| CSA News On-Line - Issue 31 Spring 1999 |
| Site Index | Benefits | Travel Insurance | Magazine | Lifestyle Links |
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Since taking over the responsibility of Treasurer on January 24, 1998, the CSA Finance Committee has met, discussed and guided the financial affairs of the association. The audited financial statements, which are part of this annual report, reflect a strong and positive financial future for the CSA. You will note, upon looking at our operating fund, that our expenses this year were 2.7% higher than income. The excess of expenses over revenue for 1998 was due mainly to the exchange rate between the Canadian dollar and the U.S. dollar. Like our members, the association is finding a lower |
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CANADIAN SNOWBIRD ASSOCIATION INC.
Combined Balance Sheet October 31, 1998 (Expressed in Canadian Dollars) |
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1998
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1997
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ASSETS
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CURRENT
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Cash
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$352,730
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$343,996
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| Accounts receivable |
102,515
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151,351
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| Prepaid expenses |
10,188
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22,350
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| Inventory |
-
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1,936
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465,433
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519,633
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Office Equipment (Note 3)
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48,502
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39,947
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Trade Name
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5,679
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7,042
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Special Action Fund Net Assets (Note 5)
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399,163
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297,092
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$918,777
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$863,714
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LIABILITIES
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ACCOUNTS PAYABLE
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$32,190
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$94,836
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BOARD ELECTION RESERVE
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15,000
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15,000
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DEFERRED MEMBERSHIP FEES (Note 2)
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154,122
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115,840
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201,312
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225,676
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MEMBERS' EQUITY AND UNEXPENDED FUNDS
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OPERATING FUND - ACCUMULATED SURPLUS
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$32,190
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$94,836
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UNEXPENDED FUNDS - SPECIAL ACTION FUND
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15,000
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15,000
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201,312
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225,676
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$918,777
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$863,714
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CANADIAN SNOWBIRD ASSOCIATION INC.
Combined Statement of Revenue, Expenses and Accumulated Surplus - Operating Fund Year ended October 31, 1998 (Expressed in Canadian Dollars) |
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1998
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1997
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REVENUE
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Membership fees
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$465,590
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$518,496
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Insurance administration fees
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283,772
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251,883
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| Benefit programs |
76,105
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26,841
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| Interest |
8,095
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7,338
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| Product sales |
769
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3,461
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834,331
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808,019
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EXPENSES
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Salaries and benefits
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178,391
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143,144
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Membership administration
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106,106
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91,460
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Board and executive meetings
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102,866
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79,110
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Postage
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101,454
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119,424
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Office administration and research
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78,888
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66,294
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Trade show
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72,327
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72,890
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Legal
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42,396
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28,355
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Annual general meeting
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41,625
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43,754
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Telephone
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41,398
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53,565
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Advertising and promotion
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25,748
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99,629
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Internet
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19,260
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18,190
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CSA informational meetings
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17,096
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51,709
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Depreciation and amortization
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12,754
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9,837
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Accounting
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10,524
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7,207
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Grassroots meetings
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4,683
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Miscellaneous
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1,129
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1,934
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Cost of products
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330
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3,000
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856,975
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889,502
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EXCESS OF EXPENSES OVER REVENUE FOR THE YEAR
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(22,644)
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(81,483)
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| ACCUMULATED SURPLUS, BEGINNING OF YEAR |
340,946
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422,429
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| ACCUMULATED SURPLUS, END OF YEAR |
$318,302
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$340,946
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