October Quarterly Financial Report

The purpose of this quarterly financial update is to review the budget’s planned revenues and expenses, and see how on track the organization is to date. Given that this is the first report since the beginning of this fiscal year, it provides an update on the revenues we’ve collected, and funds that have already been spent to examine if any spending needs to be adjusted. It is important to take note of expense lines that are tied to a specific revenue source (such as revenue from grants for specific projects rather than student fees).

Budget / Actual
2016-2017 / Apr-Sep 16/16
Income
ASU / $24,839.46 / 24,839.46
StFXSU / 26,755.31 / 26,755.31
SMUSA / 38,806.57 / 38,806.57
CBUSU / 16,379.59 / 16,379.59
NSCCSA Kingstec / 4,824.59 / 1,929.84
NSCCSA AV / 874.63 / 349.85
Total Member Fees / 112,480.15 / 109,060.62
Leader Lab / 10,920.00 / 9,420.00
Board Education / 6,000.00 / 0.00
Student Assemblies / 8,000.00 / 0.00
Youth Employer Award / 9,000.00 / 0.00
Advocacy Week / 5,000.00 / 0.00
Provincial Election / 8,000.00 / 0.00
Reimbursed expenses, misc revenue / 0.00 / 35.00
Total Special Projects Revenue / 46,920.00 / 9,455.00
Total Income / 159,400.15 / 118,515.62
Expenses
Human Resources / 53,873.50 / 23,757.93
Bonuses / 2,000.00 / 0.00
Contract services / 15,000.00 / 0.00
Phone / 1,200.00 / 293.36
Admin costs allocated to Projects: Student Assemblies / 0.00 / 0.00
Total Human Resources Expenses / 72,073.50 / 24,051.29
Office Expenses / 2,000.00 / 722.78
Accounting & Legal / 2,350.00 / 295.00
Insurance / 4,000.00 / 1,008.32
Bank & Credit Card Charges / 25.00 / 20.00
Payroll burden-CRA interest & penalties; SMU payroll processing / 200.00 / (178.14)
Dues, Fees, Licences, & Membership / 38.00 / 31.15
Website Infastructure / 1,100.00 / 0.00
Total Office Expenses / 9,713.00 / 1,899.11
Leader Lab / 10,913.65 / 11,257.06
Board Education / 6,000.00 / 516.29
Student Assemblies / 8,000.00 / 0.00
More Than Yes / 0.00 / 0.00
Youth Employer Awards / 9,000.00 / 0.00
Advocacy Week / 5,000.00 / 0.00
Provincial Election / 16,000.00 / 5,172.33
Total StudentsNS Projects / 54,913.65 / 16,945.68
Board Meetings-Officer travel & in person / 3,000.00 / 832.53
Conference calls / 600.00 / 215.82
Recording Secretary / 600.00 / 0.00
Honouraria / 2,000.00 / 1,100.00
Special Projects / 3,000.00 / 128.40
Total Board Expenses / 9,200.00 / 2,276.75
Travel & Meetings / 5,000.00 / 1,732.34
Professional Development / 1,000.00 / 0.00
Hiring Expenses / 2,500.00 / 2,930.04
Campaigns / 500.00 / 0.00
Communication / 1,500.00 / 722.34
Rent (In kind from SMUSA) / 0.00 / 0.00
Total PR Expenses / 10,500.00 / 5,384.72
Contingency (approx 1% of budget 2016-17) / 1,000.00 / 333.33
Total Expenses / 157,400.15 / 50,890.88
Profit (Loss) / 2,000.00 / 67,624.74

Summary:

As you can see, the overall profit numbers are much higher than projected, however are inflated given the lion share of expenses for the year have not been realized. The Hiring Expenses came in higher than budgeted for but will likely not need to be revisited this fiscal year. StudentsNS Projects are on hold because the projected revenue for projects other than Leader Labhave not been promised nor received from the D250 grant that we have relied on. New information has come from D250 to inform StudentsNS that the funds for the Provincial Election are the only ones they’re considering at this time and in the future as the grant is closing. This means over the next few months, decisions will have to be made to find alternative funding for these projects, reallocate funds from other expenses, or risk not completing them.

Given some expenses have accumulated since the budget comparison was completed (Sept 16th) there will be more expenses registered in Contract Services, Recording Secretary, Website Infrastructure, and Travel & Meetings expense lines, as well as ongoing costs such as HR. Overall, spending remains on track given that StudentsNS is almost 40% through the fiscal year as of these statements.