2010 Annual Report – Secretary-Treasurer

February 04, 2014

National Secretary-Treasurer
Judy Lewis
2010 Annual Report

The national secretary-treasurer is a signing officer for all official documents with duties carefully defined in How We Serve… and the Executive Handbook.

The national executive met in February, at the pre- and post-convention meetings in August and in November. The finance committee met in November to review the 2011 budget for presentation to the national executive. At the same meeting, the national investment report was given by Maurice Bohemier, first vice president and investment advisor for CIBC Wood Gundy. The report indicated a need for some caution but offered reasons for some near-term and longer-term optimism. The report stated interest rates were expected to remain low in Canada and the United States throughout 2011 and 2012. The bond market was still well valued and the equity market was judged to be fairly priced.

Investments as of December 31, 2010 were $1,706,336 compared to December 31, 2009 at $1,793,325, a decrease of $86,989. While the portfolio grew by 6.3%, the value of the investments decreased due to a $200,000 cash draw made in September to cover the operating deficit.

Equity investments comprised 41% of the portfolio while bond investments made up 57%; the balance of 2% was cash. Equity investments had grown over the approved limit of 40 percent and the value of the equities continued to grow. Wanting to take advantage of a strong equities market, the national executive approved a motion to raising the equities limit to 50%.

I met with Senior Accounting Clerk Valroy Anderson to conduct interviews with representatives from two firms and selected an auditor for the League. The national executive approved the finance committee’s recommendation of Scarrow & Donald LLP Chartered Accountants to audit the 2010 fiscal year.

I received copies of monthly unaudited financial statements prepared at national office. The cheque registers were reviewed monthly with all expenses and verified with receipts. Each receipt was double and triple checked for accuracy.

Financial activity was monitored in terms of budget allocations, and recommendations were made in consultation with the finance committee to the national executive when necessary. Monthly and annual financial statements were studied and consideration of the auditor’s recommendations was given. All major decisions were referred to the national executive with complete background information and recommendations to facilitate sound decision-making.

The finance committee and the national executive worked as a team to be responsible stewards of the League’s finances and to ensure the League’s financial stability well into the future for the benefit of all members. Each area of the finances was scrutinized closely for improvement and monitored each month.

After careful consideration, the national executive decided to recommend initiating the process to increase per capita fees from $8.00 to $13.00 at the annual national convention. The recommendation was approved and the notice of motion was sent to all parish councils.

The 2010 audited financial statements of The Catholic Women’s League of Canada follow this report. The statement of financial position reflects the strength of the League’s asset position.

The statement of revenue and expenditures shows the League experiencing a deficit of $55,552; the budgeted deficit was $137,400. Reducing expenditures and receiving more investment income than expected achieved this favourable result.

The statement of revenue and expenditures shows the League experiencing a deficit of $55,552; the budgeted deficit was $137,400. Reducing expenditures and receiving more investment income than expected achieved this favourable result.

In 2010 an operational budget with a deficit of $242,160 was adopted for the fiscal year 2011. Decreasing membership continued to be the trend thereby reducing the primary source of revenue. The slow recovery of the market and a predicted low investment return for the next two years will further reduce revenue.

Treasurers from across the country reported following Guidelines for Treasurers , obtained on-line or ordered through the national office. Provincial treasurers reported collecting $189,448 for the national voluntary funds.

Members faithfully donated to parish, community, provincial, national and international charities showing their commitment to fulfilling the League’s mission. In addition to the donations to national voluntary funds, provincial treasurers reported charitable donations of $4,020,751 , a conservative estimate. Members gave a shining example of living out the theme Women of Peace and Hope.

Several provincial councils reported combining the duties of recording and corresponding secretaries /or secretary and treasurer. Secretaries reported performing their duties as described under Section 4 of the C onstitution & Bylaws and the Handbook for Secretaries available at national office or on-line. Secretaries assisted in preparing agendas; recorded and distributed minutes; and sent communiqués, notice of meetings, invitations to conventions and newsletters.

To assist future councils one secretary reported keeping a binder of all the council’s special projects. One of the biggest challenges reported was staying on task during riveting discussions. The greatest accomplishment reported was the joy of learning new skills, producing clear records of proceedings, keeping all members thoroughly informed, improving knowledge and learning to use new technology.