National Capital FreeNet / Libertel de la Capitale nationale

Treasurer's Report

For the year of 2011

For the year ending December 31, 2011 National Capital Freenet is reporting a surplus of $27,475. This is a positive turn around after two consecutive years of deficits. Two years ago when the Board of Directors approved the annual budget for 2009, there was a conscious decision to spend $13,653 from the Reserve Fund. In 2010 there were many challenges contributing to the deficit position including the weak economy, the changing IT environment, staff turnover and hardware issues. There were still challenges in 2011 but thanks largely to the member's contributions and some cost savings the NCF managed to generate a modest surplus.

With the surplus funds the unrestricted reserve fund balance grew to $57,624. This balance, although improved, is still very low when it comes to being prepared to meet potential significant unplanned hardships. Therefore in 2012 there will be a continued effort to operate with a surplus. There are changes in the works that will help save costs and improve margins on the DSL line of service. Fundraising may still also be an option.

In 2012 National Capital Freenet will continue to offer competitive pricing and work hard to make internet and e-mail access available for all who request it. Each year we have thanked our members for their great support and again this year we must thank our members for their generous contributions in volunteering their valuable time. The key factor which enables NCF to operate so cost effectively, is the contributions from the members and dedicated volunteers. We encourage members to keep supporting NCF in its mission so that we can continue to fulfill our mandate, and at the same time provide reliable and affordable services.

Alan McRae
National Capital FreeNet