OCS Outcomes Report 2015-2016
Financial Report Treasurer’s Report To the Members of Options Community Services Society (“OCS”)
It is my pleasure to present this Treasurer’s Report to you for the fiscal year of OCS ended March 31, 2016. It has been another interesting, challenging, and rewarding year. OCS has continued to face uncertainty in certain programs, but has managed its risks appropriately and continues to be in excellent financial condition. As described in detail in the financial statements included in the Annual Report, total revenues before internal allocations increased year over year by approximately $1.2 million to $25.9 million. This represents an increase of approximately 5% from the previous year. Total expenses before internal allocations increased year over year by approximately $2.0 million to $25.2 million. In addition to these changes, we realized a gain of approximately $679,000 on the sale of Congregate House III. The result is an excess of revenues over expenditures in the amount of $1.3 million, a decrease of $0.2 million year over year. Total assets increased year over year by approximately $0.8 million to $19.3 million, while total liabilities decreased year over year by approximately $0.5 million to $8.5 million. As a result, OCS had net assets in the amount of $10.9 million at March 31, 2016, an increase of approximately $1.4 million year over year. The financial results as summarized above are a result of sound financial management at OCS. With oversight by the Board of Directors, the Executive Team have again done an excellent job of managing the financial resources of OCS, particularly when it comes to managing its risks. It is with great excitement that the Board and Executive Team have turned their attentions to the future use of the new property on King George Boulevard, which is intended to replace certain aging facilities and provide brand new, much needed space to carry out its mandate. I am confident that the development of this property will further solidify the footprint of OCS in the community. OCS has a strong team that has created a culture of hard work and dedication in order to ensure that it stays financially healthy and continues to provide those most needed services to the communities it serves. The growth of this organization over its many years is a testament to that culture. I would like to personally thank the Deputy Executive Director/Chief Financial Officer, Ivan Menendez, for his financial wisdom and spirit, and the Executive Director, Christine Mohr, for her great leadership and positive attitude. I would also like to thank the members of the Finance Committee for their insight and dedication during the year, and the other members of the Board of Directors for their unwavering support. Each of these people has made my job an easy one. In closing, I continue to be very excited about the future prospects for OCS and I look forward to another great year. Yours very truly, Kevin J. Kilgour, CPA, CGA Treasurer
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