Annual Report 2007/Finance Steward

From EcoReality

Since the forming of the Co-op, property has been purchased at 160 Sharp Road for a purchase price of $839,553.79. Investment Shares have been issued to: Jan Steinman for $327,726.89; Carol Wagner for $327,726.90; James Cowan for $42,050.00; and Shannon (Binns) Cowan for $42,050.00.

The current balance in the checking account is: $1376.17. There is $500.00 in a term deposit of which $425.00 is the security deposit on the cottage. There is also $5.00 in Member Shares at Island Savings. All for a grand total of $1881.17.

Reports being submit to Victoria are: Cash Flow Report showing Inflows of $752,875.47 and out flows of $750,994.30, with a net balance of $1881.17. Income Statement (Profit & Loss) showing Income of $7786.73 and Expense of $9861.31 with a net loss of $2074.58. The Balance Sheet states the Assets as $842,558.91 and the Liabilities as $844,633.49 with Equity as $2074.58.