For the year 2007
I am pleased to report that for the year ended December 31, 2007, National Capital Freenet is reporting a surplus of $60,731. This surplus is significant for an organization that in the past has relied heavily on donations from its members in order to operate in a manner that best supports its mission.
The main reasons for the surplus in 2007 are the City of Ottawa grant which helped support the National Child Benefit Project, the significant increase in DSL services, and the hard work by a team of dedicated staff and volunteers.
The positive results from 2007 have left NCF with a strong cash position that will enable it to easily meet its current obligations and provide some funds for investment. The increase in unrestricted net assets will allow the organization to maintain and purchase the equipment required for a high level of service and also fund new initiatives that will strengthen NCF and allow it to continue to meet the needs of its members.
The surplus funds from 2007 will also provide the NCF with some flexibility in how it manages its growth. There will be many challenges in the coming years as the organization increases its services in DSL and is required to continue to provide a high level of customer support. For an organization that has been built on the hard work of dedicated volunteers, the challenges of continuing to get that volunteer support will be substantial.
This has been a fulfilling first year as Treasurer of NCF and I look forward to working with this vibrant organization over the years to come.