eFlash! 2022-09

2022 AGM — Annual General Meeting / AGA 2022 — Assemblée générale annuelle

Treasurer’s Report / Rapport Du Trésorier

Index & Agenda | President’s Report

The following is a report on the CEC’s financial situation at the end of the 2021–22 fiscal year with a perspective on the current fiscal year, 2022–23. 1[1. The Treasurer’s Report starts at 40:30 in the video documentation of the AGM.]

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

Year-End Financial Report

Please refer to the first page of the CEC’s Financial Report for the fiscal year just completed, where the association’s financial situation as of 31 May 2022 is summarized as follows:

• Actifs (Assets) of $20,477 in the main bank account plus $4,477 in the placement account plus $1,316 in Accounts Due give a total of $26,270;
• Passif (Liabilities) of $1,515 in Accounts Payable plus $5,300 in donations earmarked for JTTP awards through 2025 plus a grant portion received in advance of $13,500 give a total of $20,315;
• Assets minus Liabilities leave a Net Asset of $5,955.

Accounts Due consist of membership payments owing and a small balance for membership payments on PayPal that was not transferred to the CEC’s bank account before 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.

The second page of the Financial Report presents an overview of revenues and expenses (grouped in categories) for the last fiscal year. The CEC’s primary sources of revenue this past year were SOCAN Foundation grants and membership dues, as well as private donations. The principal expenses for the same period were Subcontracting (administrative salaries) and Professional Fees (programming, grant-writing assistance, accounting, translation and prize money awarded to last year’s JTTP prizewinners and thematic award recipients).

The difference in total revenues ($36,796) and total expenses ($35,270) means that the CEC’s revenues exceeded its expenses by $1,526.60 for the last fiscal year.

Financial Forecast for the Current Fiscal Year

The Annex on the third page of the Financial Report provides simplified summaries and projections. The first table reflects what I described above. The second table shows the projected funds and revenues available to the CEC for the 2022–23 fiscal year: Net Assets plus the confirmed 2023 Annual Operations grant, plus the projected 2022–23 membership fees and JTTP 2022 donations leave the CEC with a “working balance” of $44,355 for this year.

On behalf of the CEC, I would like to again thank Kevin Austin, whose initiative and generous donation in 2021 makes it possible to offer prize money for the JTTP Thematic Awards through 2025. Thanks also to Martin Gotfrit, who was inspired by Kevin’s initiative to also offer a contribution to the financial reserves for these awards in 2021 and 2022.

Institutional Income Sources

SOCAN Foundation

The CEC is currently in the second of three years of the SOCAN Foundation’s Annual Operations multi-year funding, with increases of $3000 per year ($27,000 in 2022). In August 2023 the CEC will submit an application for Annual Operations in 2024–2026, with the hope that the financial stability and increases we have benefitted from in this round will continue.

The Canada Council for the Arts

We are presently looking at options to fund the Public Outreach project mentioned in Myriam’s President’s Report. We hope to have more concrete news on that later in the year, but we are looking at ways of making it happen even with budget restrictions. Even a moderate grant from the CCA in 2022–23 would set the CEC on course to establish eligibility 2[2. Revenues of at least $50,000 for three years in a row and three CCA project grants within a five-year period.] to apply for the next Support Organizations (core funding) deadline in January 2026.

Closing Remarks

So, we have a very positive financial situation at the moment. And on behalf of the Board of Directors, I am pleased to present a healthy Financial Report this year, with ongoing generous support from the SOCAN Foundation, our membership, who support us with their dues, and donations supporting programmes. Our outlook for the next year continues in a positive direction and I wish to thank everyone involved for their contributions to the continued success of the CEC.

Shawn Pinchbeck
Treasurer of the CEC
Edmonton, Monday, 19 September 2022.