Thank you for the correction Adam.
On Wed, Mar 26, 2014 at 10:33 AM, Adam Thompson <[email protected]> wrote: > A very minor nit, but a potentially important one: as a not-for-profit > entity, we can "accrue a surplus" every month; we cannot "make a profit". > Most of us think in terms of profit & loss, not surplus & deficit, but we > should still strive to use the correct terminology so the CRA doesn't have > an excuse to stick their nose in. > Basically just avoid using the word "profit". Yeah, it's goofy, but that's > tax law for you. > -Adam > > On March 26, 2014 10:19:28 AM CDT, Benjamin Bergman <[email protected]> > wrote: >> >> Hello SkullSpacers, >> >> Attached to this email is the information which I presented at our >> last meeting regarding the previous year's financial status. When we >> moved into our new space in November of 2012, we knew that we would >> see a net loss over the next year or so due to the large jump in rent. >> In the short term, the plan was to smooth this out a bit with some >> members donating regularly above and beyond their regular dues. The >> long term plan was to increase our membership and events until we >> eventually were covering our costs again. >> >> As you'll see from our income statement, we had a net loss for the >> year. It was probably a bit higher than expected, likely due to a >> sudden, unexpected Hydro bill as well as fewer regular pledged >> donations than were expected. >> >> You will also see attached is a cash flow projection for the next >> year. This projection assumes we do the exact same >> thing as last year >> (ie. same amount of fundraisers with the same costs and profits, same >> rent and utilities, same maintenance expenses, etc.), just smoothed >> out throughout the year. The only exceptions to this are our dues and >> insurance. >> >> In the projection, our insurance cost is spread out over 12 months >> starting in June, meaning it will continue to eat into next year's >> budget as well. Last year we paid our insurance all at once at about >> $2000 in June, but this year we will need to spread it out in order to >> avoid going into the red mid June. >> >> The dues in the projection are based on today's member count (roughly >> 65 members) as opposed to the average of dues from last year. There >> has been a great trend recently of new members seemingly every week, >> so hopefully that continues throughout the year. >> >> As you will notice, the projection shows our bank balance going below >> $0 before the next AGM. As >> such, we need to take some actions to >> improve our cash flow. Some of our current suggestions are: >> >> * More socials - perhaps two or more this year instead of just one >> like last year >> >> * Gift card fund raiser - you all buy groceries and gas anyway, right? >> 3% could go to SkullSpace! >> >> * Recurring donation pledges - if you are not currently giving a >> regular donation or would like to increase your monthly donation >> amount, please talk to a board member >> >> * Raising member dues - this is a last resort option and we will only >> do this after thorough discussion with the membership >> >> PLEASE consider giving a regular donation and updating your PAD. If >> everyone gave an extra $5 or $10 per month, most of our financial >> struggle would be over. (Thank you to those members who are already >> regularly doing this.) >> >> At SkullSpace 1.0, our financial mandate was to maintain three months >> of expenses in >> our bank account to cover any unforeseen expenses. As a >> short term goal, I would like to see us regularly having a net profit >> each month instead of a loss, but by the end of the year I hope we can >> replenish a portion of our emergency fund so we can have a strong >> financial base to enable us all to engage in awesome projects and >> events through the space long into the future. >> >> ________________________________ >> >> SkullSpace Discuss Mailing List >> Help: http://www.skullspace.ca/wiki/index.php/Mailing_List#Discuss >> Archive: https://groups.google.com/group/skullspace-discuss-archive/ > > > -- > Sent from my Android device with K-9 Mail. Please excuse my brevity. _______________________________________________ SkullSpace Discuss Mailing List Help: http://www.skullspace.ca/wiki/index.php/Mailing_List#Discuss Archive: https://groups.google.com/group/skullspace-discuss-archive/
