ANNUAL FINANCIAL STATEMENT AND BUDGET
The Annual Financial Statement is prepared by the Treasurer at the end of each fiscal year (1 Jan to 31 Dec). A Budget for the following year is prepared at the same time. Both the Financial Statement and the Budget are presented at the Annual General Meeting for discussion and approval. Copies are posted on the website.
The Treasurer maintains a chequing account at Coast Capital. Two signatures are required on each cheque (Chairperson, Treasurer or Secretary.) Members requiring reimbursement for expenses should contact the Treasurer or, in his absence, the Secretary.
A portion of the ACC membership fee is remitted by the ACC national office to the Section Treasurer. Of a typical $56 one-year adult membership, $31 is retained by the national office and $20 is sent to the VI Section. Of the $20 received by the Section, $15 is remitted to the Federation of Mountain Clubs of BC (FMCBC). In the end, the Section retains only $5 per annual membership. Although the national office raised itsfees in recent years, the VI Section has not increased its dues. FMCBC refunded $5 per member in 2011 and is considering a permanent fee reduction. In 2011 the VI Section unilaterally reduced its fee by 5%.
BANFF MOUNTAIN FILM FESTIVAL
Each year in November the Section hosts the BMFF in the University of Victoria Farquhar Auditorium. This event generates approximately $10,000 for the Section and is its main source of revenue. In 2010 the Section obtained a ruling from the CRA, exempting UVIC from the federal requirement to withhold HST on ticket sales. This has resulted in an annual savings to the Section of over $2,300.
HST (formerly GST)
The ACC is officially categorized as a charitable institution for tax purposes. Each year the Section is entitled to claim 54% of the HST on purchases and services. In a typical year this rebate amounts to more than $2,500, which forms a significant portion of Section revenue. Hence it is important for organizers of trips and camps to pay the expenses through the Section Treasurer. This is particularly true for trips involving helicopters and private cabins. More information can be found on the Trip Leader page.
Access to mountain education is one of the most important benefits of Section membership. The Section encourages members to improve their alpine skills by reimbursing a portion of the cost. The Section will reimburse 75% of the tuition cost of all Section organized courses, selected commercial courses and ACC TNF Leadership courses up to an annual limit set in the budget. Subsidies are built into the cost of all Section organized courses. TNF courses require pre-approval by the executive. Further details can be found on the Course Subsidies page.
Donations to worthy causes are approved each year by the executive up to a limit of 10% of the previous year's net revenues. The current list of recipients includes the VI Avalanche Centre Society, VI Spine Trail Association, Marmot Recovery Foundation, Friends of Strathcona Park, Climbers Access Society, BC Creek Protection Society, Stelly's Gym, Spearhead Huts Project, Campbell River Hospital Foundation, and the Canadian Alpine Journal. The Section also supports the Federation of Mountain Clubs of BC through a $15 addition to membership fees.
The Contingency Fund has been established by the Section to allow it to operate for two years in the event that the Banff Film Festival fails to generate sufficient revenue. The amount is fixed at $10,000 with annual proceeds deposited to the Section chequing account. Funds were derived from annual profits over a period of several years.
The Memorial Fund disburses grants on an annual basis to people under 30 who are Section members or who are willing to join. The grants cover a wide range of alpine-related activities. The amount is flexible but normally less than the full cost of the activity. An official application is required. (Members of the current executive are excluded. Children of executive members may apply on their own behalf or through a sponsor.) The fund is sustained by donations in memoriam from individuals and by matching contributions from the Section. These matching contributions are a long-term interest-free loan to the Memorial Fund. If at some future date the Section is in need of funds (in addition to those set aside in the Contingency Fund,) then all or a portion of these matching donations may be transferred to the Section chequing account. Annual grants are less than or equal to the previous year's interest income. Further information can be found on the Memorial Fund page.
This fund was established to accept donations toward the purchase and maintenance of a TrailRider. The fund balance in 2012 is $55. The fund will be liquidated in the near future, after which maintenance costs will be borne by the Section. See the TrailRider page for additional information.
If you have any comments or questions regarding Section finances, please contact the Treasurer