Download Finance Director`s Report - Canadian Association of College and

Finance Director’s Report
For the Year ending December 2016
June 2017
______________________________________________________________________________
Review Engagement
The Review Engagement for the 2016 financial year is available at www.cacuss.ca.
Net Income/ Surplus Expenditures 2016
This is the second year that the board has had planned surplus expenditures. In 2016, the Board
contributed approximately $105,000.00 to fund identified strategic projects. Those priorities/ projects
were as follows:
 Development of a professional development plan and staff to implement the plan;
o Competencies and PD Framework (including translation) – $64,887.62
o PD hire - $9,360.28
 Investing in technology;
o Website, association management system and communication tools - $14,685.00
 Continued support for outreach, partnerships and member engagement;
o Global Summit - $3,121.96
o Support ACPA - $7,202.26
o Additional Research Grants - $6,000.00
Additional 2016 Budget Notes
There are a number of revenue and expense items that contributed to the overall 2016 final budget
position. It is important to note that in the analysis of these items where there is opportunity for
improvement or strategic investment it has been addressed for implementation in 2017.
Membership Revenue
Membership revenue was lower than anticipated (Budgeted: $225,000 and Actual: $223,639.31). This is
due to fluctuations in membership based on conference location. The board has allocated funds in 2017
to address membership outreach and marketing.
Conference Revenue
Conference revenues for 2016 in Winnipeg were lower than anticipated (Budgeted (NET): $35,000 and
Actual (NET): $9755.31). Contributing factors may have included competing conferences and the
geographic location of the 2016 conference. There were increased expenditures in staffing (due to AMC
transition), social costs and pre-conference workshops. We are working to ensure that the liabilities
associated with social events are minimized.
Member Workshop Revenue
2
Member workshop revenue was lower than planned. We are working on a pricing model for member
webinars and drive in workshops to build an appropriate business/revenue model for these events.
Transition Expenses
Due to the cancellation of our contract with our Association Management Company (AMC) in spring
2016, CACUSS quickly put a transition plan in place. This plan included hiring a new AMC to get us
through the May-September timeframe until a new RFP was issued. The impact on our budget was
significant ($8958.49) as we incurred additional costs for Management Services during the transition.
Additional costs included an exit audit and shipping expenses. Budget lines impacted include Office
Expenses, Shipping, Management Fees, and Accounting.
Community of Practice/ Network Support
In addition to the $22,774.00 invested in Communities of Practice programs we also incurred
approximately $6000.00 for webinars and teleconference support.
2017 Budget
The Board of Directors are committed to supporting the strategic priorities of CACUSS in the most
fiscally responsible way.
Budget Priorities
 Achieve a balanced operating budget by 2019. At this point, surplus/retained earnings will be
expended and CACUSS should establish a balanced budget for 2019.
 Develop a revenue generation plan to be implemented in 2017/2018.
 Anticipate implications of Membership Structure Review including developing and implementing
a plan for membership growth.
 Build the capacity of the organization by implementing the new staffing structure:
o Hiring Conference Manager (salary costs directly out of conference expenditures)
o New Association Management contract
o 50% hire for DigComm/Tech
o Increase Executive Director contract to 80%
 With a new focus on Digital Communications and technology, consider revisiting print
Communique and consider redirecting resources to Digital Communications and Technology.
Resource Allocation
 Professional Development:
o Hiring a new Manager of Professional Development & Member Engagement for CACUSS
on a 2 year pilot.
 Technology
o Develop tools to support and engage the CACUSS communities
o Increase annual expenditures on Technology infrastructure (staff/tools).
o Set up a process by which CACUSS allocates ongoing funding to continually and regularly
improve, update, and manage technology needs (AMS, Website, Communication tools).
 Supporting Communities of Practice
o Continue allocation for CoP activities, build infrastructure for CoPs including staff time
Operating Surplus/Retained Earnings:
3



Staffing Plan—increase FTE as per proposal accepted by Board in June 2016 ($69,500.00)
Technology—Investment for implementation of infrastructure and tools ($8,900.00)
Membership development plan and marketing campaign ($5,000.00)
Investments:
Review the current Operating Reserve Fund. Recommend developing a strategy for 2018 budget to
address increased operating costs and ensure that our reserve meets the Operating Reserve Fund
targets
Points for Future Consideration
 Webinar costs
 Impact of U.S. Exchange
 Investment Income
Acknowledgements
I would like to acknowledge the valuable contribution of the Finance Committee members. They have
provided rich feedback and important guidance to CACUSS’s financial oversight. I also wish to thank
Jennifer Hamilton and Michelle Prior for their support to the committee.
The 2016-17 Finance Committee was
John Austin, Ryerson University
Ian Simmie, McGill University
BJ Jensen, Consultant
Sarah Memme, University of Toronto
Tolu Kayode, Huron College
Wesley Moir, York University
Jessica Silver, University of Toronto, MIssissauga
Approval of the 2016 Review Engagement
Members are requested to accept the financial statements for January 2016 to December 2016.
Appointment of the 2017 Accountant
Members are requested to reappoint Mark A. Wales as the Association’s accountant for the 2017 Fiscal
Year.
Angie Clarke
CACUSS Finance Director