Ottawa Outdoor Club

Finances - Income and Expense Statement (2017) vs. Budget (2018): President, Rob Burnfield - 2017 AGM

OTTAWA OUTDOOR CLUB
Income and Expense Statement (2017) / Budget (2018)
October 1 to September 30 ($)
                 
        FY2016-17 (1) FY2017-18
        Budget:
Original
Budget:
Re-ordered
Actual Variance Budget
Income                
  Membership Fees (2) 6,631 6,900 7,200.00 300 8,200
  Non-member Activity & Equipment Rental Fees (3) 1,500 1,500   -1,500  
    Non-member Activity Fees     1,602.00   1,350
    Equipment Rental Fees     423.00   350
  Total   $ 8,131 8,400 9,225.00 -1,200 9,900
                 
Expense              
  Administration            
    Post Office Box 215 215 202.27 13 210
    Postage, Office Supplies, & Bank Fees 600 600   138  
      Postage     202.39   200
      Office Supplies     157.69   200
      Chequing Account Fees (4)     101.71   30
    PayPal Fees (5)   269 312.89 -44 460
  Insurance (6)   2,900 2,900 4,272.48 -1,372 4,700
  Publicity            
    Web Hosting 200 200 233.12 -33 250
    Advertising / Printing 2,000 2,000 0.00 2,000 350
  Hospitality            
    Recognition Dinner 1,000 1,000 624.00 376 650
    Annual Bar-B-Q 1,500 1,500 903.53 596 1,200
  Group Travel Subsidies (7) 1,500 1,500 1,101.11 399 1,000
  Training & Development 3,000 3,000 338.39 2,662 1,250
  Exec Meetings & AGM 600 600 478.78 121 500
  Equipment & Storage          
    Canoes   1,000 1,000 0.00 1,000 800
    Other Equipment 1,200 1,200 775.84 424 350
    Rent for Canoe Storage 1,800 1,800 1,800.00 0 1,800
  Other / Misc   400 400 0.00 400 0
  Total   $ 17,915 18,184 11,504.20 7,142 13,950
                 
Net Income   $ -9,784 -9,784 -2,279.20 -8,342 -4,050

Notes

  1. 2016-17 only:  Budget:  Re-ordered contains minor re-orderings of a few values from Budget:  Original to match the way the values are separated out in the Actual amounts. For instance, PayPal fees were separated out of the membership fee ($6631) in the original budget item; in the adjusted budget item, the full membership fees are included, and there is a separate expense item to show the PayPal fees.  Variance is against Budget:  Re-ordered.
  2. Membership fees:  budget based on ~85% of previous year's membership numbers:
    • 2016-17 budget:  ~85% of a little less than 265 = 230@$30  (end-of-year membership count wasn't known when budget set)
    • 2017-18 budget:  ~85% of 240 = 205@$40

The original 2016-17 budgeted amount of $6631 is less PayPal fees.  The actuals for this year consider the PayPal fees as an expense, so the 2016-17 budget item shows an adjusted revenue of $6631 + $269 = $6900, with a new expense item of $269 to offset it.

  1. 2016-17:  non-membership fees include equipment rental income
  2. Chequing Account Fees:  2017-18 budget much less than 2016-17 actual due to purchase of new cheque book in 2017.
  3. PayPal Fees:
  • 2016-17 actual:  $312.89 = $269 (approx. for membership) + remainder for activity & rental fees for outings
  • 2016-17 budget:  estimated for membership fees, not estimated for non-member activity fees & equipment rentals
  • 2017-18 budget:  estimated for membership fees, non-member activity fees, equipment rentals
  1. Insurance cost substantially more than budgeted, as described in the President's Report.  The extra funds were approved by the executive under Bylaw Article 5 (Finances), Section 3 (Expenditure of Funds) (a), which permits the Executive to allocate up to $1000 outside of the budget.
  2. Group Travel Subsidies:  reducing subsidy, with an expected increase from $15 to $20 for the per-person fee.