Board Minutes March 2023: Difference between revisions

Jump to navigation Jump to search
Line 45: Line 45:
=== Treasurer's Report – Continuation (5 min)===
=== Treasurer's Report – Continuation (5 min)===
* Comparative Statement until end of January 2023 was not attached earlier and so reviewed with the entire board.
* Comparative Statement until end of January 2023 was not attached earlier and so reviewed with the entire board.
** Note: the additional expense for audit will be balanced via a donation upon the audit's completion.
** Note: part of the larger donation recorded in January 2023 includes the donation that will be used to pay for the audit fees upon the audit's completion.
* For clarification:
* For clarification:
** The $60,000 loan from the Federal government, if paid by the end of December 2023, will only amount to $40k. This deadline is within the next board term's cycle.
** The $60,000 loan from the Federal government is due at the end of December 2023. If $40,000 is paid by then, the remaining $20,000 should be cancelled (i.e., written off or forgiven) by the government. Note: This deadline is within the next board term's cycle.
** The deferred Casino revenue listed under non-current liabilities is an accounting practice to keep track of casino money that has not come into income yet, but has been indeed used directly for our building rents. The ~$35k liability at the end of January, if treated as 0, would mean our statement's liability would be stated as around +$20k. Therefore, with the ~$73k of current assets, means that at the moment, if the $40k federal loan needed to be paid off, there would still be $33k in current assets.
** The deferred Casino revenue listed under non-current liabilities is an accounting practice to keep track of casino money received and accrued over 24 months. These casino funds are used to pay the rent for the shops. The casino funds have now been fully used up. As such, the deferred casino revenue could be reduced to $nil ($0) and be removed as a liability off of the balance sheet. Therefore, with the ~$73k of current assets, means that at the moment, if the $40k federal loan needed to be paid off, there would still be $33k in current assets.


=== Governance Committee Report (5 min)===
=== Governance Committee Report (5 min)===
Retrieved from "https://apps.bikeedmonton.ca/w/Board_Minutes_March_2023"