BC Athletics

B. C. Athletics Annual General Meeting

Financial Report

Budget/Projection To Year Ending March 31, 2005
& Audited Year Ending March 31, 2004

Upcoming Fiscal Year Ending March 31, 2004/2005

As with last year and this current and upcoming year, we continue to face major cost pressures as staff work to provide improved levels of service with limited resources. The budget plan calls for a surplus $24,935. This on a budget revenue plan of $924,780 leaves little room for any cost overruns.

The Board has continued to stress the need to keep costs under control while Brian and staff work hard to find new funds or ways to enhance existing sources of funds. One cost control effort has been the outsourcing of the pure bookkeeping function. This has saved money but not without some added workload on remaining staff in order to gather and review the data given to the bookkeeper.

Revenue growth continues to be elusive. Brian has negotiated a number of multi-year sponsorship agreements but due to the nature of the marketplace these tend to be for smaller amounts. The large national and international sponsors for the most part are taken up by Athletics Canada. If this situation is to change Athletics Canada will need to take a more global approach to sponsorship with revenue sharing with its member partners.

Membership fees, grants and programming seem to have limited revenue growth potential. That leaves us with building up the foundation donations and event management (for example Haney Harrison) as areas where there may be potential for additional revenue growth.

The BCA website continues to thrive and grow under Sam's tutelage. This is a powerful cost effective tool and we are continually looking at ways to utilize it in new and innovative ways. Please pass along to Sam any suggestions you have for improving our use of this service delivery method.

Audited Financial Year Ending March 31, 2004

Operations ended the financial year-end (March 31, 2004) on the positive side this year with a surplus of Revenues over Expenses of $13,543 - a significant improvement from a deficit of $19,489 for the previous year-end. As usual the staff under Brian's direction kept an extremely watchful eye on expenses.

Financial growth remains a concern for the organization and needs to be addressed as part of the Strategic Plan review in the 2005/6 budget year. There is a negative $10,966 revenue growth between 1996/7 year-end through to the 2003/4 year end. This means when taking inflation into account the organization is unable to provide additional services for its members or to increase staffing levels. In fact we may need to consider cutting services.

The reserve fund was at $3,464. The board of directors has approved a motion to move one-half of this year's $13,543 surplus which is $6,771 into the reserve fund bringing the reserve fund total to $10,235.

Financial Reporting Documents

The financial AGM package that has been produced this year includes the following: (see bottom of page for links to files)

  • Auditor's statement to the year ending March 31, 2004.
  • Revenue and Expense Statement showing:
    • Results for the 2003/2004 Year End
    • Interim financial Results 2003/2004 Year-to-Date to Nov 30, 2002
    • Budget plan to year-end for the 2004/2005 Year
    • Projection of revenues and expenses to Year End 2004/2005
    • Draft Budget for the 2005/2006 Year
  • Charts providing comparisons of Revenues and Expenses historically and for the past year
  • Chart of funds raised through Major Events
  • Detailed Financial Statements are available at the back of the room

If there are ways that the financial reporting to membership can be improved, I would be pleased to hear from you at any time. I would also like to, again this year, express my appreciation to Brian and staff for their assistance in helping me fulfill my role as Director Finance. All the office staff is to be congratulated for their continuing efforts to minimizing the organizations expenditures while still providing a high level of service to the clubs and members.

Director, Finance

Larry Harper

Attachments (PDF):

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