Treasurer's Report

MMHS

FY2008

Submitted by Bert Friesen

1. The revenue was generated approximately as budgetted. The biggest difference was in the workshops. The lower revenues reflected the activity and the expenditures accordingly. Again in FY2008 there is unearned revenue showing on the balance sheet. These are membership dues which came accrued in 2008 but are revenue for 2009 and subsequent year.

2. The expenditures did not materialize as budgeted. The expenditures about balanced with the revenues. The largest budgeted item was for the publication of a ERVH series which did not occur.

3. The policy of writing down assets once they now longer generate significant revenue was implemented this year. The policy for books is to write them off after five years in a declining value. In 2008, 2009, and 2010, one book will be totalling written off each year and then we will implement the new policy with any books published from now one. The asset write-down in 2008 is reflected on the balance sheet in the inventory asset line item. On the Financial Statement and Financial Report it is reflected in the cost of books sales line item. The actual amount is itemized on schedule 2 as the adjustment to inventory cost.

4. The review/audit has been completed. The review has found our financial activity in order. He has made a few suggestions for improving record keeping which will be tested in 2009.

5. The proposed budget will have some items which were on the budget for 2008 but did not happen. Otherwise, it reflects the normal activity of the society.

6. The finance committee met regularly to review the financial activity of the society.

Recommendations for the MMHS members:

i. That the MMHS reviewed financial statements in the financial report be accepted.

ii. That the MMHS auditory for FY2009 be Randy Wiebe.

iii. That the MMHS proposed budget be accepted as presented.