Dear Trustees and Fellow ACA Members,
MAY 2023 TREASURER’S REPORT
The unaudited financial statements for the month of May 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 May is posted in July.
BALANCE SHEET (Click here to view)
The Balance Sheet, or Statement of Financial Position, shows that WSO’s Total Current Assets are 88% of Total Assets.
About half of Total Current Assets is cash or cash equivalents, 35% is inventory, and the rest is prepaid expenses and miscellaneous. $150,000 of the cash or cash equivalents is designated as the Prudent Reserve.
WSO’s Total Current Liabilities are 90% of Total Liabilities.
Total equity is up 19% from the end of the previous year.
Net Income for the year-to-date is $140,129. This is about 3% higher than at end of the prior month.
PROFIT & LOSS STATEMENT – CURRENT AND LAST MONTH (Click here to view)
The Profit & Loss statement, or Statement of Activities, shows Total Income decreased 3.6% from last month. Total Income includes sales from Shopify (the WSO retail store), Amazon, International, Digital Books, and 7th Tradition Contributions.
Of particular concern here is that the downward trend in contributions continues, with receipts falling more than $11,000 below last month’s total. This is the third straight month of significant declines in the amount received in contributions from the high of $66,232 in February. It is clear that the higher level of contributions resulting from the special appeal that was kicked off in January is not being sustained.
The combined Cost of Goods Sold (COGS) decreased just over 20% from the prior month.
Total Income minus the Cost of Goods Sold leaves a Gross Profit just over 15% greater than the previous month.
Total Expenses, which include payroll, overhead, and operating expenses were up 45% from the prior month. This increase is due to having both a part-time finance controller and a full-time controller on the payroll during the transition from Lucia S to Sylvia M. This expense was anticipated and is included in the current budget. The transition will end in mid-July when Lucia retires.
Net Income for the month is $4,118.
PROFIT & LOSS – ACTUAL TO BUDGET – YEAR TO DATE (Click here to view)
This report, also known as the Statement of Activities, shows how WSO is performing as of the end of the current month compared to the adopted budget for the same period.
Total Income exceeds the budgeted amount by just under 10%. Higher than budgeted 7th Tradition Contributions for this year to date are responsible for most of that extra income.
After deducting the Cost of Goods Sold from Total Income, Gross Profit exceeds budget projections by 31%.
Total expenses for the period from January 1 to the end of the current month are 1.1% less than expected in the budget.
Net Income for the year at the end of the current month is $140,129.
The current budget surplus is $119,801 but that surplus may disappear as contributions continue to decline and unbudgeted expenses for the October Board Retreat and Regional Convention in Boca Raton, Florida, are incurred.
SEVENTH TRADITION CONTRIBUTIONS REPORT (Click here to view)
Seventh Tradition Contributions from members, meetings, groups, intergroups, and regions through this year to date are about 25% of Total Income compared to 17.1% for all of last year. This is a very promising improvement if it could be sustained and the recent downward trend reversed.
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 sending them to the Zelle account ([email protected]). Contact [email protected] for the details, if necessary. 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
