Finance and Human Resources Mari Bishop CP A C A Financ e Manager NADF is repor ting a small c onsolidat ed defcit f or the fscal y ear ended March 31 2013 The defcit repor t ed 3960 is 17 th o f 1 o f gross re v enues This builds on the fresh star t f or fnancial repor ting that c ommenc ed in 2011 with the c onsolidat ed defcit at that time eliminat ed b y a charge against c ontribut ed surplus With the small fscal 2013 defcit the cumulativ e defcit is no w 66753 NADF inv ests its fnancial resourc es wisely W e inv est in our clients disbursing loans and pro viding additional business and e c onomic de v elopment servic es W e inv est in our staff pro viding training oppor tunities t o build capacity t o bett er serv e our clients and being c ommitt ed t o fair e quitable and transparent c ompensation policies t o attract and retain w ell qualifed and motivat ed staff W e inv est in our c ommunities with sponsorships and donations being an int e gral par t o f our mark eting and promotional activities both as an inv estment and as an oppor tunity t o c onne ct with cust omers and c olleagues in the c ommunities w e serv e W e belie v e v ery strongly in the creation o f prosperity and w ealth in our c ommunities as our strength c omes from suc c essful c ommunities and suc c essful c ommunity members The Balanc ed Sc ore card approach which c ommenc ed in fscal 2012 c ontinues t o pro vide a frame w ork f or NADF s strat e gy in f our k e y areas clients and funders fnancial int ernal proc esses and learning and gro wth W e measure our results looking at k e y perf ormanc e indicat ors including various cat e gories o f re v enues and c osts This includes loan int erest trav el and mark eting e xpenditures and salaries and training L oan int erest varies annually depending on the number o f loans disbursed and their c olle ctability For the fscal y ear ending March 31 2013 although loans disbursed was belo w av erage loan int erest was at its highest le v el in 13 y ears Ongoing eff or ts o v er the y ears t o emphasiz e the impor tanc e o f c olle ctions has had a signifcant positiv e impact on loan int erest re v enues A signifcant perc entage o f NADF s operating budget is dedicat ed t o personnel c osts W e also c ontinued our par tnership with INA C t o pro vide summer student emplo yment oppor tunities A re vie w o f staffng ne eds was c omplet ed b y the end o f the fscal y ear resulting in some int ernal restructuring This included the addition o f a c ore position t o our staffng c omplement during the y ear a L oans Administrativ e Assistant The f ollo wing e x c erpts from the c onsolidat ed fnancial stat ements f or the fscal y ear ending March 31 2013 present the results o f operations f or the y ear and the fnancial position at the y ear end The c omplet e audit ed fnancial stat ements are available at our head o ffc e NADFs overall strategic goal is financial sustainability to be able to continue to serve our clients Management is responsible for the preparation and presentation of the fnancial statements including the integrity and fairness of the c onsolidated fnancial statements 17 20122013 Annual Report