Friday, September 30, 2011

 
The audited financial statements for the year ended March 31st 2011 show an excess of income over expenditure of $71,983.
 
This is the third consecutive year that CYA has reported in the black, reflecting greater budgetary control.  This effort has been matched by welcome increases in funding for the high performance program through Sport Canada, Own the Podium and the Canadian Olympic Committee.  Direct athlete support has increased by $100,000, augmented by just under $85,000 of CYA’s own funds.
 
Commenting on the results, CYA President Gerry Giffin said, “while it is pleasing to note that the Board’s determination to control the budget is bearing fruit, continued vigilance is necessary to offset the pressures on spending, particularly in coming 12 months as we prepare our Olympic and Paralympic teams.  We are also mindful of our leadership role in developing grassroots sailing and the need for adequate resources in this area.  The board appreciates the efforts that staff and volunteers have made to meet the budget requirements while at the same time maximizing the use of our funds for athletes and programs
Audited Financial Statements for the year ended March 31st 2011