Treasurer’s report 3/31/2010

As we end the third quarter of the 2009-2010 branch year, here is the summary of the branch finances:

Activities (without forwarded dues):

Thru 3/31
09-10 Budget
Dues 52.50 50.00
Donations 104.04 100.00

Shape the Future

54.00

Total Income

210.54

150.00

Marketing

45.91

80.00

Administration

46.14

35.00

Shape the Future

41.00

Contingency

35.00

Total Expense

133.05

150.00

NET

77.49

0.00

Assets:

7/1/2009 3/31/2010
Checking 187.68 265.17
Due from AAUW 0 5.00
Shape the Future credit 49.00 49.00

Total Assets

236.68 319.17

Summary

The branch finances are in good shape. Indeed, since we expect many people to renew in the April-June quarter, paying $5 each, our income may grow significantly. (Remember local dues were $0 for those who joined before 7/1/09, so the dues line in the budget was set conservatively.) The board will discuss what expenses are warranted given this larger than expected net of income over expenses. On the other hand, the branch does not yet have the financial wherewithal to do a mass mailing to the national members in the state, or do other things that have been suggested as appropriate for the branch.

As of March 31, 2010, the branch has 51 members: 30 primary, 19 dual, and 2 college/university partner representatives. Six of those members have paid national/state/local dues through 6/30/2011. Renewal notices will be going to the rest in the next few weeks. Members attending convention are encouraged to renew then ($65 for annual members, $16 for AAUW life members, $5 for dual members who have paid state dues through another branch in NC). Online renewal (at the AAUW.org Member Services Database or at the branch’s join now page) is also available. Reminder: $46 of the $65 is tax-deductible as a contribution to AAUW.

New Shape the Future lines

Shape the Future is a program where branches can offer discounted memberships to new members who join at an “event”. It was not considered when we prepared the 2009-2010 budget.

  • For every two such new members, the branch earns a $49 credit against future dues.
  • There was an event in April, 2009, where two members joined, earning the branch a credit to be used in the year 2009-2010 (which shows on the financial report for the first time this quarter in the 7/1/2009 column under assets).
  • At an event in March, 2010, one member joined and another won a drawing for a free membership, earning the branch another $49 credit to be used by 6/30/2011. It appears in the 3/31/2010 column.
  • STF income/expense:
    • STF – $41 expense: $40.50 payment for the free membership and $.50 payment for the member who joined, since, to simplify accounting at the event, we charged $40 instead of $40.50.
    • STF – $54 income: $49 from the April, 2009 credit which was redeemed in March, 2010 (when a member renewed paying the full $65 but the $49 was not forwarded to AAUW), and $5 (“local dues”) from the free membership in March 2010.
  • In summary, the $49 we earned last year covered the cost of the free membership plus a little bit more without affecting the other lines of the budget. The board will discuss how to use the $49 credit we have for 2010-2011.

More detailed reports

  • Cash Flow 3/31/2010
    • The branch participates in the Membership Payment Program which means that, in most cases, all dues (national, state, local) are paid to AAUW which forwards state dues to AAUW NC and returns the local portion to the branch. This makes sense, of course, for members who renew online at aauw.org, but when members renew by paying the branch, it seems strange. It is, however, working without a hitch.
    • Note that line items 100 and 104 sum to the amount of dues paid in line item 200. In special cases (e.g. dual members joining for a half year, c/u representatives joining the branch), due to the way the MPP system was configured, money was sent to AAUW that had not actually been paid to the branch, but that money was returned by AAUW or AAUW NC. Those amounts are captured in line 104.
    • Line 110 includes documented in-kind contributions as well as cash contributions.
    • See above for discussion of Shape the Future income and expenses.
    • The Administration line is over budget since it includes the cost of 50 Tyvek envelopes to mail copies of Why so Few to attendees who requested them (postage costs covered in marketing). Only a few envelopes were used, so this increases the branch’s supply for future years, and is covered by the “contingency” line.
  • Account Balances 3/31/2010
    • The “Dues Receivable” amount accounts for branch dues sent to AAUW that have not yet been returned to the branch (through the Membership Payment Program). Since dues were sent in late March, this is normal.
    • The “Dues Payable” shows a positive (rather than the usual negative) balance since the only entry is a credit that needs to be used before 6/30/2011. The branch had such a credit for the year ending 6/30/2010, but used it in March, 2010. It did not appear in earlier reports, so those underrepresented the branch assets by $49.

One response to “Treasurer’s report 3/31/2010

  1. Pingback: Quick Finance Report « AAUW Tar Heel Branch

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