Gene Klodzen
10-18-2004, 07:32 AM
From: Robb Green, Deputy Executive Director
Attached are financial exhibits for September 2004, our sixth month in fiscal year 2005. Because of the merger, this is also the final month of the old NAWCC corporation. In late October, Trout, Ebersole and
Groff, LLC will be reviewing our trial balances and will be preparing our final IRS filing for The National Association of Watch and Clock Collectors, Inc. the dissolved New York corporation.
The September net operating result was a positive $6 thousand. This was $4 thousand better than the budgeted $2 thousand profit. We were $30 thousand favorable to September 2004's cumulative budgeted $52 thousand loss.
As compared to September 2003, membership revenue dropped by $9 thousand; however, the $99 thousand September member dues continue a positive trend by being $7 thousand favorable to budget.Three times in
the last six months, dues revenues have exceeded budget. Year-to-date September, dues revenues of $587 thousand were only $18 thousand or 3% below this time last year.
The Museum's cash flow continues to struggle with our cumulative result being $64 thousand below budget. While visitor numbers exceeded prior year results, the cumulative Museum admission revenues remain below
budget and prior year levels. Increases in admission charges implemented on September 1st will help address this situation. An aggressive marketing plan is in place to attract visitors.
The School of Horology had a good month reporting a $10 thousand profitability. Efforts continue to boost school attendance.
Frugal spending continues to be reflected in our monthly expenses. All expenses were under control. No withdrawals from reserves were made in September and none are anticipated in October. Over the past six months, only $50 thousand have been withdrawn from investments to pay our obligations. Last year at this time, $100 thousand had been withdrawn.
At the end of September, the net liquidity reserve was $750 thousand, a decrease of $7 thousand over August 2004. After six months, our net liquidity reserve is $5 thousand below March 2004 fiscal year end.
Robert P. Green
Deputy Executive Director/Controller
rgreen@nawcc.org
Attached are financial exhibits for September 2004, our sixth month in fiscal year 2005. Because of the merger, this is also the final month of the old NAWCC corporation. In late October, Trout, Ebersole and
Groff, LLC will be reviewing our trial balances and will be preparing our final IRS filing for The National Association of Watch and Clock Collectors, Inc. the dissolved New York corporation.
The September net operating result was a positive $6 thousand. This was $4 thousand better than the budgeted $2 thousand profit. We were $30 thousand favorable to September 2004's cumulative budgeted $52 thousand loss.
As compared to September 2003, membership revenue dropped by $9 thousand; however, the $99 thousand September member dues continue a positive trend by being $7 thousand favorable to budget.Three times in
the last six months, dues revenues have exceeded budget. Year-to-date September, dues revenues of $587 thousand were only $18 thousand or 3% below this time last year.
The Museum's cash flow continues to struggle with our cumulative result being $64 thousand below budget. While visitor numbers exceeded prior year results, the cumulative Museum admission revenues remain below
budget and prior year levels. Increases in admission charges implemented on September 1st will help address this situation. An aggressive marketing plan is in place to attract visitors.
The School of Horology had a good month reporting a $10 thousand profitability. Efforts continue to boost school attendance.
Frugal spending continues to be reflected in our monthly expenses. All expenses were under control. No withdrawals from reserves were made in September and none are anticipated in October. Over the past six months, only $50 thousand have been withdrawn from investments to pay our obligations. Last year at this time, $100 thousand had been withdrawn.
At the end of September, the net liquidity reserve was $750 thousand, a decrease of $7 thousand over August 2004. After six months, our net liquidity reserve is $5 thousand below March 2004 fiscal year end.
Robert P. Green
Deputy Executive Director/Controller
rgreen@nawcc.org