Treasurer's Report - September
Tom Northenscold, Treasurer
Given that this report is for only one month into Fiscal 2014, there is little to report in terms of variances with plan, and what indications we do have of changes are favorable at this point. For the month of August, 2013, Cantus was roughly $3K unfavorable to budget, with a loss of just over $7K. As this is not a forecast update month, I will focus on the comparison to plan.
Revenue
Revenue was essentially exactly on plan at $80K.There are no significant variances to report.
Expenses
The most significant variance in expenses is in Travel, which came in around $4.6K over budget. This is due to the purchase of tickets in advance to realize significant savings.This variance will even itself out over time as we engage in the travel associated with the tickets purchased.
Other expense variances are not significant.
Balance Sheet
There is seasonality in the Cantus cash flow.This is the typical low time, so as is expected, cash is lower at this time. The August 2013 Balance Sheet shows cash at $16K. The $50K Line of Credit (LOC) is fully drawn at this time. We expect to payoff the LOC in the Dec/Jan timeframe.
Accounts Receivables are high due to grants from the State Arts Board ($77K) and the NEA ($35K) that pay out over the fiscal year.
The $24K Work in Progress inventory item is related to the new CD. Once the CD is completed this will move into Inventories for Sale.
The Temporarily Restricted Asset item of $64K in the Equity area of the Balance Sheet is comprised of $34K for the State Arts Board, $25K for the NEA and $5K for the Thorpe Foundation. The restrictions for these grants will all be met this year through already planned activities.
Given that this report is for only one month into Fiscal 2014, there is little to report in terms of variances with plan, and what indications we do have of changes are favorable at this point. For the month of August, 2013, Cantus was roughly $3K unfavorable to budget, with a loss of just over $7K. As this is not a forecast update month, I will focus on the comparison to plan.
Revenue
Revenue was essentially exactly on plan at $80K.There are no significant variances to report.
Expenses
The most significant variance in expenses is in Travel, which came in around $4.6K over budget. This is due to the purchase of tickets in advance to realize significant savings.This variance will even itself out over time as we engage in the travel associated with the tickets purchased.
Other expense variances are not significant.
Balance Sheet
There is seasonality in the Cantus cash flow.This is the typical low time, so as is expected, cash is lower at this time. The August 2013 Balance Sheet shows cash at $16K. The $50K Line of Credit (LOC) is fully drawn at this time. We expect to payoff the LOC in the Dec/Jan timeframe.
Accounts Receivables are high due to grants from the State Arts Board ($77K) and the NEA ($35K) that pay out over the fiscal year.
The $24K Work in Progress inventory item is related to the new CD. Once the CD is completed this will move into Inventories for Sale.
The Temporarily Restricted Asset item of $64K in the Equity area of the Balance Sheet is comprised of $34K for the State Arts Board, $25K for the NEA and $5K for the Thorpe Foundation. The restrictions for these grants will all be met this year through already planned activities.
