Quote:
Originally Posted by GioforPM
Expenses are the amounts spent on overhead. Expenditures are all amounts paid. So saying that the amount you are quoting is "expenses" is inaccurate. It might not be that the $825 K is expenses. It could have been put into reserve. It could have been used otherwise. I agree it could be broken down better. But what I do know is that it didn't go to salaries, office expenses, marketing, etc. (traditional "expenses).
Thanks for the condescension, though, bro.
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No GioforPM. First take it up with the Canadian Revenue Agency, they are the ones calling it expenses. So we can drop that.
Second, it could not have gone into reserve.
The foundation brought in:
$4,108,721
The foundation expensed:
$2,895,548
The reserve would have received the difference, $1,213,173. This is coincidentally close to the 1.2M, but a separate number obviously.
The foundation expenses, $2,895,548, were formed from:
-$1,685,349 gifts to qualified donors (the donations)
-$1,211,199 of other expenses
The $1,211,199 of other expenses can be broken down separately into two distinct ways:
Advertising and promotion-$154,929
Travel and vehicle expenses-$1,237
Interest and bank charges-$29,952
Licenses, memberships, and dues-$3,179
Office supplies and expenses-$39,765
Occupancy costs-$2,339
Professional and consulting fees-$34,908
Education and training for staff and volunteers-$7,424
Purchased supplies and assets-$98,065
Amortization of capitalized assets-$13,947
All other expenditures not included in the amounts above (excluding gifts to qualified donees)-$824,454
Or:
Charitable programs (i.e. salaries, rent, etc.) -$351,076
Management and administration -$199,796
Fundraising-$659,327
I'm not sure where the confusion lies. But this is the numbers we have. Yes, we do not know others. We do know it was not sent to reserve, we do know it was not sent to qualified donees. But again, it could be made up of donations to other non-qualified donees. It could be made up of a lot of things, some that people may consider expenses, some that may not be. What we do know, is that we don't know.
If only there was someway to get an audited financial statement like every other major charity in Calgary....