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