P & L Budget vs Actual Period ending 9.30.22
2022 Balance Sheet Period Ending 9.30.22
The following is the Treasurer’s summary review of the financials:
Membership dues income continues to run behind plan due to the cancellation of some memberships earlier this year as previously reported. However, the 3rd quarter membership invoices include a billing dated 9/1/22 to new member Ontario International Airport that is prorated for the quarter. Total membership dues income YTD through the end of Q3 is $157,758 versus budgeted membership dues of $165,518.
Operating expenses through the third quarter are largely in line with the budget. As a reminder, budgeted operating expenses are allocated evenly each quarter, so while insurance and accounting expenses appear to be over budget, the total of these expenses have already been incurred for the full year and the budget allocation will catch up in the fourth quarter. Computer expense YTD is less than budget by nearly $1,100. The budget through Q3 includes the increases to Special Events and Special Projects that were approved by the board during the quarter. Special Events expenses YTD of $13,523 include $3,698 for the DC Dreamin’ event last April, and initial expenses for IA’s 60th Anniversary Gala totaling $10,126 through September.
The foregoing, combined with the cost savings from not going on our advocacy trips this year, resulted in net income of $10,051 through the 3rd QE 9/30/22 versus a projected net loss of $80,416 as revised. With the remaining costs of the Anniversary Gala and other special events and projects planned for the fourth quarter, we expect to post a net loss for the full 2022 FY in accordance with the revised budget.
The balance sheet continues the display very high liquidity with cash totaling $217,575 (including operating reserves of $78,128) against nominal operating liabilities. Accounts payable of $4,935 represents mostly expenses related to the anniversary event. Regarding the negative accounts receivable balance, with Sue on vacation the first week of October when invoices for 4th quarter membership dues would normally be billed, she sent them out in September although dated the invoices as of October 1. Some members remitted payment prior to October 1, so accounts receivable was credited ahead of the October 1 posting and the checks were temporarily held in the undeposited funds account until deposited at the bank.
Please direct any questions regarding the financials to Treasurer Mark Kaenel at email@example.com or (909) 229-0101.