Gene Klodzen
10-28-2002, 02:38 AM
The following item was received by the moderators of NAWCC NEWS, and is posted for your information.
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Attached are our half-year financial exhibits for September 2002; completing
six months of our fiscal 2003.
September's operating net result of a positive $14 thousand was $7 thousand
favorable to our anticipated budgeted result of a positive $7 thousand for
the month. Fiscal year-to-date, our net operating result was a favorable
$19 thousand, $114 thousand favorable to our 2003 budget of a negative $85
thousand.
The Museum admissions continue to be less than budgeted and less than last
year with our cumulative budgeted receipts of $42 thousand, $15 thousand
below budget. Moreover, gift shop net sales also continue to show a below
budget trend with our $43 thousand year to date slightly below budget by $1
thousand, but ahead of prior year by $5 thousand year to date.
The School of Horology remains solid year to date with a positive $34
thousand, a slight dip in September.
Member dues of $98 thousand were $6 thousand below budget. For our first
six months, $650 thousand in member dues were received, which were $52
thousand above budget and $54 thousand over last year at this time.
Our cash situation continues to be solid in an unstable worldwide
environment. By this date last year, the association withdrew $90 thousand
to pay bills. There have been no withdrawals from the investment accounts to
pay operating expenses in this fiscal year nor expected in the near future.
Moreover, our accounts payable remain minimal. In September 2001, overall,
we owed $101 thousand in short-term obligations; today, we owe only $10
thousand, a $91 thousand improvement.
Our gross liquidity reserve (investments less loan balance) was $1,563
million, an increase of $14 thousand over last month---a trend that has
continued for many months. The association's investments remain
conservatively invested and have not suffered the volatility of market.
For the half-year, our overall expenses remain in line with our 2003 budget,
but inflows continue to fluctuate. Dues and school revenues maintain their
strength, but museum admissions and net gift shop sales remains a bit weaker
than intended, but in all other important respects we are presently in good
shape.
Robb Green
Deputy Executive Director
NAWCC, Inc.
robb@nawcc.org
717.684.8261 extension 202
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Attached are our half-year financial exhibits for September 2002; completing
six months of our fiscal 2003.
September's operating net result of a positive $14 thousand was $7 thousand
favorable to our anticipated budgeted result of a positive $7 thousand for
the month. Fiscal year-to-date, our net operating result was a favorable
$19 thousand, $114 thousand favorable to our 2003 budget of a negative $85
thousand.
The Museum admissions continue to be less than budgeted and less than last
year with our cumulative budgeted receipts of $42 thousand, $15 thousand
below budget. Moreover, gift shop net sales also continue to show a below
budget trend with our $43 thousand year to date slightly below budget by $1
thousand, but ahead of prior year by $5 thousand year to date.
The School of Horology remains solid year to date with a positive $34
thousand, a slight dip in September.
Member dues of $98 thousand were $6 thousand below budget. For our first
six months, $650 thousand in member dues were received, which were $52
thousand above budget and $54 thousand over last year at this time.
Our cash situation continues to be solid in an unstable worldwide
environment. By this date last year, the association withdrew $90 thousand
to pay bills. There have been no withdrawals from the investment accounts to
pay operating expenses in this fiscal year nor expected in the near future.
Moreover, our accounts payable remain minimal. In September 2001, overall,
we owed $101 thousand in short-term obligations; today, we owe only $10
thousand, a $91 thousand improvement.
Our gross liquidity reserve (investments less loan balance) was $1,563
million, an increase of $14 thousand over last month---a trend that has
continued for many months. The association's investments remain
conservatively invested and have not suffered the volatility of market.
For the half-year, our overall expenses remain in line with our 2003 budget,
but inflows continue to fluctuate. Dues and school revenues maintain their
strength, but museum admissions and net gift shop sales remains a bit weaker
than intended, but in all other important respects we are presently in good
shape.
Robb Green
Deputy Executive Director
NAWCC, Inc.
robb@nawcc.org
717.684.8261 extension 202