By: Jody Nelson
A question arose at the October 3, 2015 Membership meeting in regards to the income/expense quarterly report that was presented by President Jan Wallace in the absence of Jody Nelson.
The income/expense report shows how much income is received and expense occurred in each quarter for that specific year. It does not take into account how much money was in the account to begin with at the beginning of the budget cycle. I apologize, I should have included a cash flow report as well as the income expense report.
When I took over the treasurer’s position in 2012 the bank required a minimum of $3000 in the checking account to not incur a service charge. So at the beginning of each budget cycle I would take the balance of the checking account down to $3000. This is $500 over our approved budget of $2500. This allowed money to be deposited into each (education, retreat & membership) of the savings accounts. The breakdown of money transferred to each savings account was based on how much of their budget was used and how much extra income was earned by each.
This year the bank now requires $5000 in the checking account to not incur a service charge, so no money will be transferred to the savings accounts this year.
Hopefully this has answered the question in regards to the report. I will also be explaining this at the Annual meeting in April 2016.