As our Profit and Loss Statement shows, the Distribution Center generated a profit of $2,056.86 in July. This figure is derived by subtracting the 7th Tradition donations ($3,800.07) and eBook sales ($1,592.42) from the Net Income of $7,449.35. The amounts shown in the Balance Sheet under Savings are all accounted for as a Prudent Reserve of $40,000 and the remainder for Website redesign and a move to a new Shopping Cart, as well as costs of producing other literature, such as the the Meditation Book and finishing the Audio BRB. Note that the Donations Received tab on the left has a list of previous month’s Donations.
“In other Treasurer news” – July was a busy month. There was the review and submission of several tax forms prepared by our Accountant, including the IRS Exempt Organization Annual Return (Form 990), the CA Exempt Organization Annual Information Return (Form 199), the CA State Board of Equalization 2nd Quarter Sales Tax Return, and the CA Attorney General Annual Charitable Trust Registration, as well as the 2nd Quarter Payroll Tax Returns, Federal form 941 and CA Form DE9C. Phew! Please note that the extra fees paid to the Accountant for July were for handling these filings.
We’ve worked on a new Purchase Order system and better reconciliation of inventory figures between the Office and our Accountant. We also have a new way for the Office to keep the Accountant informed of inventory adjustments. Additionally, we’re moving into more of a high tech mode with the installation of a biometric time clock in the Distribution Center. It will make the job of approving employee payroll more efficient.
Click here for the July 16th Treasury Committee minutes.
Mary Jo L.