The Primate’s World Development and Relief Fund (PWRDF) has weathered the global economic storm so far but, preparing for tough times ahead, revised and cut its budget for 2009-2010 by about $700,000 when its board of directors met from April 30 to May 2 in Halifax.
PWRDF executive director Cheryl Curtis said the board made “a very responsible decision” and made “slight revisions within all areas of the budget, which allows us to proceed, knowing that we’ve got a strong program committed to partners and that, should we need it, we’ve got strong reserves and we have the capacity to access those reserves to keep that support for partners at the end of ’09-10.”
PWRDF has a $3-million reserve fund, but accessing it for spending requires board approval, said finance and administration team leader Jill Martin. The budget for the current fiscal year was cut to $6.3 million from $7.1 million, which is about $500,000 less than the 2008-2009 budget.
There is an “internal process underway” to decide where and how costs will be reduced, Ms. Curtis said, adding that priority was given to maintaining a strong partner program.
Unfortunately, a $700,000 cut is too large to be made up in efficiencies, she said, and praised staff for working together in an exemplary way. “I think the most difficult part is for the development team staff who carry for PWRDF the direct relationship with partners and convey reductions changes in financial support.”
The communications budget was cut by about $43,000, the administration budget by about $70,000 and public engagement by about $30,000. Travel costs were cut by $35,000.