Dear Fellow ACA Members,
The August Treasurer's and Finance Committee reports are submitted below for your review and information. WSO continues to rely on revenues from book and other inventory item sales to fund our service office. We are always looking for ways to reduce the expenses and increase group contributions so that we become self supporting through our own contributions.
Our 7th Tradition Contributions are 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
I am pleased to announce that WSO has been completely refunded for all of the overcharges made by the workers comp insurance company from December 2012 thru July 2017. We received refunds totaling $53,086.33 over the past 3 months.
Just as quickly as that money came in we also found out that we owed 4 outstanding book publishing invoices that apparently we were never billed for by the publishing company. It sems they went through a merger and the publishing company was purchased by a larger company and during the transition of accounting systems, we didn't receive invoices that totaled $38,893.39 from around the first of the year. Luckily we had the extra income from the workers comp refunds to offfset the huge hit for the book invoices. There are no coincidences in my humble opinion!
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.
As you may recall the July 2017 P&L showed a $9,597 shrinkage in literature inventory. The Finance Committee began looking into this and discovered that a shipment of books sent to Amazon UK to use as stock for sales in Europe was not properly transmitted to the accountant. Therefore she showed a loss of those 260 books instead of a transfer between warehouses. There is still some shrinkage we are looking into and we will continue to be vigilant about monitoring this.
Here is the August 2017 Profit & Loss statement. August_2017_P_and_L.pdf.
The August_2017_Balance_Sheet.pdf 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 continues to meet on a weekly basis to work on the measures that 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 been working on developing a new chart of accounts that will be integrated withthe new Quickbooks accounting platform.
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.
Here is a list of the projects currently active in the FInance Committee:
1. Create an Accounting Procedures Manual
2. Review of Financials for Monthly Board Teleconference
3. European Reports
5. Moving content out of accountant's online vault
6. Planning for 2018 Budget preparation
7. Bid Policy for new projects and purchases
