Ottawa Centre Executive/Council

2006 Annual Meeting

TREASURER'S REPORT - 2006

Stephen Nourse,
Treasurer

RASC Ottawa Centre
Comparative Income Statement

REVENUE	2005-10-01 to 2006-09-30		2004-10-01 to 2005-09-30
Interest		595.23		253.77
Foreign Exchange		0.00		0.00
Membership Grants	902.00		820.00
Membership Revenue, Gross	19,231.07		18,753.44
Membership Total		20,133.07		19,573.44
Coffee Fund Proceeds		0.00		0.00
Key Fees		748.00		857.00
Donations, Not Receipted		0.00		0.00
Donations, Receipted		676.00		745.01
SMARTscope Funds Raised		911.40		0.00
Sale of Centennial Items		3,793.50		0.00
RASC Calendar Sales		2,370.00		1,840.00
GA Sales		33,729.27		0.00
GA Donations		1,545.00		0.00
Annual Dinner Meeting Tickets		2,135.00		2,250.00
Misc.Revenue		32.00		300.00
TOTAL REVENUE		66,668.47		25,819.22

EXPENSE	2005-10-01 to 2006-09-30		2004-10-01 to 2005-09-30
Cost of Goods
Cost of RASC Calenders		1,613.85		1,582.26
Cost of Centennial Items		4,007.96		0.00
Adjustment Write-off		0.00		0.00
Total Cost of Goods Sold		5,621.81		1,582.26

Membership Cost
Membership Fees, National Office		11,525.45		11,506.87
Total Membership Cost		11,525.45		11,506.87

Operating Expenses
Insurance		2,891.63		3,318.57
Rent, FLO	10.00		10.00
Hydro Expense, FLO	432.70		475.45
Snow Removal Expense, FLO	85.60		80.00
Maintenance Expense, FLO	134.22		248.48
Total Expense, FLO		662.52		813.93
Printing Expense, AstroNotes	2,448.32		1,955.04
Stamps Expense, AstroNotes	2,015.24		1,544.08
Total Expense, AstroNotes		4,463.56		3,499.12
Cost of Annual Dinner Meeting		2,368.30		2,302.36
Program Committee Expense		150.00		513.82
Observers Group Expense		263.23		255.06
National Rep Travel Expense		0.00		0.00
GA Expenses		39,904.11		0.00
Astronomy Day		0.00		79.03
SMARTscope	411.40		395.90
SMARTscope, Telephone	641.04		623.17
Total SMARTscope Expenses		1,052.44		1,019.07
Bank Charges and Interest		29.61		48.15
Bank Adjustments		0.00		0.00
Office Supplies		0.00		0.00
Telephone		669.56		622.52
Internet/Web Hosting		428.00		428.00
General Admin: Stamps Expense		1.12		76.21
General Admin: Print Expense		0.00		11.04
General Admin: Miscellaneous		117.70		111.28
Depreciation		9,910.31		10,513.59
Total Operating Expenses		62,912.09		23,611.75

TOTAL EXPENSE		80,059.35		36,700.88

NET INCOME		-13,390.88		-10,881.66


RASC Ottawa Centre
Comparative Balance Sheet

ASSETS	As At 2006-09-30		As At 2005-09-30
Current Assets
Petty Cash	18.29		19.41
Telescope Loan Float	100.00		100.00
Bank (Cash)	13,387.12		3,961.14
Cash: Total		13,505.41		4,080.55
Investments		9,445.12		24,445.12
Accounts Receivable		510.00		0.00
Inventory: Total		0.00		0.00
Prepaid Expenses and Deposits		0.00		0.00
Total Current Assets		23,460.53		28,525.67

Capital Assets
SMARTscope Astronomical Equipment		30,119.32		35,875.16
SMARTscope Software		0.00		0.00
SMARTscope Computer Equipment		53.77		613.45
SMARTscope Building		19,375.39		20,691.94
Astronomical Equipment: FLO		6,051.50		7,339.31
Buildings: FLO		1,720.75		1,843.63
Library		3,768.62		4,514.35
Audiovisual Equipment		295.59		354.71
Equipment Loan Library		395.06		534.67
Office Equipment		0.00		163.09
Office Software		0.00		0.00
Total Capital Assets		61,780.00		71,930.31

TOTAL ASSETS		85,240.53		100,455.98

LIABILITIES	As At 2006-09-30		As At 2005-09-30
Current Liabilities
Accounts Payable		4,292.88		6,117.45
GST Owing (Refund)		0.00		0.00
Total Current Liabilities		4,292.88		6,117.45

TOTAL LIABILITIES		4,292.88		6,117.45

EQUITY	As At 2005-09-30		As At 2004-09-30
Retained Earning
Retained Earnings		94,338.53		105,220.19
Current Earnings		-13,390.88		-10,881.66
Total Retained Earnings		80,947.65		94,338.53

TOTAL EQUITY		80,947.65		94,338.53

LIABILITIES AND EQUITY		85,240.53		100,455.98

2005-2006 Notes to the Financial Statements

1) General Assembly

GA reporting in the 2006 financial statements is not quite representative due to the September 30 year end. Subsequent to the year end negotiations with the Carleton Conference Centre have resulted in a $3,420.97 fee reduction with a refund to come shortly.
We have also received subsequent to year end $200 from the Physics Department at Carleton and $200 from the Earth Sciences Department towards the GA.
These post year end changes will result in the GA costing the Ottawa Centre overall $808.87 to host. We needed approximately six more registrants to break even.

2) Centennial Items

Similar to the GA results Centennial Item sales are ongoing. With sales to date we are $59.46 short of breakeven, including accounting for the number of items have been used for door prizes. There remains the potential for a modest profit.

3) FLO Expenses

FLO other than insurance costs continues to pay its way by user charges, however this is to a large part due to the ongoing efforts of Al Seaman.
We can expect in 2006-2007 that FLO will require some investment by the Centre to properly maintain our asset, and that it will not be fully funded by the key fees.

4) Investments

You will note that the amount of money held in investments is reduced, down to $9,945.12. This is a result of having to use some to prepay some significant GA expenses up front. These are in the process of being restored and once the refund from Carleton comes in we will be back up the $25,000 mark.

5) Profit/Loss

The 2006 income statement shows a loss of $13,390.88. This is primarily the result of depreciation, and in fact when you consider in the refund from Carleton which unfortunately will be shown in the 2006-2007 statements the Centre actually turned a profit of about $86.00 for the year.

6) Financial Viability

Your centre remains financially healthy, membership appears stable and there is no necessity to consider any sort of a centre surcharge to the membership dues. We continue to exceed by a significant margin our spending obligations to maintain our status as a Charitable Organization.

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This page last modified: January 3, 2007