We recently completed the reconciliation for the summit and I wanted to share the details with our members. If you recall from our 2010 budget that we published, we expected to end the year with a loss of ~$14,800. However, our revenues to date exceeded our budget by $ 134,000 and we expect to end our Fiscal year (Jul 1 - Jun 31) with net positive revenues of $155,000 over budget. Our expenses also increased, but not by that amount. As a result, our net income expectation for FY 2010 is $110,000! The board recently voted in a Budget exception of $50,000 for 2 in-face board meetings in the first half of 2010. This will reduce our profits by that amount. In this profit computation, we are not considering our European event profitability, but we expect it to be a financially positive event that will contribute to the bottom line of the organization.
Please feel free to contact me if you have any questions.
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