Annual Report 2015-2016

TREASURER’S REPORT
“
THE RELOCATION OF THE
OFFICE IN AUGUST 2016
WILL ALSO RESULT IN
SAVINGS ON MONTHLY
RENT AND OFFICE
OVERHEAD COSTS.
ACAP Saint John has completed another
fiscal year and continues to show financial
improvements over the past few years.
Total revenues of $211,412 were decreased
due to the loss on the sale of the Minto
property ($12,550). ACAP Saint John holds
the promissory note on the property in the
amount of $52,730; This is repayable over
a period of 10 years at 7% per annum with
monthly instalments of $613. Amortization
of assets resulted in a $2036 loss. A large
deferred revenue of $70,373 was the result of
projects whose timelines extended beyond the
March 31, 2016 fiscal year-end.
Expenditures were decreased from $238,715 in
2015 to $224,633 for 2016. The sale of the Minto
property in December 2015 has resulted in
Jean L MacDonald, Treasurer
ACAP Saint John
savings and has also provided revenue for the
loan repayment. The relocation of the office
in August 2016 will also result in savings on
monthly rent and office overhead costs.
For the first time in years we saw an increase
in cash assets of $1,522. The Guaranteed
Investment Certificate increased slightly
($12). The net assets increased from $162,510
last year to $191,307 for 2016.
We have been fortunate to have the valuable
services of Roland Gagnon of Fullscale
Accounting keeping ACAP Saint John in a
sound financial position. Also the knowledge
of ACAP’s financial processes provided by
our auditor, Peter Wilshaw of Wilshaw and
Associates has proved invaluable.
20 Annual Report 2015-2016