Annual Financial Report (for the fiscal year 2019-2020)

August 01, 2020 5:23 PM | Ksenia Annis

by Laura McMahon, WAS-H Treasurer and Past President

We were fortunate to have had good fiscal management over the years. It positioned us well as we headed into the last quarter of our fiscal year by canceling all of our in-person classes and refunding class registration fees. The WAS-H Board worked quickly and tirelessly to get virtual classes going in April and an online exhibit in early May. This quick action helped to offset the loss of income from the in-person classes. We were having a good year financially until the stay-at-home orders were put in place mid-March, and moving to virtual classes and online exhibits is helping us pay the bills and our employees. We again received an anonymous donation of $10,000 and are extremely grateful to the donor who wishes to remain anonymous for these grants the past four years. In addition, the Odette Rubin Trust gave us an opportunity in the spring of 2019 to apply for a grant, and in July 2019 donated $5,000 toward our Audio Visual and Technology Improvement Project. Our Income was down from last year due to: an additional major workshop in January of 2019 which we did not have in 2020; a slight decline in memberships; fewer entries in our International Water Media Exhibition; a decline in class registration for classes held before March; and cancellation of in-person classes March through May. Our expenses were higher due to: the upgrade of our WiFi and Audio Visual systems; electrical work that was required to bring the building up to code; installation of new carpet and tile on the second floor; and other building maintenance costs. In addition, last year registration for the summer classes began in early May, so our operating account had cash that would be paid out to teachers over the summer months. Our summer class registration for 2020 did not begin until early June. As a result of the foregoing, for the fiscal year ended May 31, 2020, we had a Net Loss of $12,261.69. Notwithstanding the net loss, at May 31, 2020 the cash in our operating account was $149,998.48, down just slightly from $152,366 at May 31, 2019. The total amount in all of WAS-H Bank Accounts at May 31, 2020 was $324,537.33, down slightly from $327,837 at May 31, 2019. We continue to maintain this cash position as a reserve for building and equipment maintenance, as well as unexpected expenses.

WAS-H Bank Account Balances at May 31, 2020:
Operating $149,998.48
Capital Reserve $88,147.84
Savings $42,945.40
SEEDS $32,433.05
Odette Rubin IWE Award $11,012.56

Total $324,537.33

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