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Old Ottawa South Community Association

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AGM 2014: Treasurer's Report

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Treasurer's Report

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

Fiscal year 2013 produced a surplus of $32,093. Total revenues were $820,546, the vast majority of which was generated through program fees. Most of the remainder of the revenue, $27,486 was generated through special events. Expenses were $788,452, most of which related to program instructor remuneration and program supplies and expenses. The City of Ottawa allows OSCA use of the building for regular programming free of charge. OSCA does pay rent for some offsite facilities.

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

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.

Steve Mennill
Treasurer

Last modified on Tuesday, 27 May 2014 19:20

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