Financial Report Highlights from ALA CD #33.1 BARC Annual Conference
Get insights from the ALA CD #33.1 BARC Report presented at the Annual Conference regarding the six-month financial results, FY22 preliminary budget, and financial education. Discover how total revenues exceeded budget, while net revenue improved compared to projections, and learn about the performance of specific funds and divisions.
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Presentation Transcript
ALA CD #33.1 BARC Report at the Information Session to the ALA Executive Board, ALA Council and the Planning and Budget Assembly Peter Hepburn BARC Chair Annual Conference, Sunday, June 27, 2021
Topics to be Covered Six Month Financial Results Ending 2-28-21 FY22 Preliminary Budget Financial Education
Six Month Financial Results Ending 2-28-21 - Total ALA - $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $- Total Revenues Total Expenses Net Revenue (Expenses) $(5,000,000) Actual Budget
Six Month Financial Results Ending 2-28-21 - Total ALA - Total ALA revenues were $19.9 million, higher than the budget of $18.5 million. Total ALA expenses were $19.3 million, equaling budgeted expense. Net revenue (expense) was $611k comparing favorably to a budgeted deficit of $815k.
Six Month Financial Results Ending 2-28-21 - General Fund - $12,000,000 $9,000,000 $6,000,000 $3,000,000 $- Total Revenues Total Expenses Net Revenue (Expenses) $(3,000,000) Actual Budget
Six Month Financial Results Ending 2-28-21 - General Fund - General Fund revenues of $10.7 million were equal to budget. General Fund expenses were $11.2 million and more than the budget of $10.5 million by $754k. Net revenue (expense) was ($521k), unfavorable to the budget of $248k.
Six Month Financial Results Ending 2-28-21 - Divisions and Round Tables - Division revenues were $4.7 million compared to budget of $4.4 million. Division expenses were $4.3 million compared to budget of $5.6 million. Net revenue (expense) of $417k compared favorably to budget of ($1.2 million). Round Tables revenue was $347k compared to budget of $282k. Round Tables expense was $93k compared to budget of $149k. Net revenue was $253k compared to budget of $133k.
FY 2022 Preliminary Budget To be presented to Council at this Annual Conference online. At its Spring meeting in April, BARC reviewed and discussed the initial preliminary budget.
Directives FY 2022 Budget BARC working with Finance Office and Units Bring forward a final balanced FY22 budget Build a contingency fund to manage unexpected events and include a budget line to reflect it Examine final projections for LibLearnX and Annual 2022 for pragmatic forecast and provide data supporting the assumptions Align financial reality with revenue projections
BARC Engagement Liaison structure with Divisions and Round Tables Liaisons to key initiatives Briefing calls between conferences
Financial Education BARC continues to stress the importance of education for its members, particularly in the area of learning and understanding the finances of the Association. As such, members are encouraged to take advantage of the following: The Financial Learning Series The ALA Financial Handbook The Council Financial Orientation (@ MW/AC) http://www.ala.org/aboutala/treasurerspage
