Osteoporosis Canada’s Program Fund, where revenue and expenses related to education advocacy and awareness, administration and fundraising are accounted, had a fiscal year deficit of $145,723 which was managed by a transfer from the Research Fund of $150,000 to support Program activities. As a result, the Program Fund balance at fiscal year-end of $909,116 remains in line with 2019 fiscal year-end.
The Reserve Fund which was established to provide some security to manage unforeseen circumstances involving a revenue shortfall or unanticipated expenses, had a fiscal year-end balance of $891,377. The fiscal year deficit of $52,422 reflects the unrealized loss on investments due to the COVID-19 pandemic market impacts.
The Research Fund which provides the financial resources for scientific research projects selected by the Scientific Advisory Council of Osteoporosis Canada, ended the fiscal year with a balance of $1,456,438, a decline from fiscal 2019, again primarily due to the COVID-19 pandemic investment market impacts.
The bequest fund which represents funds donated for specific projects had no activity ending the fiscal year as it began at $3,771.
On behalf of the Board of Directors, I would like to take this opportunity to thank the volunteers, staff and management of Osteoporosis Canada for their invaluable contribution to the success of the organization especially during the challenges and the unknowns of the COVID-19 Pandemic.
Treasurer, National Board of Directors