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