To the 2016-2017 Annual Report of the British Columbia Borstal Association
It is my pleasure to report on BC Borstal Association’s financial results for the year ending March 31, 2017. The financial statements are the responsibility of management. The Board of Directors review and approve the financial statements, which have been audited by Deloitte LLP and attached.
Funding from Correctional Service of Canada, the main source of revenue, was $548,885. This can be attributed to the proactive management of the Dick Bell Irving community residential facility (DBI), which operated at a utilization rate of 93.2%.
Overall BC Borstal Association ended the year with total revenue of $598,902, slightly less (1.3%) than the prior year, with $21,057 being generated by the Trauma Program in its first year of operation. Our single largest expense is related to staff compensation and benefits, which is consistent with most service-based organizations.
The BC Borstal Association finished the year with deficit of $43,153 due mainly to Board approved commitments to the Trauma Program and shifting from a Review to an Audit Engagement of Financials. A healthy cash and equivalents position of $184,063 and building endowment fund of $603,140 (fair market value) have been maintained.
The focus for fiscal 2017 will be to continue and expand on the success of the Trauma Program and initiate an expansion opportunity to enhance the service provided by DBI.
On behalf of the Board, I am very grateful to all of our funding partners, donors, volunteers, and employees whose continued support and commitment to the BC Borstal Association has provided us with a solid financial position, which will allow us to continue to provide the highest quality programs to the community we serve.
Jim Malcolm, Treasurer
BC Borstal Association