2017/18 Financial Report and 2018/19 Budget

Transcription

1 2017/18 Financial Report and 2018/19 Budget

2 Agenda MIA Financial Audit & Facts Audit Opinion Financial presentation two parts Motion Approve the Financial statement as presented. Approve of the budget for fiscal year 2018/2019 Approve the appointment of auditor for next year.

3 MIA Financial Audit MIA financial reports are audited annually by external auditors (Scarrow & Donald Chartered Accountants) MIA financial records during the year, as well as annually, are reviewed by the MIA Internal Audit Committee, comprising professional accountants MIA Financial Statements are presented to MIA membership at the AGM

4 MIA EC Compensation Facts MIA Executive Council (EC) is a voluntary body MIA does not receive any financial payment (salary or otherwise) MIA Constitution, Article X, Section 1, items 2 and 3: 2. Elected members shall not be paid any salary or honorarium or receive, directly or indirectly, any payments for his or her services to the MIA. 3. Elected members shall not be appointed to fill any paid staff position in the MIA.

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6 Audit Opinion

7 MIA Operations Assistance & Service Program Capital Project Educations & Workshop Program Events & Social Programs Operating Mosque & Musallah

8 Assistance & Service Program Zakat & Fitra Funeral Service Donations for Myannamar, Rohingya, Syrian Relief Counselling EAL classes MIA act as trustee, balance will be carry forward for next year.

9 Zakat & Fitra Program is managed under Takaful Takaful has committee and review case by case Takaful committee members are independent on MIA executives

10 Assistance & Service Program Assistance Program Zakat Fitra Funeral & Other Total Donations Revenue 158,350 9,142 81, ,670 Expense Assistance Payment 92,850 23,650 2, ,500 Donation - - 2,038 2,053 Funeral Expense ,838 57,190 Revenue exess of payment 65,500-14,508 15,101 71,927

11 Educations & Workshop Program Adult Arabic Adult, Quran Al Fajr Daily, Al Fajr Quran, Al Noor Weekend School, Being Muslim, Camp Awakeing (Dawah),First Aid CPR, Halaqa, Manitoba Muslim Mag, Mental Health Initiative, MIA Arabic, MIA Lectures serious, MIA Kids Library, Muslim Crisis Planning, Muslimas of West, Quran Competition, Scholarship, Seniors outreach, Soccer, Summer Camp, Toastmaster UYP Workshops as presented in the president report

12 Educations & Workshop Program 160, Educations & Workshop Program 140, , , , , , , Al Fajr Daily Al Fajr Quran Sunday Al Noor School Summer Camp UYP & Youth Program Others Total Fees Collected (Donations) Expenses

13 Events & Social Programs Eid al Fitr Eid Festival Eid ul Adha (Hajj) Elections MIA Banquet, MSA Fifa (Ramadan including babysitting, Iftaar, Guest Qari), Seniors breakfast, United way

14 Events & Social Programs 100,000 Events & Social Programs 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Eid Festival Eid ul Adha (Hajj) Ramadan and Eid al Fitr Other Total Donations Expenses

15 Grants Capital Projects Revenue Grant Committed SIP Security Grant for Cameras $ 57,222 $ 22,076 Washroom Renovations $ 89,536 Speakers $ 25,000 Operations Grant Educations $ 8,000 Summer Jobs Canada $ 20,577 United Way Expansion Grant $ 50,000 $ 250,336 $ 22,076

16 Capital Project Body Wash, Waqf, Washroom Reno, Security Cameras, Mult Purpose sport field.

17 Capital Project Details Body Wash Waqf W/room Reno Cameras Outside Lights Speakers Hallway & Other Total Comments Specific Donations $ 181,290 $ 60,000 $ 5,100 $ 14,603 $ 260,992 Grants Received $ 89,536 $ 57,222 $ 25,000 $ 171,758 Grant Committed $ 47,076 $ 50,000 $ 97,076 Donations Committed $ 75,000 $ 75,000 Total Revenue $ 256,290 $ 60,000 $ 94,636 $ 57,222 $ 47,076 $ 25,000 $ 64,603 $ 604,826 Expense $ (34,594) $ (143,475) $ (80,225) $ (70,000) $ (25,190) $ (353,484) $ 221,696 $ 60,000 $ (48,839) $ (23,003) $ (22,924) $ (190) $ 64,603 $ 251,343

18 Accounting Basic accounting as we all understand. General Update on the projects in the above slides Accounting as per standard

19 Accounting as per standard If you worked for the whole month of November and your salary was $1,000 but got paid in December 1. Earning for November Earning for December Cash Flow Zero $1000 Accounting $1000 Zero

20 Accounting as per Standard Let say you bought a car and at the MPI office you decided to pay for the one year insurance in the month of November in the amount of $1,200. Expense for November Expense for December Cash flow $1,200 0 Accounting $100 $100

21 Capital Budget Similar with the above to example any capital expenditure would need to be deferred so will the grant related would be deferred.

22 2017/18 Statement of Operations Revenues 2017/ /17 Donation, Fundraising and other 1,038, ,782 Takaful 115,435 46,501 Amortization of Building Grant 3,700 3,700 Amortization of Deferred Contributions 97,679 81,403 1,255,651 1,037,386 Expenses Amortization 107,647 85,103 Takaful 114, ,330 General Expenses 477, ,093 Wages and Employee Benefits 298, , ,733 1,002,397 Surplus 256,918 34,989

23 Statement of Operations 2017/18 Non Non Effect Revenues Total Capital Project Operational Operational Transaction Donation, Fundraising and other 971,771 $ 231, ,543 Takaful and Funeral Income 182, ,501 Amortization of Building Grant 3,700 3,700 Amortization of Deferred Contributions 97,679 97,679 1,255, , , , ,379 Expenses Amortization 107, ,647 Takaful 114, ,800 General Expenses 477,816 33, ,666 62,838 Wages and Employee Benefits 298, , ,733 33, , , ,647 Surplus 256, ,916 60,407 4,863 (6,268)

24 Statement of Operations October 2017 Sept 2018 October 2016 Sept 2017 Revenue Budget Actual Budget Actual General Operations : General Donations 373, ,082 $ 306,500 $ 595,400 Memberships Fees 3,500 1,785 7,500 2,479 Grant Received 40,000 28,577 40,000 35,326 Facility rental 30,000 25,777 30,000 34,610 Foordorama 20,000 3,465 20,000 27,433 MIA Pembina Valley Donations 6,000 6,795 5,999 Eid Festival 20,000 8,610 20,000 21,000 Bake Sales 950 MIA Café 30,000 12,482 30,000 27,433 WAQF 60,000 Capital Funds 231, ,582 Al Noor Education Program 15,000 15,000 13,985 Educational & Workshop 15, ,019 15,000 14, , , , ,782

25 Statement of Operations October Sept 2018 October Sept 2017 Budget Actual Budget Actual Expenses a) General Operations Salaries 180, , , ,630 Wages and salaries (Imams, Caretakers, Office manager) 267, ,097 Wages paid under Summer Canada 19,865 41,326 Wages for refugee support 33,845 Wages for school 10,000 Others (Casual Labour, Under payment CPP EI ) 2,969 14,512 EI,CPP, WCB Expenses 7,825 17,091 Utilities 63,000 62,007 63,000 52,635 Water 32,232 24,170 Hydro 29,775 28,466 Repairs and maintenance 50,000 30,304 50,000 48,389 Accounting 15,000 7,795 15,000 14,544 Telephone, internet 5,000 5,803 5,000 6,989 Property taxes 11,000 11,620 11,000 10,767 Security and Alarms 3,500 7,704 3,500 4,512 Insurance and charges 9,000 8,736 9,000 8,547 Bank and debit Machine Fee 7,500 30,381 7,500 16,666 Website Support 4,000 8,998 4,000 5,281 Office Supplies 4,000 14,399 4,000 9,515 Education & Workshop Program ,271 46,000 51,622 Events & Social Programs 67,000 89,952 50,000 82,687 MIA- Pembina valley / Airport 7,000 7,000 5, , , , ,839

26 Proposed MIA 2018/19 Budget Manitoba Islamic Association Proposed Budget October '17 September '18 Operational Revenues General donations (fundraising, 100 Seeds) 413,223 Grants 40,000 Membership fees 3,500 Facility Rental 30,000 Foodorama 20,000 Educational & Workshop 125,000 Events & Social Programs 90,000 MIA Pembina Valley donations 6,000 Total revenue 727,723 Expenses Operations Wages and benefits 25,000 Utilities (water and hydro) 63,000 Repair and Maintenance 35,000 Accounting & Legal 15,000 Property Taxes 12,000 Security and Alarms 3,500 Insurance 9,000 Bank transaction service fees 18,000 Telephone and internet 6,000 Website support 6,000 Office supplies 4,000 MIA Pembina Valley 7,000 Social and Educational Programs 224,223 Capital Project 300,000 Total expenses 727,723 Net revenue 0

27 Thank You