Treasurer Mark Abraham took participants through the Treasurer’s Report and annual financial statements.
Total revenue for the year was $10.2 million dollars. This is up by about 0.4% from last year. By far the biggest portion of our revenue comes from Government grants which, at $8.4M, represents 81% of the total. The primary funders of these grants are the Toronto Central LHIN, Ministry of Community and Social Services, and the Ministry of Advanced Education and Skills Development. These are not general operating grants, but rather funds that are provided to us to deliver specific programs that have specific targets that we need to meet. Anything we want to do outside of those programs requires additional sources of revenue. Such as … Public Support – which is the second most significant portion of our revenue, representing 18% of the total. This category – also known as Fundraising – includes funds generously provided through Individual Giving, Program Sponsorships, and Corporate & Foundation Donations. This year we received $1.4M, up by 6% over last year.
The final meaningful portion of our revenue last year came from grants provided by the Ontario Paraplegic Foundation (OPF) which is a related organization that is controlled by SCIO and is designed to hold our financial reserves and provide grants to SCIO. This year, grants from the OPF totalled $343,000. This amount represents investments made in SCIO’s fundraising and marketing areas, which, over the next five years, are intended to yield dividends and grow the public support revenue category, and further build the funds in the OPF.
The accounting firm Grant Thornton conducted an audit of SCIO’s financial statements for the year ended March 31, 2019, a condensed version of which can be found online. The firm of Grant Thornton was appointed the Auditor of SCIO for the ensuing year.
Craig Brown, Chair of SCIO’s Governance and Nominations Committee presents an award to Tom Proszowski for his long-time service to SCIO. (Missing from photo: Marco Ferrara.
Board of Directors for 2019-20
Craig Brown, Chair of SCIO’s Governance and Nominations Committee acknowledged the invaluable contribution of two hard-working and passionate volunteers who have stepped down from the Board: Marco Ferrara and Tom Proszowski.
Marco was previously a board member of Canadian Paraplegic Association from 2004 – 2006 and has sat as a board member of SCIO from 2013. He has also been a member of the Marketing and Fundraising Committee and Advocacy Committee.
Tom has been a board member of SCIO since 2011 and has served as Chair of the Governance and Nominating Committee until very recently.