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Thread: 4A Treasurer's Report

  1. #1
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    Default 4A Treasurer's Report

    The job of the Treasurer has changed over the past number of years, as the Financial information is in the hands of the EXecutive Director. As it is I try to act as overseer of the funds on the Board of Directors when it comes time to funding decisions throughout the year.

    It is the nature of our business that the statement of profit and loss and balance sheet looks very much the same from year to year, as we do not have a lot of discretionary funds to spend.

    I will make more comments once the Financials are posted.

    I will be standing for Treasurer again this year.

    Fred McKim

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    Default Financial Statements

    Attached to this post are the Financial Statements. Please review and comment or ask questions.
    Attached Files Attached Files

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    First off - great job Bob and Fred!!

    The receivables are still higher than we would like but it's a big improvement.

    There is a Note 8 that is referenced but not included. Is forthcoming Fred?

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    The Pugi Fund shows minus $1400 "recognized as revenue". I also see an itemized list in the Pugi Fund report totaling $1400 of approved grants.
    It would be useful to update the historical record of grants on the CFC website to reflect this latest $1400.
    Last edited by Paul Leblanc; 08-09-2015 at 05:10 PM.
    Paul Leblanc
    Treasurer, Chess Foundation of Canada
    CFC Voting Member

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    The CFC has become very exclusive with only 807 adult members.

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    Quote Originally Posted by Halldor P. Palsson View Post
    The CFC has become very exclusive with only 807 adult members.
    Perhaps this is a topic for New Business at the Incoming Meeting. I know we had plans for a membership drive 3 or 4 years ago, but it never got passed the planning stage. Maybe we can get 3 or 4 volunteers to head this up.

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    Quote Originally Posted by Fred McKim View Post
    Perhaps this is a topic for New Business at the Incoming Meeting. I know we had plans for a membership drive 3 or 4 years ago, but it never got passed the planning stage. Maybe we can get 3 or 4 volunteers to head this up.
    As I recall we did have a membership drive which involved contacting all of the old expired members. I was involved when I was masters representative. I don't recall the number of emails I sent but it was probably in the thousands personalized to each member. It was not a fruitful exercise. I had a few who said they would be members if they hadn't moved to another part of the world. I had several that threatened legal action if contacted again. I was called a few names.

    My suggestion is that we run more tournaments and publicize them better. I always get a surge in interest locally when there is a newspaper story or television report on local events.

  8. #8
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    Quote Originally Posted by Fred McKim View Post
    Attached to this post are the Financial Statements. Please review and comment or ask questions.
    Can you give more comments on these several lines:

    Page 1
    Deferred membership revenue 19,035
    This number does not appear anywhere in the notes. What is it?

    Why was a significant drop in a Newsletters' cost?
    Publication: e‐Newsletter 11,530 vs 16,135

    Is math right with Olympic Contributions listed in
    Programs with 6,281
    and in 3. Deferred Contributions with the same amount 6,281.

    There were several question about the National Library on the public forum - What is its history? Does it exist in a publicly-accessible location? What are its contents? by Hugh Brodie.
    I think before there was a line for a storage cost. I don't see this now. Did the library shrink to the size to fit in someone's basement?
    .*-1

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    april2015.pdfRevised Financial Statement

    This version includes notes for FIDE Expenses and Office Expenses

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    Quote Originally Posted by Egidijus Zeromskis View Post
    Can you give more comments on these several lines:

    Page 1
    Deferred membership revenue 19,035
    This number does not appear anywhere in the notes. What is it?

    Why was a significant drop in a Newsletters' cost?
    Publication: e‐Newsletter 11,530 vs 16,135

    Is math right with Olympic Contributions listed in
    Programs with 6,281
    and in 3. Deferred Contributions with the same amount 6,281.

    There were several question about the National Library on the public forum - What is its history? Does it exist in a publicly-accessible location? What are its contents? by Hugh Brodie.
    I think before there was a line for a storage cost. I don't see this now. Did the library shrink to the size to fit in someone's basement?
    1) Deferred membership revenue represents the portion of membership fees collected that are still outstanding. In other words if you buy a membership on Jan 1 for $45 (for example), $30 would be deferred revenue at fiscal year end. We have used this accounting practice for a number of years.

    2) There were 9 issues of the magazine published during the fiscal year, with a portion of that being reported on the 2014 financial statement. Payment for 12 months of the newsfeed were made. In general this cost should be $18,000.

    3) $6,281 is included in "other programs" in both the revenue and expenses (in and out). It's an example of how we account for Olympic, Youth, and Pugi Fund monies. It also shows up as an expense since it is an actual donation from our coffers.

    4) It's my understanding that many years ago we had some plans to have a National Library housed within the business office. I seem to remember talk of "Yanofsky files" and perhaps other itmes that hadn't been sent to the National archives. There may be someone out there that can shed more light on this, but we have been amortizing it for quite a few years and it should soon disappear as an asset from the balance sheet.

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