Here’s my Treasurer’s report that would have been presented at our May 14, 2020 meeting. The Bank of the Pacific monthly statements close on the last day of a month. I reconciled in QuickBooks (QB) both our April 30 checking account statement and the money market fund statement.
Per the attached QB reports:
Statement of Activity: I’ve tweaked this to show only information for the month of April, 2020 and ran the report as of April 30, 2020. The default Statement of Activity report in QB shows data from the beginning of the year but it seems to me that we’re primarily interested in knowing what happened in the past month, since the last report. If you disagree or want something else, let me know because it’s easy to change the effective date on this report.
Of note: with the bookstore closed and our snail mail cut off, we only had income from one donation, of $500. Statement of Financial Position: I ran this report also as of April 30 and offer the following thoughts:
The first line entry—“Bank of the Pacific Checking,” for $9,885—represents the funds we’re accumulating for next year, 2021. See additional comment on this issue under Budget vs Actuals, below. The second line entry—“Checking—Current Year Budget”—shows we have $39,109 in the bank to pay for current year program and expenses, both APL and FoL. This means we have enough money to pay for our budgeted expenses this year, even if the bookstore doesn’t reopen. We are in this good financial shape because of the conservative policies adopted by previous FoL boards, but, of course, funding for 2021 is the huge question mark. Under “Total Restricted Funds,” you’ll see that we have $32,209. As I’ve said before, these restricted funds are a mixed blessing because while it’s very nice of patrons to want to fund particular programs, in a time of limited income like we’re in now, the restrictions placed on these funds limit our ability to cover expenses in non-favored areas of library and FoL services. Looking ahead to 2021, I think we’re going to have to find ways to draw down these restricted funds much more than we have been. Budget vs Actuals, YTD 2020: This is the one QB report that doesn’t allow me to run it as of a particular date; QB generates the report on the day you run it and that’s it. So this report shows data as of May 2 rather than April 30, which isn’t significant but accounts for minor differences in the data shown.
Note that our Total Revenue (middle of first page) to date in 2020 is $8,613 or 20.43% of what we would need to cover our (APL and FoL) budget of $42,150 if we didn’t have savings from previous years. As of May 1, we’re one third, or 33.3% into the current year. Excluding FoL expenses, the library requested we budget $38,000 for library programs and expenses, which we did. If the library were to ask for that same $38,000 next year, we would need to have saved 33.3% of that $38,000 or $12,540 by this time in 2020. If we include FoL expenses in this calculation, we’d need 33% of $42,150 or $13,910. So, the bottom line is that 2021 will be very challenging financially for FoL. On that cheerful not, please let me know if you have questions.