2021-22 Annual Report
Empowering a New Generation: Fulfilling our purpose
Financial Overview
Financial Overview
For JA Central Ontario, the 2021-2022 school year marked the beginning of our recovery from the COVID-19 pandemic and related operational challenges. We continued to adapt and develop our learning experiences and fundraising activities in an online world, learning from the successes of the previous year to ensure student impact in this ever-changing environment.
This year’s revenue of $2.5 million is a year-over-year increase of 25%. This reflects a significant rebound from the previous fiscal year, which was negatively impacted by the challenges of operating in pandemic conditions. Our 2021-22 revenue was spurred by a mix of one-time and multi-year funding agreements, as well as generous individual donations and foundation grants.
While revenue has begun to recover, operating in a virtual and pandemic environment has increased expenses across the organization. This year’s mix of learning experiences had a higher cost structure, fundraising during the pandemic was challenging, and the effects of inflation took their toll on financial results. Government COVID-19 subsidies also came to an end during this fiscal year.
Nevertheless, throughout the year we saw a path to recovery as pandemic restrictions ease, building back a sustainable foundation for the future of our organization.
FINANCIALS
Statement of Financial Position as of June 30, 2022
| Assets | 2022 | 2021 |
|---|---|---|
| Cash & Investments | $2,398,803 | $2,921,018 |
| Accounts Receivable & Other Assets | 372,126 | 175,819 |
| Total Assets | 2,770,929 | 3,096,837 |
| Liabilities | ||
| Accounts Payable & Accrued Liabilities | 146,766 | 152,340 |
| Deferred Contributions | 176,391 | 213,166 |
| Total Liabilities | 323,157 | 365,506 |
| Net Assets | ||
| Unrestricted | 747,772 | 1,031,331 |
| Endowment Fund | 500,000 | 500,000 |
| Internally Restricted | 1,200,000 | 1,200,000 |
| Total Net Assets | 2,447,772 | 2,731,331 |
| Total Liabilities & Net Assets | $2,770,929 | $3,096,837 |
| Statement of Operations for the year ended June 30, 2022 | ||
| Revenues | ||
| Program Designated Contributions | $1,823,589 | $1,477,257 |
| Donations and Other Contributions | 182,729 | 179,451 |
| Special Events | 397,015 | 314,765 |
| Interest and Other Income | 128,854 | 58,203 |
| Total Revenue | 2,532,187 | 2,029,676 |
| Expenses | ||
| Program | 961,370 | 712,888 |
| Special Events | 130,020 | 77,906 |
| Resource Development | 442,811 | 420,560 |
| Administration & Program Support | 812,292 | 709,657 |
| Facilities | 155,074 | 155,900 |
| Marketing | 67,245 | 72,822 |
| Total Expenses | 2,568,812 | 2,149,733 |
| Excess/ (Deficiency) of Revenue Over Expenses Before Undernoted Items | (36,625) | (120,057) |
| Government Subsidy | 88,702 | 279,067 |
| Unrealized Gain (Loss) on Investments | (335,636) | 200,698 |
| Excess/ (Deficiency) of Revenue over Expenses | $(283,559) | $359,708 |
