The following is the Treasurer’s summary review of the financials:
Consistent with previous fiscal years, the lowest level of billing for membership dues for the year occurs during the second quarter, which follows the highest billing level that occurs in the first quarter. Budgeted membership dues for the QE 6/30/22 are $26,878, however the amount billed was only $20,509. This was due to three companies not renewing their memberships, including Gresham Savage as reported last quarter (previously billed quarterly), CGS3 (quarterly billing), and Eide Bailly (billed annually in Q2). Harvest LLP was added as a new member during Q2 and elected to be billed quarterly (its billing for Q2 was prorated). Including Q1, membership dues YTD through the second quarter ended 6/30/22 totaled $114,966 versus budgeted membership dues of $122,233.
Operating expenses through the second quarter remain largely in line with the budget. As a reminder, budgeted operating expenses are allocated evenly each quarter, whereas budgeted expenses for advocacy trips and staff bonuses are allocated to the fiscal quarter in which they are expected to occur (this year all were allocated to the first quarter). As such, it appears our insurance cost is $1,368 higher than budget because we paid the premium for the full year while we recognize only half of the full cost in the budget through the quarter. Similarly, we have not yet incurred any legal/accounting expense YTD since our tax return has not yet been completed (an extension was filed) although our budget allocates $2,250 of the total expected cost through the quarter. Other than payroll, the largest expense incurred during Q2 was for our DC Dreamin’ event in April totaling $3,802 which is included in the Special Events expense account. Also charged to Special Events was an unbudgeted expense of $1,049 to replenish our supply of IA magnetic lapel pins.
The foregoing, combined with the cost savings from not going on our WDC and SAC advocacy trips this year, resulted in net income of $16,465 through the 2nd QE 6/30/22 versus a projected net loss of $37,522.
The balance sheet at 6/30/22 continues to exhibit strength with cash totaling $221,430 (including operating reserves of $78,080) against negligible operating liabilities. Accounts receivable was also very low at only $678 demonstrating timely remittances of membership billings which leadership and staff very much appreciate.
Please direct any questions regarding the financials to Treasurer Mark Kaenel at firstname.lastname@example.org or (909) 229-0101.