WINTER 2009

Salem Quarterly Meeting Finance Report

September 13, 2009
For Fiscal Year 2009 ending 30 June 2009

Mike Ayers
Assistant Treasurer

Income:

For the period of 1 July 2008 through 30 June 2009, our income slightly exceeded our budget by $143. Our Fiduciary accounts returned about what was budgeted for income, and we received a $100 contribution for the newsletter

Expenses:

Good expense control and some donated time meant that our expenses were less than budgeted. We budgeted $62,659 but spent $59,953, about $2,700 less than budget. About $1,400 of the savings was the Steering Committee budget, which includes the coordinator salary and the newsletter.

Lower Alloways Creek (donor-restricted fund):

The LAC account expenses are $960 more than budgeted, which includes a $1,700 expense to remove the ivy from the sycamore trees. Our income was $486 more than we expected, so the net for LAC was a $476 shortfall.

Education Fund (designated fund):

Our Education Fund gave away $264 more than we received in income. This small shortfall is somewhat expected, since the grants are made before we know the exact amount of income we’ll receive. We’re happy that the quarter can support our young people’s education.

Monthly Meeting Contributions

We received a total of $114,219 from the six meetings that support the work of Salem Quarter, which is what we expected. Woodbury Meeting is not contributing any funds to Salem Quarter. In FY2008 we received $122,254, or $8,036 more than FY2009.

Anticipated Shortfall in Fiscal Year 2010:

In the first year of our experiment with a covenant for quarterly meeting, we came up nearly $10,000 short of the amount we need to operate the quarter. The Salem Quarter Steering Committee reviewed the budget. We have been contributing to Phil Anthony’s family health care coverage: Phil has advised us that he does not want the additional contribution in 2010. Roshan Dinshah let us know that he will not need reimbursement for his support of the Southern State Worship Group. We identified a few other areas where we can save some money. The end result is that we are very close to a balanced budget. Friends do need to consider that when Salem Quarter is approached for unbudgeted donations, we should ask individual friends to contribute in lieu of donating from Salem Quarter funds.

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