July Treasurer's Report

[michael h schneider]

Repeated is the cover memo text for the July financial report from NAWCC Treasurer David Wood
davhalwood@prodigy.net


Attached are financial exhibits for July, completing one-third of the fiscal year. The basis for the budget comparisons continues to be the original budget approved by Council.

July?s net operating result was a positive $25 thousand. This cash result was better than budget and last July, but mainly due to timing of a $36 thousand printing payment in August rather than July. Dues at $101 thousand were about even with last month and last July, but $10 thousand below budget. Museum revenues improved but were still short of budget and last year, and School revenues returned to earlier levels slightly below budget.

For the year to date, the net cash operating result is a positive $94 thousand, which is $25 thousand better than budget (but doesn?t consider the August printing payment). Shortfalls in budgeted revenues remain a problem. They have thus far been offset by favorable expense variances, particularly in staffing due to vacancies. One other positive factor that appears sustainable is reduction in the level of utility costs, the focus of considerable attention in months past.

The Museum?s net result or subsidy (which includes the Library), is presently consistent with budget despite weak admissions and net sales. The School?s net is better than budget and last year, a fortuitous result considering this year?s disruptions. In total, favorable variances in activity subsidies substantially offset the $32 thousand dues shortfall, with central cash outflows on budget in total.

There were no withdrawals from the investment accounts to pay operating expenses in July. Trade accounts payable were $133 thousand at the end of July, about even with June. The gross liquidity reserve (investments less loan balance) was $1.287 million, an increase of $72 thousand from June led by a probably temporary increase in investment market values.

I expect cash flow to turn negative for the next several months as we enter a typically "dry" season for revenues and encounter a 3-payday month with a more or less full staff on board. The first transfer this year ($40 thousand) from the investment accounts to pay operational expenses has now taken place during August, and further such transfers are likely to be needed under present conditions.

David Wood, NAWCC Treasurer
davhalwood@prodigy.net

[michael h schneider]

Repeated is the cover memo text for the July financial report from NAWCC Treasurer David Wood
davhalwood@prodigy.net


Attached are financial exhibits for July, completing one-third of the fiscal year. The basis for the budget comparisons continues to be the original budget approved by Council.

July?s net operating result was a positive $25 thousand. This cash result was better than budget and last July, but mainly due to timing of a $36 thousand printing payment in August rather than July. Dues at $101 thousand were about even with last month and last July, but $10 thousand below budget. Museum revenues improved but were still short of budget and last year, and School revenues returned to earlier levels slightly below budget.

For the year to date, the net cash operating result is a positive $94 thousand, which is $25 thousand better than budget (but doesn?t consider the August printing payment). Shortfalls in budgeted revenues remain a problem. They have thus far been offset by favorable expense variances, particularly in staffing due to vacancies. One other positive factor that appears sustainable is reduction in the level of utility costs, the focus of considerable attention in months past.

The Museum?s net result or subsidy (which includes the Library), is presently consistent with budget despite weak admissions and net sales. The School?s net is better than budget and last year, a fortuitous result considering this year?s disruptions. In total, favorable variances in activity subsidies substantially offset the $32 thousand dues shortfall, with central cash outflows on budget in total.

There were no withdrawals from the investment accounts to pay operating expenses in July. Trade accounts payable were $133 thousand at the end of July, about even with June. The gross liquidity reserve (investments less loan balance) was $1.287 million, an increase of $72 thousand from June led by a probably temporary increase in investment market values.

I expect cash flow to turn negative for the next several months as we enter a typically "dry" season for revenues and encounter a 3-payday month with a more or less full staff on board. The first transfer this year ($40 thousand) from the investment accounts to pay operational expenses has now taken place during August, and further such transfers are likely to be needed under present conditions.

David Wood, NAWCC Treasurer
davhalwood@prodigy.net