Statement of operations

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:

  1. Revenue (the amount OGHC received through its operations in a single year): $972,992
  2. Expenses (the amount OGHC spent on its operations in a single year): $923,751
  3. 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.

Revenue

 

2020 Budget

2019 Actual

Member fees

930,183

921,610

912,623 

Parking rent

39,360

40,317

39,105

Donations

4,296

830 

Other

2,200

4,248

6,239

Interest

1,487

2,521

1,395

Total revenue

973,230

 

972,992

960,192

 

Expenses

2020 Budget

2020 Actual

2019 Actual

Administration and management

685,404

702,784

705,466

Operations and maintenance 

225,829

220,967

200,016

Total expenses

911,233

923,751

905,482

Net operating income before reserve transfers and other items

61,997

49,241

54,710

 

Reserve transfers

2020 Budget

2020 Actual

2019 Actual

Capital replacement reserve allocation

43,520

35,400

35,400

Share redemption reserve allocation

36,000

15,000

Total Reserve transfers

43,520

71,400

50,400

Excess (deficiency) of revenue over expenses before other items

18,477

1,071

4,310

Other items

 

 

 

MHRC mortgage forgiveness

 

135,972

67,986

Unbudgeted purchases of equipment

 

(5,967)

 

Initial contribution to share redemption reserve

 

(119,000)

Total reserve transfers and other items

 

130,005

(51,014)

Excess (deficiency) of revenue over expenses

18,477

135,326

(46,704)

 

 

 

 

 

Return to Guide to 2020 Audited Statement.

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