Finance Committee chairman Carl Ash, FCA reports that the Miramichi Salmon Association, from an organizational viewpoint, is a complicated entity, made so by the participation of members raising funds in two tax jurisdictions. Additionally, the lease arrangements with the Miramichi Watershed Management Committee for the operation of the Miramichi Salmon Conservation Centre adds another layer of complexity. Because of these factors, the Miramichi Salmon Association is made up of three legal entities: Miramichi Salmon Association, Inc.; a Canadian registered charity; Miramichi Salmon Association (U.S.) Inc., a US registered charity; and Miramichi Fisheries Management Ltd., a NB limited company which operates the Miramichi Salmon Conservation Centre, formerly DFO’s South Esk fish hatchery. Although the three legal entities that make up the MSA have individual financial statements, approved by the Board of Directors, a consolidated statement better demonstrates the size, scope and results of operations. The following is the consolidated statement of operations for the Miramichi Salmon Association for the year ended December 31, 2008.

MIRAMICHI SALMON ASSOCIATION, INC.CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2008

	2008	2007
Revenue
Fundraising Dinners	191,140	178,056
Transfers from MSA (U.S.) Inc.	104,943	87,303
Membership and Donations	69,140	63,965
Government Grants	87,942	134,482
Fish Sales	269,739	137,769
Endowment Fund Income	11,420	19,669
Investment Income	1,882	98
Rental Income	24,623	24,018
Miscellaneous Income	7,331	5,172
	768,160	650,532

Expenses
Salaries and benefits	256,466	224,466
Office expenses	90,786	85,777
Publicity and newsletter	9,849	15,763
Travel	23,773	23,554
Fund raising expenses	8,098	14,135
Hatchery Operations	192,619	112,540
River projects	172,082	166,036
Jack Fenety Scholarship	10,200	10,100
	763,873	652,371

Excess of Revenue over Expenses	4,287	(1,839)