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Old Ottawa South Community Association

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AGM 2016: Treasurer's Report

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Treasurer’s report

Ottawa South Community Association

Fiscal year ended December 31, 2015

 The Ottawa South Community Association 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 2015 produced a deficit of $2,047.   Total revenues were $952,307, the vast majority of which was generated through program fees. Most of the remainder of the revenue was generated through special events and other revenue.   Expenses were $954,354, most of which related to program instructor remuneration and program supplies and expenses.  Expenses also included a $17,500 donation OSCA made to the Every Leaf Counts Campaign for the Hopewell School Yard. 

Ottawa South Community Association
Income Statement
Fiscal Year Ended December 31, 2015

REVENUE

 
Program revenue 944,773 
Grants and other revenue 7,534
 Total Revenue 952,307 
   
EXPENSES  
Instructor Fees 117,794
Supplies 129,177
Payroll expense 542,254 
Administration, committees, transportation, website 147,629 
 Total expenses 936,854 

 Surplus

15,453 
 OSCA Giveback- Every Leaf Counts 17,500 
 Deficit (2,047) 

Firehall Fund
Income Statement
Fiscal Year Ended December 31, 2015

REVENUE

 
Program revenue 617 
Grants and other revenue _____
  Total Revenue 617 
   
EXPENSES  
  _____
  Total expenses
   
Surplus 617 

OSCAR
Income Statement
Fiscal Year Ended December 31, 2015

REVENUE

 
Program revenue 94,375
  ________
Total Revenue 94,375 
   
EXPENSES  
Instructor Fees 35,410
Supplies  
Salaries 29,312
Expenses 13,645 
 Total expenses 78,367 
Surplus 16,008  

Finance committee

The Finance Committee oversees, monitors, and advises the OSCA Board on issues related to the finances of OSCA, including financial reporting, policies and procedures, risk management, and any relevant strategic initiatives.

COMMITTEE MEMBERS:  Susanne Ledbetter, Dana Levac, Sue MacDonald, Kristann Rose, Caroline Sohn.
STAFF: Christy Savage

Responsibilities:

  • Provide the OSCA board with advice and guidance on Financial policy and procedure
  • Recommend and advise the Board on fiduciary responsibilities
  • Implement key strategic priorities as set out by the Board
  • Work in partnership with the Program Committee to implement and establish policies and procedures that best meet the Terms of Reference of the Program Committee

Progress accomplishments

  • Performed the review of monthly financial statements.
  • Developed and implemented new financial policies and procedures related to the petty cash, reserves, and allocation of future surpluses.

2016 Goals

  • Optimize the use of the new registration system with regards to financial management for more efficiency 
  • Enhance tools and resources to provide clearer guidelines for decision making
Last modified on Tuesday, 27 September 2016 10:48

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