July 2010 WFPA Board Meeting

Treasurer’s Report

Current Accounts Summary:

	Last Month	This Month	Change
Checking	$3,423	$4,366	$943
Savings	$148,356	$148,393	$37
Total	$151,779	$152,759	$980

	Monthly Comparisons			Year to Date Comparisons
	Budget	Actual	Actual	Budget	Actual	Actual
	June ‘10	June ‘10	June ‘09	FYE ‘10	FYE ‘10	FYE ‘09
Revenues	N/A	$4,613	$23,974	N/A	$4,613	$23,974
Expenses	N/A	$4,929	$21,261	N/A	$4,929	$21,261
Net Income	N/A	-$316	$2,713	N/A	-$316	$2,713

N/A noted above as FY ’10 budget not completed

Notes:

1. June ‘10 dues collections dropped to under half of the level of May ‘10 at $3,088 and were 40% below June 2009. Given the significant continued drop-off of dues collections since the early March dues drive began, a second follow up of dues requests is in order.
2. June ’09 revenues and expenses are reflective of the Arts and Crafts Show income/expenses and a Club 100 grant for turnouts and associated cost of purchase which resulted in a revenue bump of over $13,000 and expense increase of $10,000.
3. Cash position remains strong at $152,000 at 6-30-10, and as of FYE and represents 1.27X the past FY’s budgeted expenses of $120,092.

Material Financial Activity for June 2010

Income:

Dues $ 3,088

Pancake Breakfast $ 692

Mayorial Election $ 161

Merchandise $ 352

Other $ 320

Total $ 4,613

Expenses:

Utilities & Communications $ 1,070 Qwest, APS & Dispatch

Payroll $ 1,170

Fidelity Bond $ 500

Fundraiser Expenses $ 562

Legal $ 690

Office $ 558

Fuel $ 286

Other $ 93

Total Expenses $ 4,929

Other Financial Activities/Discussion:

• Audit committee approved at the June Board meeting, audit underway.
• Budget committee charter and committee members to be finalized and approved by the Board during the July Board meeting.
• WFPA insurance review to begin, current insurance package with VFIS expires 9-1-10.
• Present recommendation to new board for purchase of short term certificate of deposit for excess funds, review offer rates with various banking institutions following completion of FY 2010 budget.
• Request for a non personally guaranteed WFPA credit in the amount of $15,000 from Chase apears unsuccessful as minimum revenue requirement of $2,000,000 cannot be met by the WFPA. Treasurer to recommend discussion/review of other bank options.