Balance sheet as at December 31 2017.
Revenue and expense for year ended December 31 2017 and proposed budget for 2018
The state of affairs for the Ontario Jesters is very healthy and with increased revenues has permitted an increase of funding to Squash in Ontario and other programs. These increases in funding have gone primarily to Squash Ontario for their Junior Gold and Silver programs, the Ontario Junior closed tournament and funding for travel clinics throughout the province. In addition growth and expansion of the University program in Ontario and Quebec has been financed entirely by the Ontario Jesters with a matching grant from the National Jesters. In addition, Ontario Jesters provided funding for the Jesters Under 35 doubles tournament which has grown dramatically and cannot support itself totally with sponsor and player fees.
Balance Sheet
Balance sheet consists of cash of $4437 and investments of $223,922 which had a gain of $24,919 and income, which was reinvested, of $1,126.
Accounts receivable from members are $1500 but with credits owing net out to $473. A small provision has been made for possible defaults.
Total assets are now $229,053.
The endowment has reached a balance of $192,644 and is now within reach of the goal of $250,000. Interestingly 42% has been achieved from member donations, 40% from investment gains, and 18% from fee allocation, which was discontinued in 2012.
Last year we started a reserve for touring teams (See detail report) so as to spread the costs of visiting team more evenly over a number of years. The balance in this reserve is now $1,950.
Revenue and Expense
For 2017 we had revenue of $54,034, comprising of fees $18,630, net donations of $9,360 capital gains on investments $24,918 and investment income of $1126.
The key expenditures were $8,700 for support of Squash Ontario programs, $7,085 for University programs, $1,550 Under 35 tournament and Jester matches, $5,960 fees to National Jesters, $6000 for visiting touring teams, $1,283 for insurance, and $375 administrative costs.
The University programs have shown an appreciable increase due to increased participation with new universities entering the competitions and clubs, particularly the commercial ones, are now charging for the court rentals and a fee for the organizing pro.
Respectfully submitted
Edgar A. Bracht
Treasurer