\

Treasurer's Report

The Treasurer’s main responsibility is to keep you, the member, informed of the chapter financial activities. We do that primarily by reporting the dollars cost of these activities and to verify for you that these number are correct we hire a CPA to perform an independent audit at year-end. That statement is enclosed on the last page of this annual report.

Shown are a statement of support of revenue, expenses and Changes in Fund Balances for the current year being reported also, a report of Assets and Liabilities as of the period ended.

How do we decide what to spend on what activity? We have in place a pretty democratic process. At the beginning of our fiscal year a process is started by the treasurer. I draft a budget basic on historical figures. Each program director is then given a chance for their input. Now the task is to make it fit our expected revenue projection. The Executive Committee now get the draft budget, a debate take place where a lot of back and forth ideas take place. After many compromises it is ready for final review by the board of directors for any final tweaking and then adoption.

This year our expenditures’ were within the projected budget, which was no easy task to do. Our revenue was augmented by a grant from Sun Trust Corporation along with our investment income coupled with our generous donors served to cover those costs. We had a large capital expenditure this year as we replaced all three air conditioning units in the building.

Also, we had lesser replacement cost such as replacing
three computers and purchasing a large flat screen TV for our board room for our recreation program.

We have a Program Expenditure rate this year of 80%. What that means is $.80 of each dollar was used for a program related service, which far exceeds that of the Better Business Bureau standards.

The Chapter has changed its Investment strategists from one of an interest bearing account to a managed account. We are using the firm of Nelson Investment Company; it is an old company in Winter Park, Florida. This allows us to take advantage of the market as it recovers, by utilizing a broad diverse portfolio.

CFPVA has operated many different programs this past year, made possible by lots of dedicated members and staff. Hopefully this has helped and enhanced many of our member’s lives.

Jerry Dugan

Click the below image to return