richmond olympic oval corporation

RICHMOND OLYMPIC OVAL CORPORATION
Statement of Operations
For the year ended December 31, 2012
2012 Budget 2012 2011
(unaudited – note2(g))
Revenue:
2010 Games Operating Trust Fund (note 5) $ 2,500,000 $ 2,784,637 $ 2,739,398
Contribution from City of Richmond (note 12) 3,073,883 3,073,883 3,022,500
Memberships, admissions and programs 4,820,246 5,480,286 4,067,266
Other (note 12) 991,856 1,554,377 1,031,052
11,385,985 12,893,183 10,860,216
Expenses (note 12):
Salaries and benefits 6,496,140 6,261,653 5,320,829
Utilities 1,107,750 914,519 818,959
Amortization 323,789 286,071 526,964
Supplies and equipment 606,337 557,441 442,954
Insurance 368,225 347,487 326,631
General and administration 612,437 396,618 489,134
Marketing and sponsorship 290,743 235,990 290,330
Program services 587,365 677,223 302,058
Professional fees 148,540 149,357 127,887
10,541,326 9,826,359 8,645,746
Annual surplus 844,659 3,066,824 2,214,470
Accumulated surplus, beginning of year 2,278,381 2,278,381 63,911
Accumulated surplus, end of year $ 3,123,040 $ 5,345,205 $ 2,278,381
See accompanying notes to financial statements.
page 38 | 2012 annual report
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2012 annual report | page 39