Dear Board and Fellow ACA Members,
Here are the October 2021 Financial Statements for your review. Please bear in mind these are not audited statements and may be subject to revision later. 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 $857,736 in Total Assets. The previous month was $892,014, resulting in a decrease of $34,278.
Our Total Cash and Cash Equivalents (Account 1000) decreased by $16.1k. Inventory Assets (Account 1400) show a net decrease of $14.7k, due to the normal sell-through of Inventory.
WSO’s Total Liabilities & Equity was $857,736 at the end of the period. This is a decrease of $34,278 from the previous month. Year-To-Date net income is $122,108 which is a decrease of $15,997 from the prior month.
Note that the Equity Section includes Restricted Net Assets, which was created as a result of the International Literature Scholarship Fund. The month of October is showing a balance of $2,579. Unrestricted Net Assets balance is $684,887.
Profit & Loss Statement – Current and Previous Month
Looking at the P&L we can see Total Income for the month was $156.7k, showing a slight increase of $2.7k from the prior month. Total Income includes Shopify and Amazon Sales, and 7th Tradition Contributions. Shopify sales were $75.6k, showing a decrease of $8.0k from the prior month. Amazon sales were $56.4k, showing an increase of $10.7k over the prior month. Contributions from 7th Tradition will be addressed below.
The combined Cost of Goods Sold (COGS) was $111.5k which was higher than the prior month’s $91k COGS. This left WSO with a Gross Profit of $45.2k before operating expenses.
WSO Expenses on the P&L include payroll, overhead and operating expenses. Overall WSO Total Expenses were $61.2k this month, which were higher than the prior month by $9.1k. This is primarily due an increase in Payroll, Travel, and Professional Fees. After deducting expenses from the Gross Profit WSO was left with net Loss of $15,997 for the month.
P&L Actual to Budget
This report that shows us how we are performing monthly compared to the approved budget. Our Total Income of $156.7k was $26.2k more than the Budgeted amount of $130.5k, or about 20% higher than what we budgeted. Book sales for Shopify sales were $75.6k and 55% higher than the budget, while Amazon sales were lower than budgeted by $3k. The 7th Tradition Contributions came in $2k higher than what was budgeted.
Our expenses were $40.3k lower than budgeted. The original Budget included $40k of expenses for Board retreat in Boca Raton, Florida, which was cancelled due to Covid travel restrictions. Overall, for the month, our Actual Net Loss of $15,997 was less than the Budgeted Net Loss of $44,782.
If after reviewing these financial statements you have any questions, please feel free to contact me at [email protected] or on Slack at Fredrik H Sweden.
7th Tradition Contribution Report
WSO received $20,378 in 7th Tradition Contributions for the month from members, groups, intergroups and regions. Contributions decreased $1.8k from the prior month. There were 6 contributions that were $500 or more, totaling $8,913. We received 9 contributions of $209 for the International Literature Scholarship Fund. A huge thank you to those who contributed to help ACA continue to meet the growing need of the program throughout the world.
WSO has created an electronic 7th Tradition basket using [email protected] for contributions from inside the US and can still also easily accept contributions worldwide in our online shopping cart at shop.adultchildren.org. We can also accept Zelle transfers by contacting either [email protected] or [email protected] for the details. Please let your fellow travelers know ACA depends on contributions to fund the rapidly expanding fellowship services’ needs.
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 are interested in service at the world level, we would welcome you 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.
Fredrik H., Treasurer