The following is the Treasurer’s summary review of the financials:
The highest level of billing for membership dues occurs during the first quarter, which totaled $94,456. This total was $899 less than budget due to Gresham Savage not renewing their membership. Regarding expenses, please be reminded that budgeted operating expenses are allocated evenly over each quarter, whereas budgeting expenses for our advocacy trips are allocated to the fiscal quarter when we expect them to occur. Also, approved and budgeted bonuses for staff are allocated to the first quarter since that is the period in which they are paid. For the first quarter we budgeted $50,250 for the cost our Washington, DC advocacy trip, but due to continued COVID restrictions our advocacy was conducted remotely via Zoom. As such, we did not incur the budgeted cost. Operating expenses during the quarter were largely in line with the budget. Insurance and accounting costs had not yet been incurred during the quarter although the budget reflects their quarterly allocations. Program expense is over budget by $799 due to the purchase of needed additional Zoom capabilities. A bad debt expense was recorded in the amount of $899 to charge off the unpaid invoice to Gresham Savage that was billed in the fourth quarter of the 2021 FY.
The budget for the first quarter forecasted a net loss of $14,070. However, due mostly to the savings from not incurring the cost of the WDC advocacy trip, we realized net income for the quarter of $30,991.
Regarding the balance sheet, our cash balance at the QE 3/31/22 was $239,990, an increase of $38,277 during the quarter reflecting receipts from our highest membership billing period and cost savings from not going on the WDC trip. Operating liabilities are nominal. The GAAP-required deferred income liability will be updated when our CPA prepares our compiled financial statement for the 2021 FY. In all, our balance sheet remains very healthy.
Please direct any questions regarding the financials to Treasurer Mark Kaenel at email@example.com or (909) 229-0101.