YUFA

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Treasurer's Update on YUFA's Finances

By Perry Sadorsky

The auditor's report of YUFA's financial statements has been completed. YUFA is currently in a good financial position. In 2002 the Association's net worth (total assets minus total liabilities) was $1,388,731. This represents a 7.7% increase over the previous year. Most of this increase was due to increases in the operating fund and the defence fund and a decrease in accounts payable. Both the defence fund and the arbitration fund are adequately funded. These funds are currently invested in high grade Government of Canada and Provincial bonds.

For the fiscal year 2002-2003 YUFA has an operating budget of $1,156,335.  Staff salaries and officer compensation account for 45% of the budget. Legal and professional services account for 13% of the budget while various membership dues account for 23% of the budget.