Financial Statements for 2020-2021

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Once again the HCGM managed to control its costs and to continue to maintain its operations during this very challenging time and the continuing operational difficulties brought on by COVID.

Although we are still in the middle of a pandemic our financial situation improved from the previous year as we had a loss of $120,297 this fiscal year as opposed to $369,202 last year.

In addition, we reduced our long term debt by $300,450, and there was a substantial improvement in the collection of outstanding school fees. The HCGM received $3,848,000 from the Canada Emergency Wage Subsidy (CEWS) which allowed the HCGM to continue offering services and maintain its operations over the last fiscal year. The transfer of the Foyer Hellenique pour Personnes Agees to the HCGM at no cost has improved the financial position of the HCGM and has provided additional liquidity to the organization.