michael h schneider
09-04-2002, 12:33 PM
Below is the cover memo from Deputy Executive Director Robert Green from hs financial report. No exhibits are attached, they weren't sent to me. To respond to the author of the memo click:
robb@nawcc.org
*****
Attached are financial exhibits for July 2002; completing four months into our fiscal 2003.
July?s operating net result of a positive $36 thousand was $48 thousand favorable to our anticipated budgeted result of a negative $12 thousand. Fiscal year-to-date our net operating result was a favorable $40 thousand, $104 thousand favorable to our 2003 budget of a negative $64 thousand.
The Museum admissions were less than budgeted and less than last year with our cumulative budgeted receipts of $28 thousand, $9 thousand below budget. However, net sales in the gift shop of $31 thousand year to date are ahead of both prior year and budget.
The School of Horology reported strong student enrollment and classes for July resulting in a $22 thousand positive result bringing the year to date results to a positive $39 thousand.
Member dues of $119 thousand were $11 thousand over budget. For our first four months, $452 thousand in member dues were received, which were $55 thousand above budget and $46 thousand over last year at this time. The new members and the reinstates from the national were $9 thousand; The timely forwarding of these funds resulting in July processing rather than August business.
There have been no withdrawals from the investment accounts to pay operating expenses in this fiscal year nor expected in the near future. Our gross liquidity reserve (investments less loan balance) was $1,526 million, an increase of $239 thousand over last year at this time and an increase of $39 thousand over last month. The association?s investments are conservatively invested and have not suffered the volatility of market.
Final acceptance of the last museum exhibit enabled us to pay the last $20 thousand of construction expenses; that project is now completely behind us from a financial perspective. Our unpaid accounts payable was only $9 thousand at months end.
Our expenses remain in line with our 2003 budget, but dues and school revenues are much stronger, with a boost from the field suitcase workshops. Museum performance remains a bit weaker than intended, but in all other important respects we are presently in good shape.
Robert P. Green
Deputy Executive Director
robb@nawcc.org
robb@nawcc.org
*****
Attached are financial exhibits for July 2002; completing four months into our fiscal 2003.
July?s operating net result of a positive $36 thousand was $48 thousand favorable to our anticipated budgeted result of a negative $12 thousand. Fiscal year-to-date our net operating result was a favorable $40 thousand, $104 thousand favorable to our 2003 budget of a negative $64 thousand.
The Museum admissions were less than budgeted and less than last year with our cumulative budgeted receipts of $28 thousand, $9 thousand below budget. However, net sales in the gift shop of $31 thousand year to date are ahead of both prior year and budget.
The School of Horology reported strong student enrollment and classes for July resulting in a $22 thousand positive result bringing the year to date results to a positive $39 thousand.
Member dues of $119 thousand were $11 thousand over budget. For our first four months, $452 thousand in member dues were received, which were $55 thousand above budget and $46 thousand over last year at this time. The new members and the reinstates from the national were $9 thousand; The timely forwarding of these funds resulting in July processing rather than August business.
There have been no withdrawals from the investment accounts to pay operating expenses in this fiscal year nor expected in the near future. Our gross liquidity reserve (investments less loan balance) was $1,526 million, an increase of $239 thousand over last year at this time and an increase of $39 thousand over last month. The association?s investments are conservatively invested and have not suffered the volatility of market.
Final acceptance of the last museum exhibit enabled us to pay the last $20 thousand of construction expenses; that project is now completely behind us from a financial perspective. Our unpaid accounts payable was only $9 thousand at months end.
Our expenses remain in line with our 2003 budget, but dues and school revenues are much stronger, with a boost from the field suitcase workshops. Museum performance remains a bit weaker than intended, but in all other important respects we are presently in good shape.
Robert P. Green
Deputy Executive Director
robb@nawcc.org