Treasurer's Report: Fiscal Year 08/09
This report is for the 08/09 fiscal year that ended June 30, 2009 and began on July 1, 2008. Records related to the association finances are maintained in Quicken and annual tax returns are prepared by Hartmann Professional Services, Inc. a local accounting firm located in Sparks. For reporting purposes all revenues and expenses are consolidated and include both NWEA and Certification board activities.
Total income for the year amounted to $161,078.90 compared to total expenses of $143,906.69 resulting in a profit for the year of $17,172.21. The majority of the profit can be attributed to the certification board which had revenues of $51,829.39 and expenses of $37,026.14, a net profit of $14,803.25. The certification board profits from this year will be held in the Certification Board account to allow for stable rates for a five year period.
Other major sources of revenue include the annual conference $49,939.01, educational seminars $27,651.12 (includes WEFMAX and YP summit revenues), golf tournament $4,685.00, news letter $3,355, Tri-State distribution $20,000 and WEF rebates at $2,150. Other significant expenses include the annual conference $62,206.40, educational seminars $22,793.54, executive board activities $4,222.12, golf tournament $3,660.47, newsletter/website $8,710, and operations challenge $5,288.02. The association established a reserve account in the amount of $25,000 and we received interest payments of $505.04 on the balance. The remaining funds of the association are held in Bank of America checking accounts. Current balances are $54,297.15 in the executive board account and $24,753.61 in the certification board account.
Revenues in the coming year will most likely be down from the past year due to the current economic situation. Tri-State revenues are projected to be only $10,000 down from $20,000 this past year and down from $25,000 in previous years. The executive board will be evaluating all expenditures so as to maintain the organization in good financial health.
Gary Hutchinson
Treasurer