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Monthly Summary – Treasurer’s Ledger

November 2017

Monthly Report

For the first five months of this fiscal year, we appear to be close to budget.

  • P&L: The P&L is written using a modified cash/accrual basis. On the income portion, for the most part, amounts shown are the cash received for the current fiscal year. Billed but not paid amounts are not recorded. Primarily, the items that have outstanding billed amounts are school fees and dinners, dues, and rental income. On the expense portion, most recurring monthly items, including payroll, are posted when paid.We pay all of our bills as soon as they are received and have no long-term contracts (except for employment). Program expense, most maintenance expenses, and any other significant expenses are adjusted to the proper fiscal year.
  • Income: We have already exceeded the Annual Fund budget for FY18, and are doing better than last year at this time with the General Fund and Dues. Rental income is a little behind – but this is just a timing issue – we’re awaiting payment from a number of events and have strong bookings for the rest of the year. Based on what is due for school fees and  dues  ($8,399  and  $193,041, respectively),  and taking into account what typically doesn’t get paid, it looks like we will reach budget for both accounts. If I wasn’t so fiscally conservative I might say we will slightly exceed budget – but that’s not me.
  • Expenses: We are a bit over budget (not good) for Onegs – we need more families to help sponsor Onegs. Weeding in the garden is also over budget. Frankly, this was a budgeting error; based on past year’s expenses it should have been budgeted higher. Salaries and Benefits are looking good (61% of all expenses).  Nothing else is noteworthy at this time.The year-end net budget number is a deficit of $12,525.
  • Balance Sheet: All checking/savings amounts are accurate.  Due to delayed audits, some adjustments on the balance sheet have not been done. Most noticeable are lines #75 – Pledges Receivable, #82 – Allowance for Uncollected Promise (to pay pledges) and #110 – Norway Savings Loan (the mortgage). The finance committee will be working to correct these and other audit related issues (mostly the value of other current assets and fixed assets). The correct number for #75 is closer to $1,500,000, for #82 the number is correct, but is for pledges for the first capital campaign and now eight years later should be written off, and for #110, the mortgage balance is $500,000.The operating cash position is at a healthy $230,095, which is $11,449 better than last year at this time. It is the best operating cash balance we have ever had for the end of November. (Operating means funds for our day-to­ day operating expenses. It doesn’t include capital campaign or restricted funds.) Since most of the income arrives at the beginning of the fiscal year and the expenses are spread throughout the year, I would expect the cash position to decrease a bit for the next seven months.
  • Mortgage: is currently at $500,000, with $140,074 of cash in our capital campaign accounts.  On January 2nd we will pay at least $80,000 to the bank, which will satisfy the principal obligation for calendar year 2018.

Monthly Financial Package

Balance Sheet November 2017

PandL November 2017

Notes on Financials November 2017

Consolidated PandL November 2017

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