2020 2nd Qtr P & L Budget vs Actual
A note from our Treasurer, Mark Kaenel:
The lowest billing for membership dues for the entire year occurs in the second quarter, which is reflected in our budgeted net loss of $27,860 through the first half the year ended 6/30/20. Income from membership dues through the period of $107,457 is behind budget by $9,268 due to membership resignations of Shimoff Law, RAMS, and Century 21 Lois Lauer Realty, combined with no new memberships during the second quarter versus budget of one new member for Q2 (we have two new members pending for the current quarter, however). After member donations from unreimbursed lodging and airfare expenses for our Washington, DC trip, and YTD interest income, total income YTD through 6/30/20 is $115,810 which $5,307 less than budget.
Total expenses of $138,742 through Q2 are $10,235 less than budget, although we are over budget in a couple of areas. As previously reported, the cost to build a new website and update our software exceeded budget by $7,872, but those costs have been fully vetted and are now behind us. Insurance cost appears to be over budget by $1,378, however the annual premium is paid in full during Q2 versus our practice of prorating operating expenses over the course of the year, so this cost will align with the full year’s budget at year-end. Same for legal & accounting expense, although the charge assessed by our CPA in Q2 for completion of our 2019 tax return and compiled financial statement was $800 higher than expected, so this cost will be over budget by this amount for the full year. However, there were some key expenses that were less than budget, most notably zero costs resulting from the cancellation of our trip to Sacramento for a savings of $9,435.* Also, as previously reported, the actual cost of our trip to WDC in Q1 was $6,507 less than budget. Lastly, with the move away from physical weekly meetings, our YTD program expense (mostly food & beverages for our meetings) is only $1,162 for a savings of $3,820.
Therefore, our net loss for the first half of 2020 is $22,931, which is $4,929 better than our budgeted YTD loss of $27,860.
* Unlike our regular operating expenses, the budgeted costs of our advocacy trips are reflected in the budget for the period in which the actual costs are incurred.
Please direct any questions regarding the financials to Mark. http://Mark Kaenel <mkaenel@roadrunner.com>