Working capital (current assets less current liabilities) was in a deficit in both 2003 (-$374,293) and 2004 (-$1,238,258).

The increased deficit takes on greater significance when it is compared to total current assets (ie: what percentage is the working capital deficit of the total current assets). 2003 = 11.8% 2004 = 43.5%

One of the significant avenues the BC SPCA uses to finance itself is through its accounts payable. In 2003, accounts payable were 10.4% of the total monies brought in. In 2004, total payables increased 11.4% in real terms, and reached 12.3% of the total monies brought in.

I'd say the BC SPCA is now in a full-on code red situation. Something new and positive has to develop within the next two years or the organization will be unable to operate or service its debts. My prediction is that it will look for heavy government support.

http://www.animaladvocates.com/spca/BCSPCA2003AnnualReport.pdf

http://www.animaladvocates.com/spca/BCSPCA2003FinancialStatementsBackgrounder.pdf

http://www.animaladvocates.com/spca/2004-audited-financial-statements.pdf