Treasurer s Report 2015 Annual Business Conference Austin, Texas

Transcription

1 Treasurer s Report 2015 Annual Business Conference Austin, Texas As I finish my first two-year term as WSO Treasurer, I remain grateful for the opportunity to use the skills I have gathered through the years in this role. I am also very grateful for the help and support of Board Trustee, Martin C. Together we make up the fantastic Finance Committee, which meets via Skype every other Tuesday. I also want to acknowledge Allen C., who was part of our Committee until mid-year I am presenting both the Balance Sheet and the Profit and Loss (P&L) Statement that cover fiscal year These documents include a comparison to year-end Figures for 1Q 2015 are also part of this report. Additionally, at the end of this report is a list of all 7 th Tradition Contributions for 2014 and 1Q Balance Sheet WSO is doing very well financially, with an increase in Assets for 2014 of approximately $179,000. This is double what it was in A large portion of this was spent on the website redesign, which you ll find reflected now as a new intangible asset near the bottom of the Balance Sheet. This will be amortized over 15 years. In other words, it s a depreciating asset, just as tangible assets depreciate. We continue to show designations on the Balance Sheet for funds in the Current Assets section at the top. As we are now hiring more Special Workers, more of these funds are expected to be used. We also have to prepare for near term expansion of storage space, and the eventual move to a larger facility, which means being prudent in how funds are managed. As many of us have seen, organizations that don t prepare for the future can be blindsided when the future arrives. Fortunately, WSO is in a position of being able to prepare for the future. Martin and I just recently learned that part of the future is preparing for a much more expensive audit than previously thought. When non-profits reach a threshold of $2MM in gross receipts, which for us means Sales and 7 th Tradition contributions, a full audit is required. We ve been told it could be expected to cost upwards of $75,000. While this is several years away, we are now adding more funds each month into the Audit line. Profit and Loss Statement The overall surplus for 2014 was $179,000, which is double what it was for This matches the increase in Assets noted above in the Balance Sheet section. This is significantly greater than the $5,500 surplus only just over 2 years ago in The current sustainability of the Distribution Center (DC) that started in 2013 is a direct result of improved efficiencies, increased book sales, and the introduction of the meditation book. For internal management purposes, we distinguish between income and expenditures of the DC and other WSO resources and activities. This helps the Board make more effective decisions because we can see the flow of funds better. In 2015 there will be a significant change in the expenses in the WSO cost center with the recruitment of Special Workers. Thank you for the privilege of serving the Fellowship in this capacity. It has become a lot of work, but we will shortly be hiring a Special Worker to do some of what I do, as well as accomplish things that have been on drawing board that I haven t had time to implement. This will help ensure that all funds will continue to be managed appropriately. Respectfully submitted, Mary Jo L WSO Treasurer and Board Trustee

2 Balance Sheet As of December 31, 2014 Dec 31, 14 Dec 31, 13 $ Change ASSETS Current Assets Checking/Savings Checking, Deposit Only Checking General Operating 17, , (1,575.83) Savings 4377 Additional Staffing 55, , Audit 9, , , Equipment and Maintenance 5, , Future Board Meeting 12, , Future Business Conference - 16, (16,000.00) Future Business Conferences 12, , Inventory Purchase Reserve 38, , Literature Research/Developm't 10, , New Website , (74,015.00) Prudent Reserve 45, , Total Savings , , , PayPal Account Inventory Purchase Reserve 6, , (10,000.44) Reserves/Refunds 5, , Total PayPal Account 11, , (5,000.44) Total Checking/Savings 217, , , Accounts Receivable Customer Overship (37.50) Total Accounts Receivable (37.50) Other Current Assets Prepaid Expenses Merchandise Credit Memo Prepaid Payroll Liability 3, , Total Prepaid Expenses 4, , Employee Advances (30.00) Inventory Asset Literature Other 10, , (3,176.97) Meditation Book Inventory 11, , Medallions/Chips 11, , Textbook Inventory 7, , (9,186.80) Workbook Inventory 16, , , Write-off-Damaged Inventory 3, , , Total Inventory Asset 61, , (4,378.21) Page 1 of 3

3 Balance Sheet As of December 31, 2014 Dec 31, 14 Dec 31, 13 $ Change Petty Cash (152.19) Merchandise Down Payments 16, , Total Other Current Assets 82, , , Total Current Assets 300, , , Fixed Assets Fixed Assets Computers 3, , , Equipment Office Equipment Safety Equipment Warehouse Equipment 1, , Total Equipment 2, , , Furniture & Fixtures Office Furn/Fixtures Shelving Total Furniture & Fixtures 1, , Accumulated Depreciation (2,327.00) (422.00) (1,905.00) Total Fixed Assets 6, , , Intangible Assets Computer Software 2013 Software Computer Software - Other 1, , Total Computer Software 1, , Copyright 4, , Trademark 1, , Website Development 133, , Accumulated Amortization (528.00) (344.00) (184.00) Total Intangible Assets 139, , , Total Fixed and Intangible Assets 145, , , TOTAL ASSETS 445, , , Page 2 of 3

4 Balance Sheet As of December 31, 2014 Dec 31, 14 Dec 31, 13 $ Change LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities Payroll Liabilities (0.01) Total Other Current Liabilities (0.01) Total Current Liabilities (0.01) Total Liabilities (0.01) Equity Unrestricted Net Assets.. 266, , , Net Income 179, , , Total Equity 445, , , TOTAL LIABILITIES & EQUITY 445, , , Page 3 of 3

5 Profit & Loss Prev Year Comparison January through December 2014 Jan - Dec 14 Jan - Dec 13 $ Change Distribution Center Cost Center: Income Fellowship Texbook Sales Fellowship Textbook Sales-Other $ 156, $ 158, $ (1,674.18) California FellowshipTxbk Sales 31, , , Cost-Fellowship Textbook -57, , , Total Fellowship Texbook Sales 129, , , Literature Sales-Other Literature sales-other 26, , , Calif' Literature Sales-Other 5, , Cost-Literature -Other -12, , , Total Literature Sales-Other 20, , , Medallion/Chips Sales Medallion/Chip Sales-Other 7, , California Medallion/Chip Sales 1, , Cost-Medallion/Chips -5, , Total Medallion/Chips Sales 3, , Meditation Book Sales Meditation Book Sales-Others 77, , , Calif' Meditation Book Sales 14, , Cost-Meditation Book -12, , , Total Meditation Book Sales 79, , , Workbook Sales Workbook Sales-Other 82, , California Workbook Sales 17, , , Cost-Workbooks -29, , , Total Workbook Sales 69, , , Shipping And Handling S/H Fellowship Textbooks 51, , , S/H Literature-Other 5, , , S/H Medallion/Chips 3, , , S/H Meditation Book 16, , S/H Workbooks 19, , , Total Shipping And Handling 96, , , Shrinkage , , Defective Inventory Disposed Bang Merchandise Returned Total Income $ 398, $ 310, $ 88, Distribution Center Gross Profit 398, , , Page 1 of 4

6 Profit & Loss Prev Year Comparison January through December 2014 Jan - Dec 14 Jan - Dec 13 $ Change Distribution Center Expense Distribribution.Center Acct'g $ 15, $ 16, $ (100.00) Dues and Subscriptions Freight Out UPS 72, , , USPS 17, , , Total Freight Out 90, , , Fellowship text expenses Design Translations , Total Fellowship text expenses , Lodging/Travel 3, , Merchant Fees Banks , , Paypal Fee 14, , , Total Merchant Fees 14, , , Office Expenses Employee Administration 2, , Dining Gas & Electric 1, , Misc. Expense Office equipment/machines Computer Rack Space Computer Anitvirus/Support Office equipment/machines - Other , , Total Office equipment/machines , Office Supplies 2, , Postage/Printing Rent 12, , , Telephone/Internet Services 2, , Total Office Expenses 21, , , Payroll Benefits Mileage Payroll Service Fees 1, , Wages 74, , , Workers Compensation 8, , , Total Payroll 84, , , Repairs & Maintenance Shopping Cart Expense Page 2 of 4

7 Profit & Loss Prev Year Comparison January through December 2014 Jan - Dec 14 Jan - Dec 13 $ Change Sales Tax Sales Taxes Paid 7, , , California Sales Tax Collected -5, , , Total Sales Tax 1, Warehouse Pack/Ship Supplies 11, , , Total Distribution Center Expense 245, , , Materials Storage Total Distribution Center Expense 245, , , Distribution Center Net Income $ 153, $ 53, $ 99, WSO Admin Cost Center Income 7th Tradition Contributions $ 65, $ 52, $ 13, Amazon 19, , , Barnes & Noble 2, , Bank Interest In kind donation Seeding Program Sales Seeding Program 11, , Seeding Program Expenses -6, , Total Seeding Program 4, , Miscellaneous Income ComLine Subscriptions Total Income $ 93, $ 73, $ 20, Expenses Admin Wages $ 10, $ 5, $ 4, Amortization Expense Conferences/Meetings Annual Business Conference ABC Miscellaneous Meals/Drinks 1, , , Room Rental Transportation/Lodging 8, , , Total Annual Business Conf. 11, , , European Conference/Riga 1, , Trustee Strategic Meetings 13, , , Total Conferences/Meetings 27, , , Page 3 of 4

8 Profit & Loss Prev Year Comparison January through December 2014 Jan - Dec 14 Jan - Dec 13 $ Change Charitable Contributions Depreciation Expense 1, , Executive Board Expenses 1, , Insurance Bond Insurance Liability 2, , , Total Insurance 2, , , Programs/Projects Board Book Initiative 1, , EU Committee Hospitals & Institutions 1, Literature Development Archive Expenses Audio Book Expenses 2, , Project Consultant 7, , Purchase Literature Development - Other Total Literature Development 10, , , Member & Public Services MPS Committee Expenses Event Outreach , , Total Member & Public Services , Total Programs/Projects 13, , , Taxes Government Fees State Franchise Taxes Total Taxes Loss on Disposal of Asset Web and Support 1, WSO Accounting Services 7, , , WSO Travel Expenses Total Expenses 66, , , WSO Cost Center Net Income $ 26, $ 36, $ (9,980.51) Combined Dist Ctr & WSO Admin Income $ 179, $ 90, $ 89, Page 4 of 4

9 Balance Sheet As of March 31, 2015 Mar 31, 15 ASSETS Current Assets Checking/Savings Checking General Operating 36, Savings 4377 Additional Staffing 57, Audit 13, Equipment and Maintenance 7, Future Board Meeting 14, Future Business Conferences 15, General Operating Expenses 16, Inventory Purchase Reserve 29, Literature Research/Developm't 12, New Website 2, Prudent Reserve 45, Total Savings , Total PayPal Account 12, Total Checking/Savings/PayPal 260, Total Accounts Receivable Other Current Assets Total Inventory Asset 62, Petty Cash Total Other Current Assets 62, Total Current Assets 322, Fixed Assets Fixed Assets Computers 4, Total Equipment 3, Total Furniture & Fixtures 1, Accumulated Depreciation -2, Total Fixed Assets 6, Intangible Assets Total Computer Software 1, Copyright 4, Trademark 1, Website Developement 144, Accumulated Amortization Total Intangible Assets 151, Total Fixed Assets 158, TOTAL ASSETS 481, LIABILITIES & EQUITY Total Liabilities Equity Unrestricted Net Assets.. 445, Net Income 34, Total Equity 480, TOTAL LIABILITIES & EQUITY 481, Page 1 of 1

10 Profit & Loss YTD Comparison March 2015 Jan - Mar 15 Jan - Mar 14 $ Change Ordinary Income/Expense Income Distribution Center Cost Center Income Fellowship Texbook Sales 39, , , Literature Sales-Other 6, , Medallion/Chips Sales 1, , Meditation Book Sales 17, , Workbook Sales 20, , Shipping And Handling Received 28, , Shrinkage Distribution Center Gross Income 113, , Gross Profit 113, Expense Distribution Center Expenses Distribribution Center Acct'g 4, , Fellowship Text Expenses Shipping Charges Paid 25, , Merchant Fees 4, , Office Expenses 6, , Payroll 33, , Repairs & Maintenance 1, Shopping Cart Expense 2, California Sales Tax Paid Warehouse Pack/Ship Supplies 2, , Total Distribution Center Expense 80, , Distribution Center Net Income 33, , Total Expense 80, Page 1 of 2

11 Profit & Loss YTD Comparison March 2015 Jan - Mar 15 Jan - Mar 14 $ Change WSO Admin Cost Center Income 7th Tradition Contributions 18, , Audio books Ebooks 4, , Total Seeding Program , Miscellaneous Income Admin Gross Income 24, , WSO Admin Expenses Administrative Special Worker 3, , Trustee Strategic Planning Meeting , ABC Costs to Date 2, , Executive Board Expenes Insurance 1, , Programs/Projects Board Book Initiative EU Committee Hospitals & Institutions MPS Committee Lights On Initiative Literature Development Design Editor Special Worker 11, Complimentary Copies Total Literature Development 12, Total Programs/Projects 13, Web and Support WSO Accounting Services 1, , WSO Telephone/Internet Services WSO Total Admin Expenses 23, , Net WSO Admin Income 1, , Net Distribution and WSO Admin Income 34, , Page 2 of 2