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

[Felix Pang]

Sorry, I'm still working overtime and unable to join tonight.

Thanks,
Felix

On Tue, 25 Jul 2023 at 17:40, Clayton Rudy <clayton.rudy at gmail.com> wrote:

> 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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