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Board of Directors Meeting, November 17, 2009 2009 Finance Committee Report.

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Presentation on theme: "Board of Directors Meeting, November 17, 2009 2009 Finance Committee Report."— Presentation transcript:

1 Board of Directors Meeting, November 17, Finance Committee Report

2 2 ACTION ITEM – Proposed Motions 1) To remove the restriction on the Board Designated Fund established by the Board at its November 22, 2000 meeting. 2) To accept the revised Reserve Policy to remove all references to “Board Designated Fund.” United Way of Central and Northeastern Connecticut

3 Board of Directors Meeting, November 17, Treasurer’s Report

4 4 Current Fiscal Year Highlights As of September 30, 2009 $16.2 million in total net assets as of September 30. An increase of $1.2 million from last fiscal year end. Cash & cash equivalents of $3.7 million is the same cash position of a year ago. Collections on the 2008 campaign receivables are slightly behind the rate we experienced for the 2007 campaign a year ago. Management still feels comfortable with the uncollectible rate of 6.25%. Long-term Investments of $12.4 million, with a composite rate increase of nearly 13% for the quarter ending September 30 th (ahead of our primary benchmarks). Accounts Payable and Accrued Expenses are up by $885,000 compared to a year ago, primarily due to the increase to our pension liability at fiscal year end of $460,000. The remaining increase is due to the timing of our payables and payout of the national workplace campaigns. United Way of Central and Northeastern Connecticut

5 5 Current Fiscal Year Highlights As of September 30, 2009 (continued…) Campaign Amounts Raised is down by 35% from a year ago ($340,000). This is due to timing of current campaign results being slightly behind last year at this same time. Investment income, net of fees is down by $63,000 (62%) compared to last September. This is expected due to the recent conditions of the market. Total Public Support and Revenue is $759,000. Our operational spending is slightly ahead of last fiscal year’s first quarter by 5.4%, but down by 7.8% against our planned assumptions. Our Operational Deficit is $631,000, compared to $381,000 last year. The decrease in campaign revenue is the primary reason for the increased deficit. United Way of Central and Northeastern Connecticut

6 Assets Cash and cash equivalents $ 6,331,695$ 5,065,673 Money market funds 170, Prepaid expenses and other assets 166, ,829 Pledges receivable, net 10,265,938 10,626,601 Other receivables 384,446 87,650 Investments 10,935,433 16,493,461 Investments held in trust by others 5,070,569 6,190,313 Plant and equipment, net 1,964,596 1,767,193 Total Assets $35,289,968$40,402,140 United Way of Central and Northeastern Connecticut June 30, 2009 Audited Financial Statements

7 7 Investments: Unrealized CostMarket Gains (Losses) Mutual Funds: Domestic Equity $ 4,293,385 $ 3,187,356 30% $ (1,106,029) International Equity 4,548,857 3,171,965 29% (1,376,892) Fixed Income 4,431,623 4,195,907 38% (235,716) Commodities/ Natural Resources277,450304,013 2% 26,563 Real Estate 60,015 76,192 <1% 16,177 $13,611,330 $10,935,433 $(2,675,897) United Way of Central and Northeastern Connecticut June 30, 2009 Audited Financial Statements

8 Liabilities Accounts payable and accrued expenses $ 2,338,023$ 1,485,597 Campaign support due to C.H.C. 2,352,007 2,336,596 Undistributed agency support 9,574,880 10,074,357 Donor designations payable 4,455,625 4,471,820 Grants payable: Changing Community Conditions 1,531,164 2,055,664 Other misc. initiatives and encumbered funds 69, ,028 Total Liabilities 20,320,727 20,613,062 Net assets Unrestricted 8,148,62711,797,622 Temporarily restricted 508, ,323 Permanently restricted 6,312,389 7,432,133 Total Net Assets 14,969,241 19,789,078 Total Liabilities and Net Assets $35,289,968 $40,402,140 United Way of Central and Northeastern Connecticut June 30, 2009 Audited Financial Statements

9 Campaign Amounts Raised $28,637,881$ 28,636,344 Add:Contributions from other UW Campaigns, net 332, ,207 Less: Uncollectible Pledges (1,808,845) (1,402,380) CHC’s share of Campaign (including donor designations to CHC), net of pledge loss (2,957,497) (3,123,334) Amounts designated by donors, net of pledge loss (11,138,744)(10,985,118) Campaign Revenue, net 13,065,587 13,542,719 Total Other Revenue 2,188,998 3,189,590 Total Support and Revenue $15,254,585 $ 16,732,309 United Way of Central and Northeastern Connecticut June 30, 2009 Audited Financial Statements

10 Pledge Loss Expense – analysis and notes Analysis 2008 Campaign – initial reserve ($ %)$ 1,750, Campaign – campaign w/off; actual loss > reserve 170,127 Prior payments adjustments and corrections (111,282) Uncollectible pledges $1,808,845 Provisions for uncollectibles is based upon historical loss factors adjusted by management’s estimates of current economic and local business factors. Any excess or difference (actual pledge loss versus reserve) impacts subsequent fiscal years and unrestricted reserves – 2007 campaigns averaged 5.64% pledge loss – 2007 campaigns averaged 5.32% pledge loss. United Way of Central and Northeastern Connecticut

11 Community Investment (program support) $9,400,000 $ 9,925,000 Grants and Initiatives 74,655 1,148,994 Community Investment Services 1,753,195 1,432,813 Total Community Investment and Program Services 11,227,850 12,506,807 Support Services: Resource Development 2,639,842 2,441,448 Management and General 1,258,710 1,195,556 Total Community Investment and Support Services $15,126,402 $16,143,811 United Way of Central and Northeastern Connecticut June 30, 2009 Audited Financial Statements

12 Total support and revenue $ 15,254,585 $ 16,732,309 Total Community Investment and Support Services 15,126,402 16,143,811 Operating Surplus (Deficit) 128, ,498 Non-operating revenues and expenditures: Change in unrealized loss on investments (2,022,451) (4,000,510) Realized gain (loss) from sale of investments (2,397,515) 1,030,846 Pension related changes other than net periodic pension cost (528,054) (174,561) Change in Net Assets $( ) $(2,555,727) United Way of Central and Northeastern Connecticut June 30, 2009 Audited Financial Statements

13 13 Capital Spending Approvals The following motions were approved by the Executive Committee on October 22, 2009: Approved up to $40,000 as capital spending for the purchase and implementation of new financial accounting software, Serenic. Approved up to an amount not to exceed $70,000 to renovate the third floor to retain current tenants. United Way of Central and Northeastern Connecticut


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