Gene Klodzen
07-15-2004, 06:53 AM
The following is from NAWCC Deputy Executive Director Robb Green:
Attached are financial exhibits for June 2004, our third month in fiscal
year, 2005.
The June net operating result was a negative $86,000, $10,000 worse than the budgeted net loss of $76,000. Most of the unfavorability was the result of incurring a third payroll payment of $43,000 coupled with paying our quarterly retirement benefit of $16,000. With payroll paid bi-weekly, twice a year we incur three payrolls in a month.
Membership revenues continue to decline. Year-to-date June, dues revenues of $29,000 were $15,000 or 5% below this time last year. Reflecting a continuing trend, this shortfall in membership was offset by donations.
The Museum admissions income was below budget and prior year levels although the number of visitors continues to increase. Gift shop net
sales have been strong. Both the tour bus traffic and tourist visitation have suffered due to high fuel prices. Equipment maintenance
incurred a $7,000 unanticipated overhaul of our HVAC chiller by York International. We still await the Pennsylvania Historical and
Museum Commission's General Operating Support grant supplement of $11,540.
With the completion of our School of Horology building project, the last of our $13,000 grant monies, from the Pennsylvania Department of Community and Economic Development, were recognized. A total of $74,000 has been recognized in fiscal 2005. Excluding the grant, the school is $23,000 short of budget.
Monthly expenses for headquarters showed an unanticipated expenditure of $9,000 paid to Shea Roofing for building maintenance. All other expenses were under control. No withdrawals were made from the investment account in June to pay operating expenses. However, $50,000 thousand was withdrawn on July 6, 2004.
At the end of June, the net liquidity reserve was $756,000 thousand,$1,000 thousand over March 2004 fiscal year end.
Robert P. Green
Deputy Executive Director
rgreen@nawcc.org
Tuesday, July 13, 2004
Attached are financial exhibits for June 2004, our third month in fiscal
year, 2005.
The June net operating result was a negative $86,000, $10,000 worse than the budgeted net loss of $76,000. Most of the unfavorability was the result of incurring a third payroll payment of $43,000 coupled with paying our quarterly retirement benefit of $16,000. With payroll paid bi-weekly, twice a year we incur three payrolls in a month.
Membership revenues continue to decline. Year-to-date June, dues revenues of $29,000 were $15,000 or 5% below this time last year. Reflecting a continuing trend, this shortfall in membership was offset by donations.
The Museum admissions income was below budget and prior year levels although the number of visitors continues to increase. Gift shop net
sales have been strong. Both the tour bus traffic and tourist visitation have suffered due to high fuel prices. Equipment maintenance
incurred a $7,000 unanticipated overhaul of our HVAC chiller by York International. We still await the Pennsylvania Historical and
Museum Commission's General Operating Support grant supplement of $11,540.
With the completion of our School of Horology building project, the last of our $13,000 grant monies, from the Pennsylvania Department of Community and Economic Development, were recognized. A total of $74,000 has been recognized in fiscal 2005. Excluding the grant, the school is $23,000 short of budget.
Monthly expenses for headquarters showed an unanticipated expenditure of $9,000 paid to Shea Roofing for building maintenance. All other expenses were under control. No withdrawals were made from the investment account in June to pay operating expenses. However, $50,000 thousand was withdrawn on July 6, 2004.
At the end of June, the net liquidity reserve was $756,000 thousand,$1,000 thousand over March 2004 fiscal year end.
Robert P. Green
Deputy Executive Director
rgreen@nawcc.org
Tuesday, July 13, 2004