Annual Report 2003

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, 2009.

MIRAMICHI SALMON ASSOCIATION, INC.CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2009

	2009	2008
Revenue
Fundraising Dinners	184,397	191,140
Transfers from MSA (U.S.) Inc.	65,252	104,943
Membership and Donations	43,422	69,140
Government Grants	128,921	87,942
Fish Sales	232,242	269,739
Investment Income	46	1,882
Rental Income	27,864	24,623
Miscellaneous Income	6,599	7,331
MWMC Joint Income	21,355	-
	710,098	756,740
Expenses
Salaries and benefits	337,047	291,215
Office expenses	86,778	90,786
Publicity and newsletter	8,370	9,849
Travel	11,187	23,773
Fund raising expenses	4,789	8,098
Hatchery Operations	201,859	192,619
River projects	115,482	137,333
Jack Fenety Scholarship	10,200	10,200
	775,712	763,873

(Deficiency) Excess of Revenue over Expenses	(65,614)	(7,133)