General News · 7th October 2017
Notes to Reader: Financial Statements
DEFERRED GRANT REVENUE
This account is for grant funds received in a fiscal year, but not spent until the following year.
SCCA SAVINGS ACCOUNT
These funds are the Society’s cash contribution to matching funds, and Grant monies held for the following fiscal year.
Rental income from tenants depends on whether the facilities continue to meet their needs and on their ability to sustain their operations and pay their rent. There have been many changes in tenancy at Manson’s Hall in recent years, as services including a medical clinic, credit union and regional library needed more space and developed their own facilities. Keeping tenants often requires renovations to existing spaces, recently for the post office, Cortes Radio and the Reel Youth video studio. The SCCA negotiates long-term leases with tenants in an effort to have predictable rental income. Rent cannot suddenly be raised to compensate for unexpected expenses. Vacancies even for a period of months can seriously impact meeting the costs of operating the hall.
OVERHEAD AND OPERATING EXPENSES
Energy costs have declined due to the installation of heat pumps, insulation, thermal glazing, LED lighting and digital thermostats.
Hall staff, management and janitorial services have remained consistent, staff have received no raises for over 5 years, the SCCA covers payroll benefits as required by law, and we reduced our operating hours last winter to function within our income.
The skatepark is leased to the SRD on a long-term management contract, and funding is provided by SRD Parks on a break-even basis.
Programs are funded by a combination of grants and user fees, on a break-even basis.