[BW_Finance] Finance Committee Meeting Tues July 25, 730PM - Q2 Statements Review

[Clayton Rudy]

I can't make the meeting tonight but here are a few thoughts:

#1 - great job - very understandable and nicely formatted!  It's a nice
package to send to the board :)

#2 - BS - could we anonymize the staff/labour expenses for financial
statements, e.g. just a "salaries & wages" line?

#3 - BS - a few $0 lines aren't very relevant in the present/future: I
don't think we'll have a "bike valet equipment contingency", (it's a legacy
of the pre-covid BV contract) or deferred revenue for the BV Expansion or
Bikeshare Development projects (these 2020-21 projects are completed), and
no expected loans in the future: perhaps we could remove these line items
from years ago to shorten the statements?

#4 - BS - is accrued vacation pay a bit high? any reason?

#5 - BS - technically there's almost always a salaries (& benefits, incl.
vacation pay) payable and a source deductions payable on any balance
sheet.  But this often leads to AGMs questions from members who are
unfamiliar with financial statements.  I wonder if we could create an
accounting policy that a note stating that salaries and source deductions
payables less than 1 month (or payment period) -- given their normalcy --
are not included in the statements, or a similar type of note so that the
BS is even shorter?

#6 - BS - the property/plant/equip line doesn't include the drill press,
right?  I think that, at some point in the future, it'd be nice to break
out this line a bit: bikes & trailers, outreach equipment, valet equipment,
tech (computers/phones), and maybe a couple other informative categories.
But perhaps in a subordinate schedule, and perhaps just for the annual
statements and not the quarterly ones.  Just a thought.

#6 - IS - could we group all the income together, subtotal all the cash
expenses together, and list the non-cash expenses (depreciation) at the end
before the total expenses?


Thanks!!
Clayton


On Tue, 25 Jul 2023 at 13:19, Benjamin Meek <benjamin.meek at gmail.com> wrote:

> Hi Luke,
>
> Thanks so much for sending these documents. The way they're presented is
> informative and easy to follow.
>
> I'm on vacation at the moment and probably won't be able to join the
> meeting tonight. A couple of questions I have that perhaps the committee
> can answer/discuss tonight:
>
> 1) Do we have a plan for the bike parking contract this summer? We should
> make an effort to push that the next couple of months to get some money
> coming in. There was talk of having Ray or Manpreet work on the contract.
> Is that happening yet? Is there any assistance with scouting rack locations
> that volunteers could provide?
>
> 2) What was the ~$1800 in fundraising expenses this year?
>
> Thanks!
> Ben
>
> On Tue., Jul. 25, 2023, 10:28 a.m. Luke Lorentz, <llorentz at gmail.com>
> wrote:
>
>> Good day all,
>>
>> Reminder that the Finance Committee Meets tonight at 730PM on Zoom to
>> discuss Q2 Financials.
>>
>> Link below: July 25, 2023, 730PM
>> Location: Zoom
>> <https://us02web.zoom.us/j/81188389156?pwd=elhiVCs0QmlCcUhOeElRbk9ZS0NIZz09>
>>
>> On Wed, 19 Jul 2023 at 08:57, Luke Lorentz <llorentz at gmail.com> wrote:
>>
>>> Good day,
>>>
>>> Attached you will find the following:
>>>
>>>
>>>    - Quarterly Profit Loss Jan 1 to June 30th 2023
>>>    - Balance sheet as at June 30th 2023
>>>    - Budget comparison / statement of operations
>>>    - Board Financial Report for June 2023
>>>    - Agenda & Zoom link for the July 25th meeting.
>>>    <https://docs.google.com/document/d/1DsSZ2c4jt-xmh_aVV7W1wByVbrJjTO_v/edit?usp=drive_link&ouid=103022762279323445700&rtpof=true&sd=true>
>>>
>>> Hope a few of you can join next week.
>>>
>>> Thank you
>>>
>>> Luke
>>> 204 230 3272
>>>
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