Here are the reports and the Treasurer’s summary for the year-to-date financials ending 9/30/21:
Through the QE 9/30/21, membership dues income of $163,402 is ahead of budget by $4,233 reflecting the previously reported addition of four new members during the first half of the year plus welcoming new member One Legacy at the beginning of Q3. Matich Corp. discontinued its membership during the quarter, but paid its dues for the quarter prior to resigning.
Regarding expenses, we included in the budget the cost of our annual advocacy trip to Washington, DC to occur during the third quarter. The budgeted net expense of the trip is $46,750. Given COVID restrictions, we did not send a delegation to WDC therefore we did not incur this expense. And as previously reported, many of our operating expenses are less than budgeted also as a result of COVID. The only expense category that is significantly overbudget is computer expenses totaling $3,369 through the quarter versus budget of $1,125 due to the purchase of two needed devices and the costs of various technical fixes related to the transition to a hybrid weekly meeting format during the quarter. Our IT expenses will be addressed during upcoming budget discussions for 2022.
As a reminder, budgeted operating expenses are distributed evenly over each quarter, while budgeted expenses related to our advocacy trips are allocated to the quarters when we expect those trips to occur. Given the budgeted expense of the WDC trip during Q3, our budget reflects an expected net loss of $23,273 through Q3. However, since the WDC trip cost was not realized, and combined with the other items described above, we realized net income of $32,636 through the third QE 9/30/21.
The balance sheet continues to exhibit strength with cash totaling $157,265 at 9/30/21, including adequate reserves in interest-bearing accounts in accordance with our operating reserve policy. Total cash is up $23,058 since the beginning of the year.
Please direct any questions regarding the financials to Treasurer Mark Kaenel at email@example.com or (909) 229-0101