Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
PT Treasurer Report for 2009-10

PT Treasurer Report for 2009-10

Ratings: (0)|Views: 874 |Likes:
Published by Xtra Canada

More info:

Published by: Xtra Canada on Jan 25, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

01/25/2011

pdf

text

original

 
Treasurer
 
Report
 
Prepared 
 
 for 
 
Members
 
of 
 
Pride
 
Toronto
January
 
25,
 
2011
 
Dear
 
Members:
 
Pride
 
Toronto
 
faced
 
many
 
challenges
 
over
 
the
 
past
 
year.
 
During
 
a
 
year
 
planned
 
for
 
growth
 
of 
 
our
 
organization
 
and
 
expansion
 
of 
 
the
 
festival,
 
a
 
confluence
 
of 
 
issues
 
compelled
 
us
 
to
 
scale
 
back
 
plans
 
for
 
2010
 
and
 
make
 
some
 
difficult
 
organizational
 
changes.
 
At
 
the
 
end
 
of 
 
the
 
fiscal
 
year,
 
Pride
 
Toronto
 
had
 
a
 
budget
 
deficit
 
of 
 
$431,808.
 
This
 
is
 
noted
 
in
 
the
 
financial
 
statements
 
as
 
excess
 
of 
 
expenditures
 
over 
 
revenue
,
 
including
 
capital
 
fund
 
adjustments
 
[see
 
Financial
 
Statements,
 
pg.
 
3].
 
Since
 
Pride
 
Toronto
 
began
 
the
 
2009/10
 
fiscal
 
year
 
with
 
a
 
fund
 
balance
 
of 
 
$322,407,
 
the
 
fund
 
balance
 
at
 
the
 
end
 
of 
 
2009/10
 
was
 
$109,401
 
(with
 
the
 
inclusion
 
of 
 
the
 
aforementioned
 
deficit).
 
Stated
 
another
 
way,
 
Pride
 
Toronto
 
began
 
2009/10
 
with
 
retained
 
earnings
 
of 
 
$322,407,
 
and
 
ended
 
2009/10
 
with
 
an
 
accumulated
 
deficit
 
of 
 
$109,401.
 
For
 
the
 
2010/11
 
fiscal
 
year,
 
the
 
board
 
has
 
approved
 
a
 
balanced
 
budget.
 
This
 
balanced
 
budget
 
includes
 
a
 
provision
 
to
 
replace
 
$40,000
 
of 
 
the
 
$109,401
 
deficit,
 
representing
 
the
 
first
 
year
 
of 
 
a
 
three
 
year
 
plan
 
to
 
eliminate
 
the
 
shortfall.
 
There
 
is
 
no
 
question
 
that
 
Pride
 
Toronto
 
had
 
financial
 
difficulties
 
in
 
2009/10.
 
However,
 
we
 
must
 
commend
 
the
 
staff 
 
and
 
volunteers
 
of 
 
Pride
 
Toronto
 
for
 
exercising
 
prudence
 
to
 
ensure
 
the
 
financial
 
situation
 
did
 
not
 
end
 
up
 
worse
 
than
 
the
 
current
 
result.
 
New
 
accounting
 
systems
 
and
 
procedures
 
have
 
been
 
implemented
 
over
 
the
 
past
 
year
 
with
 
positive
 
effect,
 
and
 
we
 
continue
 
to
 
work
 
with
 
our
 
funders
 
and
 
credit
 
providers
 
to
 
maintain
 
financial
 
stability
 
and
 
positive
 
cash
 
flow.
 
In
 
the
 
attached
 
pages
 
I
 
offer
 
some
 
answers
 
to
 
questions
 
you
 
may
 
have
 
about
 
the
 
Audited
 
Financial
 
Statements.
 
This
 
report
 
will
 
be
 
delivered
 
at
 
the
 
General
 
Meeting
 
on
 
January
 
27,
 
2011,
 
and
 
there
 
will
 
be
 
an
 
opportunity
 
for
 
additional
 
questions.
 
Should
 
you
 
have
 
any
 
specific,
 
urgent
 
concerns
 
please
 
contact
 
me
 
at
 
treasurer@pridetoronto.com.
 
Respectfully,
 
Daniel
 
Knox
 
Treasurer
 
 
Treasurer
 
Report
 
Prepared 
 
 for 
 
Members
 
of 
 
Pride
 
Toronto
APPENDIX
 
 –
 
Q&A
 
Why
 
weren’t
 
the
 
Audited
 
Financial
 
Statements
 
available
 
for
 
the
 
Annual
 
General
 
Meeting
 
in
 
September?
 
Pride
 
Toronto’s
 
current
 
bylaws
 
require
 
an
 
AGM
 
to
 
be
 
held
 
no
 
later
 
than
 
four
 
months
 
after
 
the
 
organization’s
 
annual
 
event
 
 –
 
i.e.
 
by
 
the
 
end
 
of 
 
October
 
Unfortunately,
 
it
 
was
 
not
 
possible
 
to
 
prepare
 
and
 
approve
 
audited
 
financials
 
in
 
the
 
time
 
between
 
our
 
fiscal
 
year
 
end
 
and
 
the
 
time
 
the
 
AGM
 
must
 
be
 
held
 
(as
 
proscribed
 
in
 
the
 
bylaws).
 
Further,
 
our
 
fiscal
 
year
 
end
 
is
 
July
 
31
st
,
 
and
 
the
 
month
 
of 
 
August
 
is
 
usually
 
spent
 
preparing
 
for
 
the
 
audit
 
which
 
then
 
takes
 
place
 
in
 
September
 
/
 
October.
 
This
 
means
 
the
 
earliest
 
audited
 
financials
 
could
 
possibly
 
be
 
available
 
would
 
be
 
November,
 
which
 
is
 
too
 
late
 
for
 
the
 
‘four
 
months
 
requirement’
 
noted
 
above.
 
For
 
the
 
last
 
several
 
years,
 
audited
 
financial
 
statements
 
have
 
been
 
completed
 
and
 
ready
 
for
 
board
 
approval
 
in
 
December
 
or
 
early
 
January.
 
The
 
bylaws
 
also
 
require
 
that
 
a
 
financial
 
report
 
is
 
presented
 
at
 
the
 
AGM,
 
but
 
not
 
that
 
it
 
needs
 
to
 
be
 
an
 
audited
 
statement.
 
This
 
is
 
why
 
we
 
presented
 
a
 
financial
 
report
 
based
 
on
 
the
 
trial
 
balance
 
that
 
had
 
been
 
submitted
 
to
 
the
 
auditors.
 
Please
 
note
 
that
 
as
 
per
 
the
 
Corporations
 
Act,
 
the
 
audited
 
financials
 
are
 
required
 
to
 
be
 
made
 
available
 
to
 
the
 
members
 
within
 
six
 
months
 
of 
 
the
 
end
 
of 
 
the
 
fiscal
 
year,
 
i.e.
 
end
 
January.
 
Why
 
is
 
there
 
a
 
difference
 
between
 
the
 
numbers
 
in
 
the
 
Interim
 
Financial
 
Report
 
(released
 
at
 
the
 
AGM)
 
and
 
those
 
in
 
the
 
Audited
 
Financial
 
Statements?
 
The
 
difference
 
between
 
the
 
trial
 
balance
 
deficit
 
of 
 
$393,218
 
listed
 
in
 
the
 
annual
 
report,
 
and
 
the
 
final
 
deficit
 
of 
 
$431,808
 
is
 
about
 
$38,000.
 
This
 
is
 
accounted
 
for
 
by
 
the
 
following:
 
 
Our
 
lease
 
agreement
 
for
 
Pride
 
Toronto’s
 
new
 
offices
 
included
 
two
 
months
 
free
 
rent,
 
which
 
had
 
been
 
included
 
as
 
a
 
$20,000
 
savings
 
in
 
the
 
financial
 
report.
 
However,
 
the
 
auditors
 
advised
 
that
 
this
 
amount
 
should
 
be
 
amortized
 
over
 
the
 
full
 
period
 
of 
 
the
 
lease
 
instead
 
of 
 
applying
 
the
 
entire
 
amount
 
to
 
the
 
2009/10
 
fiscal
 
year.
 
This
 
adjustment
 
resulted
 
in
 
a
 
difference
 
of 
 
about
 
$16,000
 
for
 
the
 
2009/10
 
fiscal
 
year,
 
contributing
 
to
 
almost
 
half 
 
of 
 
the
 
discrepancy.
 
 
The
 
interim
 
financial
 
report
 
included
 
the
 
deferral
 
of 
 
approximately
 
$14,000
 
to
 
the
 
2010/11
 
fiscal
 
year,
 
representing
 
legal
 
expenses
 
incurred
 
in
 
preparing
 
the
 
charitable
 
status
 
application.
 
However,
 
the
 
auditors
 
advised
 
that
 
the
 
amount
 
should
 
remain
 
in
 
the
 
2009/10
 
fiscal
 
year.
 
This
 
adjustment
 
resulted
 
in
 
a
 
difference
 
of 
 
about
 
$14,000
 
for
 
the
 
2009/10
 
fiscal
 
year,
 
contributing
 
to
 
a
 
large
 
portion
 
of 
 
the
 
discrepancy.
 
 
A
 
number
 
of 
 
year
end
 
adjustments
 
were
 
not
 
included
 
in
 
the
 
interim
 
financial
 
report,
 
such
 
as
 
prepaid
 
adjustments,
 
miscellaneous
 
expense
 
reclassifications,
 
and
 
minor
 
adjustments
 
by
 
the
 
auditors.
 
These
 
adjustments
 
also
 
impacted
 
the
 
discrepancy
 
between
 
the
 
reported
 
deficit
 
amounts.
 

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->