Dear Fellow ACA Members,
The October 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 continuing to be in the $5,000 to $6,000 range each month, but this does not begin to cover the costs of staffing and maintaining a world service headquarters. We need every group to help support the WSO so we can become self-supporting through our own contributions as our 7th Tradition suggests.
The 7th Tradition Contributions are listed under that tab in the left menu.
Please feel free to contact me at firstname.lastname@example.org with any questions or comments.
Here is the October 2017 Profit & Loss Statement
We had a minus income for the month of $7,054. This is partly because we paid the quarterly sales tax this month and all of the tax revenue was accrued in this month. Another reason is the
The October Balance Sheet shows a slight increase in assets over the prior month which is due primarily to literature sales income.
Finance Committee Report
Greetings ACA Members,
Your WSO Finance Committee attempts to meet on a weekly basis to work on the important measures that will help ACA WSO sustain the growth of the fellowship and comply with the Generally Accepted Accounting Principles (GAAP) that stellar organizations strive to meet.
We are continuing to put new mechanisms in place in WSO’s financial and legal structure that are bringing us closer to GAAP with our bookkeeping and accounting information and making it easier to run the book publishing business side of the organization. We just received confirmation of our DBA registration with the State of California and can now legally use the corporate name ACA WSO Inc. in all of our documents and registrations.
The committee has recently completed Phase One of the QuickBooks migration to the cloud and has worked with Board member Jim B, who is also the ACA volunteer webmaster, and our office staff to launch a new shopping cart on October 19th. This was done at a minimal cost to WSO as Jim donated all of his time to evaluate, configure and test the shopping cart. The only expense to WSO for this entirely new and capable shopping cart is the cost of the software. ACA owes Jim B a huge thank you for an outstanding job well done. And he is not finished with our website makeover yet!
The Finance Committee has been preparing for Phase Two of the financial system upgrade which will entail connecting all of WSO’s revenue streams and financial accounts to QuickBooks via a third party software that facilitates updating this information in QuickBooks automatically. We are having our onboarding meeting with the vendors for this next week.
Here is a list of the projects currently being worked on by the Finance Committee:
1. Connection of all revenue streams and bank accounts to QuickBooks via Webgility connection software
2. Review of Financials for Monthly Board Teleconference
3. Planning for 2018 Budget preparation
4. Sales Tax compliance and determining the correct Nexus to use for out of state sales tax compliance
5. Establishing an international bank account for easier exchange of funds between non-US based ACA Groups and Committees and WSO.
6. Create an Accounting Procedures Manual