OSCA reports financial information under three separate funds:
- OSCA, the main community association account;
- The Firehall Redevelopment Fund, a charitable organization; and,
- OSCAR, the association’s newspaper.
OSCA’s balance sheet is strong. Assets were $588,035 at the end of the fiscal year. Total reserve funds, consisting of accumulated surpluses from previous years, totalled $429,527. Of this amount $121,000 has been designated by the Board as a “Community Reserve” to be used for equipment and capital assets in Old Ottawa South, including within the Firehall building.
The OSCA Board approved a deficit budget for 2014. This is mostly the result of a loss of support in terms of staffing from the City.
Firehall Redevelopment Fund
Total equity at the end of December 31, 2013 was $10,378. Note this is a preliminary balance, and may be adjusted to reflect donations received from the federal workplace charitable campaign that were received during 2013.
OSCAR, the community newspaper, had revenues of $70,194 and expenses of $62,078 for a net income of $8,116. Revenues and expenses have been stable over the past several years.