eFlash! 2018-08

2018 AGM — Annual General Meeting / AGA 2018 — Assemblée générale annuelle

Treasurer’s Report / Rapport Du Trésorier

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The following is a report on the CEC’s current financial situation as of the start of the current fiscal year (2018–19). Please refer to the 2017–18 Financial Report (in the documents provided to those present at the CEC’s 2018 AGM).

Year-End Financial Report

Page 2 of the Financial Report shows a summary of revenues and expenses for the 2017–18 fiscal year, which ended on 31 May 2018.

As has been the case for several years now, our main sources of funding for the just-completed fiscal year came from the SOCAN Foundation and membership dues, while the principal expenses for the same period were administrative salaries, and subcontracting work such as translation, Guest Editors, etc.

At the bottom of page 1 our financial situation as of 31 May 2018 is summarized as follows:

• Actifs (Assets) of $5460 in the bank plus $330 in Accounts Due for a total $5790;
• Passif (Liabilities) of $650 in Accounts Payable;
• Assets minus Liabilities leave a Net Asset of $5140.

Accounts Due this year are membership payments received but not deposited prior to 31 May; Accounts Payable consist of outstanding payments for eContact! and for the CEC’s accountant.

Turning to page 2, you will see the CEC’s 2017–18 revenues and expenses listed in categories. As you can see in the table, total revenues ($25,668) minus total expenses ($26,041) mean that the expenses exceeded the revenues by $373, a rather negligible amount.

You will notice a negative amount in Production Expenses of $6000 (in brackets). This is explained by the fact that the amount earmarked for Sonus improvements was previously listed under “Production Expenses” when it really should have been listed under “Professional Fees”, where it has now been moved. And because some of last year’s Accounts Payable for Professional Fees were in the end not needed, they can be understood as revenue this year; therefore this expenditure is in fact lower than $6000, rather than substantially higher, as one would expect to be a result of this adjustment.

On page 3 of the Financial Report, you will find an Annex that provides a projection for revenues in the CEC’s 2018–19 fiscal year: Net Assets plus the second payment due for the 2018 SOCAN Foundation Annual Operations Grant plus projections of the first payment for the 2019 Annual Operations Grant and membership fees leave the CEC with a “working balance” of $31,140 for the current fiscal year.

Institutional Income Sources

The Canada Council Funding Situation

Our application to the Sector Innovation and Development component of the Supporting Artistic Practice programme was recommended for funding but unfortunately not selected in the final round (when the funds are assigned). jef contacted the agent at the Canada Council responsible for this component for some feedback and was told that we are indeed applying to the right category and that the application (for additional financial support for the publication of issues of eContact!) was clearly eligible. There were no real negative comments from the jury but the distinction between the journal and the general CEC site was not clear to some of them; this is something we will articulate better in the future.

As mentioned at last year’s AGM, we have had difficulties for a few years with our Canada Council grant applications, but we will continue applying to the relevant Canada Council components, as more significant funding than is presently available for the journal will be necessary for it to continue growing. To help this process, a conference call will be held in late August between the Canada Council agent, Yves, jef and two Board members in order to discuss strategies and planning to help get the CEC back in a position where we are receiving ongoing support from the Council for this project.

The next relevant deadline is October 2018, when we will apply again to Sector Innovation and Development for 2019 funding. However, we have learned from the process that we need to reduce our reliance on the Council and are in parallel looking into other funding resources. The Administration continues to have talks with Clément Topping, an arts grant writer who has been very helpful in suggesting ideas, language and content in recent grant applications, and keeps us informed about various potential funding sources.

SOCAN Foundation

As mentioned last year, an important increase of funding from the SOCAN Foundation since 2016 has been crucial in helping us adjust to the cessation of CCA funding. The $20,000 awarded in 2016 and 2017 was matched again in 2018.

Special Project funding (one-time $6000) received from the SOCAN Foundation in 2017 provided the bulk of what was needed for the recent Sonus upgrade. Although the remaining $1900 in costs had not been foreseen and had not been budgeted for, through careful management of our resources this year we were able to balance out this unexpected expense.

Essentially, despite the challenges we are managing without too much effort to keep things running smoothly and maintain a relatively healthy financial situation.

Shawn Pinchbeck
Treasurer of the CEC
Edmonton, Friday, 27 July 2018