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'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

Treasurer's & Finance Committee Report - May 2017

Treasurer's Report

Hello Fellow ACA members,

As your trusted servant and new Treasurer I am committed to ensuring our finances are transparent and as error free as possible. To that end, we have begun implementing more office procedures which are in accordance with generally accepted accounting principles. These procedures are being coordinated with staff, our outside bookkeeper, and our new general manager. 

For example, from now on all check requests, credit memos and other forms used in our internal procedures will be sequentially numbered. I also suggested we implement a numbering system for our chart of accounts to allow for better tracking and coordination between income and expense accounts.

I am happy to report we received a refund of $16,365.08 after an audit of the Workman's Comp 2016 policy payments. The overcharge was due to a coding misclassification of some of the employees in the California Standard Classification System. After reviewing the audit reports for the two prior years 2015, and 2014, I have asked the insurance company to redo the audits for those years as the same erroneous codes were used then as well.

 We will be reviewing the 2016 Audit report very soon and looking for ways to further improve our internal controls, including our financial policies and procedures. The final draft of the financial statements has been issued to the board and the 2nd draft of the management letter has been issued.   

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 Profit and Loss Statement shows a Net Income of $2,815.

The Balance Sheet shows a decrease in assets which, according to the bookkeeper, is due to literature inventory sales and reduced cash as a result of two large literature purchases made at the end of the month. The finance committee is going to review these reports again at its next meeting and will report back to the board.

We also have something new in addition to the reports on the website this month. We created two charts that show graphically where the 7th Tradition Contributions come from. We have them by Region and by Country to help give a visual of the activity by groups and individuals. You can see them on the 7th Tradition Contributions webpage.

Just like an ACA Group should never rely on book sales to meet its financial obligations, WSO should not rely on book sales to meet its fellowship services operating budget. Ours is one of the few major 12 Step organizations whose literature sales support such a large percentage of its operating budget. The sales far outweigh the contributions made by members and groups. Our 7th Tradition says we are self-supporting through our own contributions, not our book sales. I say this to help us become aware of where the bulk of WSO funds are coming from. I am going to make a commitment to encourage my home group to send in contributions more regularly. I hope you all will too.

Finance Committee Report

Committee members: Bill D. Chair, David M. Vice Chair, Jeffrey F., Charlie H., and Amy T. As Board Chair Mary Jo L. is an ex-officio member.

The Finance Committee met all weeks in May except the week I was in California coordinating the move to the new office. This past Wednesday we reviewed the May financial statements in detail and sent our comments back to the bookkeeper. She returned the revised financial statements late Friday night. The committee has not had a chance to review the revised financials together at the moment. The committee also discussed and approved an outstanding sizable refund to a customer due to a large quantity of lost and damaged books that were shipped from the third party fulfillment vendor Ware Pak

Other items on the Finance Committee's radar are developing a plan to deploy Quickbooks at the office and performing a cost accounting of Amazon US and Ware Pak fulfillment operations to see what our margins are in each of them as compared to the Signal Hill warehouse operation. We are also preparing to review the auditor's report and implementing their recommendations to move to an accrual based accounting system, develop an accounting manual, and create more internal controls and policies that will ensure an efficient and well run financial operation. 

Treasurer's Report and Finance Committee - January 2017

Treasurer's Report

7th Tradition Contributions are listed under that tab in the left menu.  There will be an adjustment of $539.35 that was supposed to be attributed to Intergroup Sales on the P&L Statement.  There is an anomaly with PayPal that shows several contributions and no indication of where they came from.  We usually attribute anonymous contributions to the City and State, or City and Country of origin, or list them as completely anonymous if requested. But we have always had basic information. We will be researching this with PayPal. 

As always, if there is incorrect information in the list, please send me an email at treasurer@adultchildren.org 

The financial statements are as follows:

Balance Sheet - click here ..... No significant changes

Profit and Loss Statement - click here ..... The net income for January was $23,904.  Some adjustments will have to be made because a payment for merchandise that was done outside of the shopping cart was incorrectly attributed as a contribution.  Also, over $9,000 in charges for our 3rd party fulfillment center should have been paid in December and January but were delayed until this past week due to internal miscommunication. 

Finance Committee

Members: Jeffrey F., Charlie H., David M. and Mary Jo L.  At Mary Jo's request, Bill D. has re-joined the Committee as the incoming Treasurer.

We had 2 meetings since the last TC.  Have been working on: meal per diem policy, budget, David/Amazon accounts.  We will wait for Audit results before making changes to the Chart of Accounts. 

Respectfully submitted,

Mary Jo L.

ACA WSO Treasurer

Treasurer's Report & Finance Committee - April 2017

Treasurer's Report

Hello Fellow ACA members,

It is my honor to serve you as Treasurer of WSO for the 2017-2018 term. Linked below are the financial statements for the month of April, 2017. The statements have been reviewed by the Finance Committee for accuracy.

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 Profit and Loss Statement shows a Net Income of -$7,485.

The Balance Sheet shows little change.

Finance Committee Report

Committee members: Bill D. Chair, David M. Vice Chair, Jeffrey F., Charlie H., and Mary Jo L. ex-officio as Board Chair

The Finance Committee met and reviewed the April financial statements in detail. The committee also discussed Amazon online sales and were updated on the ongoing Amazon UK verification process. We hope we are in the final days of this process having responded to all of the verification team's requests.

Treasurer's Report & Finance Committee - March 2017

TREASURER'S REPORT

Click here for the Balance Sheet

Click here for the Profit and Loss Statement

FINANCE COMMITTEE

Committee members: Jeffrey F., Bill D., David M.-Vice Chair, and Mary Jo L.-Chair

We focused on selling through Amazon and the financial statements.  For year-end 2016 our Accountant was instructed to change accounting methods by the Auditors, from a cash basis to an accrual basis.  We will continue to discuss the merits of each to determine which method will be used on an ongoing basis.

Respectfully submitted,

Mary Jo L.

ACA WSO Treasurer