Treasurer’s Report (video transcript)
Thank you for joining me today as I present the Treasurer’s Report. What I would like to do today is review the slides in this report and highlight some of the information that I think is important to our membership.
On this slide I want to highlight our term deposits. The amounts represented here are invested as GICs. Our current strategy is to maintain approximately one years worth of operating expenses as a contingency fund. Our strategy for maintaining that fund is to invest those funds in GICs with one third of those funds maturing on an annual basis. This gives us flexibility on an annual basis if we have some unexpected costs and keeps our funds invested in a low-risk investment solution.
As you can see on this slide, our net assets increased approximately 11,000 dollars as a result of a budget surplus from the preceding year.
On this slide, I would like to start on our current fiscal year. Our revenue was 9 thousand dollars less than our projection. This is due to a cheque that is currently in the mail that we were unable to deposit due to COVID. These funds will be deposited in the new fiscal year and are reflected in the budget proposal.
Our expenses were 11 thousand dollars less than we projected in our budget. This is predominantly due to our inability to deliver programming and services through the last quarter of the fiscal year due to COVID.
The impact of the reduced revenue was offset by the reduced expenses and resulted in minimal impact to our bottom line.
I would like to finish off today with our proposed budget. We worked very hard to balance our budget for the upcoming fiscal year. There were several key factors that I want to highlight that will have a significant impact on our budget. The voluntary retirement program has impacted our budget this year in both the membership dues and retirement gift matching budget lines. There is a one time allocation of 11K for the retirement gift matching and an annual decrease in membership dues of approximately 5K.
Another area where we see a significant change in our budget proposal is Scholarships & Awards budget line. There is a 10K allocation here for the motion that passed to support the Student Relief Fund as well as a 2 thousand dollar allocation for the motion that proposes an annual Charitable Giving Fund.
There is a increase in our Salaries and Benefits line that will accommodate an annual increase for our Membership Services Assistant as well as a proposed motion for a release pay stipend for the Treasurer/ Secretary position.
In order to balance and meet the unique demands of this year’s budget with voluntary retirements and COVID related expenses and savings we have reduced our Meeting Expenses and Professional development Event Lines by 16 thousand dollars. This is one time adjustment that reflects our current and unique circumstances.
I want to thank everyone who has helped with this years’ report. This was my first year as Treasurerer/secretary and I have learned so much from each member of the team. I want to specifically thank Rebecca Ashworth for all of her help and input. This would not have been possible without her help.
Treasurer’s Report (pdf file)