WINTER 2006September 10, 2006
Actual Expenses Compared to Budget for 2005-2006
Income and expenses are 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 $1,000 towards their relief. Our new Program line was added to track the costs (and revenue) from various programs put on by SQM.
Income
For the period of July 1, 2005, through June 30, 2006, our income came very close to our budgeted income. We shifted the General Fund to Fiduciary Corporation, so that income line was not budgeted for 2005-2006, resulting in a favorable variance of $2,189 compared to budget.
Expenses
Expense budgets for background checks, Worship & Ministry, and Child Care were under-spent, with a budget amount of $850 versus expenditures of $150.00. The Testimonies & Concerns expense represents 18 months of expenses for prison ministry (from 7/1/2004 to 12/31/2005).
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 would invade principle. The longer we can hold off, the more interest income we will generate. Additional repair expenses are likely. The insurance line was overspent; we will ask Trustees for an updated budget estimate for 2006-2007.
Education Fund (designated fund)
We distributed $1,577 less than we received in income, whereas in recent years we have over-spent in excess of income. This will help us rebuild principal this year. We encourage the education committee to fully distribute income next year; hopefully we have been able to give them a stable income number to work with.
Monthly Meeting Contributions
Monthly Meeting payments to SQM and PYM met the amount they agreed to contribute. SQM payments exceeded our need by a modest $1,286. Our goal for 2006-2007 is to do a better job of letting treasurers know when payments are due to help even out our cash flow.
2006-2007 Covenant/Quota SQM Quota PYM Covenant Total Treasurer Greenwich (45) $4,669 $4,669 Burt Doremus Mickleton (52) $6,000 $7,000 $13,000 Dianne Sloane Mullica Hill (63) $6,419 $8,450 $14,869 Joan Boarts Salem (112) $15,500 $19,500 $35,000 Joan Ayars Seaville (55) $5,500 $1,500 $7,000 Bob Holden Woodbury (34) $3,800 $3,952 $7,752 Janet McMaster Woodstown (133) $13,500 $20,100 $33,600 Jack Mahon SQM Adult Members (494) $55,388 $60,502 $115,890 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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Monday, November 20, 2006 at 06:08 PM
