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Agenda DocumentNumber 3
____________________________________________________________
Subject: Treasurer’s Report
Prepared ...
Significant expenditures beyond standard operating costs since the last financial report
include:
 $1,661.04 paid to Hub ...
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Treasurer report september 25

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FOPL Treasurer report September 25, 2020

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Treasurer report september 25

  1. 1. Agenda DocumentNumber 3 ____________________________________________________________ Subject: Treasurer’s Report Prepared by: Wayne Greco, FOPL Treasurer Prepared for: September 25, 2020 FOPL Board Meeting Date of Preparation: September 15, 2020 ____________________________________________________________ Recommendation: It is recommended that the Federation of Ontario Public Libraries Board: 1. Receive the Treasurer’s Report for the period ended August 31, 2020. Report: The Board receives regular financial reports. The last report was for the period ending April 30, 2020. This report covers the period ending May 1, 2020-August 31, 2020 and represents 10 months of the Federation’s fiscal year. Financial Reports: A Comparative Income Statement provides the Federation’s current year operating revenue and expenditure experience as at August 31, 2020 against the current year budget and provides us with a look at the fiscal performance to date. A Balance Sheet, provides information on the Federation’s full financial situation at the same time. The Budget Report shows our estimated budget amounts for 2020. (see attached). Revenues: New revenue of note in the period includes:  $301.50 -interest earned but not yet received  $100 in membership fees less deferred of $16.67 for a net year to date total of $196,050.00 At time of writing all 2019/2020 membership fees have been collected. Expenditures:
  2. 2. Significant expenditures beyond standard operating costs since the last financial report include:  $1,661.04 paid to Hub Sinclair Cockburn for Director/Officer and Commercial General Liability insurance.  $5,706.50 paid to OLA for cost sharing with Counsel Public Affairs- April-May 2020 invoices Project Fund: There have been no withdrawals from the project fund during this period. The fund account currently has a balance of $154,309.00. Current Position: The Income Statement indicates a net income balance of $131,107.07 from current year revenues. Barring any unforeseen expenses, the current projection indicates that the Board should be able to meet all of its commitments within available funds. On July 30, 2020 our GIC in the amount of $92,137.01 was transferred to a 1-year term earning interest at 0.40%. This rate is significantly lower than last year’s rate of (1.33%) due to COVID and the significantly dropped prime rate by the Bank of Canada. Recommended by: Wayne Greco, Treasurer Attachments: 1. Comparative Income Statement (budget vs actual) November 1, 2019-August 31, 2020 2. Balance Sheet as at August 31, 2020 3. Budget– Current Year 2019/2020 4. Preliminary 2021 budget

FOPL Treasurer report September 25, 2020

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