TERA 2009 - 2010 FINANCIAL REPORT
TERA Unrestricted Funds: These funds consist of operating checking and savings accounts. Monies are available to fund TERA’s operational activities such as administration, insurance, public meetings, printed newsletter, e-letter, community garden, fundraisers, membership drive, and other activities.
TERA Restricted Funds: These funds are reserved for specific projects or purposes.
The Beautification Fund was established by Council District 14 in 2003, dedicated to fund an Eagle Rock Monument. In this fiscal year, as the Fund Administrator, TERA expended $3,044 on the Wiota Circle Monument at the base of the Colorado Exit of the 134 Freeway. The Beautification Fund balance of $3,348 at fiscal year end remains allocated to the Monument for final construction and future maintenance costs.
The mosaic art cans (Eagle Rock Make Art Not Trash — ERMANT) were installed in the spring of 2009. TERA expended $576 in payment of installment wrap-up expenses in this current fiscal year. The balance of $1,173 is allocated for future maintenance costs.
The ERCPR/DOT Match Fund was reinstituted in March of this fiscal year supporting ERCPR’s new application with the California Department of Transportation for creation of an overall plan (including parking) for Colorado Boulevard. TERA’s Board of Directors voted to pledge $3,000, to be paid in $1,000 increments over 3 years, should the grant be funded.
The Eagle Rock Centennial. The TERA Board of Directors voted to allocate $500 to the Centennial Committee for Eagle Rock’s centennial celebration.
The Eagle Rockdale Community Garden and Art Park finances are handled by TERA. The garden is self-sustaining and its account balance as of June 30, 2010 is $1,328.
Overall Comments
TERA expended approximately $4,500 in reserved beautification funds in this fiscal year primarily due to the wrap-up expenses of the ERMANT project and additional work completed on the Wiota Circle Monument. Newsletter advertising revenue was billed shortly after the close of this fiscal year and income will be reflected in the new fiscal year.
TERA’s successful 2010 Guess Who’s Coming to Dinner fundraiser netted $6,428. Kudos to the Fundraiser Committee members and the volunteers for their hard work. A big thank you to all our host families and those who attended or contributed in other ways to its success. .
This last year was again a productive year for TERA and Eagle Rock. We could not have accomplished what we did without the support of many in the community. The ERMANT project, coordinated by former board member Pauline Mauro, continues to be supported by Eagle Rock businesses who adopted and empty the trash from the cans on a regular basis. The Wiota Circle Monument is shepherded by Dave and Helen Gustavson and makes a welcoming setting to those entering Eagle Rock from the freeway exit at Colorado. The Eagle Rock Community Garden & Art Park volunteer gardeners led by Mike Woodward, Garden Manager and former board member, enjoy the bounty of their organic vegetables and enjoy the community fellowship in a lovely garden. Individuals and businesses support TERA with their membership dollars and many other volunteers regularly assist in the ongoing work of TERA.
Eagle Rock businesses support the TERA newsletter with their advertising contributions. In addition, a number of businesses are offering discounts to TERA members. Look for information on participating businesses in the e-letter, newsletters and TERA’s website.
The financial report does not reflect the invaluable property development monitoring work of TERA. That is because the work has been funded exclusively by volunteer hours. Special thanks is owed to retiring board member Frank Parrello who for so many years carefully monitored the many potential and actual projects proposed for our community to ensure that they adhered to the Master Plan.
TERA has historically prepared and filed tax returns on a calendar year basis and prepared its financial reports using a June 30 fiscal year end. This has resulted in excess work for the treasurer in closing the books twice a year. Earlier this year, the TERA board voted to change TERA’s fiscal year from June 30 to the calendar year. To transition to the new calendar fiscal year, the Treasurer will prepare and publish a short year (July 1, 2010 – December 31, 2010) fiscal year report early next year. Following that short year report, future financial reports (2011 and following) will be published as soon as convenient at the beginning of each calendar year.
The success of TERA truly is due to the financial support of its members, the dedication of its volunteers and the support of Eagle Rock community at large.
If you have any questions, please contact me at treasurer@tera90041.org or (323) 799-1190.
Respectfully submitted,
Joan MacNeil
Treasurer