Please see the update below regarding the financial affairs of the Component:
2021 Fiscal Year End
As the fiscal year ends, I am happy to report that the Component was successful in overcoming the many financial challenges that this past year put in place. ACCEX initially budgeted to run a $200,000 deficit during the year, but with strong cost control measures and continued government assistance through the CEWS program we were able to significantly reduce the size of our deficit. Some of the adjustments made to the Component’s operation will have long-term cost savings for the Union. I also want to thank the Local Presidents for their assistance and flexibility over the past year.
The pie chart below shows a visual representation of where your dues dollars were spent over the last year.
Statement of Operation – 2021 Fiscal Year (July 2020 – June 2021)
Please see below the Unaudited Statement of Operation for the past fiscal year which ended on June 30, 2021. Our annual accounting audit will take place in January 2021 as per the Component Bylaws.
2022 Component Budget
ACCEX met in late July to review a draft budget for our 2022 fiscal year. We remained conservative in our anticipated dues revenue but did budget for increased funds for our committees compared to last year and set aside funds for the resumptions of the bargaining reopener. The budget was unanimously approved by ACCEX.
Our three Component Trustees are scheduled to resume audit work in September. They will start with finishing off the 2015 year end audit. As part of the 2022 budget, I have allocated a significant amount of funds so that the trustees may continue to work through the backlog of trustee audits. It’s worth noting that our books are audited annually by an external auditor, to ensure the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and that the Statements are presented in compliance with Canadian Accounting Standards for Not-for-Profit Organizations.
The Component moved into our offices at 25 Belfield Road in 2006. The Office was heavily renovated at that time and a new roof was installed in May 2006 with a 15-year warranty. There were multiple days of heavy rain in late May and our roof began had a major leak … exactly one week after that 15-year warranty expired. Great timing, eh? As such we had two different roofing companies provide quotes for repair and replacement. Based on the reports from the different roofing companies, ACCEX decided it was best to go for a forward with a replacement and work began this week.
Secretary-Treasurer, Air Canada Component of CUPE