Treasurer’s Report
for the Annual General Meeting
May 2010
- Balance Sheet for 2009
The consolidated balance sheet for the association as at the end of 2009 is shown below. The association is solvent and in a strong financial position, with over $600,000 in total assets as at the end of December 2010. Much of this amount has been committed to supporting the renovation of the Firehall, which is described in section C of this report.
| Ottawa South Community Association
Balance Sheet 31-Dec-09 |
||||
| OSCA | Firehall Fund | OSCAR | Total | |
| ASSETS | ||||
| Current Assets | ||||
| Cash | 170,482 | 241,640 | 44,534 | 456,657 |
| Investments | 149,974 | 0 | 9,242 | 159,216 |
| Receivables | 0 | 0 | 7,735 | 7,735 |
| Current Assets (incl. receivables) | 320,457 | 241,640 | 61,511 | 623,608 |
| Total Capital Assets (net of depreciation) | 4,273 | 0 | 2,948 | 7,221 |
| TOTAL ASSETS | 324,730 | 241,640 | 64,459 | 630,829 |
| LIABILITIES | ||||
| Prepaid program revenue | 47,214 | 0 | 0 | 47,214 |
| GST, payroll taxes owing | 3,946 | 0 | 427 | 4,373 |
| Ecos | 7,182 | 0 | 0 | 7,182 |
| OSWATCH | 7,318 | 0 | 0 | 7,318 |
| Friends of Library | 15,000 | 0 | 0 | 15,000 |
| Long Term Liabilities | 0 | 0 | 0 | 0 |
| TOTAL LIABILITY | 80,660 | 0 | 427 | 81,087 |
| EQUITY | ||||
| Reserves for Firehall Redevelopment | 85,860 | 241,640 | 30,000 | 357,500 |
| General Reserves | 158,210 | 0 | 34,032 | 192,242 |
| TOTAL EQUITY | 244,070 | 241,640 | 64,032 | 549,742 |
| LIABILITIES AND EQUITY | 324,730 | 241,640 | 64,460 | 630,829 |
- Income Statements
Income statements for OSCA, OSCAR and the Firehall Redevelopment Fund are shown below.
| Ottawa South Community Association | |
| Income Statement | 2009 |
| Revenue | |
| Programs | 368,441 |
| Special Events Revenue | 11,287 |
| Interest, grants, misc. revenue | 21,861 |
| Total Revenue | 401,589 |
| Expenses | |
| Instructor fees | 84,635 |
| Program supplies, transportation, other | 57846 |
| Payroll expense | 112,208 |
| Rent, office supplies, insurance, reg. fees, other | 96,392 |
| Special events | 9,150 |
| Total expenses | 360,231 |
| Surplus / (Deficit) | 41,358.46 |
| O.S.C.A.R. | |
| Income Statement | 2009 |
| TOTAL SALES | 63,030 |
| Expenses | |
| Editor | 15,400 |
| Advertising Manager | 10,253 |
| Distribution Manager | 2,750 |
| Printing Charges | 21,956 |
| General & Admin. Expense | 7,108 |
| TOTAL EXPENSE | 57,467. |
| NET INCOME | 5,562 |
| Firehall Redevelopment Fund | |
| Income Statement | 2009 |
| Fund Raising Revenue | 37,254 |
| Interest Revenue | 7,368 |
| TOTAL REVENUES | 44,622 |
| TOTAL EXPENSES | 7,332 |
| NET INCOME | 37,290 |
- Contribution to Firehall Renovation
The association made a contribution of $357,500 to the City of Ottawa in March 2010 for the Firehall renovation, comprised of:
-
- All of the Firehall Redevelopment Fund: $242,000
- $30,000 from OSCAR reserves
- $85,500 from OSCA’s reserves.
- Budget for 2010
The Board of Directors adopted a break even budget for 2010 with $403,000 in revenues and slightly over $402,000 in expenses. These figures reflect the reduced level of program activity for the first half of 2010 until the renovated Firehall is available for use.
Steve Mennill
Treasurer
April 29, 2010