End of year Treasurer’s Report Fiscal Year 23-24:
Operations:
As of June 30—the end of last fiscal year—Third Haven was in excellent financial shape with over $90,000 in operating funds on hand to support this coming years operating budget of $72,680. Additionally, we have $53,438 at Friends Fiduciary available for operations if needed.
For the previous year, we budgeted $71,250.00 for income and expenses, against an actual income of $63,580 or a shortfall of $7,670. This shortfall was offset by a reduction in spending of $3,400, Further offsets were a credit from the IRS of $872 to refund a duplicate payment, and $956 from the Trustees for their share of work done on the Brick Meeting House, for a grand total of all offsets of $5,229. The taking into account all the offsets, the actual shortfall was $2,441for Fiscal Year 2024. Not bad, really, but would we rather be lucky than good?
Looking closely at our budget to actual performance in FY 2024, I am disappointed that we didn’t do a better job of forecasting our expenses and that we fell short of our projected income. The income shortfall was equally distributed between members and attenders, but was ameliorated by a very large increase in revenue from Use of Facilities.
Building:
The Building fund currently has $159,420 in the checking account, and $123,458 in a short term CD, for a total of $282,878 available as we begin the upgrade and renovation to the Brick meeting house. Additionally, the Trustees have committed to assisting with the cost of the project, which, if approved, is currently estimated to cost $323,400, all of which can be covered by funds on hand.
Discussion:
Last year, Third Haven’s treasury was plagued by problems associated with the conversion of QuickBooks Desktop to QuickBooks on line. While the online version provides some real benefits in processing of payroll and withholding taxes, it generated many minor and a few major annoyances, a few of which were operator induced, such as the duplicate withholding payment to the IRS. To that end we have entered into a working relationship with a local accounting firm so that we may have a better feel for our financial performance throughout the year, and take timely corrective action when indicated.