FALL 2006June 11, 2006
Actual Expenses Compared to Budget for 2005-2006
Income and expenses remain in line with the budgeted projections, with some specific differences. Our donations have exceeded our budget by $500 because of an unexpected need to support the victims and survivors of Hurricane Katrina in Mississippi and Louisiana. We contributed $1000 towards their relief. Our new Program line has been added to track the costs (and revenue) from various programs put on by SQM. The program expenses were offset by a surplus of income over honorarium for Tony Prete's course.
Dianne Sloane continues to greatly improve and simplify our Quicken accounts. The reconciliation for this report took Dianne and Mike about an hour to complete, compared to several hours over several days previously.
Income
For the period of July 1, 2005 through June 1, 2006, our income is understated because we will receive June distribution from Fiduciary. After it is received, our income will be very close to our budgeted income.
Expenses
Expense budgets for Testimonies and Concerns, Background Checks, Worship & Ministry, and Child Care remain essentially unspent, with a budget amount of $2,550 versus actual expenditures to date of $115.00. In those same accounts, the budget for next fiscal year (2006-2007) was reduced to $1,170 to better reflect our recent expenditures in these accounts.
Lower Alloways Creek (donor-restricted fund)
In the Lower Alloways' Creek account, the $11,460 we spent for repairs was taken from the General Fund. Monies are available in the LAC Trust Account to repay this expenditure but we have not yet made the transfer since we will invade principle. The longer we can hold off, the more interest income we will generate. Additional repair expenses are likely.
A well-attended meeting for worship was held on Sunday, May 21, in conjunction with Cornelia Hancock Day in LAC, with as many non Quakers as Quakers attending.
Education Fund (designated fund)
We estimate our Education Fund expenses will continue to exceed revenue. We anticipate receiving approximately $8,000 in revenue and gifting about $10,000. Next year, our budget for education income and grants is $8,000.
Monthly Meeting Contributions
Between the SQM Quota and the PYM Covenant, Monthly Meetings have pledged $110,036. Through June 1, we have received $92,386 leaving $17,650 outstanding and past due. We are meeting our contribution to the Coordinator's Budget, but we have a shortfall in our Covenant payments of $9,025 which will need to be made up from the General Fund.
Financial Timeline for Monthly Meetings: 2006-2007
July 1 1st Quarter covenant/quota payment due to SQM Treasurer. October 1 2nd Quarter covenant/quota payment due to SQM Treasurer. November Coordinator Steering Committee budget reported to Finance Committee. Monthly meetings consider their PYM Covenant for 2007-2008. December 5,* 6:15 PM SQM Finance Committee meets at Friends Village for dinner meeting, budget preparation. Monthly meeting share of Quarterly Meeting budget reported back to monthly meetings by Finance Committee members.
*Meeting Date approximate, arranged at the convenience of the members of the Finance Committee.December 10 SQM Budget for 2007-2008 presented to Quarterly Meeting in session for approval. By December 30 Monthly meetings report PYM Covenant amount to Quarterly Meeting Assistant Treasurer. Please send via e-mail to mwayars @ comcast.net. January 1 3rd Quarter covenant/quota payment due to SQM Treasurer. January SQM reports collective PYM covenant from monthly meetings to PYM. March QM Interim report to QM: 2005-2006 Budget to Actual, 2006-2007 final budget. April 1 4th Quarter covenant/quota payment due to SQM Treasurer. June QM Interim report to QM: 2005-2006 Budget to Actual. September QM Final report to QM: 2005-2006 Budget to Actual.
- Monthly Meeting covenant/quota payments should be mailed to:
- Dianne Sloane
Treasurer, Salem Quarterly Meeting
24 Lake Drive
Woodbury, NJ 08096
Questions about the Financial Calendar should be addressed to:- Mike Ayars
82 Ferrell Road
South Harrison Township, NJ 08062
mwayars @ comcast.netRETURN TO TABLE OF CONTENTS
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Sunday, August 20, 2006 at 12:18 AM
