Dear Board and Fellow ACA Members,
Here are the January Financial Statements for your review. 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 accountants have made available at this time.
These Financial Statements are posted on the blue ACA service website at acawso.org. Click on Treasurer’s Report on the side menu to view this report.
In reviewing the Balance Sheet we can see ACA WSO ended the month with $723,062 in Total Assets. This is an increase of $35,233 from the previous month and is due in large part to ABC AWC registrations and food tickets purchased. We also experienced what I believe is a record in 7th Tradition Contributions as well as higher than projected literature sales. Our Total Liabilities increased by $8,500 as we accrued more sales tax liabilities and we had the largest payroll periods in a single month due to timing of pay periods. Overall our Cash and Cash Equivalents increased by $55,172 due to the things previously mentioned while our inventory valuation decreased accordingly as a sales offset. We are in solid financial condition and are continuing to meet all our regular obligations without drawing into reserves.
WSO’s Total Liabilities and Equity of $723,062 at the end of the period that leaves us with a Year-To-Date net income of $35,233.
Profit & Loss Statement – Previous Month
Looking at the P&L we can see Total Income for the month was $127,014. This is higher than the previous month by $35,292. This is due in part to the aforementioned increased sales as well as an increase in contributions. The Cost of Goods Sold (COGS) was $53,129 and was a little higher compared to the prior month’s COGS of $50,029 leaving WSO a Gross Profit of $73,884 before expenses. We had an amazing Gross Margin of 58% for the month compared to about a 39% average for the publishing industry. Gross margin is calculated by subtracting cost of goods sold (COGS) from total revenue and dividing that number by total revenue.
Overall WSO expenses were $47,153 compared to $37,774 in December. Most of that increase was due to the sales tax payment to the State of Florida. These expenses include payroll and operating expenses after deducting them from the Gross Profit resulted in a net income of $22,813 for the month.
Profit & Loss Statement – YTD – Since we only have one month to report in the new fiscal year there is no Profit & Loss YTD report this month.
P&L Actual to Budget – As Treasurer this is a new report I am implementing this year that will show us how we are performing by month compared to the approved budget.
We are off to a great start comparing actual income and expenses to what was budgeted for the first month of the new fiscal year. We exceeded budgeted sales revenue and 7th Tradition projections by 13% which in reality is 30% above last year because we increased the budgeted revenue by 17% when developing the budget. I won’t take the meeting’s time to go over each area of the actual versus budget variances, but if after your review you have any questions, please feel free to contact me.
7th Tradition Contribution Report:
WSO received $16,451 in 7th Tradition Contributions for the month from members, groups, and intergroups. This is up by about $4,116 from the prior month. We budgeted about $11,000 per month in contributions needed to fund our committees and programs worldwide. The members, groups, and intergroup contributions exceeded the budget this month.
To see the 7th Tradition Contributions for the month click the link below or go to the 7th Traditions tab in the right-side menu of the acawso.org website.
Bill D., Treasurer