This document presents the “Changes in Net Assets” from the financial statement for OGHC prepared by our auditor, MNP, for 2020. The audited statement can be found on the “Budget and financial information” page on the OGHC website. You can link to this page from the Members Ony page. Net assets are the difference between OGHC’s total assets and total liabilities.
The “Report on changes in net assets” in the auditor’s report focuses on three categories of assets: membership shares, unrestricted, and accumulated forgiveness of Manitoba Housing and Renewal Corporation Loans. Previous audits had combined the unrestricted and the value of the forgiveness on the MHRC loan.
This report shows the changes in each of these categories during the period arising from various activities. The total value of OGHC’s net assets at the end of 2020 was $3,709,225.
If you hover your cursor over a category, an explanation of the category will pop up. In some cases, you can link to a more detailed explanation. (If you are using a phone or tablet, you can place your finger over the left-hand column.) In self-explanatory cases (usually totals), there is no explanation. You can download a PDF version of this document here.
You can learn more about membership shares here.
Return to Guide to 2020 Audited Statement.
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[simple_tooltip content=’The total value of OGHC membership shares. (For details, see Member Shares.)‘]Membership Shares 2020[/simple_tooltip] |
[simple_tooltip content=’‘Unrestricted’ is OGHC’s accumulated surplus.’]Unrestricted [/simple_tooltip] |
[simple_tooltip content=’ Each year that OGHC meets its commitment to provide 34 units of affordable housing, MHRC forgives a portion of a loan it made to OGHC. This column records the amount forgiven.’]Accumulated forgiveness of MHRC Loans[/simple_tooltip] |
[simple_tooltip content=’The top number in this column shows the total of OGHC’s net assets at the beginning of 2020. The bottom number shows it at the end of 2020.‘]2020[/simple_tooltip] |
[simple_tooltip content=’The top number in this column shows the total of OGHC’s net assets at the beginning of 2019. The bottom number shows it at the end of 2019.‘]2019[/simple_tooltip] |
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Net assets, beginning of year |
3,424,050 |
61,313 |
67,986 |
3,553,349 |
3,600,053 |
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Excess (deficiency) of revenue over expenses |
– |
[simple_tooltip content=’OGHC’s net operating loss for 2020.’](646)[/simple_tooltip] |
[simple_tooltip content=’Amount of MHRC loan forgiven in 2020.’]135,972[/simple_tooltip] |
[simple_tooltip content=’Sum of the net operating loss and the 2020 MHRC loan forgiveness)’]135,326[/simple_tooltip] |
(46,704) |
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[simple_tooltip content=’The net value of shares issued in a year.‘]Issuance[/simple_tooltip] |
20,550 |
– |
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20,550 |
– |
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Net assets, end of year |
[simple_tooltip content=’The value of the membership shares at the end of the year.’]3,444,600[/simple_tooltip] |
[simple_tooltip content=’The value of OGHC’s unrestricted share capital at end of the year. The sum of the figures above.’]60,667[/simple_tooltip] |
203,958 |
[simple_tooltip content=’The total of OGHC’s membership shares and unrestricted share capital at end of the year. (The sum of the two entries to the left.)’]3,709,225[/simple_tooltip] |
3,553,349 |