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eFlash! 2023-09

2023 AGM — Annual General Meeting / AGA 2023 — Assemblée générale annuelle

Treasurer’s Report / Rapport du Trésorier

Index & Agenda | President’s Report

Financial Report for the 2022–23 Fiscal Year

Video 1 (1:04:14). Video documentation of the CEC’s 2023 AGM, with a performance by Jean-François Laporte bookending the proceedings.

The following is a report on the CEC’s financial situation at the end of the 2022–23 fiscal year with a perspective on the current fiscal year, 2023–24. 1[1. The Treasurer’s Report starts at 38:00 in the video documentation of the AGM.]

Please refer to the Financial Report in the documents provided to members prior to the AGM.

Overview of the CEC’s Financial Situation

Assets and Liabilities

On the first page, the assets and liabilities for the 2022–23 fiscal year are summarized:

Accounts Due consist of membership dues owing (projected to be recovered) and a small balance for membership payments remaining on PayPal at the end of the fiscal year.

Accounts Payable consist of professional fees owed to the CEC’s translator and accountant, and to the performers at today’s AGM.

Revenues and Expenses

The second page offers an overview of revenues and expenses (by category). Primary sources of revenue were the SOCAN Foundation, membership dues and private donations (for JTTP). Principal expenses were subcontracting (administrative salaries) and professional fees (programming, grant-writing assistance, accounting, translation, JTTP prize money), with smaller office- and communications-related expenses.

The difference in total revenues ($37,189) and total expenses ($36,774) means that the CEC’s revenues exceeded its expenses by $416 for the last fiscal year.

Financial Forecast

The third page is an annex, providing informal and simplified summaries and projections. The first table reflects what was described above. The second table shows the projected funds and revenues available to the CEC for the current fiscal year: Net Assets plus the confirmed Annual Operations grant, plus projected membership fees and JTTP donations leave the CEC with a “working balance” of $44,355.

Revenue Sources

Institutional

SOCAN Foundation. This is our third year of a three-year funding cycle that included $3000 increases each year. We just submitted our next three-year funding application for 2024–26. We expect to hear the results of this application in late 2023. The SOCAN Foundation covers our Annual Operations and funding for our various projects and initiatives, and day-to-day activities. We are very thankful for the foundation’s support of the CEC which has been ongoing since 2005.

Canada Council for the Arts. We are looking at applying to CCA for funding for several of our initiatives. We will be seeking funding for the 25th anniversary of the CEC’s coordination of JTTP in 2024 and for proposed community outreach activities. We are also working on meeting their eligibility criteria for the Support Organizations due in January 2026 for core funding. This offers multi-year funding, adding further support and stability to the CEC’s funding base and would allow us to expand our activities.

Other

JTTP is supported by private donations and materials offered by institutional partners. The prize money for JTTP’s Thematic Awards from 2021 to 2025 is provided by a donation from Kevin Austin, who also initiated the awards. We also wish to thank Martin Gotfrit, who made a donation to support the awards each year since JTTP 2021. We send a huge thanks out to all our partners for the wonderful prize packages the CEC is able to offer the JTTP winners (the value of which is over $3300), in addition to the cash prizes offered to winners and thematic award recipients (total value of $1900).

Additionally, Kevin Austin made a donation towards membership dues, helping to retain some members by subsidizing a portion of their dues owing, and provided some international members complimentary first-year membership. This generous contribution helped increase our membership to over 200 members for the first time. We endeavour to continue this positive growth to the membership in the coming years.

Thanks again to Kevin for his continued generosity!

A Positive Outlook

On behalf of the Board of Directors, I am happy to present a Financial Report in the black. We have applied for continued SOCAN funding for another three years. This will maintain stability and sustainability for our future operations and programmes with an outlook to hopefully grow funding by getting our ducks in a row to obtain eligibility for Canada Council core funding. Our membership continues to grow, bringing in increased dues that help fund our various endeavours. The CEC’s financial position continues to be very positive going forward.

Shawn Pinchbeck
Treasurer of the CEC
Viljandi, 14 September 2023

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