Treasurer s Report

TREASURERS’ REPORT

YCC will finish its 2018 fiscal year in a healthy position. Based on the draft balances at March 31st it will finish the year with a surplus of over $130,000 represented in part by over $100,000 unencumbered funds in bank.

In the last fiscal, YCC received over $450,000 in revenues of which nearly 80% was tied to contribution agreements from YWCHSB ($153,000), Canada though CANNOR ($105,000) and YG ($92,000). Memberships accounted for just over 10% ($47,500) and the balance was received through events.

The YCC’s draft expenses for the year totaled $438,000 of which 64.6% ($283,000) was spent on salaries and 15% ($65,800) was spent on events and advertising. 11.5% ($49,700) was incurred on the Chamber’s office space (rent, utilities and telecommunications) with the balance of 9.9% ($42,000) being the total of the other office expenses. The YCC has no long-term debt and its only long-term financial commitment is its leased office space. The lease expires in June 2020, with annual commitments of $37,536 for the years ending March 31st 2019 and 2020 and $6,256 in 2021.

I have found the YCC staff a pleasure to work with in the year and am impressed by the attention they have given to providing timely and accurate financial information to the board. I also wish to recognize the efforts of Peter Turner to identify new sources of funding in addition to managing current ones.

Looking forward to the 2018-2019 fiscal year, YCC starts in a strong position. However, with 80% of its revenues directly linked to contribution agreements, there is a fine balancing act in providing value to its members as well as providing value to its funders. I urge the membership to participate where possible in YCC events, surveys or discussions to ensure that the voice of business is heard. Let us make our Chamber stronger.

Phillip Fitzgerald, CPA, CA. Treasurer Yukon Chamber of Commerce