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Thread: 4L - Treasurer's Report

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

    As Treasurer, I try to give advice on any expenditures we contemplate making throughout the year and also act as part of the Board of Directors on general matters that need discussion and a resolution.

    The Financial Statements will be attached to the meeting (perhaps in the Executive Director's Thread). However, I am again presenting the Cole's Notes Version. Please feel free to ask any questions.

    INCOME
    Net Membership Fees 44000
    Net Rating Fees 28300
    Chess Foundation 10600
    CMA Book & Equipment Contract 5000
    -------
    87900


    EXPENSES
    Administration 50000
    Net International Programs 26500
    Newsletter & Newsfeed 8600
    --------
    85100



    SURPLUS 2800

  2. #2
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    Financial Statements for 2017 are now on the website.
    http://www.chess.ca/sites/default/files/CFC2017c.pdf

    Chess Foundation of Canada report is also now on website.
    http://www.chess.ca/sites/default/fi...foundation.pdf

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    From the Public Gallery:

    Hi Brent. I think Bob can give a better answer to most of these, but I'll do what I can.




    Quote Originally Posted by Brent Golem View Post

    Hey Fred,

    I had a couple questions about the Financial statements, if you can answer. I can't post in the other thread, so I'm not sure if this is the right spot.


    BALANCE SHEET
    1. Deferred membership revenue – Would this number give us an idea of when people purchased subscriptions during the year? Deferred annual - $25199, Paid annual - $43,491, so only $18,292 count toward this year, meaning the majority of members make their purchases/renewals later in the year? 2016 had $23,583 in deferred revenue, what line item is that number represented in the 2017 financials?

    ** Yes. It's accounted for as a net gain or loss for the year in the Notes (see Memberships).

    STATEMENT OF REVENUE AND EXPENDITURE
    2. Sales of Books and Equipment – The number in 2017 and 2016 was $5000, down from $5250 in 2015 and $10298 in 2014. Is that a flat-rate 3rd party "advertising" agreement, and we don't sell any equipment internally nor receive commission from sales driven from CFC traffic?

    ** We currently have a contract with CMA. We receive $5,000 in order to provide advertising for them (and of course we agree to sell no books or equipment).

    3. Publication: e-Newsletter – Are there any financial notes for this item? For a large expenditure it's interesting that we can't see how expenses have changed year over year. Why is there a significant drop this year? Less issues and postage, or other?

    ** We have a monthly budget of $1,500 for the Newsletter and Newsfeed. There were less issues this year. There is no postage. By coincidence it came at a good time as we had a huge Olympic line item

    NOTES TO FINANCIAL STATEMENTS
    4. Domestic Rating Fees – Is it possible to express these as the types of fees collected? ie, Revenue for regular, active, or junior per player fee, or just raw numbers such as done with the Membership.

    ** I assume it could be done, but would obviously require time by the ED

    5. Annual Membership Fees – For my membership I paid $48 because I live in Ontario. A foreign player would pay $36, so I presume that $12 was transferred to Ontario Chess Association or why is there a difference in provincial fees? If they are indeed transfers, how are they shown in the financials?

    ** Provincial Fees are a straight in and out and do not appear in the Financial statements. Every province sets their own fees

    Thanks for your time and putting this all together.

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    Quote Originally Posted by Fred McKim View Post

    BALANCE SHEET
    1. Deferred membership revenue – Would this number give us an idea of when people purchased subscriptions during the year? Deferred annual - $25199, Paid annual - $43,491, so only $18,292 count toward this year, meaning the majority of members make their purchases/renewals later in the year? 2016 had $23,583 in deferred revenue, what line item is that number represented in the 2017 financials?
    ** Yes. It's accounted for as a net gain or loss for the year in the Notes (see Memberships).
    Thanks Fred. That is correct, but if it is still a little fuzzy.

    Brent - You are on the right path.
    The $23,583 deferred revenue from last year in included in $50,919 revenue this year.
    Adjustment to deferred revenue of -$1,616 = $23,583 - $25,199. I hope that makes it clearer.

    Your observation that only $18,292 (42%) of the collected $43,491 this year is included in revenue is consistent with my observation that we had a flood of renewals late in the year (March & April).

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