AGM 2003 Finance Report
AGM 2003 Finance Report
Serving Your Community's Online Needs Since 1994.
The Board is pleased to report, on the basis of an independent financial
report, Chebucto has had another successful year. We are clearly
realizing the benefits of the changeover to the 56K Service as well as the
very efficient management of our affairs by the Office Manager, Andrew
Wright. Our revenues reached a new high - $121,898 from memberships,
accounts, sales and services; and just over $8,000 from donations.
However, if we were to calculate the value of all of the volunteer hours,
the donations would a great deal more.
Overall we have had an increase in revenue of 20% and an increase in
expenditures of 17%. It is important to point out that our surplus
holdings which are in GICs have grown by 12% to a total of $71,172.
Much of the surplus noted above has been derived from projects which
Chebucto applied to undertake. Some of these were associated with the
Program with which Chebucto continues to have an association. Funding
to Chebucto because much of the work was undertaken by volunteers. The
intention of this Board as well as previous Boards is that these surplus
funds be held for special projects or in case of unforeseen difficulties.
These funds are held in interest bearing accounts which resulted in almost
$1000 of additional income over the past year.
Because of our positive financial situation and because of a very heavy
work load we took advantage of additional staff time during the past year.
You will see an increase in Wages and Benefits of approximately $20,000.
The Board is reviewing the future staff needs very carefully with a view
to determining how we cope with the ongoing technical demands which are
often too onerous to be addressed by volunteers. However, the Board does
not want to get in a situation which results in the level of fees required
to meet our needs leading to a loss of members. On the positive side the
Board also wishes to provide employment for students and/or recent
graduates as a stepping stone to other career opportunities.
We continue to be pleased with our "credit card transaction" arrangement
with IATS Ticketmaster through which we have been able to reduce the level
of fees we were being charged. Further, we find the service to be very
efficient. As we pointed out last year the focus of Ticketmaster is on
small business and not-for-profits.
In conclusion it is clear Chebucto is financially sound and well
continue serving its members.
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