MANITOULIN – The Manitoulin Centennial Manor board was very happy to be presented the 2019 Manor financial statements last week that showed it is in a healthy financial position.
“I think it’s very positive,” stated Manor board member Hugh Moggy after auditor Corey Houle of Freelandt Caldwell Reilly LLP presented the 2019 audited financial statements to the board at its regular meeting last week.
“I echo Hugh’s comments,” stated board member Art Hayden.
Board chair Pat MacDonald noted, “I can remember the days when things were not good, and we were being told not to spend any money.”
Mr. Houle told the board “the Manor has a fairly healthy surplus and is in a healthy financial position. Nine or 10 years ago we were not saying that.”
Mr. Houle explained the financial statements are a snapshot in time, and the Manor had $477,570 in the bank as of December 31, 2019. He outlined the net assets of the Manor which totaled $937,125 at the end of 2019. The total Manor liabilities at the end of the year were $609,339.
“At the end of 2019 the Manor had a balance of $327,786 which is basically made up of four things, operating fund balance, (daily operation of the Manor), fundraising, endowment and capital fund ($299,000 etc. from above),” continued Mr. Houle. The Manor received funding of $2,926,000 from the province, a fair increase of about $100,000 from 2018, he told the board.
Mr. Houle explained as well there was a 2.3 percent increase put in place for resident fees as of July 1, 2019. Municipal contributions were $385,860, which included a $93,000 one-time contribution in 2018, to assist with the costs of replacing the building’s HVAC system. There was a balance of $327,000 at the end of 2019, with $299,263 restricted amount for purchasing equipment and $28,000 for running the Manor on a daily basis.
He cautioned the board, “at the time of December 31, 2019, we didn’t know about COVID-19 or what it would do. It could have an impact on the Manor’s financial position. We don’t know how long the pandemic will last. It is so early we don’t know what the impact will be. It could provide a future impact on the finances of the Manor.”
Mr. Houle added that administrator Tamara Beam and director of care Marie Howard have done a wonderful job in providing the information needed to make the audit process very smooth.
The board accepted the audited financial statement for 2019, with board member Mr. Hayden putting forward the motion which was seconded by board member Mr. Moggy.
“It is very nice to have a positive audit,” said chair MacDonald. “For a few years it was touch and go.”