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SDPA Treasurer's Report 2021
- 1. Financial Report March 21, 2022 Carrie Jaffe, Ph.D. Treasurer
- 2. BALANCE SHEET 12/31/2021 CASH $162 CHECKING $40,931 RESERVE $90,443 COMPUTERS/EQUIP $5,793 FURNITURE $3,127 ACC. DEPREC ($8,871) ---------- EQUITY $131,585
- 3. INCOME STATEMENT 12/31/2021 DUES $102,600 OTHER INCOME $4,189 PROGRAM INCOME $21,558 PROGRAM EXPENSE $61,951 ADMIN. EXPENSE $81,517 TAXES $1,235 DEPRECIATION $1,868 ---------- NET INCOME ($18,224)
- 4. MEMBER COUNT DATE NO. June 2018 611 June 2019 592 June 2020 553 June 2021 604 Current in Progress 554
- 5. MEMBER DUES RENEWAL PERIOD ENDING AMT 3/31/2018 $104,224 3/31/2019 $98,729 3/31/2020 $95,203 3/31/2021 $97,746 Current in Progress $90,092
- 6. ADMINISTRATIVE EXPENSE 12/31/2018 $71,024 12/31/2019 $79,353 12/31/2020 $79,922 12/31/2021 $81,517
- 7. NET PROGRAM EXPENSE 12/31/2018 $42,071 12/31/2019 $25,790 12/31/2020 (COVID Yr. 1) $7,456 12/31/2021 (COVID Yr. 2) $40,393
- 8. CASH 12/31/2018 $132,120 12/31/2019 $125,840 12/31/2020 $149,727 12/31/2021 $131,536 Current $133,742 Note: $100,000 Reserve.
- 9. COVID EFFECT - 2020 Member Count Stable Member Dues Stable Administrative Expense Stable Program Expense (7K) Lower Cash (March 2021) (165K) Higher
- 10. COVID EFFECT - 2021 Member Count Stable Member Dues Stable Administrative Expense Stable Program Expense (40K) Higher Cash (March 2022) (134K) Lower
Editor's Notes
- At the end of 2021, SDPA had approximately $132,000 in cash, $100,000 of it in reserve. It also had about $9,000 in fixed assets. During the year, SDPA bought our Office Manager a laptop computer for approx. $2,000 to accommodate her working outside the office.
- During 2021, SDPA received $103,000 in member dues and spent $82,000 in administrative overhead. The Association took in about $22,000 in income from programs and spent $62,000 for programs for a net expenditure on programs of $40,000. SDPA generated a deficit of $20,000 for the year that was targeted to offset cash stockpiled during the first COVID year when there was an understandable drop in programs.
- SDPA member count varies during the year. The count is at its lowest immediately following close of the renewal period in March and is at its peak right before the renewal period begins October 1. It is approximately at it’s midpoint in June. We are near the end of our renewal period and currently have 554 members. Likely by June we will be in the high 500s in member count. This is stable relative to recent years.
- The SDPA dues renewal runs from 10/1 – 3/31. The amount of dues collected during prior year renewal periods is presented above. With three weeks left in our renewal period we have $90,092 that is stable compared to prior periods.
- Administrative overhead was slightly higher this year due mainly to costs of maintaining an organizational Zoom account, a 4% increase in Office Manager pay and the hiring of a social media staff person
- Net program expense is monies spent on programs offset by income produced by programs. It is the measure of how much SDPA spent on its programs to meet its Mission during the year. Net program expense from 2020 was notably down due to the impact of COVID. The number of programs was lower and the cost of the programs was also lower than in prior years. In 2021, SDPA spent $40,000 on programs that is a return to pre-COVID levels.
- SDPA generally maintains between $100,000 and $150,000 in cash depending upon the time of the year. The impact of COVID was to cause SDPA to stockpile cash that is not desirable in a nonprofit mutual benefit corporation. Our type of organization is supposed to take in member dues and to spend those dues on programs that meet the organization’s Mission. Because there was stockpiled cash in 2020, the organization in 2021 budgeted a deficit to use up that cash, thus the year end 2021 deficit of $18,000. As of today, SDPA has about $134,000 in the bank that is more in line with expectation.
- To summarize, the effect of COVID on SDPA’s finances in the first year of COVID 2020 was that member count and dues remained stable and administrative overhead remained stable. Program expense, however, was lower so that cash at the end of the year was higher it should have been.
- In 2021, the organization continued to be stable in member count/dues and administrative expense. The organization targeted and achieved higher program expenses so that cash is now down to a number that is more consistent with expectation given the current number of members.