CSHP Finance: Year-End Report (April 2016)
By: Chris Doody
From the desk of CSHP Treasurer, Mario Bédard
The following information is based on the Statement of Operations and the Statement of Changes in Net Assets, which are part of the Society’s audited financial statements. The complete audited statements can be viewed here.
Revenue · Where the money comes from
Total revenue, exclusive of Branches and the Banff Seminar income, were down slightly (1.4%) from the previous fiscal year. The main sources of revenue for the Society continued to be membership fees and conferences. Revenue from the Summer Educational Sessions (SES) 2015 and that of the Professional Practice Conference (PPC) 2016 surpassed the income from the previous year by 18% and 15%, respectively. Revenues from the Publications, the Canadian Journal of Hospital Pharmacy (CJHP) and the Canadian Pharmacy Residency Board (CPRB) were down. Return on investments, exclusive of those from Branches and the Banff Seminar, dropped significantly.
Expenses · Where the money goes
Total expense, exclusive of Branches and the Banff Seminar expenditures, remained essentially unchanged. Salaries/benefits and expenses related to SES, office operations, property and CPRB exceeded those from the previous year. Expenses for CJHP were significantly less than the previous year for this first full 12 months of circulation solely in electronic format, while PPC expenses and amortization remained essentially unchanged.
The Bottom Line
The 2015–2016 fiscal year ended with a net national deficit of $28,357, when a deficit of $9,150 had been budgeted.
Net assets equal $2,173,897, which consist of $581,891 in unrestricted assets, $626,751 invested in property and equipment, and $965,255 in internally restricted Branch assets.