CSHP Finance: Year-End Report, April 2019

Finance


By CSHP Treasurer (October 2018-August 2019), Christina Adams
The following information is based on CSHP’s Audited Financial Statements 2018-2019. The complete audited statements can be viewed here.

Revenue · Where the money comes from

Total revenue, exclusive of Branches and the Banff Seminar income, declined by 10% from the previous fiscal year.  This decline was largely as a result of lower revenue for the Hospital Pharmacy in Canada Survey, which normally has a two year cycle and receives its sponsorship every second year.  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 and the Harrison Hospital Pharmacy Management Seminar increased by 8% and 25% respectively while revenues from PPC and the Canadian Journal of Hospital Pharmacy (CJHP) declined by 14% and 8%, respectively. Return on investments, exclusive of those from Branches and the Banff Seminar, increased by 43%.  Revenue for the Canadian Pharmacy Residency Board remained consistent with the prior year.

Expenditures · Where the money goes

Total expenditures, exclusive of Branches and the Banff Seminar expenditures, declined marginally by 1%, however individual line items did see fluctuations.  Compared to the previous year, expenditures for Harrison Hospital Pharmacy Management Seminar, PPC, and CJHP decreased by 18%, 14% and 2% respectively while expenditures for Salaries and Benefits, Office Operations and Amortization increased by 14%, 12%, and 22%, respectively.  Expenditures of the Hospital Pharmacy in Canada Survey declined by 77%, again due to the multi-year cycle of the Survey.   Expenditures for the Canadian Pharmacy Residency Board increased by 8%.

The Bottom Line

The 2018-2019 fiscal year ended with a deficit, exclusive of Branches and the Banff Seminar, of $311,382 as compared with a deficit of $310,000 which had been budgeted.

NET ASSETS

Net assets totalled $1,752,171, which consisted of $246,777 in unrestricted assets, $580,951 invested in property and equipment, and $924,443 in internally restricted