18) Budget

[Christopher Mallon]

... Can we actually see the budget for the next year? There usually aren't more than about 12 items on it, should be fairly simple to post.

[Aris Marghetis]

Hi Aris

Maybe Rob or Bob G could send you my revised Income statements and Balance sheets for 4 years from 2009 to 2012 which I think may be clearer than the earlier ones.

The rebate the CFC gave us for the period Nov 2011 to April 2012 is deposited in May 2012, so it is technically an account receivable. The league rebates for the year ending April 2012 are an account payable, paid usually in May 2012. We also have other payables we promised in last year's meeting. After we take care of these obligations, we will have $1,026.26 in the account to spend until next November, when we get the next CFC rebate.

I think $500 of that should be given to Bob G to finish the tax returns. Although we do not have much money, a token gesture to each of the players who live in Ontario and who will represent Canada at the Olympics is a good idea, and it's the thought that counts!

Hi Brett, thanks for your reply. Now echoing a bit what Chris asked for in another part of this thread, what is the budget for the coming year, in terms we can all understand? For example, is the traditional $250 for the OHSCC already set aside to arrive at the balance of $1026.26, or will it be subtracted from that? How about the Ontario Open $500, etc.

I guess I cannot figure out how we feel we have $1K available for new disbursements when we have not approved our budget for the coming OCA season? Look, I am as sentimental (nostalgic romantic, lol) as the next guy when it comes to the Olympiad (about to write a cheque myself), but in my humble opinion, we should not be hinting at further disbursements until after we have taken care of all the fundamental stuff first.

[Rob Clark]

ONTARIO CHESS ASSOCIATION

INCOME STATEMENT FOR THE YEAR ENDING 30 APRIL 2012

Opening bank balance 1 May 2011 $ 3,485.08
Account Receivable
CFC Rebates - February to April 2011 $1,152.00
Total $4,637.08
Accounts Payable
EOCA (2011) $ 480.00
SWOCL (2011) $ 745.00
NOCL (2011) $ 120.00
GTCL (2011) $1,065.00
Canadian Closed Chess Championship (Hal Bond) $ 500.00
Nick Stepanian (accounting) $ 500.00
$3,410.00
Bank Balance $1,227.08
Interest Income $ .18

CFC Rebates May to November 2011 $2,436.50
Total $2,436.68
Expenses
Patrick McDonald (OYCC 2011) $ 500.00
Bob Gillanders (Ontario Open 2011) $ 500.00
Patrick McDonald (OYCC 2012) $ 500.00
Total expenses = $ 1,500.00

Excess of income over expenses= $ 936.68

Closing bank balance 30 April 2012 $2,163.76

Adjustments to Income

Account Receivable
CFC Rebate November 2011 to April 2012 $2,261.50


Adjustments to expenses

Accounts Payable
Ontario Open 2012(NOCL) $ 500.00
Ontario High School Chess Championship (2012) $ 250.00
Top Senior 2012 Canadian Open $ 150.00
Top Ontario Woman 2012 Canadian Women’s Championship $ 150.00
Payments to NOCL, SWOCL, EOCA, GTCL (2012) $2,349.00
Subtotal $3,399.00
Excess of Accounts Payable over Account Receivable $1,137.50

Amount of money available until next CFC rebate in November $1,026.26
Opening Balance Retained Earnings $1,227.08
Retained Earnings $ (200.82)
Closing Balance Retained Earnings $1,026.26

[Kevin Pacey]

Hi Brett, thanks for your reply. Now echoing a bit what Chris asked for in another part of this thread, what is the budget for the coming year, in terms we can all understand? For example, is the traditional $250 for the OHSCC already set aside to arrive at the balance of $1026.26, or will it be subtracted from that? How about the Ontario Open $500, etc.

I guess I cannot figure out how we feel we have $1K available for new disbursements when we have not approved our budget for the coming OCA season? Look, I am as sentimental (nostalgic romantic, lol) as the next guy when it comes to the Olympiad (about to write a cheque myself), but in my humble opinion, we should not be hinting at further disbursements until after we have taken care of all the fundamental stuff first.

I agree with Aris about taking care of the fundamental stuff first...however, should the hoped for Ontario team league be treated as a fundamental to receive a disbursement for, or else treated at least ahead of other disbursements that also might not be deemed to be fundamental?

[Christopher Mallon]

Rob, good to see that info too, but what we want to see is the budget for 2012-2013 please.

[Aris Marghetis]

Rob, good to see that info too, but what we want to see is the budget for 2012-2013 please.

Chris, I think the Accounts Payable section is kind of the beginnings of a budget? When I look at it though, I don't understand why we would give some money to people like the top Senior, when we could give that some money to an Olympiad player, etc. Maybe those amounts were set last year, and now the Olympiad amounts would come out of next year? It amazes me every year how unclear such a simple accounting can be!

[Aris Marghetis]

I agree with Aris about taking care of the fundamental stuff first...however, should the hoped for Ontario team league be treated as a fundamental to receive a disbursement for, or else treated at least ahead of other disbursements that also might not be deemed to be fundamental?

Kevin, if I may suggest, as the Ontario team league is still in the "hoped for" stage, that definitely drops it way below the line of fundamental, and below Olympiad players, etc.

[Rob Clark]

Alright, as I understand it we need to set the amounts that will be budgeted for next year.

Brett can help us out here but I'm assuming we'll have about $2000 to distribute.

Therefore I propose $500 to the Ontario Open, $500 to the OYCC and $250 to the OHSCC. That would leave us about $750 any ideas? I believe the seniors championship as well as the women's will be held this year.

[William G. Doubleday]

I am the Treasurer of the EOCA. I read the budget post and have some points neediing clarification.

1. Why are both the 2011 and 2012 OYCC expenses shown in the same fiscal year? Is this an error or a change in policy?

2. Has the OCA received the April 2012 CFC rebate? It is shown as a receivable but it should be in the bank by now.

3. What is the breakdown of the next payments to leagues by league?

4. Were all the planned expenditures approved by the board?

5. This is not an annual budget. What is planned after November? What is the planed balance at year end?

6. How do the 2011-12 expenditures compare with the budget adopted last year?

7. Is there a forecast of the next two rebates?

Regards

Bill Doubleday

[Rob Clark]

Sorry to take over the last post Bill. I will make sure that you get answers, I just want us to have a budget together for next year that we can approve at the end of the incoming AGM.

With the approximately $750 in next years budget (I believe that is approximately what it is, hopefully Brett can ok this for me) we have left I propose the following:

-$250 Seniors
-$250 Womens
-$500 OCA team Championship- this will need funding

This will go over the $750, so it will borrow $250 from the current surplus.

From this remaining approximately $750 surplus from this year, I recommend the following:
- $125 bursaries to Noritsyn and Gerzhoy for the upcoming Olympiad.
-$500 to Bob Gillanders upon completion of filing our taxes

Can someone double check my numbers and post their comments please?