Treasurer Report to Annual Session 2012 [Includes narrative from below, full financial numbers and charts] (PDF file)
Pacific Yearly Meeting
66th Annual Gathering (2012)
Treasurer’s Report
PYM has two accounts; the General account for all economic activity outside of the Session, and the Session account. The fiscal year for PYM, for both accounts, is October 1 to September 30.
General Account
For the General account, this is an interim report for Fiscal Year 2011-2012 (October 1, 2011 through September 30, 2012). The actual amounts are as of July 31, 2012.
Monthly Meeting Revenue of $115,515 is very close to the budget of $118,001. Thank you! The per-member assessment, for the current year, is $87. Total income, through July 31st, is $127,163.
Revenue from Return on Invested Capital ($536) continues to be poor because of low interest rates.
We received $90.12 in dividends from our GuideOne Insurance, this is the first time in a few years.
So far this year, I have not, as yet, drawn from our Uncommitted Reserve to meet operational expenses.
Last fiscal year, actual budgeted expenses exceeded budgeted income by $4,863. This amount was therefore taken from Uncommitted Reserves (#4105) to cover the shortfall.
For the current year, $8,000 was moved from the Youth Program Reserve (#4106) to the general account. This $8,000 was not used in calculating assessment numbers for Guatemala, Hawaii, or Mexico City, since those Meetings did not contribute to this Reserve. Someone from Hawaii asked me at the end of last year’s Session why Hawaii’s assessment had an increase ($41 from $40) whereas California and Nevada has a decrease ($87 from $90); this is why.
So far this year, expenses have totaled $98,276. Out of this amount, the Youth Program has spent $52,596. As of July 31st, income has exceeded expenses by $28,887.
Assets and Liabilities/Reserves
Our total Assets stand at $177,467.
Uncommitted Reserves are $110,103. This is money that is unrestricted.
FGC Scholarship (#2735) is used to support Young Friends to attend FGC. This account now has a balance of $2,501, down from $20,460 in 2000.
We have made a loan of $20,000 to Friends House. We receive 3% interest on this loan.
Session Account
For last year’s Session, income exceeded expenses by $14,898.
Items of Note
Donations to Reserves
Several Monthly Meetings and individuals contributed to our reserves, specifically to Fund for Concerns, the Sharing Fund, the Youth Program Coordinator Reserve and the Unity with Nature Project. Thank you!
Banks
We are no longer doing business with Bank of America. Our accounts are with Wells Fargo, and we hope to move our funds from Wells Fargo to another financial institution, but have not, as yet, found an institution that meets all our needs.
Inventory of Faith and Practice
The value of the inventory has been reduced by $2,134. We now receive $4 for each copy sold, and currently we have about 820 copies. Most of the inventory is housed in San Francisco.
Insurance
We have lowered the amount of liability insurance we carry from $4 million to $1 million, and thereby reduced our premium by $1,500. We applied for“sexual misconduct” coverage and our application was rejected:
GuideOne’s denial of adding sexual misconduct coverage is due to the church not obtaining background checks on volunteers and employees who work with minors. If the church is willing to implement background checks as part of your procedures, then this coverage can be added once GuideOne receives evidence that this procedure has been put into place.
Cash to Accrual
A financial review was conducted. Paul Diamond, a resident at Friends House and retired CPA, conducted the Review. He made several recommendations, including moving from cash accounting to accrual accounting. Please see me if you require more information about this.
Respectfully submitted,
Ed Flowers,
Treasurer
[See PDF attachment for Full Report which includes 8 pages of numbers and charts]