This document presents the “Statement of Operations” from the financial statement for OGHC prepared by our auditor, MNP, for 2020.
A “Statement of Operations,” also known as an “Income statement,” records the operating income and the operating expenses of an organization for a particular period of time. (It does not normally show capital expenses.) It is part of OGHC’s annual audited Financial Statements.
A “Statement of Operations,” also known as an “Income statement,” records the operating income and the operating expenses of an organization for a particular period of time. (It does not normally show capital expenses.)
OGHC’s Statement of Operations consists of three major items:
- Revenue (the amount OGHC received through its operations in a single year): $972,992
- Expenses (the amount OGHC spent on its operations in a single year): $923,751
- Excess of revenue over expenses before other items of $5,321
If you hover your cursor over the category in the left column, 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 copy of this document here.
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Revenue |
|
2020 Budget |
2019 Actual |
|
[simple_tooltip content=’“Member fees” is the total amount OGHC receives from its members through the “Occupancy charge.”’]Member fees[/simple_tooltip] |
930,183 |
921,610 |
912,623 |
|
[simple_tooltip content=’“Parking rent” is the amount OGHC receives from renting parking spots to members and non-members.’]Parking rent[/simple_tooltip] |
39,360 |
40,317 |
39,105 |
|
[simple_tooltip content=’“Donations” are money that individuals and organizations have donated to OGHC. ‘]Donations[/simple_tooltip] |
– |
4,296 |
830 |
|
[simple_tooltip content=’“Other” includes money received for such things as guest and common-room rentals.’]Other[/simple_tooltip] |
2,200 |
4,248 |
6,239 |
|
[simple_tooltip content=’“Interest” is revenue from money OGHC has in its accounts and holdings with Assiniboine Credit Union.’]Interest[/simple_tooltip] |
1,487 |
2,521 |
1,395 |
|
Total revenue |
973,230
|
972,992 |
960,192 |
|
Expenses |
2020 Budget |
2020 Actual |
2019 Actual |
|
[simple_tooltip content=’“Administration and management expenses” include the mortgage, taxes, professional fees. Click here for details.’]Administration and management[/simple_tooltip] |
685,404 |
702,784 |
705,466 |
|
[simple_tooltip content=’“Operations and maintenance” expenses include utilities, cleaning, and security. Click here for details.’]Operations and maintenance [/simple_tooltip] |
225,829 |
220,967 |
200,016 |
|
Total expenses |
911,233 |
923,751 |
905,482 |
|
[simple_tooltip content=’Total revenue minus total expenses. (Sometimes referred to as ‘Net Income.’) ‘]Net operating income before reserve transfers and other items[/simple_tooltip] |
61,997 |
49,241 |
54,710 |
|
[simple_tooltip content=’“Reserve transfers” are money that is put into funds that will be used to handle expected costs.‘]Reserve transfers[/simple_tooltip] |
2020 Budget |
2020 Actual |
2019 Actual |
|
[simple_tooltip content=’The “capital replacement reserve” is a fund for replacing or repairing buildings, parking lots, furniture, equipment, and appliances. This is the amount put into the fund annually. The amount is based on a study prepared for OGHC in 2017. OGHC will be reviewing the amount as part of a larger study in 2021.’]Capital replacement reserve allocation[/simple_tooltip] |
43,520 |
35,400 |
35,400 |
|
[simple_tooltip content=’The “share redemption reserve” is a fund for purchasing shares from members when they leave. The Board decided that a Share Redemption Reserve fund amount of $134,000 ($119,000 +$15,000) is now sufficiently funded to cover possible share redemption requirements given the size of our waiting list.’]Share redemption reserve allocation[/simple_tooltip] |
– |
36,000 |
15,000 |
|
[simple_tooltip content=’The total amount of money put into reserve funds in any one year.‘]Total Reserve transfers[/simple_tooltip] |
43,520 |
71,400 |
50,400 |
|
[simple_tooltip content=’The difference between net operating income and reserve transfers).‘]Excess (deficiency) of revenue over expenses before other items[/simple_tooltip] |
18,477 |
1,071 |
4,310 |
|
Other items |
|
|
|
|
[simple_tooltip content=’The Manitoba Housing and Renewal Corporation (a Manitoba government crown corporation) has made two forgiveable loans to OGHC for a total of $2.8 million. If OGHC ensures that 34 of its units are reserved for people who met provincial income requirements OGHC does not have to repay the loan. In 2020 MHRC forgave $135,972 of this loan. The annual forgiveness and reduction of the loan (itself a liability) results in capital income. While this forgiveness increases our equity in our building, it is not cash revenue to OGHC.’]MHRC mortgage forgiveness[/simple_tooltip] |
|
135,972 |
67,986 |
|
[simple_tooltip content=’Purchases made through the Small Capital Projects program. This includes the setting up of the project room in the basement.’]Unbudgeted purchases of equipment[/simple_tooltip] |
|
(5,967) |
|
|
[simple_tooltip content=’This is the year’s contribution to the “share redemption reserve described above. The Board decided that a Share Redemption Reserve fund amount of $134,000 ($119,000 +$15,000) was sufficient to cover possible share redemption requirements given our waiting list of over 360. The interest earned on this account will increase the fund each year.’]Initial contribution to share redemption reserve[/simple_tooltip] |
|
– |
(119,000) |
|
Total reserve transfers and other items |
|
130,005 |
(51,014) |
|
[simple_tooltip content=’This is the difference between the excess (or deficiency) of revenue over expenses before other items and the other items.‘]Excess (deficiency) of revenue over expenses[/simple_tooltip] |
18,477 |
135,326 |
(46,704) |
|
|
|
|
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