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Financial Report

Published by Alexander (Sandy) McQuarrie, 2020-05-10 17:42:33

Description: 2020 Annual General Meeting


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Financial Report 2020 Annual General Meeting A. D. (Sandy) McQuarrie

The RCR Association’s Financial Report This page deliberately left empty 1

The RCR Association’s Financial Report Financial Report Introduction This report, prepared for the 2020 AGM, provides the required details necessary to permit members of the Association to understand the state of the Association’s finances. The report includes three parts: • Report of Financial Position; • Statement of Financial Operations; and • Year-to-Date Budget. The details provided are for the period from 1 January to 30 April 2020. Background For many years, the Association has struggled to provide financial reporting in a myriad of ways, supported by a variety of tracking means. These means varied between a less than ideal set of Excel workbooks/spreadsheets, a small commercial accounting package, and lately, a professional bookkeeping firm. None of these provided precisely the reports that were required. During the same time, the Chair and the then Executive Director, developed and revised, the content and style of the reports yearly as they refined the requirements and the process. Current Methodology A smart excel-based application is used to both manage and report on the Association’s financial affairs. This app uses a form with selected data titles designed to reduce potential mistakes during data entry to the supporting database and the associated reports. The database automatically completes both the Statement of Financial Operations and the Year-to-Date Budget. Regrettably, the contents of the budget report have changed over the last few years in line with changes to the Association’s Strategic Plan, so it will be necessary to adapt this part of the app to the different budget layouts approved at the previous AGMs for the next few years. Conclusion This report is submitted for approval by the members of the Association at the 2020 AGM. Pro Patria A.D. McQuarrie Treasurer 2

Statement of Financial Position As of 30 April, 2020 ASSETS Bank Account Balance $12,887.68 Accounts Receivable Membership in Arrears $25.00 Assets Total $12,912.68 LIABILITIES AND NET ASSETS Current Liabilities Afghanistan Memorial Donations (Mar 2020) $145.67 Membership Rebates to Branches $3,100.00 Net Assets Net Bank Account Balance $9,667.01 Net Memberships Payable $25.00 Liabilities and Net Assets Total $12,912.68 3

Statement of Financial Operations As of April 30, 2020 Bank Balance as of 1 Jan 2020 $12,601.80 Item Amount Notes INCOME Restricted Contributions RCR Association Education Bursary $0.00 Service and Assistance Fund $2,000.00 Grants RCR Association Operations Support $15,000.00 Fund Fees and Donations Regular(A) Fees $990.28 Regular(P) Fees $443.17 Donations $292.47 Bank Fees Rebate $19.80 Total Income $18,745.72 EXPENSES Promoting a Unified Regimental Spirit ROIC and RSNCOIC Support $0.00 Facilitate and Support Branch Activities Branch Membership Rebates $0.00 Branch Activities Support $0.00 Contribute to Regt Comms and Infrastructure Purchase and Distribute Pro Patria $0.00 Website License Fees $2,359.44 Zoom Meetings Annual Fee $0.00 4

Item Amount Notes Conduct Quinquennial Reunions Committee Travel and Support $0.00 Connect With All Royal Canadians Posters and Advertisements $0.00 Assist Royal Canadians in Need Adjudicate and Administer Association Bursary Program. Bursary Grants $0.00 Adjudicate and Administer the Service and Assistance Fund Service and Assistance Fund $2,000.00 Grants Establish and Maintain Liaison with Legitimate Veterans' Organizations Travel and Communications $0.00 Contribute to the Perpetuation of Regimental History, Heritage, Traditions and Values Celebrate Regimental Historic Events and Accomplishments Wreaths, Posters and Advertisements $0.00 Exercise Institutional Leadership Contribute to Regimental Governance and Management Mandated Travel to Attend Senate $0.00 Meetings Mandated Travel to Attend REC $0.00 Meetings Mandated Travel to Attend RCR Trust Meetings $0.00 Item Amount Notes Mandated Travel to Attend RCR Museum Meetings $0.00 Branch Visits Travel $1,111.71 5

Elect and Sustain an Effective Board of Directors Conduct Annual General Meeting $0.00 Conduct Honorary Advisory Council Meeting $0.00 Directors' Insurance $0.00 Establish and Sustain an Effective Secretariat Bambora Service Fees $0.00 See Note 1 Bank Fees $27.30 Transfer Membership Fees to The Trust $11,530.83 Office Administration Printing $0.00 Office Supplies, Stamps, Etc. $23.47 Legal fees of $559.59 and final payment to Contingency $1,407.09 the Bookkeeping Bureau of $847.50 Promulgate and Implement a Fully Resourced 5-Year Strategic Plan Conduct Board Strategic Planning $0.00 Meeting Engage in Forward-Looking Development Planning Conduct Executive Planning Session $0.00 Total Expenses $18,459.84 SURPLUS/DEFICIT $285.88 Current Bank Balance $12,887.68 Notes 1. The Bambora fees are not include as they do not get entered in the bank account. To include these fees would skew the bank balances. Actual fees collected to 30 April are $44.88 and are shown in the YTD Budget 6

Year-to-Date Budget As of April 30, 2020 Year to Item Budget Over/Under Date REVENUE RESTRICTED CONTRIBUTIONS RCR Association Education Bursary $10,000.00 $0.00 $10,000.00 Service and Assistance Fund $8,000.00 $2,000.00 $6,000.00 Purchase and distribute Pro Patria (500 @ $5 $4,500.00 $0.00 $4,500.00 plus mailing) Website annual license fee $2,400.00 $0.00 $2,400.00 Website support fee $500.00 $0.00 $500.00 Restricted Contributions Total $25,400.00 $2,000.00 $23,400.00 GRANTS RCR Association Support Fund $20,600.00 $15,000.00 $5,600.00 RCR Association Support Fund Total $20,600.00 $15,000.00 $5,600.00 FEES AND DONATIONS Regular membership (A) (250@$25) $6,250.00 $990.28 $5,259.72 Regular membership (P) (10@$225) $2,250.00 $443.17 $1,806.83 Donations and other $500.00 $292.47 $207.53 Fees and Donations Total $9,000.00 $1,725.92 $7,274.08 REVENUE TOTAL $55,000.00 $18,725.92 $36,274.08 EXPENDITURES RESTRICTED CONTRIBUTIONS EXPENDITURES RCR Association Education Bursary $10,000.00 $0.00 $10,000.00 Service and Assistance Fund $8,000.00 $2,000.00 $6,000.00 Purchase and distribute Pro Patria (500 @ $5 plus mailing) $4,500.00 $0.00 $4,500.00 Website annual license fee $2,400.00 $2,359.44 $40.56 Website support fee $500.00 $0.00 $500.00 7

Year to Item Budget Over/Under Date Restricted Contributions Expenditures Total $25,400.00 $4,359.44 $21,040.56 PROMOTING A UNIFIED REGIMENTAL SPIRIT Mandated travel to branches $1,000.00 $1,111.71 -$111.71 Branch membership rebates (300 @ $10) $3,000.00 $0.00 $3,000.00 Support to ROIC and RSNCOIC $1,000.00 $0.00 $1,000.00 Promoting a Unified Regimental Spirit Total $5,000.00 $1,111.71 $3,888.29 ASSIST ROYAL CANADIANS IN NEED Establish and maintain liaison with $500.00 $0.00 $500.00 legitimate veterans' organizations Assist Royal Canadians in Need Total $500.00 $0.00 $500.00 CONTRIBUTE TO THE PERPETUATION OF REGIMENTAL HISTORY, HERITAGE, TRADITIONS AND VALUES Celebrate regimental historic events and accomplishments $1,000.00 $0.00 $1,000.00 Recognize and remember our fallen $1,000.00 $0.00 $1,000.00 Contribute to the sustainment of the $1,000.00 $0.00 $1,000.00 Regimental Museum Contribute to the perpetuation of regimental $3,000.00 $0.00 $3,000.00 history, heritage, traditions and values Total EXERCISE INSTITUTIONAL LEADERSHIP Contribute to regimental governance and management Conduct AGM $1,200.00 $0.00 $1,200.00 Deposit membership fees in the Trust $8,500.00 $11,530.83 -$3,030.83 Mandated travel to attend Senate meetings $230.00 $0.00 $230.00 Mandated travel to attend REC meetings $230.00 $0.00 $230.00 Mandated travel to attend RCR Trust $300.00 $0.00 $300.00 meetings Mandated travel to attend RCR Museum $400.00 $0.00 $400.00 meetings Promulgate and comply with approved by- laws 8

Year to Item Budget Over/Under Date Legal fees and disbursements $1,500.00 $559.59 $940.41 Elect and sustain an effective Board of Directors Conduct Board of Directors meetings $400.00 $0.00 $400.00 Directors' insurance $750.00 $0.00 $750.00 Establish and sustain an effective Executive Secretariat Executive Secretariat operations $300.00 $300.00 Bookkeeping services $4,000.00 $847.50 $3,152.50 Bambora Service fees $340.00 $44.88 $295.12 Equipment rental $500.00 $0.00 $500.00 Hardware purchases $300.00 $0.00 $300.00 Printing $400.00 $0.00 $400.00 Office Supplies, Stamps, etc. $150.00 $23.47 $126.53 Executive Secretariat contingency $300.00 $0.00 $300.00 Develop and maintain Association's communications infrastructure Promulgate and implement a fully resourced 5-year strategic plan Conduct planning session $1,000.00 $0.00 $1,000.00 Engage in forward-looking development planning Conduct Honorary Advisory Council Meeting $300.00 $0.00 $300.00 Exercise Institutional Stewardship Total $21,100.00 $13,006.27 $8,093.73 TOTAL EXPENDITURES $55,000.00 $18,477.42 $36,522.58 9

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