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Treasurer's Report

Treasurer’s Report

Figures are for July 01-September 30, 2017

While September is the third month in the fiscal year, it really marks the beginning of the church year and with that comes a lot of financial activity.

Our Net Operating Income for the first three months was $52,697. Our income surpassed our expenses during this time period by that amount.  At this time last year, our Net Operating Income was $18,147.  We are seeing both increased income and lower expenses at this point in time.

Over the past few years, we have been using a calculation to project the direction we are heading.  We compare the current period’s income versus the previous year’s income from the same time period, add to that the difference between the current period’s expenses versus the previous year’s expenses (during the same period).  After arriving at this figure (considered the variance), we add or subtract the previous year’s ending Net Operating Income.   The figure we arrived at after doing this was a projected Net Operating Income for the 2017/18 Fiscal Year of positive $38,369.  At this time last year, we were projecting a $1,617 operating loss.

This is a great start to the fiscal year.  However, there are so many fluctuations and variables in the arenas of income and expenses, that these figures are not absolute. 

We remind Souls that it is critical that you make a note in a check’s memo section as to what your donation applies. These could include Pledge, Good Neighbor Offering, Dedicated Offering, etc.

If you have questions, please be in touch.

Tom Lescoe, Treasurer, tlescoe@hotmail.com

 

Figures are for July 01-August 31, 2017

As the summer is for many of us, it is a slower time at All Souls.  This report is providing data from the first two months of the fiscal year, both of which traditionally have low activity.

Our Net Operating Income for the first two months was $42,829; our income surpassed our expenses during this time period by that amount.  As indicated in last month’s report, it is not unusual to be in this position at this time of year as there are some people that pay their entire financial commitment at the beginning of the year. 

Over the past few years, we have been using a calculation to project the direction we are heading.  We compare the current period’s income versus the previous year’s income (during the same time period) add to that the difference between the current period’s expenses versus the previous year’s expenses (during the same period).  After arriving at this figure (considered the variance) we add or subtract the previous year’s ending Net Operating Income.   The figure we arrived at after doing this was a projected Net Operating Income (for the 2017/18 Fiscal Year) of positive $37,845.

This is a great start to the fiscal year.  However, there are so many fluctuations and variables in income and expenses, that these figures clearly are not absolute. 

During the Annual Meeting in June, I reviewed the budget and indicated that it was “balanced”; meaning, we anticipate ending the year with a Net Operating Income of $0.  As a non-profit organization, if we end the year in that situation it means we managed our expenses and our assets well.  If we do end the year with a large Net Operating Income, it means we didn’t necessarily utilize all of our assets in the most effective manner.  On the other hand, clearly we must do whatever it takes to not end the year with a negative Net Operating Income because it means we are not managing our money efficiently.

If you ever have questions about anything mentioned in these reports, please contact me in person or send an email to tlescoe@hotmail.com.  I know the above can be perplexing. 

                                                                                                                                                 Tom Lescoe, Treasurer

Previous Treasurer Report: Figures are for the Fiscal Year-End 2016/2017

We ended the year with a positive Net Operating Income (“NOI”)!  This is the first time in many years that we ended the fiscal year “in the black” (a good thing)! 

However, the amount was less than we anticipated during the first five months of the calendar year 2017.

The good news is that our actual total income was $378,484.  Even though we budgeted total income at $383,130.  Our income represents 98.8% of what was expected.

Other good news was that our expenses were $374,665 against a budgeted $383,662, or 2.3% less than expected. 

So, the NOI for the fiscal year was +$3,819 ($387,484 - $374,665).  While it may be disappointing considering the projections earlier this year, it is important to remember that last year, we ended the year with a deficit of $10,624.  Another way to look at where we are this year versus last year is that we are in a better position by $14,443 ($3,819 + $10,624).  The 2014/2015 year-end was -$18,899 so we are heading in the right direction!

What caused the change to occur is that certain expenses came in higher than expected during the past few months.  There were sixteen line items that were over 105% of their budgeted amounts.  Some of the bigger ticket items include; expense regarding music, capital improvements, general maintenance, and utilities (specifically, electricity consumption).

We have a closely balanced budget for fiscal year 2017/2018.  To end next year in the same (or, hopefully better) position, the Board, the Finance Committee, and the Treasurer will continue to diligently watch all income and expenses monthly.

Lastly, if you have not completed your financial commitment for 2016/2017, please do so as we have budgeted, like every other year, a carry-over for these funds into the next fiscal year.