Dear Trustees and Fellow ACA Members,
I am pleased to present my first monthly report as Treasurer for the WSO Board of Trustees. I hope to build on the fine record of service by the previous Treasurer, Fredrik H of Sweden.
The unaudited financial statements for the month of April 2023 are posted on the ACA World Service Organization website at acawso.org. Click on Board Treasurer’s Report on the side menu to view this report. Please note that Treasurer’s reports are posted two months after the current month, so the report for April is posted in June.
BALANCE SHEET (Click here to view)
The Balance Sheet shows that WSO ended the month of April with $997,580 in Total Assets, an increase of $37,100 from the prior month and an increase of 11.5% since the beginning of 2023.
About 46% of the $865,359 in Total Current Assets is cash or cash equivalents, 38% is inventory, and the rest is prepaid expenses and miscellaneous. $150,000 of the $400,046 in cash or cash equivalents is designated as Prudent Reserve.
WSO’s Total Current Liabilities are $106,298 which is 84% of Total Liabilities. Equity is $871,776 and is up 18.5% from the first of this year. Net Income is $136,379 which is almost 18% higher than the previous month.
Equity includes the International Literature Scholarship fund, which is a Restricted Fund, showing a balance of $15,403. Unrestricted Net Assets totaled $719,995.
PROFIT & LOSS STATEMENT – CURRENT AND LAST MONTH (Click here to view)
The Profit & Loss statement shows Total Income for April was $183,008. a decrease of 16.5% from the prior month. Total Income includes sales from Shopify (the WSO retail store), Amazon, International, Digital Books, and 7th Tradition Contributions.
The combined Cost of Goods Sold (COGS) was $97,205, which is a decrease of 3.2% from the prior month.
Total Income minus the Cost of Goods Sold leaves a Gross Profit of $85,803 before expenses. This is almost 28% less than the previous month.
Total Expenses, which include payroll, overhead, and operating expenses, were $65,147 this month, down 23.5% from the prior month.
Deducting expenses from Gross Profit leaves Net Income of $20,657 for the month of April, and is 38.7% less than March.
While these figures are disappointing when compared with those from the previous month, it is normal for there to be some variation between months, so there is no cause for concern unless this trend continues. The next section showing a comparison of actual to budget for the first 4 months of 2023 still looks promising.
PROFIT & LOSS – ACTUAL TO BUDGET – YEAR TO DATE (Click here to view)
This report shows how WSO is performing year-to-date compared to the approved budget.
Total Income of $812,592 exceeds the budgeted amount by 12.2% or $88,292. Higher than expected 7th Tradition Contributions for the first 4 months of this year are responsible for $76,458 of that extra income while all other income sources made up the remaining $11,834.
After deducting the Cost of Goods Sold from Total Income, Gross Profit exceeds budget projections by $104,693.
Total expenses for the 4-month period year-to-date are $7,679 less than expected in the budget.
Net Income after deducting expenses through April is $136,379 compared with the budget projection of $24,007.
SEVENTH TRADITION CONTRIBUTIONS REPORT (Click here to view)
WSO received $45,471 in Seventh Tradition Contributions for the month of April from members, groups, intergroups, and regions. Contributions were down by $9,644 from March, but are a little more than double for the first 4 months of this year compared to last year. Contributions so far this year are about 26% of Total Income compared to 17.5% for the same period last year. This is a very promising improvement if it can be sustained!
There were 12 contributions to the Unrestricted Fund that were $500 or more, totaling $19,535. We received 25 contributions totaling $427 for the International Literature Scholarship Fund.
To see all Seventh Tradition Contributions for April, click the link above or go to the 7th Traditions tab in the right-side menu of the acawso.org website.
A big thank you to those who contributed to help ACA continue to meet the growing need of the program throughout the world. We need to sustain a higher level of regular contributions by increasing the number of contributors who sign up for a recurring monthly contribution.
WSO has created an electronic Seventh Tradition basket using Venmo @acawso for contributions from inside the US, and can also accept contributions worldwide through PayPal at [email protected]. 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.
After reviewing these financial statements, please feel free to email me at [email protected] or contact me on Slack at Bradford H if you have any questions or comments.
In love and service,
Bradford H, Treasurer
ACA WSO
