Dear Board and Fellow ACA Members,
The financial statements are presented herewith for your information. Please bear in mind these are not audited statements and may be subject to revision at a later date. This is the most accurate information our external accounting services provider has at this moment.
These financial statements are posted on the new ACA website at acawso.org. Click on Treasurer’s Report on the side menu.
ACA WSO ended the month with a decrease in Total Assets from the previous month of $64,689. About $51,000 of that decrease was cash on hand due to the purchase of books for inventory.
In reviewing the Balance Sheet we can see that WSO had Total Cash Assets of $317,624. WSO Inventory Assets were $137,751. Combining the Cash and Inventory Assets for the period leaves WSO with Total Assets of $582,500.
WSO’s Total Liabilities and Equity of $5582,496 at the end of the period.
Profit & Loss Statement
Looking at the P&L we can see sales not including Cost of Goods Sold (COGS) were $70,935, significantly higher over the prior period’s sales of $64,390. COGS was slightly higher than the prior period at $17,552 due to increased sales which left WSO with a Gross Profit of $53, 383 before deducting operating expenses.
Overall Distribution Center expenses were $49,065. This left us with a net surplus for the publishing side of the organization of $4,318 for the period.
The Fellowship Services side of the ledger shows Total Income of $11,790 with $7,880 of that coming from 7th Tradition Contributions from members, groups, and intergroups. The remaining balance came from audio and e-book sales. No royalties were received this month for international literature printed of the U.S.
Expenses for the month were lower than last month at $11,094.
This left WSO fellowship side of the organization with a net gain for the month of $696 which when combined with the publishing income gives WSO a net surplus of $5,014 to add to the prudent reserve.
7th Tradition Contribution Report:
To see the 7th Tradition Contributions for the month click the link below or on the 7th Traditions tab in the right-side menu of the acawso.org website.
Finance Committee Report
During the Month of July the Finance Committee met 4 times and completed the following projects and tasks.
Created a new Chart of Accounts for the WSO with the aid of accounting consultants and placed it before the Board of Trustees for approval.
Revamped the office bookkeeping tasks and revised an existing employee’s responsibilities to move some of the bookkeeping in-house.
Prepared and approved a budget for the 2019 ABC AWC in Sweden. Placed it before the board for approval.
Added a new committee member in July. Lucia S, a CPA from Florida who served as Finance Chair for the 2016 ABC AWC and on the Audit Committee in 2017 when WSO underwent its first ever financial audit.
Established a Finance Committee Liaison position to provide financial oversight and work with the ABC AWC Committee on future ABC and AWC events.
Reviewed the Monthly Financial Statements.
If anyone has questions or comments about the Treasurer’s or Finance Committee’s reports, please feel free to contact me at firstname.lastname@example.org.
With love and service,
Bill D., Treasurer and CFO
Chair, Finance Committee