Summer is officially here and that means our fiscal year is at the midpoint. Our financials continue to look strong. The Balance Sheet shows that funds are set aside for the purchase of additional inventory. In July that will include Soft Cover Red Texts and Meditation Books. You can also see under Intangible Assets the amount that has been paid thusfar for the development of our new website.
The Profit and Loss Statement shows that our Year to Date Net Income is $113,154. This compares to $25,932 a year ago. As I've pointed out in the past, this substantial increase is due in large part to the sales of the Meditation Books, as well as a significant decrease in Distribution Center expenses. We are now in the process of hiring an additional staff member, so that will slightly impact the bottom line.
The Treasury Committee met twice in June. Discussion points included the finances of hiring a new staff member, establishing more clear guidelines about what expenditures need full Board approval, and foreign order fulfillment through an outside vendor. Many thanks to Committee members, and fellow Trustees, Allen C. and Martin C.
Respectfully submitted,
Mary Jo L., Trustee and Treasurer
