The Financial Four -- July 26, 2016

Today, the latest edition of The Financial Four, an update from our volunteer Acting Director of Finance, Missy Sue Mastel.


Donation_CBSYellow While the summer cold front raced in, I have been glued to my desk at CBS. For those of you who also follow the sun, it is not a great loss to be indoors these days — especially since I found an old space heater!

Here is what we’ve accomplished in the last short weeks.

1. Our First EVER On-time Close. – I admit I get a little choked up about this, but the draft financial statements for our fiscal year end (FYE) were sent to the reviewers today, less than four weeks from our official year end close on June 30, 2016. For those of you who are not fiscally-minded, this means that we are closing out our books in a timely fashion. Why is this noteworthy? Because it is the first time we have done so, at least in the new building!

2. Happy Vendors – All of our vendors have been paid in full as of FYE. We have no more liability outstanding from any prior year(s), excepting the line of credit on the building.

3. A $22,000 Fiscal Year 2015-16 Bank Balance – As you know from the February Town Hall meeting, we were hoping to break even for the second half of the year. I'm pleased to report that, after all the accruals and fund assignments were reviewed and corrected, the year closed with an extra $22,000 in our operating account. In January, when we first learned of our financial setback, we could only have hoped for such a result, but Scott promised it at the annual meeting, and thanks to an awesome staff and your generosity, we were able to make it happen!

4. A GREAT Start To The New Fiscal Year – Not one, but two families have now joined us as Rosh Pina (Cornerstone) level Parnas Fellowship members (a super generous $36,000/year commitment) – thank you SO much! Moreover, three excited and exuberant member families have talked to us about replenishing their named donation funds.

All that to say, with no intended slight to our unique San Francisco weather, we are no longer looking through a fog!