Christmas society explains funding reserves

By Sharon McLeay Times Contributor

Questions about leftover funding in the Christmas Hamper Society budget brought president Craig Stone before Wheatland County council on May 1.
In common with many charitable organizations, the society derives revenue from cash, food and toy donations, and the valuation and completeness are not susceptible to satisfactory review verification.
According to a spokesperson with Gregory, Harriman & Associates, certification of the revenues by the accounting firm “was limited to the amounts recorded in the records of the society, and we were not able to determine if any adjustments might be necessary to donations, excess of donations over expenses, current assets and net assets.”
Donations in kind came out to $127,923, with program spending costing $99,587, leaving an overage of $28,336. Stone said the society currently has about $76,000 in the bank, giving the society an overage of about $46,000. He added the society has a policy to reserve about $30,000 for emergency contingency funds and it was not abnormal to have overages.
“We are in a pay-it-forward situation,” said Stone, who added that historically the society makes small gains each year. To address overages, the society reviews the program every three years and adjusts its giving programs accordingly.
Stone said the extra money allows the society to give more dollars on the gift cards in each hamper and upgrade the quality, brand, and variety of foods and toys provided.
“Our Stuff-a-Bus was three times more successful this year than last year, which was really cool,” said Stone.
However, he added that other major donations come from school drives and the amounts can sometimes be erratic, leaving the society uncertain of what amounts they will receive up to as late as one week prior to hamper packing. Cash donations can also come in later.
This year, Stone said they were down $25,000 until the last week prior to packing, and the society recognizes that a three-year reactive process needed some modifications.
The society gave Sobeys gift cards in the hampers, with amounts of $50 to $150, depending on the family size for 2018. Quality and quantity of food will also be improved, he said.
Overage of food product is given to other local charities like the food bank, churches and local veterans at the end of year and that deals with storage issues as well. He said the society is also setting up a website in September, where people can find updates and contact information.
“By doing the items above we think we can put our overages in line over a two-year period,” said Stone. “In the end, the success of the program is because of the community we live in. We appreciate it and depend on it.”