Notes to the Financial Statements Ended Sept. 30th, 2020

Bike Victoria Society
Name of Organization

1. Introduction

The purpose of this document is to provide additional details that may not be immediately apparent when reviewing Bike Victoria’s 2019/20 financial statements. The financial statements, as of September 30, 2020 (the Society’s year-end), may give the impression that the Society has substantial funding reserves and is showing a significant profit.

Due to COVID-19, the bulk of the Society’s activities, and all the associated costs related to those activities, were shifted from Spring 2020 to September-December 2020. Therefore, these financial statements do not reflect the costs incurred in the intervening period.

This document intends to point out specific examples and provide additional clarity so that the Municipality can better understand the status of the Society’s finances.

2. Canada Emergency Business Account

On June 16, 2020, the Bike Victoria Society was approved for the Canada Emergency Business Account (CEBA) loan for $40,000. All required documentation has been submitted to finalize this loan. This loan must be repaid by December 31st, 2021. Although it is listed in the ‘Balance Sheet as at 30 September 2020’, it should be noted that these funds are restricted.

3. Term Assets

Our Balance Sheet as at 30 September 2020 identifies $20,000 in Term Deposits as ‘Current Assets’. These term deposits have since been cashed and are being used to pay for operating and program expenses.

4. Bike Victoria Branding, Web Development, & Marketing

The Bike Victoria Board of Directors passed a motion dated August 11, 2020 committing $28,833 of reserve funds to enter into a service agreement with Foe Creative Inc. to undertake a branding, web development, and marketing development for the Society. As these funds are coming from the Society’s reserve funds, this portion must be recognized as restricted and cannot be used towards programming.

5. Everyone Rides Grades 4 and 5 Expenses

Due to COVID-19, the planning, organizing, coordinating, implementation, and reporting for this program took place from September to November 2020. The costs related to staff time, contractors, equipment rental, equipment delivery, maintenance, program materials, and others needed to run this program are not reflected in these financial statements.

6. Go By Bike Week 2020 Expenses

Due to COVID-19, Go By Bike Week 2020 was held from September 28-October 4. Because of this unusual timing, the costs of the event are not reflected in the Profit & Loss Report for September 2019-20.

7. Light the Night Campaign

$4,030.50 of funding was granted to the Bike Victoria Society on August 25, 2020 from the Capital Regional District’s Traffic Safety Commission for a special one-time project entitles “Light the Night”. All funds granted for this program must be used for the delivery of this campaign and cannot be used for other Society programs.

8. All-Aboard Family Cycling Program

On September 11, 2020, the Bike Victoria Society was notified that their application to Vancouver Island Health Authority’s Community Wellness Grant program was successful. The Society was granted $6,410 to undertake a new program entitled the “All-Aboard Family Cycling Program”, which must be complete between September 1, 2020 and September 30, 2021. The funding can only be used for the development and delivery of that program.