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Streamlined Sales Tax Governing Board. Annual Financial Report for FY 2007 (unaudited)

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Annual Financial Report for FY 2007 (unaudited) Submitted to the Governing Board September 20, 2007 Annual Financial Report for FY 2007 To end FY 2007, the Governing Board realized a surplus for the budget
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Annual Financial Report for FY 2007 (unaudited) Submitted to the Governing Board September 20, 2007 Annual Financial Report for FY 2007 To end FY 2007, the Governing Board realized a surplus for the budget period of $279,108. This resulted in an ending balance of accumulated receipts in excess of expenditures of $640,336. Receipts totaled $902,197 and came from the petition fees paid by full and associate member states ($604,000), gross revenue generated from Streamlined meetings ($268,575), and interest income ($29,622). Expenses were below budgeted levels by $225,411, and revenues were $6,197 more than budgeted levels. Salaries and benefits, office expenses, travel expenses, and contractual expenses were all lower than anticipated. Salary and benefits were lower due to delays in completing the hiring process. Compared to the previous fiscal year, expenses were up by 33 percent, while revenues rose 48 percent. Major budgetary developments in FY 2007 include: Employment of two additional full time employees as anticipated in budget Rental of office space and purchase of furniture and equipment Write-off of uncollectible accounts receivable accumulated in past fiscal years Significantly lower expenditures for web site development, travel, insurance expenses, and other contractual services compared to budgeted levels To begin FY 2007, the organization held $369,105 in cash. Due principally to the operating surplus, the ending cash balance rose to $855,770. A portion of the increase in cash represents accounts payable and prepaid FY08 dues from several member states. At the end of FY 2007, assets of the Governing Board totaled $933,879, of which 92 percent was held in the form of cash or cash equivalents. Much of the remainder was composed of accounts receivable, with minor portions representing furniture and equipment, prepaid expenses, and rental deposit. The financial assets of the Governing Board are held in an Advantage Interest Checking account with Wachovia. This type of account is suitable for large non-profit organizations like the Governing Board, and earns competitive interest on balances above those needed to offset monthly service charges. Interest earned on this account totaled $29,622 in FY07. As of June 30, bank statements received by the Governing Board have been reconciled with accounts maintained by the Governing Board. The following financial statements include the balance sheet as of June 30, 2007; a historical presentation of the Income and Expense Statements from FY 2003 through FY 2007; the variance between Budgeted and Actual Receipts and Expenditures for FY 2007, a cash flow statement for FY 2007; and detailed breakdown of accounts payable and receivable. The documents reflect a strong and stable financial condition after two years of operation under the Governing Board. Inc Balance Sheet June 30, 2007 Assets Current Assets Cash and cash equivalents $ 855,770 FTA Receivable $ 28,070 BAC receivable $ 1,918 Streamline Conferences-Registrations $ 35,870 Prepaid Expenses $ 1,691 Total current assets $ 923,318 Noncurrent assets Furniture and equipment, net $ 9,714 Rent Deposit $ 846 Total noncurrent assets $ 10,560 Total assets $ 933,879 Liabilities and net assets Current Liabilities Accounts payable $ 52,319 Vacation Payable $ 7,116 Deferred revenue-membership $ 188,639 Deferred revenue-meetings $ 315 Total current liabilities $ 248,390 Long Term Liabilities Deferred revenue-membership $ 45,153 Total liabilities $ 293,543 Commitments and Contingencies Net Assets Unrestricted $ 640,336 Total Liabilities and Net Assets $ 933,879 FY 2007 Annual Report of Receipts and Expenses FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 Actual Actual Actual Actual Actual BEGINNING BALANCE $ 31,138 $ 50,514 $ 57,306 $ 220,482 $ 361,228 INCOME Member Payments $ - $ - $ 80,000 $ 300,000 $ 604,000 Member Payments held in escrow $ - $ - $ - $ - $ - Publication Sales $ - $ - $ - $ - $ - Investment Income $ - $ - $ - $ 7,048 $ 29,622 NGA/NCSL Contributions $ - $ - $ 100,000 $ - $ - Meeting Income $ 155,700 $ 152,265 $ 260,950 $ 302,650 $ 268,575 TOTAL INCOME $ 155,700 $ 152,265 $ 440,950 $ 609,698 $ 902,197 EXPENSES Salaries and Benefits Salaries $ - $ - $ - $ 60,096 $ 212,306 Payroll Taxes $ - $ - $ - $ 8,589 $ 17,814 Health coverage $ - $ - $ - $ 1,783 $ 7,243 Retirement Expense $ - $ - $ - $ - $ 150 Subtotal- Salaries $ - $ - $ - $ 70,468 $ 237,513 Office Expense Telecommunications $ 7,650 $ 8,209 $ 21,461 $ 24,621 $ 15,150 Printing $ 3,666 $ 1,248 $ 7,140 $ 24,372 $ 6,856 Materials and Supplies $ 1,821 $ - $ 432 $ 87 $ 4,191 Postage and Delivery $ 830 $ 148 $ 2,279 $ 676 $ 1,902 Law Service and Books $ - $ - $ - $ 743 $ 1,147 Computer Equip. & Furniture-Depreciation $ - $ - $ - $ - $ 3,347 Computer Equipment and Furniture $ - $ - $ - $ - $ 5,355 Other Insurance $ - $ - $ - $ - $ - Other $ 5,371 $ 5,123 $ 24,040 $ 847 $ 7,855 Subtotal-Office Expense $ 19,338 $ 14,729 $ 55,352 $ 51,346 $ 45,804 Travel Employee Travel $ - $ - $ - $ 31,867 $ 29,180 Other Travel $ 2,664 $ 3,176 $ 18,676 $ 7,687 $ 3,891 Subtotal- Travel $ 2,664 $ 3,176 $ 18,676 $ 39,554 $ 33,071 Contractual Services Rent - Office Space $ - $ - $ - $ - $ 8,287 Central registration $ - $ - $ - $ 72,938 $ 52,594 Accounting services $ - $ - $ - $ 1,050 $ 11,400 Legal Services $ - $ - $ - $ 9,850 $ 11,050 Fund audit $ - $ - $ - $ - $ 9,000 Web Site Development and Hosting $ - $ - $ - $ - $ 540 Other $ 14,555 $ - $ - $ 20,890 $ 5,429 Subtotal - Cont. Svcs. $ 14,555 $ - $ - $ 104,728 $ 98,299 Meeting Expenses $ 99,768 $ 127,567 $ 203,745 $ 202,855 $ 208,402 Reserve $ - $ - $ - $ - $ - TOTAL EXPENSES $ 136,325 $ 145,472 $ 277,774 $ 468,951 $ 623,089 Surplus/Deficit for Budget Period $ 19,375 $ 6,793 $ 163,176 $ 140,747 $ 279,108 ENDING BALANCE $ 50,514 $ 57,306 $ 220,482 $ 361,228 $ 640,336 Inc Cash Flow For the 12 months ended June 30, 2007 Cash flows from operating activities Change in net assets $ 279,108 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation $ 3,347 (Increase) decrease in assets Accounts receivable $ 7,399 Prepaid expenses $ (2,537) Increase (decrease) in liabilities Accounts payable $ 36,708 Accrued liabilities $ 7,116 Deferred revenue $ 166,492 New cash flows provided by operating activities $ 497,633 Cash flows from investing activities Purchases of furniture and equipment $ (10,969) Net increase (decrease) in cash and cash equivalents $ 486,664 Cash and cash equivalents, beginning of year $ 369,105 Cash and cash equivalents, end of year $ 855,769 Comparison of FY 2007 Budgeted and Actual Amounts FY 2007 FY 2007 FY 2007 Budgeted Actual Variance BEGINNING BALANCE $ 361,228 $ 361,228 $ - INCOME Member Payments $ 564,000 $ 604,000 $ 40,000 Member Payments held in escrow $ 40,000 $ - $ (40,000) Publication Sales $ - $ - $ - Investment Income $ 12,000 $ 29,622 $ 17,622 NGA/NCSL Contributions $ - $ - $ - Meeting Income $ 280,000 $ 268,575 $ (11,425) TOTAL INCOME $ 896,000 $ 902,197 $ 6,197 EXPENSES Salaries and Benefits Salaries $ 240,000 $ 212,306 $ (27,694) Payroll Taxes $ 47,000 $ 17,814 $ (29,186) Health coverage $ 13,500 $ 7,243 $ (6,257) Retirement Expense $ 20,000 $ 150 $ (19,850) Subtotal- Salaries $ 320,500 $ 237,513 $ (82,987) Office Expense Telecommunications $ 20,000 $ 15,150 $ (4,850) Printing $ 12,000 $ 6,856 $ (5,144) Materials and Supplies $ 5,000 $ 4,191 $ (809) Postage and Delivery $ 3,000 $ 1,902 $ (1,098) Law Service and Books $ 500 $ 1,147 $ 647 Computer Equipment and Furniture-Depreciation $ - $ 3,347 $ 3,347 Computer Equipment and Furniture $ 15,000 $ 5,355 $ (9,645) Other Insurance $ 10,000 $ - $ (10,000) Other (write-off old receivables) $ - $ 7,855 $ 7,855 Subtotal-Office Expense $ 65,500 $ 45,804 $ (19,696) Travel Employee Travel $ 40,000 $ 29,180 $ (10,820) Other Travel $ 18,000 $ 3,891 $ (14,109) Subtotal- Travel $ 58,000 $ 33,071 $ (24,929) Contractual Services Rent - Office Space $ 13,500 $ 8,287 $ (5,213) Central registration $ 60,000 $ 52,594 $ (7,406) Accounting services $ 11,000 $ 11,400 $ 400 Legal Services $ 20,000 $ 11,050 $ (8,950) Fund audit $ 10,000 $ 9,000 $ (1,000) Web Site Development and Hosting $ 35,000 $ 540 $ (34,460) Other $ 20,000 $ 5,429 $ (14,571) Subtotal - Cont. Svcs. $ 169,500 $ 98,299 $ (71,201) Meeting Expenses $ 210,000 $ 208,402 $ (1,598) Reserve $ 25,000 $ - $ (25,000) TOTAL EXPENSES $ 848,500 $ 623,089 $ (225,411) Surplus/Deficit for Budget Period $ 47,500 $ 279,108 $ 231,608 ENDING BALANCE $ 408,728 $ 640,336 $ 231,608 Detailed Statement of Accounts Payable and Receivable Year Ended June 30, 2007 Accounts Payable June accounting $ 713 Governing Board Member Travel $ 1,158 Website domain $ 105 System Design $ 844 Employee Benefits $ 491 Webex $ 1,322 FedEx $ 16 The Allen Company $ 846 June AmExp $ 8,224 BAC June $ 3,312 FTA registration fee $ 2,660 June FTA Credit card fees $ 838 Nashville Computer $ 6 Watch System $ 687 Printing SSO June $ 4 Detroit Marriott June meeting $ 31,095 Total Accounts Payable $ 52,319 Accounts Receivable Conference Registrations January meeting $ 950 March meeting $ 15,405 April meeting $ 1,500 May meeting $ 1,175 June meeting $ 13,455 July meeting $ 410 August meeting $ 675 October meeting $ 500 December meeting $ 1,800 Subtotal Conference Registrations $ 35,870 BAC receivable-june meeting expense $ 1,918 FTA receivable Credit card registrations $ 28,070 Total Accounts Receivable $ 65,858
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