CSBE-SCGAB
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Treasurer Reports

2015 Treasurers report for the fiscal year ended December 31 2014 and 2015 budget with 2016 projections

Financially CSBE has sufficient cash inflow and savings to carry on for the foreseeable future.

The 2015 audit shows that the year ended with  an excess of revenue over expenditure of $29,631.  This means that a number of areas were managed extremely well:  The journal, web site, office and savings investment.  There is also an element of luck - the currency conversion of our dues from ASABE is not managed brilliantly yielding some unexpected yields on US$ to CAD$ conversions as they fixed the rate above market in a falling conversion rate environment – this often works against us when the CAD $ is rising.

Also several programs for students were significantly underspent- regional directors need to get moving there is some reasonable money available for student events.

Notable areas of  increased funding for 2015  are:   Webpage software licensing renewal – a 3 year cycle, and a projected web page rebuild for 2016. And new for this year is a journal reviewers incentive to encourage timely reviews of journal articles with the goal of making the CSBE Journal a more attractive site to publish research papers.  The CSBE foundation has implemented a program to fund student awards winners to travel to the AGM.

CIGR and AIC fees are being paid the auditor however has recorded them under a different heading.
Council is reviewing the AIC membership and fees.

Net assets at the end of 2014 were $175,825 an increase year over year of $29,631 up from a low of $139,885 in 2013

End of year combined cash was $51.819 with an additional $102.536 in a long term securities portfolio at BMO Nesbitt Burns. The current portfolio value $105,470, pointing to a hoped for 7% per annum yield.

The 2015 budget with the 2016 projections can be downloaded here.

Download the 2014 Audit.

The 2012 Audit results from Thornton and Company are summarized below the results are a apparently a bit better than expected with a $24,729 loss for the year and a year-end account cash balance of $138,864 down from a starting balance of $150,748. The Deficiency of Revenue over Expenditure is larger than the Decrease in cash Flow due to the difference in accrual methods between fiscal year accounting and  Calendar year cash flow calculation methods.

There has been a slight increase in revenue due to the Journal activities.

Combined with a $30,000 reduction in expenditures  in part due to deferred program expenses r has left the society somewhat unexpectedly with a small positive excess of Revenue over Expenses.

The proposed budget for 2014 is shown in the Statement of Revenue and Expenditures and projects a $7100 . Even with the fee increase actual revenue from the Montreal combined ASBE CSBE?SCGB  AGM is capped at $10,000 ..If the journal results and some other areas continue to perform better than expected the loss projected for 2014 could be less than projected.

Download the Summary of Thornton and company audited Financial Position for the 2013 Fiscal year starting in January 1 2013 and ending December 31, 2013.

The 2012 Audit results from Thornton and Company have finally come to me and the results are a apparently a bit better than expected with a $24,729 loss for the year and a year-end account cash balance of $138,864 down from a starting balance of $150,748. The Deficiency of Revenue over Expenditure is larger than the Decrease in cash Flow due to the difference in accrual methods between fiscal year accounting and  Calendar year cash flow calculation methods.

Several budgeted items such as AIC dues and NABEC profit sharing on the AGM seem to have slipped off the list of Audited Expenditures but are likely hiding under another heading.  Some items were also deferred to 2013.

The proposed budget for 2013 is shown in the Statement of Revenue and Expenditures and projects a $13,600 loss with luck we may do better. With the Fee increase occurring in the fall of 2013 accruing to 2014 the outlook for the 2014 fiscal year will be a slight profit of $2000.

Summary of Thornton and company audited Finanacial Position for the 2012 Fiscal year starting in January 1 2012 and ending December 31,2012.

 

FY 2011

FY 2012

Liabilities and NET ASSETS

$166,102

$141,652

REVENUE

$97,327

$68,681

EXPENDITURES

$105,266

$98,832

Other income

$1872

$3422

DEFICIENCY OF REVENUE OVER EXPENDITUR

$(6,067)

$(24,729)

 

 

 

CASH

 

 

Decrease in Cash Flow

$(19,656)

$(11,884)

CASH - beginning of year

$170,404

$150,748

CASH end of year

$150,748

$138,864

 

 

 

Statement of Revenues and Expenditures

 

Cash Flow Budget2012

Actuals 2012
Thornton and Company

Proposed 2013 Budget

Member ship fees

$20,000

$24,009

$22,000

AGM  revenues

$39,125

$41,221

$54,500

Canadian Bio Systems Journal

$4,065

$3,054

$3,000

Advertising

$200

$397-

$400

REVENUE

$65,590

$68,681-

$79,900

 

 

 

 

EXPENDITURES

 

 

 

ASABE charges

$1,500-

$398

$2,300

Annual General Meeting

$32,858

$29,447

$39,000

AGM profit sharing 2012 NABEC

$5,715

????

--

ASABE board  president's discretion

$2000

--

$2,000

Business taxes licences and memberships

-

$30

$100

CDN Bio systems Journal

$4,500

$989

$1,000

CDN Bio systems Journal Translation and post

 

$5,164

$6,000

CIGR Dues

$1,000

$824

$900

AIC dues

$1,000

--????

$1,000

Conferences and symposium  CSBE council Teleconference

$2,000

$917

$950

Consulting fees Strive Report

$20,252.59

$20,784

--

Contributions and donations

 

-

--

EIC Affiliation dues and directors Insurance

$2,780

$2,124

$2,200

General and student awards

$1,000

$1,706

$1,700

Interest and bank charges (credit card handling)

$1,522

$2,711

$3,100

Management honorarium

$20,000

$20,000

$20,000

Office CSBE manager

$1,000

$3,269

$3,3,00

Other CSBE manager

$1,000

--

 

Professional audit fee

$1,008

$1,400

$1,400

Under grad student dues

$3,200

$5,740

--

Under graduate recruitment

--

--

$6,000

Travel -CSBE manager's

$2,500

$1,090

$2,500

Web site

$500

$239

$3500

 Misc. Other

$500

-

$500

TOTAL EXPENDITURE

$105,836

$96,8312

$94,150

OTHER  INCOME

 

 

 

Expense recoveries (rebates)

$400

$643

$650

Donations

$1,800

$2,780

--

Total Other

$1,200

$3,422

$650

 

 

 

 

DEFICIENCY OF REVENUE OVER EXPENDITUR

$(40,246)

$(24,729)

$(13,600)

DOWNLOAD THE FULL FINANCIAL STATEMENT

Monday, 25 March 2013 11:33

Treasurer (interim) report - Winter 2013

The society continues to run its yearly operating budget at a deficit. The deficit this year is forecast to be $36,000 on an operating budget of $102,000. This includes an extraordinary item of $20,000 for a membership retention study. The previous year’s deficit was $20,000 and the 2013 budget deficit is forecast to be $23,000. With banked cash reserves expected to be $114,000 at the end of this year it is time to consider ideas such as increased membership dues and AGM registration fees as well as tighten control on expenses. Not only is it prudent to ensure that we have at least one year operating expenses in reserve, at this cash burn rate we could only continue deficits of this size for 4 more years before ceasing to be a viable organization.

There are two areas council is looking at, cost cutting and increased revenues. Council has appointed a subcommittee to investigate this (John Morgan, Ron MacDonald, and Qiang Zhang) to determine where savings can be made in the immediate and long term. Revenues can also be increased and this too is being examined. Annual dues and AGM registration fees were examined closely by council at the last meeting to see what should be done to help stem the fiscal loss.

1) The CSBE portion of your annual Membership dues as outlined below: currently produce revenue of $20,000. Following the motion at the 2012 AGM to increase fees by 50%, council will, at its next meeting, consider a motion to raise annual dues by 50% as outlined in the adjacent table, for the 2014 fiscal year taking membership fee revenue to near $28,000. Note that the fees will remain unchanged for the current 2013 fiscal year as ASABE has already sent out the fee notices. This $8000 will pare the deficit down to $15,000, so additional work is required and soon. Student fees and grad student fees will remain unchanged so long as they are paid by CSBE and the CSBE Foundation. (ASABE finds themselves in a similar state and will also be increasing their fees (from a full member baseline of $130) resulting in a combined 2014 membership fee that will be bigger than your current expenditure.)

Age Group

2012 – 2013

2013 – 2014 proposed

Age 34 and under

$52

$78

Age 35 to 64

$63

$94

Age 65 to 74

$31

$46

Age 75 and up

0

 

Emeritus 65 to 74

2

2

 

2) AGM revenues are the Society's other main source of income, and Council is investigating increased registration fees, videotaping of sessions for sale and other methods to address the deficit issue. Based on increased dues the CSBE AGM profit will need to be close to a forecast $15,000 each year - This will be difficult in years where there is a joint ASABE AGM event.

The combined effect of these measures will bring the CSBE-SCGAB into a closer to sustainable financial position for 2014 by arresting the cash burn rate from past years. Cash flow Trend with both increased dues and increased revenue from AGM.

Fiscal year

2011

2012

2013

2014

Income

$89,482

$65,590

$72,023

$92,393

Expenses

$109,137

$105,835

$91,114

$88,614

Revenues less Expenses

($19,655)

($40,245)

($19,090)

$3,779

Assets as year end Cash

$150,748

$110,502

$91,412

$95,191

Expenses have increased marginally from year to year with new expenses appearing with the migration to a more current and secure electronic web media presence while revenue from older technology publishing has diminished. The Council is doing their best to keep up with developments. The detailed cash flow spreadsheet is available as an attachment. Should anyone wish to discuss this with me please email me at This email address is being protected from spambots. You need JavaScript enabled to view it.." style="line-height: 1.3em;">This email address is being protected from spambots. You need JavaScript enabled to view it.. - We're always open to better ideas.

Download the Financial 2014 Projection (PDF)

Friday, 24 June 2011 09:54

Annual report 2010-2011: Treasurer

Audited Results to December 31, 2010

Thornton and Company's audit shows: assets of $169,468 differing from year end cash balance only by a small allowance for accounts (-audit page 8) receivable and a proportion of prepaid membership expenses in other organizations, with Liabilities of $6,707 for accounts payable

Cash flow results

Reporting on a cash flow Basis Revenue for 2010 was $528,242 while expenditures were $448,064, leaving a year end cash balance of $170,404. This is a welcome anomalous effect of the 2010 Quebec CIGR revenues and the great work of the CIGR conference organisers. Typically revenues in a year when there is an AGM convention with presentations would be in the order of $100,000 while expenditures would be around $70,000 on a cash flow basis. Though AGM's on either coast can tend not to be profitable.

Member ship fees brought in $26,161 as compared to $31,435 in 2009. Some management fees and salaries from 2010 may only have been invoiced in 2011 and will show up in the 2011 annual audit. The current cash balance improvement year over year (2009 FY $114,061, 2110 FY $170,403) should not be expected to continue on a sustainable basis, instead $5000 to $3000 may be expected. This gives the CSBE executive some additional manoeuvring room but does not allow for a continuing full service paid Society Management team unless the executive and membership wish to take on the business of hosting International conventions every 2 years - as was so ably done by the Quebec members.

The 2110 cash balance sheet and the Financial audit can be found on the CSBE website under the Publications menu item, CSBE documentation, Financial reports and audits

 

We have extra copies!

We have extra hard copies of CBE Journal

Volume 56 (2014)
Volume 57 (2015)
Volume 58 (2016)

Available at only 60 CAD each (including shipping).

Please contact John Feddes at manager@csbe-scgab.ca  to place your order.

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