SPRING 2007December 10, 2006
Budget for 2007-2008
The Finance Committee had a well-attended meeting on December 5 at Friends Village, and finalized their recommendations for the budget for Salem Quarter for 2007-2008.
Income:
For the fiscal year beginning July 1, 2007 and ending June 30, 2008, we anticipate receiving $2,290 in income from the Friends Fiduciary Corporation: $190 from the Property fund, and $2,100 from the General fund
Expenses:
We anticipate SQM expenses (not including the Coordinator program) to decline by $370 compared to the budget for 2006-2007, to $5,085. This is mostly driven by a projected slightly lower deficit in the LAC account.
The Coordinator budget for 2007-2008 is $2,260 higher than the budget for 2006-2007, driven primarily by salary and benefits. This represents a 3.6% increase. The contribution by PYM will be $16,450 in 2007-2008. Combined with other minor adjustments, the Coordinator budget line has increased by $3,909 over the budget for 2006-2007, to a total of $50,609.
Lower Alloways Creek (donor-restricted fund):
Our budget shows the income and expenses for Lower Alloways Creek, which also includes the Harmersville cemetery. The income from the Fiduciary Corporation Lower Alloways Creek account is donor-restricted to the care and upkeep of the LAC meeting house and Harmersville Cemetery, and we report LAC separately so both Salem Quarterly Meeting and the donor families can see that we are complying with the terms of the gifts that have funded this account.
The LAC Account expenses for 2007-2008 are anticipated to be the same as 2006-2007. The income from the Fiduciary Fund is estimated to be $4,500. This nets to a deficit in the LAC Account of $240.
Education Fund (designated fund):
The education fund distributes its income in grants. Again this year, we are budgeting about $8,000 in income.
The Education Fund is a designated fund. This means that Salem Quarterly Meeting has designated certain funds to be used for Education. At any time it so desires, Salem Quarterly Meeting may re-designate these funds for any other purpose.
Finance Committee
The Finance Committee recognizes that the bulk of Salem Quarterly Meeting's budget is the coordinator's program budget, which has historically been prepared by the Steering Committee treasurer in consultation with the Coordinator. Next year, the Finance Committee plans to meet in early November to help develop the Coordinator's budget and the Quarter budget simultaneously.
Monthly Meeting Contributions
For 2007-2008 we will need contributions from Monthly Meetings totaling $52,534 to meet our budgeted expenses, which is $2,672 more than we asked for in 2006-2007.
We allocate this amount by Monthly Meetings based on their number of adult members as reported by their recorders to Yearly Meeting, and we ask Monthly Meetings to use this as a guideline. Some meetings are generous and contribute more than their share, which helps to make up for those Monthly Meetings that are unable to contribute the full amount of their share.
The amounts of each meeting's SQM contribution and PYM Covenant have been reported by all meetings of the Quarter:
Monthly Meeting Quota & Covenant 2006-2007 SQM Share PYM Covenant Total Greenwich $4,469 –0– $4,669 Mickleton $6,000 $7,350 $13,350 Mullica Hill $6.740 $9,211 $15,951 Salem $16,900 $18,375 $35,275 Seaville $5,500 $1,500 $7,000 Woodbury $3,993 $4,307 $8,300 Woodstown $14,230 $21,030 $35,260
TOTALS
$58,032
$61,773
$119,805A final statement of the Monthly Meeting payments due, including the SQM Quota and the PYM Covenant, will be emailed to each Monthly Meeting Treasurer and Clerk.
The payments of the Monthly Meeting SQM quota and PYM Covenant are due to the SQM Treasurer quarterly, on July 1, Oct 1, Jan 1, and Apr 1.
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