H
Hartwell Community Foundation
Comparative Income Statement and Comparative Balance Sheet
SAMPLE REPORT - Synthetic data onlyIncome statement: Actual 05/01/2024 to 04/30/2025; comparative: Actual 05/01/2023 to 04/30/2024.
Balance sheet: As at 04/30/2025; comparative: As at 04/30/2024.
Executive Snapshot
- Cash is available for current operations, with unrestricted balances ahead of last year.
- Revenue is up $33,450.00 from the comparison period, mainly from grant income and spring fundraising.
- Expenses are up $28,375.00, led by staffing, occupancy, and insurance renewal costs.
- Board approval is requested for an insurance budget reallocation.
Treasurer Notes
- Grant pipeline: The $40,000 Provincial Arts Council disbursement arrived in April as expected. The second tranche is contingent on the May program report.
- Insurance: The administration cost increase reflects the annual insurance renewal and broader directors' liability coverage.
- Capital reserve: The reserve fund balance grew by $12,800 this year and remains on track against the board-approved target.
Cash position$13,130.00
Revenue$284,750.00
Net result$12,185.00
Financial Summary
Revenue is $284,750.00 and expenses are $272,565.00, for a net result of $12,185.00.
Cash-like balances total $61,340.00 excluding the restricted capital reserve.
The organization ended the period modestly ahead of the prior year, driven primarily by stronger grant income and event fundraising.
| Cash Summary | Current | Prior |
|---|---|---|
| Operating Account | $48,210.00 | $39,875.00 |
| Petty Cash & Float | $630.00 | $630.00 |
| Short-Term GIC (cashable) | $12,500.00 | $12,500.00 |
| Capital Reserve Fund (restricted) | $84,200.00 | $71,400.00 |
| Unrestricted operating balance | $61,340.00 | $53,005.00 |
Significant Transactions
| Date | Item | Description | Amount |
|---|---|---|---|
| 2025-04-02 | Grants Receivable | Provincial Arts Council - spring disbursement | $40,000.00 |
| 2025-04-10 | Event Revenue | Spring Gala net proceeds | $18,450.00 |
| 2025-04-15 | Wages - Program Staff | Semi-monthly payroll | $9,240.00 |
| 2025-04-22 | Facility Rental | Q4 lease payment - 220 Elm St | $6,800.00 |
| 2025-04-30 | Accrued Liabilities | Accrual reversal - prior year audit adjustment | $4,125.00 |
Major Variances
| Area | What changed | Current | Prior | Change | % |
|---|---|---|---|---|---|
| Revenue | Total Revenue | $284,750.00 | $251,300.00 | $33,450.00 | 13.30% |
| Grant Income | Driver: Total Grant Income | $162,000.00 | $130,000.00 | $32,000.00 | 24.60% |
| Fundraising | Driver: Events & Donations | $87,500.00 | $84,200.00 | $3,300.00 | 3.90% |
| Program Fees | Driver: Participant Fees | $35,250.00 | $37,100.00 | -$1,850.00 | -5.00% |
| Expense | Total Expense | $272,565.00 | $244,190.00 | $28,375.00 | 11.60% |
| Staffing | Driver: Wages & Benefits | $148,200.00 | $132,500.00 | $15,700.00 | 11.80% |
| Occupancy | Driver: Facility & Utilities | $58,400.00 | $51,600.00 | $6,800.00 | 13.20% |
| Administration | Driver: Insurance renewal | $14,750.00 | $11,200.00 | $3,550.00 | 31.70% |
| Net result | NET INCOME | $12,185.00 | $7,110.00 | $5,075.00 | 71.38% |
Risks / Issues
- Second grant tranche is contingent on the May program report deadline.
- Insurance cost increases should be included in the annual budget review.
- Program fee revenue is trending slightly down; pricing review is recommended.
Decisions Needed
- Approve budget reallocation of $3,500 from contingency to cover insurance shortfall.
- Confirm fall program fee schedule before the June board meeting.