19 June 2011

OGS financial statement for 2010

This isn't all that new, but the most recent issue of Newsleaf, the magazine of the Ontario Genealogical Society prints the society audited financial statement for 2010.

It must be with considerable satisfaction that the Board and management of the Ontario Genealogical Society saw income from membership dues increase 21% from 2009 to 2010, the result of a 33% fee increase approved at the 2009 annual general meeting. While there was some decline in membership it was not as great as some feared.

Dues accounted for 58% of gross income in 2010, down from 62% in 2009. Total income, including a small net contribution from sales, increased 20%.

Expenditures dropped by $17.5K.

Office expenses, over $120K for wages and $50K for rent, account for a major share of expenses.

There was a year end operating surplus of  $23,177 compared to a $2,586 deficit the previous year.

A substantial draw down of endowment and memorial funds occurred, mainly toward operations. The withdrawal increased from $35K in 2009 to $82.3K in 2010. There was also a major increase in fund raising expenses which did not produce any increase in donations to the funds, but may have paid off in donations toward operating expenses.

Comment:  The major endowment funds with which OGS is blessed means it can continue to draw these down for operations for a few years. OGS will eventually have to tackle its major office and administrative expense issue.

1 comment:

Anonymous said...

I don't consider OGS having an operating profit if it had to dip into the endowment fund.

Operating profit should be operating income (dues, sales, workshop and other operating surpluses, and maybe directed donations - not to the edowment fund) minus operating costs (salaries, rent, insurance, board members and staff travel, etc.)

One of the possible uses of the endowment fund might be to cover operating losses, and that is what we seem to have had last year.

So we still had an operating loss, but the endowment fund let us have that without going into debt.