michael h schneider
02-02-2002, 02:38 PM
Following is the cover memo text for the December financial report from NAWCC Treasurer David Wood.
davhalwood@prodigy.net
Decembers net operating result was $45 thousand positive, a remarkably good result. Dues of $133 thousand were far above trend, budget, and prior year. The School had another good month on strong and growing revenues. The size of the Publications deficit reflects printing and postage payments that we were able to make sooner than budgeted. That didnt hurt Decembers result and should help a future month. Other expenses were again well within budget.
For the full year to date, our net cash operating result is a positive $63 thousand, over twice the budget and prior year figures. Museum results are about where theyre supposed to be, Publications is off by roughly the printing and postage bill just paid, School results reflect a remarkable performance turnaround, and central expenses are clearly within bounds.
Were also in relatively good shape for the moment in other respects. Trade accounts payable ended the month at $60 thousand, a $59 thousand decrease from November and the lowest level in at least several years. The end-November gross liquidity reserve (investments less loan balance) was $1.325 million, a modest $5 thousand decrease from November and still well above prior year. Weve not tapped the reserve to pay operational expenses since October.
This good current positioning largely reflects tightened expense management plus the turnaround in School revenues, both important achievements. Increases in the other revenue sources, particularly dues, are now critical to continued positive cash flow. Its likely that Decembers big dues inflow is related to the impending dues increase, and that dues will fall off again in January. The downward trend in dues should be dampened by the dues increase, but reversing it entirely will remain a key challenge.
David Wood, NAWCC Treasurer
davhalwood@prodigy.net
davhalwood@prodigy.net
Decembers net operating result was $45 thousand positive, a remarkably good result. Dues of $133 thousand were far above trend, budget, and prior year. The School had another good month on strong and growing revenues. The size of the Publications deficit reflects printing and postage payments that we were able to make sooner than budgeted. That didnt hurt Decembers result and should help a future month. Other expenses were again well within budget.
For the full year to date, our net cash operating result is a positive $63 thousand, over twice the budget and prior year figures. Museum results are about where theyre supposed to be, Publications is off by roughly the printing and postage bill just paid, School results reflect a remarkable performance turnaround, and central expenses are clearly within bounds.
Were also in relatively good shape for the moment in other respects. Trade accounts payable ended the month at $60 thousand, a $59 thousand decrease from November and the lowest level in at least several years. The end-November gross liquidity reserve (investments less loan balance) was $1.325 million, a modest $5 thousand decrease from November and still well above prior year. Weve not tapped the reserve to pay operational expenses since October.
This good current positioning largely reflects tightened expense management plus the turnaround in School revenues, both important achievements. Increases in the other revenue sources, particularly dues, are now critical to continued positive cash flow. Its likely that Decembers big dues inflow is related to the impending dues increase, and that dues will fall off again in January. The downward trend in dues should be dampened by the dues increase, but reversing it entirely will remain a key challenge.
David Wood, NAWCC Treasurer
davhalwood@prodigy.net