La Société canadienne pour les traditions musicales



La Société Canadienne pour les traditions musicales

The Canadian Society for Traditional Music

Treasurer’s report, budget, and financial statements

for the year ending August 31, 2007

This is my first year as CSTM treasurer, and I will format this as my predecessor did to keep things as consistent as possible. Getting the accounting system up and running has involved a steep learning curve, and I may make changes to the way some of the accounts are tracked. The account called “50% GST Paid” was set up for my convenience, so I always know exactly how much we can claim on our GST rebate. The financial statements comprise a balance sheet and a statement of income and expenses. Here is a summary of the bad news, the good news and other information.

The bad news:

1) Membership revenues fell short of what was estimated in 2006/07 budget. There was an overall decline in income of 28.7%.

2) Fees for the Visa services provided for the Mail Order Service have continued to rise. The Visa service is a convenient way for some of our members to buy memberships and recordings, and I don’t think it has become an odious expense yet, but we should be aware that the cost keeps rising.

The good news:

1) Because we did less mailing and publication printing as compared to last year, our expenses were down considerably this fiscal year. Our overall expenses declined by 28.6% over last year.

2) We received a SOCAN grant of $1000.

3) We posted a net income of $1327.94, so the Society is still in the black.

Budget:

For the fiscal year of 2007-08, the following budget is proposed for publications and administration.

I will project an income of $5560 from memberships, representing a 5% decline over last year’s membership income. A $1000 SOCAN grant is expected, as is a $235 GST rebate as per last year, and $88 in fundraising, as per last year. The total projected income will be $6883.00. This is a much lower projected income than last year, but we did not hit last year’s projected income, so it seems prudent to make a modest prediction. In order to boost revenues, we may want to consider raising the rates for memberships (by 15%, perhaps) unless there is success with the new recruitment strategies brought forward by last year’s membership committee.

For expenses, I will budget $5000 for publications and distribution, if the number of publications (two magazines, one journal) is the same as last year. If more publications are to be done, we have approximately $2000 as a cushion already in the operating account. If this money is not used, it should be moved into our reserve account, which is currently invested. For administration, $1200 is budgeted, a modest increase over last year, as bank charges, post office box fees and other expenses may rise slightly.

This will leave a projected budget surplus of $683.00. The treasurer has traditionally assumed that the Mail Order Service runs on a break-even basis and is not expected to affect the Society’s bottom line.

Respectfully submitted,

Chris McDonald

Treasurer

October 23, 2007

CSTM Balance Sheet 2006-07

As of August 31, 2007

ASSETS

Current Assets

Chequing/Savings

CIBC Business Operating Acct 3261.76

Foreign Exchange -28.49

MOS Direct Sales Float 40.00

MOS Petty Cash 9.68

MOS Scotia Bank Acct 465.35

Petty Cash (if negative, owed to -70.64

John Leeder)

_______

Total Chequing/Savings 3677.66

Other Current Assets

Accounts Receivable 105.00

MOS Inventory at Cost 19,338.95

MOS Cash Sales 86.02

Total Other Current Assets 19529.97

________

Total Current Assets 23,207.63

Fixed Assets

MOS Equipment at Cost 1198.00

Total Fixed Assets 1198.00

Other Assets

Reserve Account 3056.87

Total Other Assets 3056.87

TOTAL ASSETS 27,462.50

LIABILITIES AND EQUITY

Liabilities

Current Liabilities

Accounts Payable

Accounts Payable 1412.28

Total Accounts Payable 1412.28

Other Current Liabilities

GST 50% Paid -323.77

MOS Loan (from Foster) 3809.00

Total Other Current Liabilities 3485.23

Total Current Liabilities 4897.51

Total Liabilities 4897.51

Equity

Retained Earnings 1880.52

Net Income 1327.94

Retained Surplus, Beginning 19,356.53

Total Equity 22,564.99

TOTAL LIABILITIES & EQUITY 27,462.50

CSTM Income & Expenses

September 1, 2006 through August 31, 2007

INCOME

Capital Gain/Loss 10.73

Donations 20.00

Earned Income MOS

MOS Shipping/Handling Charged 45.00

MOS Earned Income 4456.87

Total Earned Income MOS 4501.87

Fundraising 88.00

GST Rebate 234.06

Income, Other (GST Overpay) 13.20

Income, Other (Grants – SOCAN) 1000.00

Memberships – Concession 551.00

Memberships – Individual 2012.00

Memberships – Organization 3290.00

Total Income 11,720.86

EXPENSES

Administration

Bank Charges 48.00

Office Expenses

PO Box Rental 164.80

Postage/Courier 761.38

Supplies 132.16

Total Office Expenses 1058.34

Travel 5.13

Total Administration 1111.47

Mail Order Service (MOS)

Bank Charges

Visa Charges

Discount Fees 72.38

Imprinter Rental 83.40

Monthly Fees 69.65

Transaction Fees 43.47

Total Visa 268.90

Other Bank Charges 132.00

Total Bank Charges 400.90

Commissions 266.00

Office Expenses

PO Box Rental 110.00

Postage/Courier 44.61

Supplies 11.71

Total Office Expenses 166.32

Shipping & Handling 89.19

Stock Purchases 3566.11

Total Mail Order Service (MOS) 4488.52

Publications

Office Expenses

Postage/Courier 899.60

Supplies 11.32

Total Office Expenses 910.92

Publication Printing (Journal) 1090.00

Publication Printing (Magazine) 2786.67

Travel 5.34

Total Publications 4792.93

Total Expenses 10,392.92

NET INCOME: 1327.94

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