Hello ACA Members,
The July Treasurer's and Finance Committee reports are submitted below for your information. WSO continues to rely on revenues from book and other inventory item sales to fund our service office. We are actively looking for ways to reduce the expenses as all areas are being reviewed.
Our 7th Tradition Contributions are also holding steady, but we are hoping they begin to increase with interest building in ACA and WSO. We need to become self-supporting through our own contributions as our 7th Tradition so wisely suggests.
Treasurer's Report
We continued to receive good news that we were being refunded funds we were overcharged by the workers comp insurance company from December 2012 thru current year. To date we have received refunds of $6,340 for year 2012-2013, $8,300 for year 2013-2014, and $16,365.08 for year 2015-2016 for a total of $31,005.08 thus far. I have been told we will receive $15,117.00 for year 2014-2015 and $6,964.25 for year 2016-2017 in the next couple of weeks.
The board formally received the 2016 Financial Audit report at its July 13th working session teleconference. The CPA firm Vasquez and Associates joined the teleconference and presented the final audit report. The audit in its entirety is available on the Audit Committee page in the Repository.
The 7th Tradition Contributions are listed under that tab in the left menu.
Please feel free to contact me at [email protected] with any questions or comments.
The July 2017 P&L shows a net loss for the month of July of -$9,372 including the $14,640 of workers comp refunds. The bookkeeper sent the final financial statements late last night and said there was a $9,597 shrinkage literature write off. The Finance Committee will be looking into this over the next several days and I have also asked the staff in Signal Hill to review these numbers and anticipate a report by Wednesday's Finance Committee meeting. Therefore we are still operating at a loss and really need the support of the groups as we continue to expand our services in the US and around the globe.
The July 2017 Balance Sheet shows a slight increase in assets over the prior month which is due to literature sales and other income.
Finance Committee Report
Greetings ACA Members,
Your WSO Finance Committee has been very busy meeting weekly to work on measures we believe will help ACA WSO become a more efficient and transparent organization.
Together we are finalizing plans for changes to WSO's financial structure that will bring us into the 21st century with our bookkeeping and accounting information.
The committee has reviewed the four proposals it received for the Quickbooks migration project. and awarded the bid. This will ultimately move Quickbooks bookkeeping to the cloud and allow for multiple staff users to do the bookkeeping to reduce outside bookkeeping costs.
As part of the project there is also a shopping cart overhaul planned that will allow us to utilize the Quickbooks software to track our more complex inventory movements between the warehouses at our office, the third party fulfillment vendor, Amazon US and Amazon UK. This will greatly reduce the person hours currently dedicated to extracting data via spreadsheets and manual reports.
In addition to the Quickbooks project the Finance Committee is also working on ways to implement the auditors recommendations which are posted on the Audit Committee page. We are also working on the finalizing a new Chart of Accounts that will allow for better financial management of our income and expenses. Several more items we are working on are listed below.
1. Chart of Accounts numbering update
2. Review of Financials for Monthly Board Teleconference
3. European Reports
5. Moving content out of bookkeeper's online vault
6. Planning for 2018 Budget preparation
7. Bid Policy for new projects and purchases
