Guide to the 2020 Audited Statement

OGHC’s 2020 audited statement contains four major reports. OGHC has prepared notated versions of each of these reports to help members understand the reports. These documents are not intended to take the place of the audited report and do not address all the issues in the auditor’s report, which can be found here.

The following are four key takeaways from the Auditor’s report.

In 2020 we reduced our long-term debt by $303,667.
  • We reduced our mortgage with Assiniboine Credit Union by 167,695.
  • The Manitoba Housing and Renewal Corporation forgave $135,972 of its 20-year forgivable loan. This is in keeping with our agreement with Manitoba Housing to provide 34 units of housing that comply with the government’s Affordable Housing program.

Our initial combined starting debt of $12,530 665 now stands at $11,996,951 (a reduction of 4 %).

We continue to save. 
  • We set aside 43,920 for our capital reserve. Not including interest, the total amount set aside for capital reserves to date is $104,320. This reserve is intended to pay for future capital asset replacements.
  • Our Share Redemption Fund earned $1,638 in interest and now stands at $135,110.
We essentially broke even, running a deficit of $646. 
  • We did this despite the fact that for much of the year, the pandemic prevented us from earning revenues from guest room and common room rentals.
  • There were a number of significant projects that addressed issues identified in the 2020 member survey. These included replacing the refuse bin, improving downspouts to reduce icing, particularly in the parking lot and at the Arlington Street entranceway, and finishing the basement project room. Some of these expenses show up in the audited statement as “Unbudgeted purchases of equipment.”
There has been a change in the way the Auditor has reported our Changes in Net Assets.

In previous years, the auditor had combined our “Unrestricted Net Assets” with the total amount of loan that had been forgiven by Manitoba Housing and Renewal Corporation. As a result, in the 2019 audit, our year end unrestricted assets were reported as $129,299. In this year’s audit unrestricted net assets and accumulated MHRC loan forgiveness are reported as two separate items. As stated in the current report the unrestricted net assets are $60,667 and the accumulated loan forgiveness is $203,958. Unlike the unrestricted net assets, the loan forgiveness is not available as cash.

OGHC 2020 Statement of Position (Balance Sheet) Explained   (PDF)

OGHC 2020 Statement of Operations (PDF)

OGHC 2020 Statement of Changes in Net Assets (PDF)

OGHC 2020 Statement of Cash Flows (PDF)

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