FY16 April Treasurer's Report
This report covers the FY16 March financials.
Cash Flow
Staff continues to update projected cash flow through July 2017. While cash remains tight through the end of the fiscal year (July 2016), we don’t anticipate any major cash shortfalls over the next four months. The primary cash drivers for the remainder of the fiscal year are Cantus Idol, ticket sales (pre-FY17 season tickets and the final season concert) and contributions.
We will begin to make payments on the re-financed loan with NAF in June. Cash goals are to keep at least two payrolls of cash on hand at any given time to ensure staff/singers are paid during periods of tight cash projections. After payroll, vendors are prioritized (i.e. benefits, rent, NAF loan, other vendors). We are carrying a balance on the credit card, and are currently 30-45 days with vendors. Cash flow projections allow us to get caught up by October.
The Finance Committee will continue to meet monthly, and staff will update the cash flow each month based on new information and projections.
The May Finance committee meeting agenda will include reviewing cash flow and first draft of the FY17 budget.
Statement of Activities (P&L)
Balance Sheet (Statement of Positon)
Cash Flow
Staff continues to update projected cash flow through July 2017. While cash remains tight through the end of the fiscal year (July 2016), we don’t anticipate any major cash shortfalls over the next four months. The primary cash drivers for the remainder of the fiscal year are Cantus Idol, ticket sales (pre-FY17 season tickets and the final season concert) and contributions.
We will begin to make payments on the re-financed loan with NAF in June. Cash goals are to keep at least two payrolls of cash on hand at any given time to ensure staff/singers are paid during periods of tight cash projections. After payroll, vendors are prioritized (i.e. benefits, rent, NAF loan, other vendors). We are carrying a balance on the credit card, and are currently 30-45 days with vendors. Cash flow projections allow us to get caught up by October.
The Finance Committee will continue to meet monthly, and staff will update the cash flow each month based on new information and projections.
The May Finance committee meeting agenda will include reviewing cash flow and first draft of the FY17 budget.
Statement of Activities (P&L)
- Continuing to keep expenses down where possible
- Ticket revenue is now best tracked on the Box Office report in Carly’s reporting.
- Other notes:
- Current month/Government is a timing error. NEA will be confirmed in early May.
- Special events/Cantus Idol is now being tracked as deferred revenue. See Carly’s report in board materials for update.
- Professional services reflects fee for Jodi Davis.
Balance Sheet (Statement of Positon)
- Cash is at $40,131 (Bremer checking/Petty cash/PayPal/undeposited funds. Does not include . Mary is keeping cash for two paydays in cash on hand.
- Current cash flow projections are tight through end of April until some major foundation gifts come through along with cash from Cantus Idol.
- Liabilities reflects new loan from NAF ($100,000)
- Under Liabilities, deferred revenue from Would You Harbor Me will be released in April financials.
- Under Liabilities, deferred revenue from Cantus Idol will be released in May financials.
- Under Temporarily Restricted Net Assets, funds have been released for activities completed for the MSAB grants.
- The Temporarily Restricted Asset item of $19,841 is comprised of:
- $3,531 for the FY15 MSAB Access grant (satisfied in April 2016)
- $16,310 for the MSAB Cultural Heritage Grant (a part of our operating support) (satisfied in July 2016)