PresenTense FYE2011 budget


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PresenTense FYE2011 budget

  1. 1. Board Meeting- Review of FYE 2010 Financial Results and Approval of the FY 2011 Budget November 4th, 2010
  2. 2. Review of Fiscal Year End 2010 Actual Financial Results 2
  3. 3. Fiscal Year End 2011 Budget 3
  4. 4. Fiscal Year 2011 Budget Assumptions • Income: $ 1,144,465 – CEPs: $384,975 • Current CEP cities pay 100% of FY 2011 remaining fees (not paid in 2010) and 75% of FY 2012 fees within this fiscal year: $204,975 • Three new CEP cities: $180,000 – Sponsored Chairs: $290,000 • 8 Chairs sign on to pay for Jerusalem and Tel Aviv CEP: $40,000 • 12 Chairs sign on to pay for Global CEP : $180,000 • 2 Chairs sign on to pay for New York CEP: $70,000 – Grants: $445,000 • All Grants confirmed or rated as “most likely” and “likely”: $445,000 • Not receiving those rated as “possible”: $100,000 • Expenses: $1,091,746 • Ending Year Cash Reserve: $262,626 4
  5. 5. FYE 2011 vs. FYE 2010 Actuals 5
  6. 6. Explanation of Income Variances • Grants: Due to a desire to move away from relying on grants and move towards the more sustainable models of earned income, the Grants income has decreased by 15% • Pioneering (Sponsored Chairs and CEPs): With the 4 new CEP sales this year there is a significant increase in the already guaranteed income for the programs. With the expected sales of a minimum of three new CEPs during the 2011 Fiscal Year (for the 2012 Fiscal Year), plus a new model of payments which require first installments upon signing of contracts, the budgeted CEP income has increased by 288%. • Community (Publishing and PT School): PTG is hoping to start a new initiative with online ads that will bring in a significant amount of income for the organization. This new initiative accounts for an increase in income of 69%. 6
  7. 7. Explanation of Expense Variances • Community: PTG has added the PT Investments program to its budget, which include increased costs as the program develops and expands. The Community department has increased expenses by 117% • Creativity (Hub ): PTG has decided to begin the process of opening a hub in the NY office. It is not expected to be fully functional until the following fiscal year, however this fiscal year will be the beginning stages of building it out. The Hub expenses have increased by 19% • Pioneering (CEPs): PTG has added 4 new CEP programs this year- Tel Aviv, New York, Philadelphia, and Cleveland, plus we have set the goal to sell a minimum of three new CEPs for the upcoming year. The expenses for Pioneering increased by 88%. • Development and Backbone: The budget has been restructured in a way that though previously the Development Expenses (Backbone) included all operational expense, this Fiscal Year we have budgeted for each program department to share in the costs of the operations.. PTG hopes to sell a number of new initiatives, new CEPs, and find new potential investors and donors. In order to do this we hope to build out some new techniques including videos and attend new conferences. The Development budgeted expenses, because of the two above mentioned reasons, has increased by 125% 7