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Annual Financial Report 2008

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

 
   20082007
 Revenue     
 Fundraising Dinners   191,140178,056
 Transfers from MSA (U.S.) Inc.  104,94387,303
 Membership and Donations  69,14063,965
 Government Grants   87,942134,482
 Fish Sales   269,739137,769
 Endowment Fund Income   11,42019,669
 Investment Income   1,88298
 Rental Income   24,62324,018
 Miscellaneous Income   7,3315,172
   768,160650,532
     
 Expenses     
 Salaries and benefits   256,466224,466
 Office expenses   90,78685,777
 Publicity and newsletter   9,84915,763
 Travel   23,77323,554
 Fund raising expenses   8,09814,135
 Hatchery Operations   192,619112,540
 River projects   172,082166,036
 Jack Fenety Scholarship   10,20010,100
   763,873652,371
     
 Excess of Revenue over Expenses 4,287(1,839)
     
     
  

 

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