CFC Surplus

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08-25-2019, 03:44 PM
Fred McKim

CFC Surplus

If you are following the CFC AGM, you will see that we had a "nice" surplus of $15K for this past fiscal year. However a Non-Profit organization is expected to have a "$0" surplus on average (ie over several years).

Seeing that only voting members can make comments in the meeting, I've created this thread for CFC / FQE members to post serious suggestions for new programs we could take on. We expect to be making a budget for 2019/20 in the weeks following the AGM.
08-25-2019, 04:07 PM
Vladimir Drkulec

Quote:

Originally Posted by Fred McKim

If you are following the CFC AGM, you will see that we had a "nice" surplus of $15K for this past fiscal year. However a Non-Profit organization is expected to have a "$0" surplus on average (ie over several years).

Seeing that only voting members can make comments in the meeting, I've created this thread for CFC / FQE members to post serious suggestions for new programs we could take on. We expect to be making a budget for 2019/20 in the weeks following the AGM.

Hi Fred, I am not sure that there is any requirement to run a zero surplus. I believe that the only requirement is that all funds eventually go to purposes consistent with our mission. The following is for U.S. non-profits but the principle is the same in Canada.

https://www.forpurposelaw.com/uh-oh-...ar-money-left/
08-25-2019, 04:20 PM
Fred McKim

Quote:

Originally Posted by Vladimir Drkulec

Hi Fred, I am not sure that there is any requirement to run a zero surplus. I believe that the only requirement is that all funds eventually go to purposes consistent with our mission. The following is for U.S. non-profits but the principle is the same in Canada.

https://www.forpurposelaw.com/uh-oh-...ar-money-left/

I was referring more to the idea that over time some of the accumulated surpluses from year to year would be spent - so for example if we ran a deficit of $10-15K next year it wouldn't be a cause for alarm if it was spent of worthy activities.
08-25-2019, 08:15 PM
Vladimir Drkulec

I doubt that deficits are in our near future unless we have some lobotomies on the board. Before we get too cocky we should realize that most of the surplus would disappear if we spent a full $18k on the newsletter as per the contract.