2019 Financial Statements and projections for 2020
Hi Everyone!
This blog post isn’t going to be one of the most interesting, but stick with me. When I started up this website I promised transparency on the financials and here they are. Please take a moment to see where our money is coming from and going. I created the Canadian Modern Quilt Collective to provide our community with a space to come together to support each other. This has been a passion project and really has grown beyond what I envisioned when I started it. I’m not 100% sure where we will go as a group but I love how it is slowly growing into something amazing. Well, at least something I feel is amazing.
In 2019 a website was created to provide a spot where we could share more information, blogs, events and much more. My goal from the start was to provide the upfront costs to get this started hoping to recoup the first year’s expenses and then generate enough money to pay for the next year’s expenses.
2019
Money In
To get our website up and running I added in just over $400 of my personal business money. We secured $300 in advertising on our fabric stores listing page and also received $50 in donations.
Money Out
To set up banking the Canadian Modern Quilt Collective had to be set up as a business. Our licence is good until July 2025 where it will need to be renewed for $60. Our website domain of $26 lasts us for 2 years. Our website cost $290 renewed annually which is due in July 2020. I was able to repay myself $200 of the $400 that I put into our accounts initially.
Balance Forward
Going into 2020 we have $100.25 in our bank account.
I’ve put together the projected outlook for 2020:
2020 Projections
Money In
This is an optimistic outlook that our 2019 advertisers will continue for a second year. These advertising contracts mostly renew in the fall of 2020.
Money Out
Our banking fees are $9 per month costing us $108 annually. Our website renews in July for approximately $290 (it is charged in USD so actually cost depends on the strength of our dollar). I would like to be able to pay back the initial investment of my personal business money but that isn’t the top priorty.
Money Leftover
As it stands now we look to end out 2020 with -$209.
If any one has questions or concerns about these financials please feel free to reach out to me at amanda@canadianmqc.ca!