2019 Year End Financial Report

The 2019 year end finds your lake association in reasonable financial health – covering its costs and still with a sizeable account balance. This year there has been some modification in how the financial reporting is done, in an attempt to better present multiyear membership revenues within the standard current-year reporting period.

The re-introduction of the 3 year membership option has been very popular. At year end 2019 we had 34-3 year memberships. We also had a number of renewal memberships, both 1 year and 3 year, that were paid in 2019 but not going into effect until the year 2020. In the past, all membership income was included in the year that it was received, making that year's revenues look favourable and the future year revenues looked disproportionately low. Now all future year revenues are set aside in a deferred revenue account and only the current year income is reported as an income.

Our income sources are similar to previous years. 53% of the income comes from memberships and 29% from advertising. We do continue to receive very generous donations – they are 14% of our income. Insurance remains our largest expense, at almost 33% of our costs. Newsletter publishing, AGM costs and our Internet and social presence amount to 30% of costs. We continue to support the Federation of Ontario Cottagers’ Association (more commonly known as FOCA) for the work they do representing our lake association and the others. FOCA costs are 19% of our expenditures.

Overall the lake association generated an excess of income over costs of $131 for the year. The new deferred income account stood at $1,540. Total ending balance of cash, bank and investments is $10,412.

At this point last year I announced my retirement from the treasurer’s job. Alas it was not to be and I am now sitting in the job as an “acting” treasurer. On a more positive note, new Board member Catherine Sutton and myself are looking into setting up a ‘high-falutin’’ double-entry accounting system to manage the lake association’s finances. Who says old dogs can’t learn new tricks?