March 16, 2010
Jack & Mary Margaret,
As I previously indicated, I have a commitment for Wednesday and am unable to attend the
Board Meeting. I will give my report to you both, which you may distribute during the Meeting.
Mary Margaret and I discussed the 2011 Budget and how 'anticipated' changes, mostly in Long
Term Care Options, will affect the Budget and Staff. Nothing is official as yet, but we discussed
the likely formula Mary Margaret will use once the budget items are known. I am not sure when
the Board will need to vote to accept Mary Margaret's Budget, but it will need to be submitted
soon.
I have attached the Balance Sheet above.The Center continues to present a strong financial
position. Our Current Assets and Equity remain a large percentage o f our Assets and Liabilities,
respectively. Those are good things.
I have had repeated discussions with Mary Margaret and Sean Foley about how the ILC's YTD
Overall Budget P & L is being reported. Some updates have been made, however, significant
changes need to be corrected in order for the Report to be accurate. It has mostly to do
identifying actual income/disbursements vs projected Annual Budget expenditures. Mary
Margaret and I met Tuesday, 3/16 and she now realizes the discrepancy that I have viewe d and
understands how the reports can be changed to more accurately reflect the Center's position.
Mary Margaret has scheduled a date later this month in which I can meet together with her and
Sean Foley to create a proper Excel Matrix.
Based upon the Meeting Mary Margaret and I had, I can see where there is a projected Spend
down of approximately $64K before the end of the Fiscal Year. Mary Margaret is currently
working with Consultants and other Persons/Projects she has mentioned in her Executive
Director Report to address this issue.
Last month the Board approved the Conflict of Interest Policy / Form . I would like to see the
Form added on Board Page so I can direct Members to print it and complete it in order to bring it
to the next Meeting.
Good Luck,
Gregg
Business Banking
210 Essex Street
Salem, MA 01970
Phone
Fax
Email
978-720-5799
978-745-7554
Gregg.Murray@salemfive.com
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Balance Sheet
Feb 28, 10
ASSETS
Current Assets
Checking/Savings
Salem Five
Money Market
CD 1 NSSHG Fund
CD 2 NSSHG Fund
CD 3 NSSHG Fund
CD 4 NSSHG Fund Addition
Petty Cash
Total Checking/Savings
Accounts Receivable
Accounts Receivable
Total Accounts Receivable
108,958.17
33,385.91
4,208.77
7,785.11
6,475.83
1,750.13
150.00
162,713.92
19,865.97
19,865.97
Total Current Assets
182,579.89
Fixed Assets
Leasehold Improvement
Equipment
Accumulated Depreciation
Total Fixed Assets
1,510.49
42,184.00
-43,694.49
0.00
Other Assets
Security Deposits
Total Other Assets
3,852.00
3,852.00
TOTAL ASSETS
186,431.89
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable
Total Accounts Payable
37,588.09
37,588.09
Other Current Liabilities
Travelers 403B-JD
Travelers 403B-JO
Accrued Audit
Accrued Expenses
Total Other Current Liabilities
Total Current Liabilities
-10.00
-10.00
5,035.00
5,735.88
10,750.88
48,338.97
Total Liabilities
48,338.97
Equity
Unrestricted Funds
Retained Earnings
Net Income
Total Equity
112,468.14
15,104.48
10,520.30
138,092.92
TOTAL LIABILITIES & EQUITY
186,431.89