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Fred McKim
08-19-2017, 06:39 PM
As Treasurer, I try to give advice on any expenditures we contemplate making throughout the year and also act as part of the Board of Directors on general matters that need discussion and a resolution.

The Financial Statements will be attached to the meeting (perhaps in the Executive Director's Thread). However, I am again presenting the Cole's Notes Version. Please feel free to ask any questions.

INCOME
Net Membership Fees 44000
Net Rating Fees 28300
Chess Foundation 10600
CMA Book & Equipment Contract 5000
-------
87900


EXPENSES
Administration 50000
Net International Programs 26500
Newsletter & Newsfeed 8600
--------
85100



SURPLUS 2800

Bob Gillanders
08-21-2017, 01:42 AM
Financial Statements for 2017 are now on the website.
http://www.chess.ca/sites/default/files/CFC2017c.pdf

Chess Foundation of Canada report is also now on website.
http://www.chess.ca/sites/default/files/2017foundation.pdf

Fred McKim
08-22-2017, 12:34 PM
From the Public Gallery:

Hi Brent. I think Bob can give a better answer to most of these, but I'll do what I can.




Quote Originally Posted by Brent Golem View Post

Hey Fred,

I had a couple questions about the Financial statements, if you can answer. I can't post in the other thread, so I'm not sure if this is the right spot.


BALANCE SHEET
1. Deferred membership revenue Would this number give us an idea of when people purchased subscriptions during the year? Deferred annual - $25199, Paid annual - $43,491, so only $18,292 count toward this year, meaning the majority of members make their purchases/renewals later in the year? 2016 had $23,583 in deferred revenue, what line item is that number represented in the 2017 financials?

** Yes. It's accounted for as a net gain or loss for the year in the Notes (see Memberships).

STATEMENT OF REVENUE AND EXPENDITURE
2. Sales of Books and Equipment The number in 2017 and 2016 was $5000, down from $5250 in 2015 and $10298 in 2014. Is that a flat-rate 3rd party "advertising" agreement, and we don't sell any equipment internally nor receive commission from sales driven from CFC traffic?

** We currently have a contract with CMA. We receive $5,000 in order to provide advertising for them (and of course we agree to sell no books or equipment).

3. Publication: e-Newsletter Are there any financial notes for this item? For a large expenditure it's interesting that we can't see how expenses have changed year over year. Why is there a significant drop this year? Less issues and postage, or other?

** We have a monthly budget of $1,500 for the Newsletter and Newsfeed. There were less issues this year. There is no postage. By coincidence it came at a good time as we had a huge Olympic line item

NOTES TO FINANCIAL STATEMENTS
4. Domestic Rating Fees Is it possible to express these as the types of fees collected? ie, Revenue for regular, active, or junior per player fee, or just raw numbers such as done with the Membership.

** I assume it could be done, but would obviously require time by the ED

5. Annual Membership Fees For my membership I paid $48 because I live in Ontario. A foreign player would pay $36, so I presume that $12 was transferred to Ontario Chess Association or why is there a difference in provincial fees? If they are indeed transfers, how are they shown in the financials?

** Provincial Fees are a straight in and out and do not appear in the Financial statements. Every province sets their own fees

Thanks for your time and putting this all together.

Bob Gillanders
08-22-2017, 04:14 PM
BALANCE SHEET
1. Deferred membership revenue – Would this number give us an idea of when people purchased subscriptions during the year? Deferred annual - $25199, Paid annual - $43,491, so only $18,292 count toward this year, meaning the majority of members make their purchases/renewals later in the year? 2016 had $23,583 in deferred revenue, what line item is that number represented in the 2017 financials?
** Yes. It's accounted for as a net gain or loss for the year in the Notes (see Memberships).


Thanks Fred. That is correct, but if it is still a little fuzzy.

Brent - You are on the right path.
The $23,583 deferred revenue from last year in included in $50,919 revenue this year.
Adjustment to deferred revenue of -$1,616 = $23,583 - $25,199. I hope that makes it clearer.

Your observation that only $18,292 (42%) of the collected $43,491 this year is included in revenue is consistent with my observation that we had a flood of renewals late in the year (March & April).