MDCA FINANCIAL STATUS

MDCA is a non-profit organization, not a registered charity, operating to promote social welfare and civic improvement.  Revenue Canada has information on the distinction here but key information is included after our financial information.  

Annual Income

MDCA typically has annual income of less than $20,000.  For several years, most came from advertising sales for our newsletters.  MDCA also has  received grants and participated in other funding programs, or worked with other organizations as a partner or trustee.

Annual Expenses

The largest expense used to be the newsletter, over 7,000 delivered to all homes and businesses in our catchment three times a year.  Printing costs are about $6,000, and Canada Post charges about 11 cents for each delivery!

Party by the Pond, our AGM, and participation in events like the Weston Santa Claus parade, civic debates and town halls consume most of the rest of our income, along with expenses like insurance, fees, and web hosting.

Board members are all volunteers.  MDCA returns thousands of dollars each year to the people and businesses of Mount Dennis as wages for the people who provide services, entertainment, and child care at our events.  We purchase printing and professional services locally.

  

2020

2021

2022

Net Worth Jan 1

 

7,828

5,988

11,158

Income

 

 

  

Advertising

 

4,759

3,391

0

Grants and other income

 

0

13,152

5,603

     

Total Income

 

4,759

16,543

5,603

Expenses

    

Newsletters

 

5,115

3,181

0

Events

 

3050

191

449

Other Expenses

 

1,179

8,001

7,802

     

Total Expenses

 

6,599

11,373

8,251

   Net Income

 

-1,840

5,170

-2,648

Net Worth Dec 31

 

5,988

11,158

8,510

Notes:   2020 amounts adjusted due to delayed receipts and payments, settled in 2021.  All amounts are based on returns to Revenue Canada prepared by CanAm CPA.

Since 2020, MDCA has acted as trustee for some group projects.  Portions of these funds continue to be held in trust, and COVID restrictions have delayed completion of some.  These projects and funds are reviewed by CanAm CPA Financial Services annually.  Financial transactions are reported to Revenue Canada  as exceptional items but do not have any impact on the financial position of MDCA.    

About Non-profit organizations

Non-profit organizations are associations, clubs, or societies that are not charities and are organized and operated exclusively for social welfare, civic improvement, pleasure, recreation, or any other purpose except profit.

Here are a few types of non-profit organizations and examples of each:

  • social, recreational, or hobby groups (bridge clubs, curling clubs, and golf clubs)
  • certain amateur sports organizations (hockey associations, baseball leagues, and soccer leagues)
  • certain festival organizations (parades and seasonal celebrations)
MDCA organizes events, and also promotes the interests of the community.

Ontario legislation controlling Not For Profits changed recently.  MDCA is filing the necessary documents and expects the process to be completed in 2023Q3, well in advance of the 2024 deadline.

Our financial returns are prepared by the Can-Am CPA Professional Corporation,  1275 Jane St.   (https://www.canamtax.com)