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FINANCIAL UPDATE Houston Durga Bari Society Aug 18, 2013.

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Presentation on theme: "FINANCIAL UPDATE Houston Durga Bari Society Aug 18, 2013."— Presentation transcript:

1 FINANCIAL UPDATE Houston Durga Bari Society Aug 18, 2013

2 2012 IRS Return Revenue: $409,688; Expense: $350,215; Surplus: $59,473

3 Account Summary as of Aug 15, 2013

4 IBC Bank Accounts as of Aug 15,2013 Account Amount as of Jan 1, 2013 Amount Aug 15, 2013Difference Regular$27,054$90,746 Puja$63,240$10,087 Capital$73,953$49,335 CD1$44,308$44,385 CD2$40,000 Total$248,555$234,553($14,002)

5 2013 Membership/ Maintenance/Donations Member Type Category Total Members paid% Paid FP PM FM2927 BF LM GM GD73481 TOTAL633 (Active) /1367 (All) (active) /14 (All)

6

7 2013 BUDGET August 18, 2013 (Approved by EB on March 16, 2013)

8 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

9 REVENUES 2012 actual2013 BudgetUp 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 Committee Revenue $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

10 Revenues from Basic Operations BASIC OPERATIONS2012 actual2013 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

11 EXPENSES 2012 actual2013 BudgetUp 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

12 Operating Expense-1 OPERATING EXPENSES actual 2013 Budget Up 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 -$39,692 Utilities (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

13 Operating Expenses-2 OPERATING EXPENSES actual2013 Budget Up to July(Budg - Exp) Office/IT/Advertisement/Election $6,219$9,500$6,748 -$2,752 Office Supplies/ Postage $521$2,000 Technology Annual fees +software $1,648$4,200 Marketing & Advertisement $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

14 LEGAL BILLS Amount Payment Date Approval-I (EB) Approval- II June,13: Imdemnification Opinion $5,9136/16/13$6,000 C. Former/ B. Roy/ S. Mukerji March, 2013$3,2854/8/13$25,000 April, 2013$14,0535/5//13Approved May, 2013$17,3056/30/13ApprovedPending June, 2013$14,1528/8/13ApprovedPending TOTAL$54,708 ($29,708)

15 LEGAL BUDGET/COST 2012 Actual2013 BudgetUp 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

16 Balance of Revenues with Expenses REVENUE VS EXPENSE2012 Actual 2013 Budget Difference REVENUES$409,688$572,800-$163,112 EXPENSES$350,215$485,500 SURPLUS$59,473$87,300

17 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


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