[Finance] Preliminary financial statements

[Clayton Rudy]

Thanks Misty!

I read through the PDFs and found a couple items that might need adjusting:
1.  We're expecting to receive $750 -- the last 25% -- of a Manitoba
Cooperatives Association grant.  The grant report (here's a link to the draft
in progress
<https://docs.google.com/document/d/1gF9WdMrTw62MssX9PItjv4GISe2phZeaQsp-w6_-gtE/edit?usp=sharing>)
is due at the end of the month, so ETA is April for that payment.
2.  If we owe Mark payment for grant-funded work completed last year we may
need to add a Salaries Payable as a liability in the balance sheet.


Other than those two items, I have a few questions we can discuss at the
next finance committee meeting:
-  What's the difference between Bicycle Valet Capital Equipment and
Bicycle Valet Equipment?
-  Should the drill press line read 2020/2021 instead of 2021/2021?
-  Is it more accurate to call the $5 ACU member share a "membership"
rather than an "investment"?
-  Since BW's a non-share-capital corporation and a nonprofit, would it be
clearer to call "Liabilities and Equity" "Liabilities and Net Assets"
instead?  (I think that's permissible.)
-  Technically, since we had temporary staff with pay periods overlapping
the end/start of a fiscal year (happens almost every year), do we need to
show a Salaries Payable liability for the proportion of wages from 2020
that would be paid in 2021?
-  What causes the difference between current and retained surpluses?
-  On the balance sheet, for showing multiple years, do we need to show "as
at the years ending December 31" in the header and then the column headings
"2021" and "2020" (without the "Dec" above the 2020)?

And on the income statement, for the publicly circulated version:
- Similar comment as the last one about the headings
- Can we include *all* revenue in one section (and similarly for
expenses)?  Something like the image below, so that there's a single number
that shows total revenue for the organization?
- Can we group grant revenue into the same funders (e.g. BSC #1, BSC #2,
Heritage, Healthy Hire, and Conservation & Climate are all Government of
Manitoba sources)?
- Can we group grant-funded wages into one "Staff Salaries" category?
- Not all expenses in the Administrative category are administrative:
outreach, advocacy, part of the staff contracts, amortization, etc.
- Do we need to show 6 columns or just 2 (2021 and 2020) for public
circulation?


[image: image.png]


Thanks,
Clayton


On Tue, 22 Feb 2022 at 12:45, Misty Bromley <misstea at misstea.ca> wrote:

> Hi All,
>
> I finished the December statements today and thought you might want to
> have a look.
>
> I haven't prepared the copy that will go in the annual report with notes -
> I'll do that after the review.
>
> It looks like we had a great year and made a lot of money - that is
> technically true.  The net income is offset by the increase in fixed assets
> (we spent nearly $25,000 on Bike Valet equipment and the two e-bikes).
>
> As far as I know, all outstanding grant money has been received, so I
> cleared all the accounts out.  In January, we are starting from scratch.
>
> If there are questions, please ask.
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> Finance at lists.bikewinnipeg.ca
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>
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