The Center’s financial information is now easily accessible online. These include our current and past 990’s and the most recent fully audited financial statements, as well as our most recent monthly financials reviewed and approved by the Board of Directors.
Monthly financial prepared by:
July 2018 Financial Results
Net Income for the first month of the new fiscal year, July 2018, was a positive $12k. This is about $5k over prior year July 2017 and $68k over budget. The large variance from budget is a combination of higher than anticipated revenues in all program areas and the delay of capital expense for IF equipment budgeted for July. This timing issue is anticipated to be offset in September or October.
Revenues were $63k for the month of July 2018. The $27k positive variance from prior year is mainly due to the designation of $18,500 from City of Anna Maria to Youth programs that did not occur in prior year. Additionally membership and summer camp revenues were slightly higher than prior year. Compared to budget, revenues were higher than anticipated in all programs areas resulting in a positive $15k variance from budget.
Program Expenses of $29k for July 2018 were close to prior year and $11k less than budgeted. The lower than budgeted expenses appear to be timing related for changes in payroll cycles and accrual reversals and are expected to be offset in August actuals.
General and Administrative Expenses for July were $8k, on target with budget and $14k lower than prior year due to payroll and benefit changes as well as vacancy in Operations Director position.
Fund Raising income of $20k for July 2018 was $9k lower than prior year since there was no interest income earned from MCF funds. Fund Raising income was $44k higher than budget due to the timing issue on the IF equipment capital expense.
Christine Major Hicks