2021 YTD Financials period ending 06/30/21

Here are the reports and the Treasurer’s summary for the year-to-date financials ending 6/30/21:

2021 06 30 Balance Sheet 2nd Qtr

2021 06 30 P & L Budget vs Actual 2nd Qtr

The lowest level of billing for membership dues during the year occurs during the second quarter, which follows the highest billing level that occurs in the first quarter.  We also budgeted for the addition of two new members (one “large” and one “small”) for the first half of the year.  Therefore, budgeted membership dues for the first half of 2021 are $118,000.  Actual income from membership dues through 6/30/21 totaled $120,116.50, or $2,116.50 higher than budget.  As previously reported, new members Riverside Community College District and Amazon Air (both “large” members) were added during Q1, and during Q2 we added new members University Realty and Cooperative Economic Empowerment Movement (both “small” members).  RCCD and University Realty were billed for their full annual dues, where Amazon and CEEM opted to be billed on a quarterly basis so only one-quarter of their annual dues were recorded in each quarter as applicable.  There were no member resignations during the first half of the year.

Total expenses through the period of $95,594.73 were $911.56 less than budget.  This is due primarily to lower than budgeted program expenses (weekly meetings), special event expenses, and no economic development activities expense due to COVID.  As a reminder, budgeted operating expenses are distributed evenly over each quarter.  The special events expense of $2,354.33 represents the cost of our golf outing and reception at Redlands Country Club in June.  Total computer expense of $1,705.98 includes a new laptop for our CEO, an accounting software upgrade, and additional programming on our website, which exceeds our reported YTD budget by $955.98.  However, our computer expense budget for the full fiscal year is $1,500, so assuming no further one-time costs this expense category will only be slightly over budget at year-end.  Insurance expense and Legal & Accounting expense appear to be collectively $3,152.98 over budget, however the full annual costs of these services were incurred during the period while only half of their total budgeted costs are allocated to the period, so the budget allocation will completely catch up by year-end.

As a result of the foregoing, net income for the first half of the fiscal year ended 6/30/21 is $24,645.56, which is $3,051.89 better than budget.

The balance sheet at 6/30/21 continues to exhibit strength with cash totaling $158,718.35 against negligible operating related liabilities.  The accounts receivable balance of $4,870 was at an historic low at 6/30/21 as members significantly stepped up their remittances of membership billings, which leadership and staff very much appreciate.

Please direct any questions regarding the financials to Treasurer Mark Kaenel at markkaenel@gmail.com or (909) 229-0101