A note from our Treasurer, Mark Kaenel:
For the third quarter ended 9/30/20, actual membership dues income of $56,815 exceeded budget by $13,848 due to the addition of three new members during the quarter. After falling behind in Q2, membership dues income is now ahead of budget on a year-to-date basis by $4,579. Overall normal operating expenses continue to be less than budget given the altered operating environment during this year of COVID (see economic development activities and program expenses). This combination of higher membership income and lower operating expenses has yielded net income of $2,134 YTD through 9/30/20 versus a budgeted deficit of $24,050, or $26,184 better than budget. We are well positioned to exceed our budgeted net income $3,346 for the full fiscal year.
The balance sheet continues to demonstrate strong liquidity with a cash balance of $110,510. Outstanding accounts receivable is nominal at $9,065 as members have largely been diligent with remittances from membership billings (thanks to all). The approved Zoom related equipment was acquired and recorded to fixed assets during the quarter.
Please direct any questions regarding the financials to Mark. email@example.com