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Thread: 4L - Treasurer's Report

  1. #1
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    Default 4L - Treasurer's Report

    I will be providing a report later this evening

  2. #2
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    The role of Treasurer is to try and help with discretional financial decisions throughout the year. Once again this year we were able to post a small profit.

    It could have been slightly bigger, but we decided to make a donation of $3,000 to the Olympic fund to help balance out an expected forced donation in 2016/17.

    Memberships were up although this was not shown in the membership revenue, due to the accounting methodology we use. A high proportion of the memberships were in the second half of the fiscal year, and thus a larger than average percentage of the membership revenue was pro-rated to 2016-17.

    Here are the financial statements
    http://www.chess.ca/sites/default/files/FS2016a.pdf

    =========================

    Bob might not like this but here's what I'll call the Cole's Notes Version of the CFC 2015/16 Financial Year (amounts rounded to the nearest $250)

    Net CFC Memberships Collected $43,000
    CFC (& net FIDE) Rating Fees Collected $28,500
    Donation from Chess Foundation $9,500
    CMA (Book & Equipment Deal) $5,000

    Revenue Total $86,000



    Admin Expense $51,500
    CFC Magazine $15,250
    International Programs $6,000
    FIDE Admin & Meeting Expenses $5,750
    FIDE Titles / Licenses $2,500

    Expenditure Total $81,000

    Net Income $5,000

    Fred McKim
    CFC Treasurer 2015/16
    Last edited by Fred McKim; 08-21-2016 at 05:36 PM.

  3. #3
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    The good news about the reporting method is that it should increase the reported funds available for fiscal 2017 when we will need the money to pay for the Olympiad. Of course the reality is that what is important is the cash flows and in that respect we are quite healthy even with the upcoming expenses.

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