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AGM 2002 Treasurer's Report
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AGM 2002 >> AGM 2002 Treasurer's Report

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Treasurer's Report

[Photo: Chebucto Treasurer Bernard Hart at AGM 2002]  The Board has continued the policy of restricting annual expenditures to approximately the level of annual income. This was in spite of the added expenses involved in the changeover to 56K. However, it is important to point out that what is not shown in this statement is the value of the volunteer support provided by the Technical Committee and other volunteers. Without this contribution the expenses would be significantly greater.

Our financial reserves continue to grow; again this is primarily the result of volunteers taking on tasks for which we have received payment. This is particularly the case with respect to "deferred revenue". The intention of this Board as well as previous Boards is that these surplus funds should be held for future projects or in case of unforeseen difficulties. These funds are held in interest bearing accounts and provide small but ongoing income.

Because of our positive financial situation we have been able to continue a part time paid student. This person was also provided a full time, four month work term. This has been extremely valuable and we hope to be able to continue this practice.

We are very pleased to inform members that during the year we made a change in our credit card arrangement which significantly reduced the interest rate we were being charged on transactions and resulted in savings for CCN. We signed a contract with IATS Ticketmaster, who focus on small businesses and not-for-profits. This change also allowed us to consolidate our funds in one financial institution. We now do all of our banking with Credit Union Atlantic.

One of the benefits of our positive financial situation is that we were able to renew our interest in working with community nets across Canada. A member of the Board and our Office Manager attended a conference in Montreal last fall and were able to bring back valuable information as to what is happening in other parts of Canada as well as other parts of the world.

In conclusion it is clear Chebucto is financially sound and well positioned to continue serving its members.


Bernard Hart
Treasurer, Chebucto Community Net














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