Dear Board and Fellow ACA Members,
Here are the May 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 $709,772 in Total Assets. This is an increase of $281 from the previous month. The Balance Sheet felt impact from us paying the back sales taxes the Finance Committee has been working on the past several months. We began accruing the sales taxes owed under GL account 2210 and paid out $18,426 in May.
Our Total Cash and Cash Equivalents increased by $35,572 which is offset by our inventory valuation decreasing -$20,894 due to brisk book sales. Despite the difficult condition the economy has been in, we are in solid financial condition.
WSO’s Total Liabilities and Equity was $709,772 at the end of the period. This still leaves us with a Year-To-Date net income of $62,455 in spite of the Covid crisis and the back sales tax accruals.
Profit & Loss Statement – Previous Month
Looking at the P&L we can see Total Income for the month was $121,777 up from $100,052 in April. This is an increase of $19,356 in income, which is about a 20% increase over our budgeted income amount of $102,420. The increased income is a direct result of a pick-up in sales on Amazon as we set a new high in those sales for the month, plus I believe it is a record amount of 7th Tradition Contributions in the nearly 3 years I have been your Treasurer. Please keep them coming, we are a ways from being self supporting by our own contributions.
The combined Cost of Goods Sold (COGS) was $67,257 which was higher than the prior month’s COGS due to higher sales. This left WSO a Gross Profit of $54,519 before expenses.
Overall WSO Expenses were $33,438 compared to $36,655 the month before. These expenses include payroll and operating expenses. After deducting the expenses from the Gross Profit WSO was left a net income of $21,080 for the month.
P&L Actual to Budget
This report that shows us how we are performing monthly compared to the approved budget. We were ahead of budget in total revenue by nearly 20% due to the aforementioned rather brisk literature sales and contributions.
Our expenses were also lower than budgeted by $11,603 due in part to cancellation of events and travel due to Covid expenses.
Overall for the month we out performed the budget by $22,456. 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 at email@example.com or on Slack at Bill_D_Treasurer.
7th Tradition Contribution Report:
WSO received $18,167.53 in 7th Tradition Contributions for the month from members, groups, and intergroups. This is up approximately 58% from the $11,000 per month we budgeted. We had some extremely generous contributions from the Telephone/ Online meetings as well as several large contributions from Intergroups. We also had a good number of contributions from outside of the US from Canada, Europe and Australia/New Zealand. A big thank you to those who contributed to help ACA continue to expand to meet the growing need of the program throughout the world.
WSO has created an electronic 7th Tradition basket using Venmo @acawso for contributions from inside the US and can still also easily accept contributions worldwide in our online shopping cart at shop.adultchildren.org.
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.
In closing if you an balance a checkbook we would welcome you with open arms to join our committee and learn more about the finances of WSO while helping us build solid bonds with our members, groups, intergroups, and regions.
Bill D., Treasurer