2021 Director – Finance Report
Year ended August 31, 2021
2021 was another challenging year due to the ongoing Covid restrictions which caused a lot of uncertainty for the Association and presented many difficulties in the areas of budgeting and forecasting. Thankfully, we were able to have a season, and the Association was able to finish the year in a once again healthy financial position after seeing significant losses in 2020.
Some of the highlights for the year include:
- Gaming funds of $48.5K have once again been received.
- Clinic income of $44.5K (2020 – $43K). Thanks to those who worked so hard to provide a Covid safety plan to allow the clinics to continue to run.
- Registration fees of $162K (2020 – $37K).
- Total direct expenses for the year were $115K (2020 – $80K). Major direct expenses for the year include Softball BC fees – $23K (2020 – $9K), umpire expenses – $12.5K (2020 -$2K), equipment – $14K (2020 – $9.5K), and field user fees and maintenance – $13K (2020 – $0.6K).
- Total G&A expenses for the year were $83K (2020 – $86K). Major G&A expenses for the year include Warehouse rent – $57K (2020 – $57K), Utilities $7K (2020 – $7K), and website and online payment fees – $8K (2020 – $3K).
Financial Position at August 31, 2021
As at August 31, 2021 RMMSA has total cash of $116K (2020 – $111K) which is sufficient to meet the ongoing requirements for the 2022 fiscal year. This amount includes Gaming funds of $48.5K (2020 – $48.5K) received prior to the 2021 year end which will be used for 2022 program delivery. Total liabilities are $48.5K (2020 – $103K) which consists entirely of deferred gaming contributions which will be recognized as income in 2022. Major financial commitments for 2022 remains the RMMSA warehouse rent which will see an increase and will be approximately $62K for the upcoming year.
The past two years have been difficult to navigate with the constantly changing and evolving circumstances. Thank you to the RMMSA executive for your hard work and guidance during this time to ensure the Association is in a healthy financial position for years to come.
Kris Williams, CPA, CGA
Director of Finance