October 2004

REPORT
of the
NSS SECRETARY/TREASURER

- Attachment E -

OVERVIEW

Since the June 04 Board of Governors meeting we’ve:

1. Posted on the NSS Financial Information page for down-load:

a. NSS FY03-04 fiscal report

b. NSS FY04-05 budget as of June

c. Recent detailed monthly expense reports

 

DISCUSSION

FY03/04 Fiscal Activity

A report of our fiscal activity during the fiscal ending in April 2004 follows. In summary, the change in our net assets was:

Unrestricted: $ 8,026
Restricted: $534,262
Total: $542,288

 

PUBLIC SUPPORT AND REVENUE
Unrestricted		 Temporarily
Restricted		 Permanently
Restricted
Total
Public Support        
  Membership Dues 272,019.40 47,984.50 0.00 320,003.90
  Donations 9,954.51 207,055.39 0.00 217,009.90
  Grant Income 0.00 28,000.00 0.00 28,000.00
  Transfers from Unrestricted 0.00 4,000.00 0.00 4,000.00
  Fund Raising 5,161.40 0.00 0.00 5,161.40
    Total Public Support 287,135.31 287,039.89 0.00 574,175.20
             
Revenues        
  Advertising Revenue 12,513.64 0.00 0.00 12,513.64
  Bookstore Sales 100,987.64 0.00 0.00 100,987.64
  Convention Revenue 142,773.85 1,846.00 0.00 144,619.85
  Cave Rescue Training Fees and Income 75,853.69 0.00 0.00 75,853.69
  Fine Arts Salon Income 393.00 0.00 0.00 393.00
  Subscriptions & Postal Surcharges 4,701.10 0.00 0.00 4,701.10
  Bookstore Shipping Fees 9,120.90 0.00 0.00 9,120.90
  Miscellaneous 3,332.51 0.00 0.00 3,332.51
  Investment Earnings        
    Dividends 0.00 64,290.57 0.00 64,290.57
    Interest 498.41 231.48 0.00 729.89
    Realized Gains (Losses) 0.00 5,949.60 0.00 5,949.60
    Unrealized Gains (Losses) 12,467.83 274,206.95 0.00 286,674.78
    Investment Expenses 0.00 (2,345.80) 0.00 (2,345.80)
  Total Revenues 362,642.57 344,178.80 0.00 706,821.37
             
Net Assets Released From Donor 69,999.36 0.00 0.00 69,999.36
  Restrictions        
    Satisfaction of Program Restrictions 0.00 (69,999.36) 0.00 (69,999.36)
Total Public Support and Revenues 719,777.24 561,219.33 0.00 1,280,996.57
             
EXPENSES        
  Program Services        
    Cave Bookstore & A/V Library 138,150.47 0.00 0.00 138,150.47
    Conservation & Cave Management 15,648.30 0.00 0.00 15,648.30
    Awards & Miscellaneous Grants 9,790.75 0.00 0.00 9,790.75
    Cave Restoration 0.00 1,024.00 0.00 1,024.00
    Cave and Karst Education 0.00 7,842.79 0.00 7,842.79
    Cave Rescue Training 60,999.30 0.00 0.00 60,999.30
    Convention (seminars, exhibits, etc) 125,849.41 5,464.40 0.00 131,313.81
    Publications & Web Site 256,109.11 0.00 0.00 256,109.11
    Fine Art Salon 422.09 0.00 0.00 422.09
    Transfers to Restricted Funds 4,000.00 0.00 0.00 4,000.00
    Other Member Services 14,156.07 0.00 0.00 14,156.07
    Total Program Services 625,125.50 14,331.19 0.00 639,456.69
             
  Support Services        
    Management and Administrative 76,730.86 0.00 0.00 76,730.86
    Fund Raising 5,817.62 4,252.07 0.00 10,069.69
    Total Support Services 82,548.48 4,252.07 0.00 86,800.55
             
  Interest 0.00 8,374.22 0.00 8,374.22
             
  Depreciation 4,077.44 0.00 0.00 4,077.44
             
    Total Expenses 711,751.42 26,957.48 0.00 738,708.90
             
             
    Change in Net Assets 8,025.82 534,261.85 0.00 542,287.67
             
NET ASSETS - BEGINNING OF YEAR 630,658.14 2,250,026.17 0.00 2,880,684.31
             
    NET ASSETS - END OF YEAR 638,683.96 2,784,288.02 0.00 3,422,971.98
             
Ratio of Management, Administrative & Fundraising Expenses to Total Expense: 6.78%  

 

A report of our balance as of April 30, 2004 follows. In summary we are financially healthy now but the $25K FY04/05 budget deficit and the recent rate of Great Expectations are not good trends.

 

STATEMENT OF FINANCIAL POSITION

National Speleological Society, Inc.
Huntsville, Alabama

    ASSETS
      April 30, 2004 April 30, 2003
         
Cash 319,980.91 244,320.46
Accounts Receivable 5,350.46 9,226.13
Advances 1,218.00 (1,191.03)
Bookstore Inventory 192,475.53 188,704.99
Pre-Paid Expenses 23,717.72 35,687.71
  Total Current Assets 542,742.62 476,748.26
         
PROPERTY AND EQUIPMENT    
  Cost 804,844.61 705,383.61
  Less: Accumulated Depreciation (70,574.74) (66,497.30)
    Net Book Value of Property and Equipment 734,269.87 638,886.31
         
OTHER ASSETS    
  Securities Held for Investment 2,280,300.40 1,968,184.18
    Total Assets 3,557,312.89 3,083,818.75
         
         
LIABILITIES AND NET ASSETS
         
CURRENT LIABILITIES    
  Accounts Payable 7,853.36 9,685.88
  Pre-paid Income 24,408.18 22,418.41
  Held for Others 3,000.00 0.00
  Great Expectations Mortgage 99,079.37 171,030.15
    Total Current Liabilities 134,340.91 203,134.44
         
    Total Assets less Liabilities 3,422,971.98 2,880,684.31
         
NET ASSETS    
Unrestricted Net Assets 638,683.96 630,658.14
  Undesignated 352,368.20 354,141.79
  Designated for Specific Purposes 286,315.76 276,516.35
         
    Total Unrestricted Net Assets 638,683.96 630,658.14
         
  Temporarily Restricted Net Assets 2,784,288.02 2,250,026.17
         
    Total Net Assets 3,422,971.98 2,880,684.31

 

Great Expectation Donations

The rate of donations to cover the Great Expectations mortgage has slowed.

FY 2003 $29,643.00
FY 2004 (up to Jan 2004) $74,394.13
Feb 2004 $5,267.00
March 2004 $ 452.00
April 2004 $1,239.00
May 2004 $ 527.30
June 2004 $ 796.46
July 2004 $1,297.03
August 2004 $ 252.00
Sept 2004 $ 422.30

 

AUDIT

Jerry Mercer Inc. will complete their audit of our FY03-04 fiscal report before the November Board meeting.

 

CURRENT S/T DEPARTMENT MEMBERS AND AGENTS OF THE TREASURER

Stephanie Searles works almost full time performing NSS accounting and fiscal functions. Dave Irving helps Stephanie reconcile LedgerMaster accounting at the end of each month and develops fiscal reports. Ted Kayes prepares the NSS budget, working with the officers. Kevin Smith serves as a consultant for our audit and tax return preparation effort. I lead all of the Department’s efforts and participate in all of the above activities and more.

Secretary-Treasurer - Paul Stevens
Chief Accounting Officer - David Irving (Finance Committee)
NSS Budget - Ted Kayes (Finance Committee)
NSS Audit and Tax Return Consultant – Kevin Smith (Finance Committee)
NSS Restricted Funds Accounting – Nancie Carrigan (Finance Committee)
NSS Operations Manger – Stephanie Searles
Insurance Committee - Ted Kayes (Chairman)
Personal Property Committee - Vacant
2004 NSS Convention Treasurer – Martina Golden
2005 NSS Convention Treasurer – Lance Hopenwasser
2006 NSS Convention Treasurer – Marla A. Pelowski
2007 NSS Convention Treasurer – Vacant
NSS Convention Bank Account Reconciler – Peggy Kesner
MCNP Cooperative Agreement Treasurer - Rick Williams
MCNP Cooperative Agreement Bank Account Reconciler - Vacant
NCRC Financial Officer – Berta Kirchman [Bank Account Reconciler]
NCRC Northeast Region Financial Officer – John Evans
NCRC Eastern Region Financial Officer – Steve Myers
NCRC Central Region Financial Officer – Anmar Mirza
NCRC Pacific Northwest Region Financial Officer – John W. Punches
NCRC Southwestern Region Financial Officer – Bob Rogers
NCRC Western Region Financial Officer – Mark Bowers
NCRC 2004 Seminar Financial Officer– Kathy Welling
NSS News Advertising Treasurer - Bert Ashbrook
NSS News Advertising Bank Account Reconciler – Nancie Carrigan
Fine Arts Salon Treasurer – Wm Shrewberry
Fine Arts Salon Bank Account Reconciler – Marian McConnell
Junior Speleological Society Treasurer – Rick Bowersox
Junior Speleological Society Bank Account Reconciler – Ted Kayes
Corporate Bank Account Reconciler – Dave Irving
NSS Office Bank Account Reconciler – Nancie Carrigan
Credit Card Account Reconciler – Ted Kayes
Payroll Bank Account Reconciler – Nancie Carrigan
Restricted Fund Accounts Reconciler – Nancie Carrigan

 

FUTURE ACTIVITIES

Our priority between now and the next Board meeting will be to continue to process our financial transactions in a timely manner and provide timely reports. Other tasks include preparing the FY 05/06 budget.

 

Paul Stevens
NSS Secretary/Treasurer