LITTLE CURRENT—The Manitoulin Centennial Manor board of management received exciting news last week when auditor Kirby Houle of Freelandt Caldwell Reilly LLP Chartered Accountants presented the board with the facility’s 2012 year end financial report, showing that the Manor had decreased its operating deficiency from $1,178,318 to $167,616, a reduction of over one million dollars.
“What a difference a year makes,” stated Mr. Houle. “This year shows a much more positive message. We aren’t out of the woods yet, but we can now see it.”
As Mr. Houle worked through the financial report with the board, beginning with the statement of financial position, he explained how the major item to note was the over one million dollar drop in the operating fund deficiency in December of 2012 compared to 2011.
“During the year, the Ontario Ministry of Health and Long-Term Care waived the recovery of amounts owing to them in respect of the years 2006, 2007 and 2008, totaling $641,959 in recognition of the fact that the suspension of admissions during these years had a negative impact on the Manor’s overall occupancy levels,” Mr. Houle explained to the board.
“This is good news,” said Manor board chair Mary Jo Eckert-Tracy, as the board members voiced their agreement. “It is a joy to have this presented to us and we are very pleased.”
Following Mr. Houle’s report, the board carried a motion to accept the audited financial report as presented.
