National Capital FreeNet / Libertel de la Capitale nationale

Treasurer's Report

For the year of 2012

For the year ending December 31, 2012 National Capital Freenet is reporting a deficit of $17,676. The deficit is mainly due to the organization's efforts to better position itself for the future. During the last year NCF made the significant transition to eliminate the intermediary provider and to improve the hardware that is necessary to support its systems. It is anticipated that that the investment in the future will benefit the members of NCF as early as the current year.

With the deficit and the investment in capital assets the unrestricted reserve fund balance was reduced to a negative position of $7,450. This balance is not sustainable but as the assets are paid off and a surplus from operations is once again generated, it is planned that the unrestricted net assets will grow into a healthy balance.

In 2013 National Capital Freenet will offer even more competitive pricing than in the past and will continue to work hard to make Internet and e-mail access available for all who request it. NCF will continue to rely on one of its biggest assets, the thing that makes NCF unique in the world of Internet providers, its dedicated members and volunteers. I again want to thank them for their generosity and hard work.

Alan McRae
National Capital FreeNet