Plan for Building Reserves Starting 2014 Angela Van Aalst, ECOS - PowerPoint PPT Presentation

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ECOS Plan for Building Reserves Starting 2014 Angela Van Aalst, ECOS Treasurer ECOS 12 th AGM 2013 21 October 2013 WHAT ARE RESERVES? Reserves are ECOS savings They are extremely useful, helping to build ECOS financial sustainability

ECOS Plan for Building Reserves Starting 2014 Angela Van Aalst, ECOS Treasurer ECOS 12 th AGM 2013 21 October 2013
WHAT ARE RESERVES? Reserves are ECOS’ savings They are extremely useful, helping to build ECOS’ financial sustainability Reserves are the accumulated surpluses and deficits which build up from year to year Surplus: Excess of income over expenditures Deficit: Excess of expenditures over income
Elimination ECOS deficit 2010-2013 • Beginning 2010 surplus + 6.750 ▫ In 2010 deficit - 58.094 • Beginning 2011 deficit - 51.345 ▫ In 2011 surplus + 14.119 • Beginning 2012 deficit - 37.226 ▫ In 2012 surplus + 14.688 • Beginning 2013 deficit - 22.537 ▫ In 2013 surplus* + 28.916 • Beginning 2014 surplus* + 6.379 * = expected
THE NEED FOR RESERVES Reserves act as a buffer or safety margin: • to meet ECOS’ legal financial obligations in case of dismantling and/or dismissal of staff • to cover operational expenditure which the EC/donors do not consider eligible • to ensure regular cash flows in case of delayed instalments, unexpected income loss or any other exceptional circumstances
LEVEL OF RESERVES • The reserves shall enable ECOS to meet its legal financial obligations under Belgian law covering 3 months of staff remunerations and 3 months of running costs. • In September 2013, the ultimate financial reserves to build can be estimated to amount to 122.500 € : ▫ 100.000 € for salaries ▫ 22.500 € for running costs
HOW TO GENERATE RESERVES? Generate reserves from un restricted income: • Membership fees • Unspent income from EC service contracts • Some small income like reimbursements
HOW TO BUILD UP ? Year Contribution Contribution Total/year Accumulated from from reserve Member Fees Surpluses 2013 N/A € 6.379 € 6.379 € 6.379 2014 € 8.690 € 3.649 € 12.339 € 18.718 2015 € 8.690 € 3.649 € 12.339 € 31.058 2016 € 8.864 € 3.649 € 12.513 € 43.571 2017 € 9.041 € 3.649 € 12.691 € 56.262 2018 € 9.222 € 3.649 € 12.871 € 69.133 2019 € 9.406 € 3.649 € 13.056 € 82.189 2020 € 9.594 € 3.649 € 13.244 € 95.433 2021 € 9.786 € 3.649 € 13.436 € 108.868 2022 € 9.982 € 3.649 € 13.632 € 122.500 Total € 83.276 € 39.224
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