CSHP Finance: Year-End Report, April 2018

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, has essentially remained unchanged from the previous fiscal year, which is largely as a result of newly incorporated sponsorships for the Hospital Pharmacy in Canada Survey. Otherwise the main sources of revenue for the Society continued to be membership fees and the Professional Practice Conference (PPC). Compared to the previous year, revenues from publications, the Harrison Hospital Pharmacy Management Seminar, PPC, and the Canadian Journal of Hospital Pharmacy (CJHP) declined by 39.7%, 22.0%, 16.7%, and 5.1%, respectively. Similarly, return on investments, exclusive of those from Branches and the Banff Seminar, dropped sharply by 52.5%. Revenue for the Canadian Pharmacy Residency Board surpassed the income of the previous year only slightly by 3.1%.

Expenses  ·  Where the money goes

Total expense, exclusive of Branches and the Banff Seminar expenditures, rose by 12.0% from the previous fiscal year. An increase was observed on pretty much all line items, with the exception of a decrease by 12.6% for PPC and by 3.6% for CJHP.

The Bottom Line

The 2017-18 fiscal year ended with a net national deficit of $138,797, when a deficit of $118,600 had been budgeted.

NET ASSETS

Net assets equal $2,112,540, which consist of $546,114 in unrestricted assets, $592,996 invested in property and equipment, and $973,430 in internally restricted Branch assets.