Beginning of Fiscal Year 2021 (July 2020 thru June 2021)
Here’s the financial summary for July 2020.
July revenue was solid and, as expected during the summer, we had an operating profit ($4k). This year, we are transferring $2500/month to System Replacement fund (annual total of $30k instead of historic $50k). YTD column and current month are the same for the first month of the year. This year, reporting for all funds’ YTD actuals are compared vs the Total Year budget; 1 month, or 1/12 of the year corresponds to about 8% to 9% of annual budget. So, our income and expense items are about what you’d expect for 1 month, 8%-9% of year’s budget.
The beginning and ending fund balances show a “high variance” from what we budgeted. In effect, we started the year with $608k instead of the budgeted $581k primarily due to the receipt of the COVID-related PPP and SBA Emergency loans. The PPP loan should convert to a grant whereas the Emergency loan ($27k — saved in the Contingency Fund) will probably need to be repaid during the year unless we have tangible losses related to the COVID crisis, which are becoming less likely as time passes.
I like to “reconcile” the books vs actual cash the bank each month and, right now, the “reconciliation gap” is $22k, which is much higher than I like. I’ll work with Angie (our bookkeeper) to investigate this. It could just be an issue about cash vs accrual reporting.
Detail Reports from Quickbooks (click below)
Note: I have renamed our monthly reports as “Fund Flows” as this is a better description than “Profit & Loss”
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