2015/16 Financial Report and 2016/17 Budget
MIA Financial Audit MIA financial reports are audited annually by external auditors (Scarrow & Donald Chartered Accountants) MIA financial records during the year, as well as annually, are reviewed by the MIA Internal Audit Committee, comprising professional accountants MIA Financial Statements are presented to MIA membership at the AGM
2015/16 Statement of Operations 2015/16 2014/15 Revenues Donations, fundraising and other 708,007 578,720 Takaful 110,895 133,710 Amortization of building grant 3,700 3,700 Amortization of deferred contributions 80,570 77,232 903,172 793,362 Expenses Amortization 84,270 80,932 Takaful 135,280 129,425 General Expenses 376,221 279,316 Wages and employee benefits 176,280 139,856 772,051 629,529 Difference 131,121 163,833
MIA EC Compensation Facts MIA Executive Council (EC) is a voluntary body MIA does not receive any financial payment (salary or otherwise) MIA Constitution, Article X, Section 1, items 2 and 3: 2. Elected members shall not be paid any salary or honorarium or receive, directly or indirectly, any payments for his or her services to the MIA. 3. Elected members shall not be appointed to fill any paid staff position in the MIA.
Statement of Operations Oct 2015 - Sep 2016 Budget Actual Revenues a) General operations: General donations (fundraising, 100 Seeds) 274,000 416,063 Membership fees 7,500 8,275 Grants Received 44,900 Facility Rental 30,000 28,624 Foodorama 30,000 18,045 MIA Pembina Valley donations 8,000 6,000 Eid Festival 18,000 22,675 Bake Sale 2,000 12,225 MIA Café 2,000 18,982 GST Return 8,885 Water Account Refund 8,606 WAQF 10,600 Capital Fund 10,000 Al-Noor Educational Program 15,000 13,781 Al-Fajr Educational Program 6,000 16,440 Subtotal general operations 392,500 644,101
Revenue Breakout Operational Revenue 2% General donations (fundraising, 100 Seeds) 2% 1% 3% 2% Membership fees 1% Grants Received 3% 2% Facility Rental 3% Foodorama 1% MIA Pembina Valley donations 3% Eid Festival 4% Bake Sale MIA Café 7% GST Return 65% Water Account Refund 1% WAQF Capital Fund Al-Noor Educational Program Al-Fajr Educational Program
Statement of Operations Oct 2015 - Sep 2016 Budget Actual Expenses a) General operations: Salaries 140,000 176,280 Wages and Salaries (Imams, caretakers, office manager) 140,000 138,953 Wages, funded by grants (refugee support, summer camp) 27,137 EI, CPP, WCB Expenses 10,190 Utilities 63,000 56,161 Water 27,956 Hydro 28,205 Repair and Maintenance 50,000 45,694 Accounting 10,000 14,585 Telephone, internet 5,000 4,575 Property Taxes 10,000 10,702 Security and Alarms 2,000 3,313 Insurance and Charges 8,000 8,619 Bank and debit machine fees 3,000 7,622 Website support 2,500 3,651 Office Supplies 2,000 4,841 Social Programs 89,000 133,218 Eid Prayers 15,000 13,764 Eid festival 18,000 21,568 Youth and Educational Activities 10,000 25,504 Al-Fajr 6,000 5,883 Al-Noor School Program 15,000 16,520 Social gatherings 25,000 49,979 Sports equipment 2,777 Land development 9,500 Donations to other charitieis 8,670 MIA - Pembina Valley rent expenses 8,000 6,000 Subtotal general operations 392,500 496,210
Expenses Breakout Operational Expenses 1% 1% 2% 2% Salaries Utilities Repair and Maintenance 36% Accounting 27% Telephone, internet Property Taxes Security and Alarms Insurance and Charges 1% Bank and debit machine fees 1% 2% Website support 11% 2% 3% 2% Office Supplies 1% 9% 1% Social Programs
Statement of Operations Oct 2015 - Sep 2016 Budget Actual Revenues b) Program Specific Refugee Support 38,219 Funeral Cost Recovery 15,658 Manitoba Muslim Magazine 8,330 Scholarship 1,700 Subtotal 63,906 Oct 2015 - Sep 2016 Budget Actual Expenses b) Program Specific Promotions (Manitoba Muslim Magazine) 8,330 Funeral Expenses 15,658 Refugee Support 30,604 Scholarship Funding 1,700 Subtotal 56,292
Statement of Operations Oct 2015 - Sep 2016 Budget Actual Revenues c) Takaful Financial Assistance 110,895 Oct 2015 - Sep 2016 Budget Actual Expenses c) Takaful Payments 135,280
Statement of Operations Oct 2015 - Sep 2016 Budget Actual Surplus/(Deficit) a) General operations: 147,891 b) Program Specific 7,614 c) Takaful Financial Assistance (24,385) Total Surplus/(Deficit) $ 131,120
Trend by Year MIA Income and Expenses Trend 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 - 2008 2009 2010 2011 2012 2013 2014 2015 2016 Revenue Total expenses
Proposed MIA 2015/16 Budget October '16 September '17 Operational Revenues General donations (fundraising, 100 Seeds) 306,500 Grants 40,000 Membership fees 7,500 Facility Rental 30,000 Foodorama 20,000 Al-Noor Educational Program 15,000 Al-Fajr Educational Program 15,000 MIA Pembina Valley donations 6,000 Eid Festival 20,000 Other (bake sale, etc.) 30,000 Total revenue 490,000 Expenses Operations Wages and benefits 180,000 Utilities (water and hydro) 63,000 Repair and Maintenance 50,000 Accounting & Legal 15,000 Property Taxes 11,000 Security and Alarms 3,500 Insurance 9,000 Bank transaction service fees 7,500 Telephone and internet 5,000 Website support 4,000 Office supplies 4,000 MIA Pembina Valley 7,000 Social and Educational Programs 131,000 Eid festival 20,000 Eid prayers 15,000 Social gatherings (dinners, workshops, etc) 50,000 Youth acitivities 25,000 Al Noor 15,000 Al Fajr 6,000 Total expenses 490,000 Net revenue -
Proposed MIA 2015/16 Budget October '16 September '17 Capital Revenue Grants 75,000 Fundraising 260,000 Total 335,000 Capital Projects Body Washing Facility 250,000 Multi-sports Field 85,000 Total 335,000
Thank You
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