2005-2006 National Financial Report Posted on Nov 28th, 2006
This report relates to the reporting period July 1, 2005 to June 30, 2006.
Contrasting this year with 2004 - 2005 it is clear we performed significantly better in fiscal year 05 - 06. In 04 - 05 we budgeted for a $7000 deficit, choosing to use past cash surpluses to pay for the video production. However, revenue was almost $12,000 less than anticipated, due to unrealistic membership predictions. These had been based on faulty membership data from 03 - 04. As a result we had an $18,000 deficit at June 30 2005.
In response we budgeted very conservatively in 2005 - 2006. Expected revenue was reduced and deep cutbacks made. For example no Board members traveled to the AGM, the travel budget went only to the Technical Committee instead of both groups as previously. As well, XCitation was only published online, no hard copy distributed. As a result of more careful budgeting we ended 05 - 06 with a surplus of $2500.
I recommend the Review Engagement as produced by Collins Barrow Ottawa LLP and attached to this report be accepted as presented.
Ian Hughes
Secretary-Treasurer
CANSI
Recommendation of Auditors
Motion: Collins Barrow Ottawa LLP be approved as Auditors for the 2006 – 2007 fiscal year.
Moved: Ian Hughes, CANSI Central
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Ian Hughes December 2nd, 2006
Although the title of this column describes then as unauditted, the statements being presented at the AGM Dec 2 2006 are a Financial Reveiw Engagment undertaken by Collins Barrow Ottawa LLP. This Review meets the legal and fiduciary requirements of CANSI as an incorporated entity.
Ian Hughes
Secretary/Treasurer
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