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Treasurer

By Adriana


Reserve balance


As of April 22, 2024, International Neighbor’s reserves are $29,576.11 but will be reduced to an estimated $26,858 by the end the fiscal year (May 31, 2024). This is an overall reduction to savings by $665, and $135 more than planned. Although a small deficit in spending was forecast by the approved budget, the projected shortfall is actually due to unanticipated expenses from the prior fiscal year. In fact, even though we did not meet our member donations target, expenses were also lower, more than offsetting the income reduction.

Income 


This fiscal year’s income is estimated to be $5,783, 20% lower than budgeted. Actual income as of April 22nd is $5,760. The income shortfall is due to a lower number of member donors (75) than the goal (120), but partially offset by higher average donation ($61) than the goal ($50). The shortfall was also slightly offset by higher than expected bank interest.  


Note, while the number of donors fell short of the budget goal, both the number of donors and the total donation amount were closer in line with FYE23 (69 and $5050). The ROI for the fall annual mailing was $4.50.


Expenditures


This year’s expenses are estimated to be $5,755, 25% lower than budgeted. The savings are largely concentrated in (1) lower than planned marketing/outreach, (2) lower costs of membership meetings, and (3) minimal use of the Activity Group Shared Fund.  



Going Forward


Nonprofit guidance on rainy day funds emphasizes that circumstances matter, but also cites a common goal of three to six months’ of expenses and no more than two year’s operating costs on the high end. International Neighbors has more than 3 years of expenses at the current planned budget level, or more than four years at current spending levels. Next year, the Board should consider a policy and plan to spend down these funds to at least two years of costs, keeping in mind the sustainability of any ongoing spending increase. 

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