FINANCIAL UPDATE
description
Transcript of FINANCIAL UPDATE
FINANCIAL UPDATE
Houston Durga Bari Society
Aug 18, 2013
2012 IRS Return
Revenue: $409,688; Expense: $350,215; Surplus: $59,473
Account Summary as of Aug 15, 2013
IBC Bank Accounts as of Aug 15,2013
Account Amount as of Jan 1, 2013
Amount Aug 15, 2013 Difference
Regular $27,054 $90,746
Puja $63,240 $10,087
Capital $73,953 $49,335
CD1 $44,308 $44,385
CD2 $40,000 $40,000
Total $248,555 $234,553 ($14,002)
2013 Membership/ Maintenance/Donations
Member Type
Category Total
Members paid % Paid
FP 48 22 46
PM 38 14 37
FM 29 2 7
BF 47 20 43
LM 140 30 21
GM 331 96 29
GD 734 8 1
TOTAL 633 (Active)/1367 (All) 192 30 (active) /14 (All)
2013 BUDGET
August 18, 2013
(Approved by EB on March 16, 2013)
Budget Outline
Revenues Basic Operation Kalabhaban/Bangla
School/Library/Gift Shop Puja Committee Surplus Bank Interest Major Donations/ Fund
Raising
Expenses Operational Expenses Charitable Donations-
Not Applicable
Capital Projects (N/A)
Legal Expenses
REVENUESREVENUES 2012 actual 2013 Budget Up to July 2013 (Budg - Colln)
R1: Basic Operations $124,327 $170,000 $114,395 -$55,605
R2: Kalabhaban/Library/Gift Shop
$4,530(Surplus)
$41,500 $18,540 -$22,960
R3: Surplus from Puja CommitteeRevenue $212,846 and Expense $176,320 (Surplus $36,526)
$33,000 $53,000 (257K/204K) -$53,000
R4: Bank Interest/others $1,236 $1,300 $1,053 -$247
Subtotal: Revenues w/o Donations
$163,093 $265,800 $133,988 -$131,802
R5: Major Donations/Fund Raising
$26,410 $50,000 $29,134 -$20,866
Subtotal $189,503 $315,800 $164,175 -$151,625
Maha Pujas $212,846 $257,000
TOTAL $402,349 $572,800
(Reported to IRS) $409,688
Revenues from Basic Operations
BASIC OPERATIONS 2012 actual 2013 Budget
Up to July
(Budg - Colln)
General Membership/ Maintenance Fees/ Small donations
$44,670 $65,000 $40,153
Cash Collection /Fees for Religious Activities
$51,167 $70,000 $59,881
Auditorium/ Kala Bhavan Rental Income
$28,077 $35,000 $14,361
TOTAL $123,914 $170,000 $114,395 -$55,605
EXPENSES
EXPENSES 2012 actual 2013 Budget Up to July (Budg - Colln)
E1: Basic Operations $124,327 $170,000 $96,533
E2: Kalabhaban/Bangla School/Library /Gift shop
$28,023 $29,500 $14,763
E3. Facility Upgrades $26,083 $82,000 $9,465
E4. Fund Raising $0 $15,000 $3,137
Subtotal $178,433 $281,500 $123,898 -$157,602
Maha Pujas $176,320 $204,000 (Revenue: $164,175 )
TOTAL $354,753 $485,500
(Reported to IRS) $350,215
Operating Expense-1
OPERATING EXPENSES-1 2012 actual2013
BudgetUp to July
(Budg - Exp)
Payroll Expenses (Salary, Benefits and IRS)
$49,945 $56,000 $36,022 -$19,978
Temple and Puja Services $20,085 $25,000 $9,636 -$15,364
Cost for Religious Activities- Fruits, Flowers, Spiritual Discourses etc $8,940 $10,000
Cost for Sunday Lunch $11,145 $10,000
Temple Decoration / Up-keeping $0 $5,000
Facility Maintenance $63,620 $82,000 $42,308 -$39,692Utilities (Electricity/ Water/ Garbage
/Telephone $24,089 $26,000 Cleaning, Septic, Pest Control /
Landscaping $31,409 $35,000
Facilities Insurance $4,830 $15,000
Rental Labor and Equipment $3,292 $6,000
Operating Expenses-2
OPERATING EXPENSES-2 2012 actual 2013 Budget
Up to July (Budg - Exp)
Office/IT/Advertisement/Election $6,219 $9,500 $6,748 -$2,752Office Supplies/ Postage $521 $2,000
Technology Annual fees +software $1,648 $4,200 Marketing & Advertisement $3,000 $3,000
Election $1,050 $300 Various Committees $68 $3,000 $0 - $2,932
Sports $0 $1,000 Youth $68 $1,000
Social (Includes Flowers to Funeral Home) $0 $1,000
Financials $1,745 $7,000 $1,819 -$5,181
Annual Audit $0 $2,000 Contingencies- bank charges $1,745 $5,000
Expense: Basic Operations $141,682 $182,500 $96,533 -$85,967
LEGAL BILLS
LEGAL BILLS AmountPayment Date
Approval-I (EB)
Approval-II
June,’13: Imdemnification Opinion $5,913 6/16/13 $6,000
C. Former/ B. Roy/ S. Mukerji
March, 2013 $3,285 4/8/13 $25,000 $25,000
April, 2013 $14,053 5/5//13 Approved
May, 2013 $17,305 6/30/13 Approved Pending
June, 2013 $14,152 8/8/13 Approved Pending
TOTAL $54,708 $54,708 ($29,708)
LEGAL BUDGET/COSTLEGAL BUDGET/COST 2012 Actual 2013 Budget Up to July
2013(Budg - Colln)
LEGAL COST UP TO JUL 2013 $0
?$54,708
?$5,912: EB approved $6,000 Report on Indemnification $48,796: $25,000 as Retainer Fee (EB/CT)
* Ms. Former-Declarative Judgment
How to do this?
* Dr. Roy (CT Chair) sued 2 EB officers/1 Member
* Disqualification of Mr. Sambar Mukerji (a Trustee) as an attorney adverse to HDBS
TOTAL 0 $54,708
Balance of Revenues with Expenses
REVENUE VS EXPENSE 2012 Actual2013
BudgetDifference
REVENUES $409,688 $572,800 -$163,112
EXPENSES $350,215 $485,500
SURPLUS $59,473 $87,300
Proposing a motion to approve the 2013 budget for Revenues of $572,800, Expenses of $485,500 with Potential Surplus of $87,300 from Puja and Operation.
Proposing an approval for $30,000 for Already paid Legal Cost.
Seeking Feedback on Legal Expenses: How to go forward?
Conclusions