fbpx

Old Ottawa South Community Association

  • Programs

AGM Treasurer's Report 2009

Print Email

AGM, May 2009

  1. Balance Sheet for 2008

The consolidated balance sheet for the association as at the end of 2008 is shown below. The association is solvent and in a strong financial position, with over $500,000 in total assets. Much of this amount has been committed to supporting the renovation of the Firehall, which is described in section C of this report.

This board and previous boards have planned well and acted prudently, and have accumulated adequate surpluses that should be adequate to meet funding needs through the next twelve to eighteen months when much of the programming and activities will be disrupted by construction.

Ottawa South Community Association

Balance Sheet

30-Dec-08

OSCA OSCAR Firehall Fund Total
ASSETS
Current Assets
Cash 29,580 38,685 74,435.09 142,700
Investments 198,498 9,242 129,915.11 h337,655
Current Assets (incl. receivables) 2,236 6,451 8,687
Total Capital Assets (net of depreciation) 7,462 4,550 12,011
TOTAL ASSETS 237,776 58,927 204,350 501,053
LIABILITIES
GST, payroll taxes owing 2,177 604 0 2,780
Ecos 7,182 0 0 7,182
OSWATCH 7,856 0 0 7,856
Friends of Library 14,000 0 0 14,000
Long Term Liabilities 0 0 0 0
TOTAL LIABILITY 31,214 604 0 31,818
EQUITY
Reserves Designated for Firehall Redevelopment 122,650 30,000 204,350 357,000
General Reserves 76,439 27,186 0 103,625
Current Earnings 7,473 1,137 0 8,610
TOTAL EQUITY 206,562 58,323 204,350 469,235
LIABILITIES AND EQUITY 237,776 58,927 204,350 501,053
  1. Income Statements

Income statements for OSCA, OSCAR and the Firehall Redevelopment Fund are shown below. Please note that OSCAR shows September to December only, as its fiscal year was amended at the end of 2008 to match the fiscal year of OSCA.

Ottawa South Community Association
Income Statement January 1 to December 31, 2008
Revenue
Programs 328,584
Special Events Revenue 5,140
Community Service Fees 82,146
Interest, grants, misc. revenue 17,420
Total Revenue 433,290
Expenses
Instructor fees 136,645
Supplies, transportation, other 57,304
Payroll expense 105,378
Office supplies, insurance, other 111,647
Special events 14,842
Total expenses 425,816
Surplus / (Deficit) 7,474

O.S.C.A.R.
Income Statement Sep 1 to Dec 31, 08

Revenue
Total Sales Revenue 20,445
TOTAL REVENUE 20,445
Expenses
Editor 5,000
Advertising Manager 3,115
Distribution Manager 750
Printing Charges 6,956
Total General & Admin. Expense 3,487
TOTAL EXPENSE 19,308
NET INCOME 1,137

Firehall Redevelopment Fund
Income Statement 2008

Revenue
Fund Raising Revenue 2,683
Savour the Flavour 2008 9,901
TOTAL REVENUE 12,584
Expenses
Expenses re Savour the Flavour 2008 4,437
Other expenses 471
TOTAL EXPENSE 4,908
NET INCOME 7,677
  1. Contribution to Firehall Renovation

    To date the association has committed the following amounts to the City of Ottawa for the Firehall renovation:

  •  
    • All of the Firehall Redevelopment Fund: $204,350 as at Dec. 31,
    • An amount from the association’s main reserves to top-up the total contribution to $357,000. As of December 31, this amount was $30,000 from OSCAR and $122,650 from the association’s general reserves. This amount will decrease as more funds are raised through the Firehall Redevelopment Fund

    That leaves a planned balance of just under $95,000 in general reserves at the end of 2008. The board is anticipating that some of this amount will be necessary to fund a future operating deficit for 2010 (as the construction is expected to continue until approximately June 2010).

    Steve Mennill

    Treasurer

    April 29, 2009


Contact us

613-247-4946