TERA TREASURER’S REPORT
2008 Financial Statements
ASSETS
| Fund Balances as of Fiscal Year End June 30 | ||
| TERA Unrestricted Funds | 2008 |
2007 |
| Operating Savings Account | 16,474 |
26,134 |
| Operating Checking Account | 3,727 |
3,138 |
| Total Unrestricted Fund Balance | $ 20,201 |
$ 29,272 |
| TERA Restricted Funds | ||
| Community Improvement Fund | 8,743 |
19,609 |
| Beautification Fund | 19,283 |
10,691 |
| TERA Contingency Reserve | 15,000 |
15,000 |
| Total Restricted Fund Balance | $ 43,026 |
$ 45,300 |
| TOTAL ASSETS | $ 63,227 |
$ 63,227 |
| Net Increase (Decrease) in Assets | ($11,345) |
Fund Balances as of Fiscal Year End June 30: |
||
| TERA Unrestricted Funds | 2008 |
2007 |
| Operating Savings Account | 16,474 |
26,134 |
| Operating Checking Account | 3,727 |
3,138 |
| Total Unrestricted Fund Balance | $ 20,201 |
$ 29,272 |
| TERA Restricted Funds | ||
| Community Improvement Fund | 8,743 |
19,609 |
| Beautification Fund | 19,283 |
10,691 |
| TERA Contingency Reserve | 15,000 |
15,000 |
| Total Restricted Fund Balance | $ 43,026 |
$ 45,300 |
| TOTAL ASSETS | $ 63,227 |
$ 74,572 |
| Net Increase (Decrease) in Assets | ($11,345) |
TERA unrestricted funds are comprised of an Operating Savings Account and Operating Checking Account. Both fund TERA’s operational activities such as administration; insurance; public meetings; the newsletter and e.letter; expenses related to the membership drive; the Preservation, Planning, and Development Committee and it’s activities; the Eclectic Eagle Rock Home Tour; and other critical activities.
TERA allocated $5,000 from its operating savings account to the Make Art Not Trash project.
TERA’s restricted funds consist of:
The Community Improvement Fund is the balance of $30,000 in funds donated by Nextel in 2002 and administered by TERA's Board of Directors for community improvement projects. Allocations are made in conjunction with the Eagle Rock Chamber of Commerce and Eagle Rock Community Preservation, and Revitalization. At the start of the fiscal year there was $19,609 remaining in the fund to be allocated to community projects. As of 06-30-08 TERA had allocated its remaining $5,000 share of the fund to the Make Art Not Trash project as did Eagle Rock Community Preservation, and Revitalization. The Eagle Rock Chamber allocated $2,000 to the project.
The Beautification Fund was established by Council District 14 in 2003, dedicated to fund the realization of an Eagle Rock Monument. TERA is the fund administrator and the funds are being used to complete the Wiota Circle Monument at Wiota Circle, just north of Colorado Boulevard. An additional $5,000 was awarded to help complete the Wiota Circle Monument, of which all should be spent by FYE 2009.
LIABILITIES
TERA is a volunteer run organization that does not have any personnel, building or equipment costs or liabilities.
| Statement of Activities | ||
| Income as a Percent of Total | 2008 |
2007 |
| Advertising | 6% |
8% |
| Beautification | 21% |
0% |
| Garden | 7% |
5% |
| Home Tour | 37% |
42% |
| Interest Income | 4% |
3% |
| Membership | 24% |
41% |
| Public Meetings | 1% |
1% |
| Total Income | $ 26,245 |
$ 31,938 |
| Expenses as a Percent of Total | ||
| Administration | 14% |
16% |
| Beautification | 28% |
0% |
| Donations | 5% |
3% |
| Garden | 7% |
1% |
| Home Tour | 17% |
24% |
| Insurance | 6% |
8% |
| Membership | 5% |
16% |
| Nominating Committee | 0% |
2% |
| Outreach | 6% |
17% |
| PP&D | 4% |
0% |
| Public Meetings | 7% |
13% |
| Total Expenses | $ 27,407 |
$ 19,156 |
| Net Surplus (Deficit) | ($1,162) |
$12,782 |
Over the course of FY ending June 30, 2008, TERA’s income was $26,245 (down $5,693 from FY2007) while total expenses were $27,407(up $8,251 from FY2007). The principal reasons for the decrease in income are membership contributions and the Eclectic Eagle Rock Home Tour Income which were less than anticipated. The principal reasons for the increase in expenses are beautification costs associated with the Wiota Circle Monument and expansion of the Eagle Rockdale Garden. However, there were savings from the Home Tour, membership recruitment, public meetings and producing one less newsletter than expected.
Of note was our ability to fund the work needed to designate the McNarry House a historic landmark, to conduct a member survey that provided input to the board and a member appreciation event at the Garden. This is all part of TERA’s goals to invest in the community.
In-Kind Contributions
TERA’s Annual Finance Report would not be complete if it did not acknowledge tremendous non-financial community support. Local Eagle Rock restaurants, professionals, and shops make generous in-kind donations to sponsor our public meetings, newsletters, Eclectic Eagle Rock Home Tour, and other programs. An amazing group of volunteers including board members and home tour volunteers donate their time, skills, energy and positive attitude pro-bono. This non-financial support allows TERA to reduce its operating expenses significantly.
The factors outlined above account for the decrease in net assets of $11,345 and a deficit in expense to revenue of $1,162 for FYE 2008.
If you have any questions, please contact me at treasurer@tera90041.org or call 323-799-1190.
Respectfully Submitted,
Joan MacNeil
TERA Treasurer