Operating income and expenses remained primarily well budgeted, and liquidity remained at a reasonably good level. The result is a deficit of €133 141 (in 2018 there was a surplus of €12 227). Result for the financial year The CSF’s result was in deficit, mainly due to increased personnel costs. The increase in operations also caused an increase in costs. The cuts in public funding particularly affected health promotion activities and the Cancer Registry. The association’s total income was €8 561 081 (in 2018 €8 703 905) and total expenses €8 931 251 (in 2018 €9 660 913). Financial processes Work continued to develop the organisation’s financial processes, as well as financial reporting and accounting practices to better meet the needs of operations. Economic planning and forecasting processes were developed and harmonised, and new collaborative tools were introduced for them. The financial competence of the personnel was developed. Financial operations were strengthened through recruitment and staff transfers. The income register was introduced and the Sympa HR system was procured to support payroll and personnel management. Salary reporting was developed and the related division of labour was revamped to better reflect the current situation. Supervisors were also trained in this regard. Responsibility for the results was actualised and financial monitoring of the units and operations was supported by regular financial reports. Forecasting models were developed to support the monitoring of the financial situation. The reporting requirements of donors such as the Funding Centre for Social Welfare and Health Organisations (STEA), National Institute for Health and Welfare (THL) and the European Commission were also met by developing financial reporting in unison with operations. Investment assets The Cancer Society’s investment assets are managed in accordance with the principles laid down in the investment plan approved by the Board. The portfolio management was done by Evli Bank Plc, SEB Investment Management AB and LähiTapiola Asset Management Ltd. The return on the portfolio for 2019 was 15.1%. The market value of investment assets on 31 December 2019 was €7 635 626. The difference between the market value and the book value was €449 451. Bequests The Cancer Society’s fundraising proceeds come from bequests received, which in the financial year amounted to €1 223 215 (in 2018 the amount was €182 735). Their purpose is mainly to treat cancer and to support and develop patient work. Research grants The Cancer Society awarded five grants in connection with the Cancer Foundation’s call for grant applications. The applications were received by the Cancer Foundation and evaluated by the its evaluation committees and the grants committee. Grants were awarded for a total amount of €700 000.