The Association remains in very strong financial health. The audited financial statements of the last five years show an average yearly surplus of approximately $375,000, which would have been $515,000 without the dues holidays in 2014 and 2015.
Greetings from the Treasurer. I first need to acknowledge the fantastic work of Marta Horban and Rucsandra Schmelzer in supporting this portfolio and UTFA’s members. We are extremely fortunate to have both of them on staff and to benefit from their careful oversight of the financial aspects of the Association. Detailed supervision of the renovation of the new office space at 720 Spadina recently acquired by UTFA has also been an extra burden on Marta in particular; she has spent an extraordinary amount of time and energy to ensure completion of this project.
Another year has gone by, and it is once again my pleasure to report to you that the financial affairs of UTFA are in good health. The last fiscal year, ending June 2014, has seen us manage the operations of the Association to a surplus of $691,330. Captured in this surplus is an unrealized gain in our reserve fund investments of approximately $338,000. Although we presented a balanced budget and scheduled a one-month dues holiday in December 2013, a number of budgeted expenses were not realized and a surplus was achieved once again.