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Old Ottawa South Community Association

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AGM 2013: Treasurer's Report

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Treasurer's Report

A) 2012 Financial Statements

OSCA’s balance sheet as at December 31, 2012, and income statement for the 2012 fiscal year are attached.

• OSCA’s financial position at the end of 2012 was very strong, with total fund balances i.e. “equity” of $450,977.

• OSCA generated an annual surplus in 2012 of $178,823. This was primarily due to strong growth in revenues in both adult and children’s programs. Expenses, while higher than in 2011, grew at a slower pace, leading to the strong annual surplus.

B) Audit

For the first time, OSCA prepared audited financial statements in 2012. Going forward, the board of directors signaled its intention to conduct audits every three years.

I am pleased to report that the auditor issued a “clean” opinion that the financial statements present fairly OSCA’s financial position.

It should be noted that the auditor retrospectively applied the Canadian accounting standards for not-for-profit organizations, which resulted in some re-organization of the financial statements (from what has been presented to previous annual general meetings). Among other items, this resulted in some revenues that had been reported in 2011 being moved to 2012. This did not affect total revenues or surpluses – just the year in which they were reported.

The auditor has also recommended to the board of directors that it consider some improvements to its bookkeeping and accounting system, notably the way in which the bi-weekly payroll is prepared and approved. It will be recommended to the 2013/14 board of directors that they review options in this regard.

C) Improvements to Financial Procedures and Controls

OSCA has recently made improvements to its financial procedures:

• OSCA has provided for credit cards to be provided to two staff members that have reduced dramatically the need for cash advances to purchase program supplies and equipment.

• OSCA has recently obtained a credit/debit card reader with chip technology, that will help reduce risk of errors and fraud when participants register in person for programs.

D) Possible Changes to the Firehall Redevelopment Fund

Work continued in 2012 toward broadening the mandate of the Firehall Redevelopment Fund to allow funds to be provided for capital public facilities throughout Old Ottawa South rather than just the Firehall building itself. OSCA is working with legal counsel to draft an amended trust document that must be approved by a court, prior to being submitted to the Canada Revenue Agency for approval.


Steve Mennill
Treasurer

Last modified on Wednesday, 19 February 2014 14:06

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