Dear Board and Fellow ACA Members,
Here are the March 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 Board 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 $728,985 in Total Assets. This is a decrease of -$15,890 from the previous month and is directly due to the Covid-19 crisis causing reduced literature sales and the cancellation of the ABC AWC. The cancellation resulted in about $25,000 in refunds for the registrations and meals that had been purchased.
Our Total Cash and Cash Equivalents decreased by $52,023 while our inventory valuation increased $42,052 after receipt of printing inventory. Despite the downturn in global economy we are in solid financial condition and are continuing to meet all our regular obligations.
WSO’s Total Liabilities and Equity was $728,985 at the end of the period that leaves us with a Year-To-Date net income of $37,284.
Profit & Loss Statement – Previous Month
Looking at the P&L we can see Total Income for the month was $72,687 down from $114,592 last month. This is $41,673 less income than the previous month. The reduced income resulted from: being out of stock on some of our core literature inventory, the office being closed for about a week, and a decrease in contributions. The Cost of Goods Sold (COGS) was $43,296 and which was lower than the prior month’s COGS of $60,309 as expected due to lower sales. This left WSO a Gross Profit of $29,391 before expenses.
Overall WSO Expenses were $33,786 compared to $38,806 the month before. These expenses include payroll and operating expenses. Deducting the expenses from the Gross Profit resulted in a net income of (-$4,395) for the month.
P&L Actual to Budget – This is a new report that shows us how we are performing monthly compared to the approved budget.
We fell short of budgeted sales revenue by -$29,732. However, our expenses were also lower than budget by $11,071 due to decreased operational costs so the net effect after subtracting out COGs left us missing our budget amount for the month by -$4,395. This is not bad and considering we beat the budget the first two months of 2020 considerably we are still $37,284 ahead of budgeted income for the quarter. I won’t take the meeting’s time to go over the budget in detail, but if after your review you have any questions, please feel free to contact me.
7th Tradition Contribution Report:
WSO received $8,292 in 7th Tradition Contributions for the month from members, groups, and intergroups. This is down 25% from the budgeted $11,000 per month in contributions needed to fund our committees and programs worldwide. However again with the Covid-19 crisis causing the majority of groups to stop meeting face to face, this wasn’t a big surprise. Many groups and members have set up virtual 7th Tradition baskets on apps like Paypal or Venmo and are collecting contributions from their online meetings and forwarding to WSO. People can also go to shop.adultchildren.org and make a contribution as well.
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