2009 Annual Report - Manitoba Heavy Construction Association

2009 MHCAtreasurer’s ReportI am pleased to submit my report for inclusion in the Annual Report of the Manitoba Heavy Construction Association Inc.(MHCA) for the year ended June 30, 2009. The financial statements for the year ended June 30, 2009, which are includedin this Annual Report have been reported on by MHCA auditor, Charles Weppler, C.A. in August 2009 and were adoptedby the Board of Directors on September 14, 2009.MHCA Financial Statements – Year ended June 30, 2009Our balance sheet is at variance with the 2008 statement. MHCA assets have been increased by $57,662.00. Thisincludes the following changes: a cash decrease of $100,375.00; an accounts receivable decrease of $10,596.00; twoproject specific loans granted - one to MHCTA increased by $11,670.00 and the second to WCR&HCA Convention 2009was repaid; a prepaid and deposit decrease of $4,240.00; an increase in investments of $276,761.00 and a decrease ofcapitalized assets of $12,773.00. At year-end the payables on hand were increased by $12,152.00 and deferred revenueswere decreased by $79,017.00.The MHCA posted a net gain of $124,527.00 which is attributable to growth in new and existing membership contributions,increased publication revenues, administrative fees charged to the WCR&HCA 2009 Convention and decreased professionalexpenses. The MHCA Board of Directors is budgeting for future office relocation and increased costs associatedwith such a move.The MHCA Board, by policy, attempts to maintain cash reserves equal to one year’s operating revenues. MHCA AuditorCharles Weppler C.A. has recommended that the MHCA Board attempt to maintain reserves in the area of $580,000.00.TRIP/CANADA – Manitoba Chapter – Year ended June 30, 2009On behalf of its contributing members the MHCA has continued to maintain its annual commitment of $6,250.00 to be givento TRIP/Canada to continue its work on behalf of the industry. In order to build up reserves the MHCA Executive electedto include a small, voluntary surcharge on all memberships invoiced since November of 2001. This initiative has continuedto be supported by the membership.Respectfully submitted,Henry BorgerMHCA Secretary/Treasurer38 2009 MHCA Annual Report