Treasurer's Report

The Treasurer is responsible to the WSO for monitoring and reporting all the WSO income and expenses.  This includes liaison as needed with the WSO office staff and supporting accounting firm.

Check here for the latest WSO Treasurer and accounting reports to the WSO Board.

Treasurer and Finance Committee Report - October 2017

Dear Fellow ACA Members,

The October Treasurer's and Finance Committee reports are submitted below for your review and information. WSO continues to rely on revenues from book and other inventory item sales to fund our service office. We are always looking for ways to reduce the expenses and increase group contributions so that we become self-supporting through our own contributions.

Our 7th Tradition Contributions are continuing to be in the $5,000 to $6,000 range each month, but this does not begin to cover the costs of staffing and maintaining a world service headquarters. We need every group to help support the WSO so we can become self-supporting through our own contributions as our 7th Tradition suggests.

Treasurer's Report

The 7th Tradition Contributions are listed under that tab in the left menu.
Please feel free to contact me at treasurer@adultchildren.org with any questions or comments.

Here is the October 2017 Profit & Loss Statement
We had a minus income for the month of $7,054. This is partly because we paid the quarterly sales tax this month and all of the tax revenue was accrued in this month. Another reason is the

The October Balance Sheet shows a slight increase in assets over the prior month which is due primarily to literature sales income.

Finance Committee Report

Greetings ACA Members,
Your WSO Finance Committee attempts to meet on a weekly basis to work on the important measures that will help ACA WSO sustain the growth of the fellowship and comply with the Generally Accepted Accounting Principles (GAAP) that stellar organizations strive to meet.

We are continuing to put new mechanisms in place in WSO's financial and legal structure that are bringing us closer to GAAP with our bookkeeping and accounting information and making it easier to run the book publishing business side of the organization. We just received confirmation of our DBA registration with the State of California and can now legally use the corporate name ACA WSO Inc. in all of our documents and registrations.

The committee has recently completed Phase One of the QuickBooks migration to the cloud and has worked with Board member Jim B, who is also the ACA volunteer webmaster, and our office staff to launch a new shopping cart on October 19th. This was done at a minimal cost to WSO as Jim donated all of his time to evaluate, configure and test the shopping cart. The only expense to WSO for this entirely new and capable shopping cart is the cost of the software. ACA owes Jim B a huge thank you for an outstanding job well done. And he is not finished with our website makeover yet!

The Finance Committee has been preparing for Phase Two of the financial system upgrade which will entail connecting all of WSO's revenue streams and financial accounts to QuickBooks via a third party software that facilitates updating this information in QuickBooks automatically. We are having our onboarding meeting with the vendors for this next week.

Here is a list of the projects currently being worked on by the Finance Committee:

1. Connection of all revenue streams and bank accounts to QuickBooks via Webgility connection software
2. Review of Financials for Monthly Board Teleconference
3. Planning for 2018 Budget preparation
4. Sales Tax compliance and determining the correct Nexus to use for out of state sales tax compliance
5. Establishing an international bank account for easier exchange of funds between non-US based ACA Groups and Committees and WSO.
6. Create an Accounting Procedures Manual

Treasurer and Finance Committee Report - September 2017

Dear Fellow ACA Members,

The September Treasurer's and Finance Committee reports are submitted below for your review and information. WSO continues to rely on revenues from book and other inventory item sales to fund our service office. We are always looking for ways to reduce the expenses and increase group contributions so that we become self supporting through our own contributions.

Our 7th Tradition Contributions are holding steady, but we are really hoping they begin to increase with all of the new groups and members showing up in ACA. We still have a long way to go to become self-supporting through our own contributions as our 7th Tradition so wisely suggests.

 

Treasurer's Report

The 7th Tradition Contributions are listed under that tab in the left menu. 

Please feel free to contact me at treasurer@adultchildren.org with any questions or comments.

Here is the September 2017 Profit & Loss Statement

We had a surplus in income for the month of $7,919. This is partly because we are currently using a cash based accounting system so expenses incurred during the month like sales tax liabilities are not shown on the P&L until they are actually paid to the states at the end of each quarter. At the start of the new year we plan to follow the auditor's recommendation and switch to an accrual based system which will give us a more accurate picture of our monthly income and expenses as they are taken the month they are received or obligated whether the cash has actually been received or paid. 

 

The September 2017 Balance Sheet shows a slight increase in assets over the prior month which is due to literature sales and other income.  

Finance Committee Report

Greetings ACA Members,

Your WSO Finance Committee continues to meet on a weekly basis to work on the measures that will help ACA WSO become a more efficient and transparent organization.

Together we are finalizing plans for changes to WSO's financial structure that will bring us into the 21st century with our bookkeeping and accounting information.

The committee has been working on developing a new chart of accounts that will be integrated withthe new Quickbooks accounting platform.

In addition to the Quickbooks project the Finance Committee is also working on ways to implement the auditors recommendations which are posted on the Audit Committee page. 

Here is a list of the projects currently active in the FInance Committee:

1. Create an Accounting Procedures Manual
2. Review of Financials for Monthly Board Teleconference
3. Planning for 2018 Budget preparation

 

Treasurer and Finance Committee Report - July 2017

Hello ACA Members,

The July Treasurer's and Finance Committee reports are submitted below for your information. WSO continues to rely on revenues from book and other inventory item sales to fund our service office. We are actively looking for ways to reduce the expenses as all areas are being reviewed.

Our 7th Tradition Contributions are also holding steady, but we are hoping they begin to increase with interest building in ACA and WSO. We need to become self-supporting through our own contributions as our 7th Tradition so wisely suggests.

Treasurer's Report

We continued to receive good news that we were being refunded funds we were overcharged by the workers comp insurance company from December 2012 thru current year. To date we have received refunds of $6,340 for year 2012-2013, $8,300 for year 2013-2014, and $16,365.08 for year 2015-2016 for a total of $31,005.08 thus far. I have been told we will receive $15,117.00 for year 2014-2015 and $6,964.25 for year 2016-2017 in the next couple of weeks.

The board formally received the 2016 Financial Audit report at its July 13th working session teleconference. The CPA firm Vasquez and Associates joined the teleconference and presented the final audit report. The audit in its entirety is available on the Audit Committee page in the Repository.   

The 7th Tradition Contributions are listed under that tab in the left menu. 

Please feel free to contact me at treasurer@adultchildren.org with any questions or comments.

The July 2017 P&L shows a net loss for the month of July of -$9,372 including the $14,640 of workers comp refunds. The bookkeeper sent the final financial statements late last night and said there was a $9,597 shrinkage literature write off. The Finance Committee will be looking into this  over the next several days and I have also asked the staff in Signal Hill to review these numbers and anticipate a report by Wednesday's Finance Committee meeting. Therefore we are still operating at a loss and really need the support of the groups as we continue to expand our services in the US and around the globe.

The July 2017 Balance Sheet shows a slight increase in assets over the prior month which is due to literature sales and other income. 

Finance Committee Report

Greetings ACA Members,

Your WSO Finance Committee has been very busy meeting weekly to work on measures we believe will help ACA WSO become a more efficient and transparent organization.

Together we are finalizing plans for changes to WSO's financial structure that will bring us into the 21st century with our bookkeeping and accounting information.

The committee has reviewed the four proposals it received for the Quickbooks migration project. and awarded the bid. This will ultimately move Quickbooks bookkeeping to the cloud and allow for multiple staff users to do the bookkeeping to reduce outside bookkeeping costs.

As part of the project there is also a shopping cart overhaul planned that will allow us to utilize the Quickbooks software to track our more complex inventory movements between the warehouses at our office, the third party fulfillment vendor, Amazon US and Amazon UK. This will greatly reduce the person hours currently dedicated to extracting data via spreadsheets and manual reports.

In addition to the Quickbooks project the Finance Committee is also working on ways to implement the auditors recommendations which are posted on the Audit Committee page. We are also working on the finalizing a new Chart of Accounts that will allow for better financial management of our income and expenses. Several more items we are working on are listed below.

1. Chart of Accounts numbering update
2. Review of Financials for Monthly Board Teleconference
3. European Reports 
5. Moving content out of bookkeeper's online vault
6. Planning for 2018 Budget preparation
7. Bid Policy for new projects and purchases

Treasurer and Finance Committee Report - August 2017

Dear Fellow ACA Members,

The August Treasurer's and Finance Committee reports are submitted below for your review and information. WSO continues to rely on revenues from book and other inventory item sales to fund our service office. We are always looking for ways to reduce the expenses and increase group contributions so that we become self supporting through our own contributions.

Our 7th Tradition Contributions are holding steady, but we are hoping they begin to increase with interest building in ACA and WSO. We need to become self-supporting through our own contributions as our 7th Tradition so wisely suggests.

Treasurer's Report

I am pleased to announce that WSO has been completely refunded for all of the overcharges made by the workers comp insurance company from December 2012 thru July 2017. We received refunds totaling $53,086.33 over the past 3 months. 

Just as quickly as that money came in we also found out that we owed 4 outstanding book publishing invoices that apparently we were never billed for by the publishing company. It sems they went through a merger and the publishing company was purchased by a larger company and during the transition of accounting systems, we didn't receive invoices that totaled $38,893.39 from around the first of the year. Luckily we had the extra income from the workers comp refunds to offfset the huge hit for the book invoices. There are no coincidences in my humble opinion!

The 7th Tradition Contributions are listed under that tab in the left menu. 

Please feel free to contact me at treasurer@adultchildren.org with any questions or comments.

As you may recall the July 2017 P&L showed a $9,597 shrinkage in literature inventory. The Finance Committee began looking into this and discovered that a shipment of books sent to Amazon UK to use as stock for sales in Europe was not properly transmitted to the accountant. Therefore she showed a loss of those 260 books instead of a transfer between warehouses. There is still some shrinkage we are looking into and we will continue to be vigilant about monitoring this.

Here is the August 2017 Profit & Loss statement. August_2017_P_and_L.pdf.

The August_2017_Balance_Sheet.pdf shows a slight increase in assets over the prior month which is due to literature sales and other income. 

Finance Committee Report

Greetings ACA Members,

Your WSO Finance Committee continues to meet on a weekly basis to work on the measures that will help ACA WSO become a more efficient and transparent organization.

Together we are finalizing plans for changes to WSO's financial structure that will bring us into the 21st century with our bookkeeping and accounting information.

The committee has been working on developing a new chart of accounts that will be integrated withthe new Quickbooks accounting platform.

In addition to the Quickbooks project the Finance Committee is also working on ways to implement the auditors recommendations which are posted on the Audit Committee page. 

Here is a list of the projects currently active in the FInance Committee:

1. Create an Accounting Procedures Manual
2. Review of Financials for Monthly Board Teleconference
3. European Reports 
5. Moving content out of accountant's online vault
6. Planning for 2018 Budget preparation
7. Bid Policy for new projects and purchases

Treasurer's & Finance Committee Report - June 2017

Hello ACA Members,

The June Treasurer's and Finance Committee reports are submitted below for your information. WSO continues to rely on revenues from book and other inventory item sales to fund our service office. We are actively looking for ways to reduce the expenses as all areas are being reviewed.

Our 7th Tradition Contributions are also holding steady, but we are hoping they begin to increase with interest building in ACA and WSO. We need to become self-supporting through our own contributions as our 7th Tradition so wisely suggests.

Treasurer's Report

I am able to report after reviewing the workers comp audit reports for the two prior years 2015, and 2014, the insurance company auditor has said we overpaid for those two years as well and they will be issuing a refund. We are waiting for the review of 2013 to be completed as the same erroneous codes were used then as well. This could lead to a refund for 2013 as well.

On a different audit front the board will formally receive the 2016 Financial Audit report at its July 13th working session teleconference. The CPA firm Vasquez and Associates will join the teleconference and present the final audit report.    

The 7th Tradition Contributions are listed under that tab in the left menu. 

Please feel free to contact me at treasurer@adultchildren.org with any questions or comments.

The June 2017 P&L shows a net loss for the month of June for ($9,546). This is primarily due to the final payment of $5,000 to Vasquez & Co. for the financial audit and the fact there were 3 pay periods in June instead of the normal 2 pay periods.

The Balance Sheet shows a slight increase in assets over the prior month which is due to literature sales and other income. The finance committee is going to review these reports again at its next meeting and will report back to the board.

Finance Committee Report

Greetings ACA Members,

Your WSO Finance Committee has added two new members in the recent weeks. One is Amy T. from MA., and the second is Pat H. from CA. We are pleased to have these to retired finance professionals on the committee. They are making an impact already.

In addition to board members who serve on the committee: David McB, FL. Vice Chair; Jeffrey F., Czech Republic; Charlie H., VA and Mary Jo L, IL, Board Chair, Ex-officio member.

Together we are planning changes to WSO's financial structure that will bring us into the 21st century with our bookkeeping and accounting information.

The biggest project the committee is working on right now is the Quickbooks migration project. This will entail moving out Quickbooks bookkeeping to the cloud and allow for multiple users to do the bookkeeping. As part of this there is also a shopping cart overhaul planned that will allow us to utilize the Quickbooks software to not do all our bookkeeping and payroll functions, but will also allow us to track our inventory levels and sales in real time. This will greatly reduce the person hours currently dedicated to extracting data via spreadsheets and manual reports.

In addition to the Quickbooks project the Finance Committee is also working on the following items:

1. Inventory month end statistics from all outlets
2. Chart of Accounts numbering update
3. Review of Financials for Monthly Board Teleconference
4. European Reports - work in progress with Amy
5. Moving content out of Patricia's online vault
6. Planning for 2018 Budget preparation