Without Borders is dedicated to demonstrating to our partners, MBAs and donors where and how our money is spent. Incorporated as a not-for-profit charity in Canada, we take this privilege very seriously. As we continue to move forward, Annual Audited Statements will be posted in this section. With special thanks, we appreciate the time and hard work of our friends at Flax Spitzen LLP.
MBAs Without Borders 2005 Annual Audit:
In outs first full year of operations, MBAs Without Borders sent one MBA abroad, Arif Shivji to Tanzania to work with CSDI. Total revenues/contributions for the year was $25,861 (Canadian Dollars) with expenses of $19,984 (77.3% of total revenue) and a net expenses over revenue of $5,877. 100% of donations in the first year went to direct program expenses as partner fees and awards contributing to administrative costs.
2005 MWB Audit Completed by Flax Spitzen LLP
MBAs Without Borders 2006 Annual Audit:
In 2006, MBAs Without Borders supported businesses and not for profits in Haiti, Mexico, Nigeria, Sierra Leone, Ghana, Kenya, Rwanda, Vietnam and Poland. Revenue was up 428% to $110,746 (Canadian Dollars). Total program expenses were at $89,027 (80.4% of total revenue) with a net expenses over revenue was a loss of $1,228. 100% of donations in the first year went to direct program expenses as partner fees and awards contributing to administrative costs. Net Assets at end of year were $4,649.
2006 MWB Audit Completed by Flax Spitzen LLP