OSCA Document Archive Reports AGM Treasurer's Report 2009
OSCA Document Archive
AGM Treasurer's Report 2009
- Details
- Last Updated on Tuesday, 05 February 2013 19:59
- Written by Steve Mennill
AGM, May 2009
- Balance Sheet for 2008
The consolidated balance sheet for the association as at the end of 2008 is shown below. The association is solvent and in a strong financial position, with over $500,000 in total assets. Much of this amount has been committed to supporting the renovation of the Firehall, which is described in section C of this report.
This board and previous boards have planned well and acted prudently, and have accumulated adequate surpluses that should be adequate to meet funding needs through the next twelve to eighteen months when much of the programming and activities will be disrupted by construction.
| Ottawa South Community Association
Balance Sheet 30-Dec-08 |
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| OSCA | OSCAR | Firehall Fund | Total | |
| ASSETS | ||||
| Current Assets | ||||
| Cash | 29,580 | 38,685 | 74,435.09 | 142,700 |
| Investments | 198,498 | 9,242 | 129,915.11 | h337,655 |
| Current Assets (incl. receivables) | 2,236 | 6,451 | 8,687 | |
| Total Capital Assets (net of depreciation) | 7,462 | 4,550 | 12,011 | |
| TOTAL ASSETS | 237,776 | 58,927 | 204,350 | 501,053 |
| LIABILITIES | ||||
| GST, payroll taxes owing | 2,177 | 604 | 0 | 2,780 |
| Ecos | 7,182 | 0 | 0 | 7,182 |
| OSWATCH | 7,856 | 0 | 0 | 7,856 |
| Friends of Library | 14,000 | 0 | 0 | 14,000 |
| Long Term Liabilities | 0 | 0 | 0 | 0 |
| TOTAL LIABILITY | 31,214 | 604 | 0 | 31,818 |
| EQUITY | ||||
| Reserves Designated for Firehall Redevelopment | 122,650 | 30,000 | 204,350 | 357,000 |
| General Reserves | 76,439 | 27,186 | 0 | 103,625 |
| Current Earnings | 7,473 | 1,137 | 0 | 8,610 |
| TOTAL EQUITY | 206,562 | 58,323 | 204,350 | 469,235 |
| LIABILITIES AND EQUITY | 237,776 | 58,927 | 204,350 | 501,053 |
- Income Statements
Income statements for OSCA, OSCAR and the Firehall Redevelopment Fund are shown below. Please note that OSCAR shows September to December only, as its fiscal year was amended at the end of 2008 to match the fiscal year of OSCA.
| Ottawa South Community Association | |
| Income Statement | January 1 to December 31, 2008 |
| Revenue | |
| Programs | 328,584 |
| Special Events Revenue | 5,140 |
| Community Service Fees | 82,146 |
| Interest, grants, misc. revenue | 17,420 |
| Total Revenue | 433,290 |
| Expenses | |
| Instructor fees | 136,645 |
| Supplies, transportation, other | 57,304 |
| Payroll expense | 105,378 |
| Office supplies, insurance, other | 111,647 |
| Special events | 14,842 |
| Total expenses | 425,816 |
| Surplus / (Deficit) | 7,474 |
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| Firehall Redevelopment Fund | |
| Income Statement | 2008 |
Revenue |
|
| Fund Raising Revenue | 2,683 |
| Savour the Flavour 2008 | 9,901 |
| TOTAL REVENUE | 12,584 |
| Expenses | |
| Expenses re Savour the Flavour 2008 | 4,437 |
| Other expenses | 471 |
| TOTAL EXPENSE | 4,908 |
| NET INCOME | 7,677 |
- Contribution to Firehall Renovation
To date the association has committed the following amounts to the City of Ottawa for the Firehall renovation:
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- All of the Firehall Redevelopment Fund: $204,350 as at Dec. 31,
- An amount from the association’s main reserves to top-up the total contribution to $357,000. As of December 31, this amount was $30,000 from OSCAR and $122,650 from the association’s general reserves. This amount will decrease as more funds are raised through the Firehall Redevelopment Fund
That leaves a planned balance of just under $95,000 in general reserves at the end of 2008. The board is anticipating that some of this amount will be necessary to fund a future operating deficit for 2010 (as the construction is expected to continue until approximately June 2010).
Steve Mennill
Treasurer
April 29, 2009