Please find attached the first Quarter Profit & Loss Statement and Balance Sheet
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Please find attached the first Quarter Profit & Loss Statement and Balance Sheet
Accounts receivable seems to be unusually high
It would be greater to see numbers ending September 30, even better October 15.
What are memberships stats (a direct income of the CFC)
The thing is, these statements are supposed to be quarterly statements meaning with a year end of 04/30 that means 07/31, 10/31, 1/31 for the quarters.
I fully understand your point and have previously suggested to the Executive that we might want to consider re-jigging our quarterly meeting dates so that the financials are at the 'the ink is barely dry' stage when financials come out since obviously the financial health of the organization is a key VM concern.
Notes are not provided with Quarterly figures. Bob mistakenly put numbers in that would indicate notes were coming.
Vlad has explained the large receivables.
I'm not sure about today but back when I was working for the Canadian Shareowners Association financial results that came out two months after the end of a quarter were not unusual and were in fact the norm. Preparing financial statements takes some effort and I don't think it is feasible to do a statement at the 5.5 month mark.
I think this year we will be aiming to break even rather than have a $9,000+ surplus as we had last year. I expect that we will have some significant expenditures related to organizing a Canadian Closed and likely a Canadian Open and all the other tournaments that no one seems to want to organize at the moment.
Hi Paul, is the foundation set up as a charitable foundation? It may assist in encouraging interested people to donate if they knew they had an income tax deduction.
Vlad is correct. The loss of the CFC's chartitable tax status has taken away a major incentive to donate to the Foundation, however, I should add that very little money ever did come in as donations. The vast majority of revenue always has been from Life Memberships.