PAL OTTAWA - ANNUAL MEETING OF MEMBERS MAY 30, 2016 FISCAL YEAR END DECEMBER 31, 2015 TREASURER S REPORT AND FINANCIAL STATEMENTS PAL Ottawa is incorporated under the Canada Not-For-Profit Act and is a registered Canadian Charitable organization. The books were managed in 2015 by the Treasurer with support from the Administrator using the Sage 50 Canadian Edition accounting software. Our bank is Alterna Savings Credit Union with non-profit organization accounts: operating and savings accounts. We also have accounts with the Canadian online charitable donation organization CanadaHelps and a non-profit account with PayPal to accept credit card payments. The signing authority rests with the four members of the executive, any two to sign. Budgets are prepared by the Treasurer for approval by the board of directors and reports are given on a monthly basis. In 2015, revenues of $46,785.02 came from memberships, events, charitable donations, third party benefit performances and two project grants for the housing study and the Supporting Cast program. Expenses of $51,159.20 included Supporting Cast, housing study, membership, communications and fund raising activities as well as administrative costs such as insurance, administrative and database services. PAL Ottawa operates primarily on the work of volunteers and in 2015 contracted three part-time personnel to assist with administration, communication, and outreach activities. A planned deficit of $4,374.18 was incurred in order to fund the Housing Feasibility Study. The modest deficit had been forecasted at the beginning of the year and funds had been set aside for that purpose. PAL Ottawa uses an accrual accounting method. At year end, our assets were funds held at the bank with small receivables from PayPal. Liabilities consisted of dues payable to PAL Canada and deferred revenue from the Community Foundation of Ottawa grant. Financial Statements: The financial statements for 2015 have been prepared by the Treasurer from the accounting software and the accounts have been reconciled with the bank statements. As approved at the last Annual Meeting in 2015, the accounts have been independently verified by a director of PAL Ottawa who is not an officer with signing authority. According to the Canada Not-For-Profit Act, soliciting non-profit corporations with under $50,000 in revenues may either have a review engagement report prepared by an accountant or, with approval of the membership, agree to a report prepared by the Treasurer. Motions for 2016: That the Financial Statements for the year-ending December 31, 2015 be approved as presented by the Treasurer and verified by a non-signing director. That the Financial Statements for the year ending December 31, 2016 be prepared by the Treasurer and verified by a non-signing director, waiving the need for a review engagement should the annual revenues be less than $50,000. Should the revenues exceed $50,000, a review engagement shall be undertaken by an accountant. Submitted and signed: Stephen Scott, Treasurer, PAL Ottawa 1
PAL Ottawa Balance Sheet As at 31/12/2015 ASSET Current Assets Savings Bank Account 8,159.81 Chequing Bank Account 16,633.27 Total Cash 24,793.08 Accounts Receivable 50.00 Total Receivable 50.00 Total Current Assets 24,843.08 TOTAL ASSET 24,843.08 LIABILITY Current Liabilities Accounts Payable 2,380.00 Deferred Revenue 3,000.00 PAL Canada Payable 710.00 Other Credit Card Payable -187.81 Total Credit Card Payables -187.81 HST Paid -7,234.04 HST Adjustments 156.08 HST Owing (Refund) -7,077.96 Total Current Liabilities -1,175.77 TOTAL LIABILITY -1,175.77 EQUITY Net Worth Retained Earnings - Previous Year 20,393.03 Reserve Fund for Housing Project 2,500.00 Reserve fund for HP - spent 7,500.00 Current Earnings -4,374.18 Total Net Worth 26,018.85 TOTAL EQUITY 26,018.85 LIABILITIES AND EQUITY 24,843.08 Generated On: 01/05/2016 2
Certified as accurate and in the Sage Accounting software on May 23, 2016 By: Treasurer Verified by non-signing Director Stephen Scott Chris Cornish 3
PAL Ottawa Income Statement 01/01/2015 to 31/12/2015 REVENUE Sales Revenue Membership - Individual 1,775.00 Membership - organization 550.00 PAL Builder Orgs 0.00 Membership Event sales 0.00 OLT Benefit - A Christmas Story 1,750.00 A Christmas Story - EventB/Paypal 640.00 PAL Event Sales - OLT & Other Total 2,390.00 Auction Sales - Garden Party 1,625.00 Event Sales - Garden Party 2,077.62 Fundraising Event Sales 3,702.62 Total Sales 8,417.62 Fundraising and Misc Revenue Donations - Indiv., gifts, other 9,100.00 Donations Charitable via CanHelps 2,855.00 Third Party Community Event 600.10 Indie-Gogo Campaign 0.00 Donations Garden Party Ticket Sales 1,650.00 Interest Revenue 142.98 Miscellaneous Revenue 0.87 Total Fundraising and Misc Revenue 14,348.95 Grant Revenue Public Sector Grants - Federal 10,000.00 Public Sector - Provincial grants 6,018.45 Private Sector grants 8,000.00 Total Grant Revenue 24,018.45 TOTAL REVENUE 46,785.02 EXPENSE Program Expenses S Cast Training expense 153.83 SC driver mileage 298.51 SC web resource specialist 990.00 Promo tools for wkshps, services... 2,040.85 SC workshops 117.88 SC Office supplies 11.88 4
Outreach Coordinator Apr-Dec 3,300.00 Outreach Coordinator to March 3,850.00 Supporting Cast 10,762.95 Related expenses - meeting costs 169.58 Fundraising Consultant 9,500.00 Housing Consultant 15,350.00 Housing Feasibility Study 25,019.58 Total Program Expenses 35,782.53 Members, Communication & Outreach PAL Canada Membership dues 710.00 Pride Parade 143.34 Renewal Event 0.00 Annual meeting 166.98 Membership Activities 1,020.32 Website Professional Services 495.00 Website & Email & OPAL 777.37 Logo & Design 0.00 Promotion video 0.00 Pal brochures 805.00 Communications Fees 775.00 Printing for events & FR 0.00 Translation & writing 0.00 Communications office supplies 0.00 Communication Activities 2,852.37 Total Communications & Outreach 3,872.69 Fund Raising Expenses Fund Raising event expenses 0.00 Fund raising event exp Garden Party 482.45 Fundraising Event ExpenseTotal 482.45 Fundraising materials and research 0.00 Total Fund Raising Expenses 482.45 General & Administrative Expenses Administrative Services 7,575.00 Legal expenses 112.50 Canada Helps Fees 46.93 Paypal fee 112.49 Square fee 40.57 Fees, Memberships & Licenses 278.40 Annual planning retreat 0.00 Postage, copying, mailing supplies 697.04 Insurance 1,614.60 Interest & Bank Charges 4.00 Database annual cost & misc. 540.00 Contingency 0.00 Banking & corporate filing 0.00 5
Total General & Admin. Expenses 11,021.53 TOTAL EXPENSE 51,159.20 NET INCOME -4,374.18 Generated On: 01/05/2016 Certified as accurate and in the Sage Accounting software on May 23, 2016 By: Treasurer Verified by non-signing Director Stephen Scott Chris Cornish 6