Pride Toronto (PT) is in a dramatically different financial position than last year at this time. The most recent audit has found an additional $100,000 on top of the already expected surplus.
The statements, representing July 31, 2010, to July 31, 2011, were released to Xtra Jan 28.
PT entered the fiscal year with a deficit of $431,000, which left the organization in a debt situation of $109,000.
At the annual general meeting in October, the board unveiled its financial statements for 2011, showing that the organization ended the year with a $110,000 surplus, completely eliminating the accumulated $109,000 debt left over from the 2010 shortfall. Pride had originally planned to pay down the debt over three years.
“After the audit, it’s actually $211,000,” says executive director Kevin Beaulieu. “That’s a significantly better outcome than we anticipated.”
Where did the extra money come from?
Beaulieu credits smart accounting. Also, he says the original estimates were intentionally conservative. “It was before my time, but they were very conservative because they knew there would be some uncertainty and the final number would probably be different.”
Pride Toronto audited Financials11 Pride Toronto Audited Financials 2010 Final