This will be the first in a series of Treasurer's Reports that will appear periodically in the TMAC newsletter. The idea is to provide all TMAC members with up to date and accurate information as to the state of our finances in a manner that involves genuine transparency. For those of you who attended the AGM in Cardiff you will recall that, in the absence of then treasurer Ted Flett due to a serious accident, I delivered the Treasurer's Report on his behalf. Having received the report less than a day before it was due to be delivered I had more questions to ask than answers to provide. I did know from a very quick perusal of the documents that TMAC had serious financial issues.

The serious issues arose almost completely from the decision to subsidize media attendees at the last three conferences over and above what TMAC might receive from CTC. This practice was simply unsustainable and accounted for a large deficit at the Richmond conference and a smaller one from Wales. I was pleased with the response of the TMAC members at the AGM. Of course there was dismay, but there was also an understanding that hindsight is 20/20 and that looking for scapegoats was a waste of time. We all got in this together and we are all going to right the ship together.

After the board elections at the AGM, I agreed to act as treasurer for this fiscal year, but only on the condition that two things happen: (1) that TMAC create a Finance and Audit Committee to provide financial governance advice and oversight and (2) that TMAC, for the first time ever, draft and adopt a budget. Both these conditions were eagerly accepted by the new board. The Finance and Audit Committee was struck with the treasurer as automatic chair and Hélèna Katz and Grant Fraser as the other members. All three members have experience with financial statements, budgets and audit requirements.

The first order of business was the crafting of the 2010 Budget which was largely the work of Helena and Leya Duigu from TO Corp. Regretfully it could not be a balanced budget because the 2010 conference and its attendant expenses were already in the books. However, work has already begun on the 2011 budget and you have my word that we will do everything possible to ensure it generates a surplus.

Frankly, I could go on for pages about what has been happening behind the scenes with respect to TMAC's finances and how to improve them. Set out in point form are some of the most important:

What I would like to ask each and every TMAC member to refrain from doing is asking - why weren't these things done before? TMAC has grown from a tiny, mostly Toronto based group of friends to a national organization that is the leader in its field. Every organization has growing pains and the transition from local to national organization was not accomplished overnight. It is simply time that we all realize how big and quickly TMAC has grown and that it is now time to adopt financial measures more suited to the organization TMAC has become.

If you have any questions please feel free to direct them by email to the Finance and Audit Committee with copies to the president at the email addresses in the handbook.