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:
March 2019 Financial Narrative
Net Ordinary Income (income from operations, excludes capital items) is a positive $155k for the 9 months July – March of the current FY. This is $144k or 1269% higher than prior year of $11k and 188% or $101k above budget target of $54k. Total Operating Revenues are 3% under budget and slightly higher than prior year. The improvement in Total Operating Expenses, which is 17% or $128k under budget, has contributed to the significant positive variance in Net Ordinary Income.
Revenue from Programs is $439k FYTD which is $40k or 10% higher than the prior year and $14k or 3% ahead of budget. Program direct costs FYTD are $224k, trending $30k or 12% lower than budget and $54k or 19% less than prior year due to reduced headcount, employee benefit savings and lower overall expenses in fitness and youth programs.
General and Administrative expenses FYTD are $349k, $42k or 10% under budget and $74k or 17% less than prior year. Reduced headcount, employee benefit savings and delay in hiring Operations Director have contributed to the positive variances.
Fundraising revenue FYTD is $367k, 12% lower than anticipated and 8% less than same time prior year. Grant funding has not materialized and year-end giving was less than budget and prior year. Correspondingly, Fundraising direct costs are under budget by $54k or 41% due to delays in hiring Director of Development and Event Coordinator and are $8k or 9% less than prior year fundraising expenses. Overall Fundraising income of $290k is favorable to budget by $12k and trails behind prior year by $23k.
Capital activity is not on target with capital budget due to the delay of $52k in reimbursements requests to be submitted to Manatee County. It is anticipated sources and uses of Capital funds will be on target with budget by fiscal year-end.
The Center’s yearly audit and 990 are done by