Loading...
HomeMy WebLinkAboutCSD-010-12 Cladwgton REPORT COMMUNITY SERVICES DEPARTMENT Meeting: GENERAL PURPOSE AND ADMINISTRATION COMMITTEE Date: October 29, 2012 Resolution#: 004 -5/5-0 By-law#: N/A Report#: CSD-010-12 File#: Subject: 2013 COMMUNITY GRANT PROGRAM, BALANCE SHEET RECOMMENDATIONS: It is respectfully recommended that the General Purpose and Administration Committee recommend to Council the following: 1. THAT Report CSD-010-12 be received for information. Submitted by: Reviewed by: Jo ph P. Caruana Franklin Wu, ctor, C ommunity Chief Administrative Officer ervices J PC/sm CORPORATION OF THE MUNICIPALITY OF CLARINGTON 40 TEMPERANCE STREET, BOWMANVILLE, ONTARIO L1C 3A6 T (905)623-3379 F (905)623-0830 REPORT NO.: CSD-010-12 PAGE 2 1.0 BACKGROUND 1.1 At the March 5, 2012, Council meeting, Council approved Resolution #GPA-185- 12 which read; "THAT the Community Grant Program require all community grant program applicants to include a balance sheet, preferably accountant prepared, as part of the application process." 1.2 Since that time Community Services staff have consulted with the Finance Department to develop.a balance sheet in an appropriate format to be included with the 2013 Community Grant application. (Attachment 1) 2.0 COMMENTS 2.1 The current Community Grant Application Form requires applicants to provide an overview of their budget as follows: - Previous year end actual (2011 actual) - Current year end forecast (2012 forecast) - Proposed budget for grant application year (2013 budget) 2.2 The new balance sheet requirement would be an additional requirement identifying an organization's net worth at year end. 2.3 Historically, the timeline for the Community Grant Application is mid November when staff hosts a community meeting to introduce the grant program and highlight any change to the process. This meeting also provides an opportunity for groups to discuss their specific application with staff to ensure that it meets the Community Grant criteria. 2.4 Typically, applications are due in early January providing staff the opportunity to review and follow up where necessary and to clarify information included in the request. The information is then summarized and a complete report is presented to Council by the end of February, following budget approval. 2.5 The inclusion of a balance sheet to the application will provide Council with another tool to assist them in making informed decisions on the allocation of - - - -grant funds to worthy and appropriate applicants In order to ensure the balance sheet is relevant to the process, the applicants will require time to gather their year end financial information and complete the balance sheet accurately. 2.6 For 2013, staff will revise the current Community Grant schedule to reflect a reasonable timeframe so that applicants have an appropriate opportunity to produce an accurate year end balance sheet. REPORT NO.: CSD-010-12 PAGE 3 2.7 It is anticipated the revised schedule would call for the initial community meeting in early January, with the deadline for applications being early March. The final report would be presented to the GP & A Committee by mid April. This would provide applicants the time required to provide accurate year end budget information and balance sheet information, making the grant application information complete and current for discussion. 2.8 The impact of a six week delayed process on the applicants should be minimal. Staff have been emphasizing for several years that Community Grant funding is not guaranteed annually and should not be considered in the organization's regular operating budgets. Organizations have been encouraged to consider the grant program as seed money for new projects or to fund one off special events. 3.0 CONCURRENCE 3.1 This report has been reviewed by Nancy Taylor, Director of Finance, and she concurs with the recommendation. CONFORMITY WITH STRATEGIC PLAN — The recommendations contained in this report conform to the general intent of the following priorities of the Strategic Plan: _ Promoting economic development X Maintaining financial stability _ Connecting Clarington _ Promoting green initiatives _ Investing in infrastructure X Showcasing our community Not in conformity with Strategic Plan Staff Contact: Skip Crosby, Community Services Co-ordinator Attachments: Attachment 1 - Balance Sheet List of Interested Parties: None Attachment 1 to Report CSD-010-12 COMMUNITY GRANT APPLICATION Instructions for the Use of the Balance Sheet Form NOTE: List all Financial Dollars as of December 31,20xx,unless the organization uses a different fiscal year end date. The date"Year"is the previous year to your grant request year. (i.e.Grant request year is 2013-December 31,2012 for financial dollars) Part 1:'ASSETS a) Cash Total of all bank account balances at Dec.31st. b) Investments Total of all investment certificates-GIC,Bonds at Dec.31st. c) Accounts Receivables Total of all monies owing to the Organization from Others. d) Accounts Receivables Federal Gov't HST Total of all outstanding refunds from the Fed.Gov't for HST at Dec.31st. e) Inventory Supplies Total of all supplies purchased in bulk or that have a high dollar that are for resale or for the Organization to carry out its business. f) Prepaid expenses Prepaid expense is a cost that expands over more than 1 fiscal year and is the dollar value AFTER Dec.31st, (i.e.Insurance) g) Equipment and Property Total of all owned fixed assets(computers,equipment etc.) Total Assets Add Part 1 lines a to g. Part 2: LIABILITIES AND NET REVENUE a) Accounts Payables Total of all bills/invoices due for the year of the Balance Sheet but not paid. b) Accounts Payables Federal Gov't HST Total of HST owing to the Fed.Gov't for the year of the Balance Sheet but not paid. c) Loans Total dollar value of all loans due to the bank or others at Dec.31st. d) Deferred revenue Total dollar value of monies received that relate to Organization's next year's activities. i.e. Nextyear's memberships e) Net Revenue(deficit)or surplus The dollar value from the last"Line"in the"Actual"column on the Statement of Estimated Revenues&Expenditures. Total Liabilities and Net Revenue(deficit)or surplus Add Part 2 lines a to e. NOTE: Total Assets Value equals Total Liabilities and Net Revenue Value. Attachment 1 to Report CSD-010-12 COMMUNITY GRANT APPLICATION Organization/Group's Name BALANCE SHEET as of December 31, 2012 *(Unless organization uses a different fiscal year end date) ASSETS a) Cash balance b) Investments c) Accounts Receivables d) Accounts Receivable - Fed.Gov't HST e) Inventory Supplies f) Prepaid expenses g) Equipment and Property Total Assets LIABILITIES AND NET REVENUE a) Accounts Payable b) Accounts Payable Fed.Gov't HST c) Loans d) Deferred Revenue e) Net Revenue (deficit) or surplus Total Liabilities and Net Revenue (deficit)or surplus Prepared by: Position with Organization: Date Prepared: