by Maureen Stapleton, CFA
As Treasurer for UTFA, I am pleased to present the financial report for this year’s Newsletter. UTFA has continued to prioritize financial health and stability, ensuring the provision of high-quality services for our members while navigating challenging market conditions.
This past year as Treasurer, I have had the privilege of working with UTFA’s signing officers and staff to ensure the Association’s ongoing financial health and stability. These efforts provide a strong foundation for UTFA to continue supporting and advocating for our members in the near and distant future.
This year we continued to strengthen UTFA’s financial health and stability. Both are important because they ensure that UTFA can continue to do the important work of the Association.
UTFA continues to benefit from initiatives implemented during the COVID shutdown to improve operational efficiency and manage costs. These actions allowed us to eliminate the operating deficit without compromising the level of service provided to our members.
It has been an eventful year. During my first ten months as your Treasurer, I worked with UTFA’s signing officers and staff to successfully address the operational challenges of COVID-19. We are focused on ensuring UTFA’s ongoing financial health and stability. Both are important because they provide a strong foundation for the ongoing support our members need and deserve.
The Association remains in strong financial health. UTFA holds approximately $4,200,000 in its investment account (as of June 1, 2020), having substantially recovered from the recent coronavirus-induced market swoon. Until recently, the Association’s investment policy prescribed that half of the account be invested in fixed income instruments and half in equities, and that the latter be invested equally in Canadian, US, and other equities.
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.