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Budgets & Financial Planning

The cooperative will post its annual report under this tab after our first year in operation. As we are still in our start-up stage, our preliminary budget is below. 

In determining the financial viability of the co-op, the board used only the annual memership fees of $250, with the goal of 3,000 members in the first year, to caluclate the preiminary budget. Other income sources may include additional site listings and keywords by members, and any available grants that the cooperative is eligible for. 

 

Estimated Income: 3,000 members x $250 = $750,000

Estimated Expenses (1st year) = $530,000

Estimated Profit: $220,000

 

While the amount of annual dividends will be determined by a member vote, if using 50% of the profits towards dividends to 3,000 members each would receive $36.66 each. Additional income has not been taken into account. In future years member votes may determine a smaller annual fee, and there is potential for an even balance between fees and dividends.

Expense Breakdown:

$  45,000 Member Assistance Fund ($15 from each paid membership contributed to fund)

$  15,000 Future Funding Fund ($5 from each paid membership contributed to fund)

$  90,000 App Lease / Purchase ($30 per membership fee goes towards purchase)

$  60,000 Board Expenses  (Expenses may be for projects, meetings, mileage etc. of the working board)

$ 253,000 Contracted Labour Expenses (Executive Director,, Sales, Marketing, Accounting, and other needs)

$    10,000 Monthly or Annual Online Expenses (Domain, website, data usage etc.)

$  15,000 App Maintenance & Upgrades

$  22,000 Legal & Professional Fees

$  20,000 Conferences, Marketing

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