Ottawa RASC Logo 2005 Annual Meeting
TREASURER'S REPORT - 2005
Stephen Nourse,
Treasurer
 
RASC Ottawa Centre
Comparative Income Statement
 
REVENUE 2004-10-01 to 2005-09-30 2003-10-01 to 2004-09-30
Interest 253.77 378.09
Foreign Exchange 0.00 0.00
  Membership Grants 820.00 704.00
  Membership Revenue, Gross 18,753.44 25,218.20
Membership Total 19,573.44 25,922.20
Advertising Revenue 0.00 0.00
Telescope Loan Rentals 0.00 0.00
Coffee Fund Proceeds 0.00 0.00
Key Fees 857.00 1,232.00
Donations, Not Receipted 0.00 0.00
Donations, Receipted 745.01 2,074.03
SMARTscope Funds Raised 0.00 3,120.05
RASC Calendar Sales 1,840.00 1,484.00
Annual Dinner Tickets 2,250.00 1,782.00
Misc.Revenue 300.00 0.00
TOTAL REVENUE 25,819.22 35,992.37
 
EXPENSE 2004-10-01 to 2005-09-30 2003-10-01 to 2004-09-30
Cost of Goods
Cost of RASC Calenders 1,582.26 2,399.20
Adjustment Write-off 0.00 346.91
Purchase Discounts 0.00 0.00
Freight Expense 0.00 0.00
Total Cost of Goods Sold 1,582.26 2,746.11
 
Membership Cost
Membership Fees, National Office 11,506.87 16,178.76
Total Membership Cost 11,506.87 16,178.76
 
Operating Expenses
Insurance 3,318.57 4,939.92
  Rent, FLO 10.00 10.00
  Hydro Expense, FLO 475.45 406.74
  Snow Removal Expense, FLO 80.00 120.00
  Maintenance Expense, FLO 248.48 360.29
Total Expense, FLO 813.93 897.03
  Printing Expense, AstroNotes 1,955.04 1,636.08
  Stamps Expense, AstroNotes 1,544.08 2,192.22
Total Expense, AstroNotes 3,499.12 3,828.30
Cost of Annual Dinner Meeting 2,302.36 2,086.82
Program Committee Expense 513.82 721.61
Observers Group Expense 255.06 482.18
National Rep Travel Expense 0.00 0.00
Astronomy Day 79.03 60.93
  SMARTscope 395.90 0.00
  SMARTscope, Telephone 623.17 650.65
Total SMARTscope Expenses 1,019.07 650.65
Bank Charges and Interest 48.15 0.00
Bank Adjustments 0.00 840.91
Office Supplies 0.00 0.00
Telephone 622.52 628.98
Internet/Web Hosting 428.00 0.00
General Admin: Stamps Expense 76.21 0.00
General Admin: Print Expense 11.04 0.00
General Admin: Miscellaneous 111.28 545.27
Depreciation 10,513.59 15,365.80
Total Operating Expenses 23,611.75 31,048.40
 
TOTAL EXPENSE 36,700.88 49,973.27
 
NET INCOME -10,881.66 -13,980.90
 
ASSETS As At 2005-09-30 As At 2004-09-30
Current Assets
  Petty Cash 19.41 34.50
  Telescope Loan Float 100.00 100.00
  Bank (Cash) 3,961.14 1,741.61
Cash: Total 4,080.55 1,876.11
Investments 24,445.12 24,445.12
Accounts Receivable 0.00 0.00
Inventory: Total 0.00 0.00
Prepaid Expenses and Deposits 0.00 0.00
Total Current Assets 28,525.67 26,321.23
 
Capital Assets
SMARTscope Astronomical Equipment 35,875.16 41,631.00
SMARTscope Software 0.00 0.00
SMARTscope Computer Equipment 613.45 1,726.88
SMARTscope Building 20,691.94 22,008.49
Astronomical Equipment: FLO 7,339.31 5,065.01
Observing Equipment 0.00 2,710.84
Buildings: FLO 1,843.63 1,966.51
Library 4,514.35 5,260.08
Audiovisual Equipment 354.71 413.83
Equipment Loan Library 534.67 623.78
Office Equipment 163.09 326.20
Office Software 0.00 0.00
Total Capital Assets 71,930.31 81,732.62
 
TOTAL ASSETS 100,455.98 108,053.85
 
LIABILITIES As At 2005-09-30 As At 2004-09-30
Current Liabilities
Accounts Payable 6,117.45 2,833.66
GST Owing (Refund) 0.00 0.00
Total Current Liabilities 6,117.45 2,833.66
 
TOTAL LIABILITIES 6,117.45 2,833.66
 
EQUITY As At 2005-09-30 As At 2004-09-30
Retained Earning
Retained Earnings 105,220.19 119,201.09
Current Earnings -10,881.66 -13,980.90
Total Retained Earnings 94,338.53 105,220.19
 
TOTAL EQUITY 94,338.53 105,220.19
 
LIABILITIES AND EQUITY 100,455.98 108,053.85
 

Notes to 2004 - 2005 Financial Statements

  1. Membership revenue is down considerably, $18,753.44 versus $25,218.20 last year. This is out of proportion to the drop of about 25 members and the increase in fees by head office. It is believed to be a function of how multi-year membership renewals are collected by head office and remitted to the centre. Revenue is passed along for the entire two or three year renewal period, so in essence a portion of it is actually revenue not earned. We are in an "off cycle" of renewals and experiencing a revenue shortfall.
  2. The other major revenue shortfall versus last year is there were no Smartscope donations.
  3. The centre experienced a net $368.07 real loss (before depreciation) for 2004/2005 for the first time in many years. This is a direct result of the reduction in revenue noted above.
  4. Insurance costs have moderated with the removal of builders risk coverage on Smartscope.
  5. Centre funds remain healthy with $24,445.12 in term deposits.
  6. The value of the assets under "Observing Equipment" have been transferred to "Astronomical Equipment" as there is no practical difference between the two categories. In future statements that account code will be dropped.
  7. If you check the last years figures in the 2004 -2005 reports against those posted on the website last year you will find minor discrepancies between the two in a few areas such as Astonotes mailings, membership revenue, and bank adjustments. These are the results of estimated accruals being replaced by late arriving actual figures. There are no estimated figures in this years' statement.
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This page last modified: November 24, 2006