UNRESTRICTED FUNDS:
CURRENT ASSETS:
Cash
Short Term Investments (CD's) Accounts Receivable
Inventories Prepaid Expenses Unexpired Insurance Total Current Assets CURRENT LIABILITIES:
Accounts Payable Accruals
Amount Due Reserve Deferred Income
Total Current Liabilities Working Capital
OTHER ASSETS:
Deposits Advances
Total--Unrestricted Funds RESERVED FUNDS:
Funded (CD1s)
Building Expansion (CD1s) Kiwanis International Bldg, Tot.al--All Funds (Net Assets)
1 9 7 5 1 9 7 4
$ 100,644 $ 113,638
200,000 200,000
278,176 227,279
252,051 206,509
23,879 20,447
7 669 7 217
862,419 775,090
137,143 93,380
59,734 63,335
35,551 ( 2,424)
8 303 12 036
240,731 166,327
621,688 608,763
45,275 50,565
18,354 23,765
63 629 74 330
685,317 683,093
312,708 310,814
182,217 lld., 902
1 1
$1,180,243 $1,135,810
Current:
Bank and Cash Balances Short Term Investments Accounts Receivable:
International Dues Magazine Subscriptions Supplies
Processing Fees Liability Insurance Advertising
Key Club Circle K Foundation Inventory
Prepaid Expenses Unexpired Insurance
Prepaid Liability Insurance Deposits:
Postage Air Travel
Building Management Total Current Assets Reserve Funds:
Building Expansion:
Cash
Certificates of Deposit Due from General Fund Due from Funded Reserve Funded:
Cash
Canadian Time Deposit Certificates of Deposit Accrued Interest
Due to Building Expansion Due from General Fund Other Assets:
Deferred Compensation Advances:
Pension Trust Travel
Kiwanis International Bldg.
Total Assets
CO:MPARATIVE BALANCE SHEET AS OF MARCH 31, 1975 & 1974
A S S E T S 1 9 7 5
$ 33,218.49 9,914.24 146,368.61 16,917.80 1,617.75 19,642.05 37,994.01 13,005.75 . ( 502.69)
$ 24,092.26 100,000.00 22,039.47 36,085.38 10,657.17 25,000.00 300,000.00 ( 376.13) (36,085.38) 13,512.20
$ 5,110.88 13,243,33
$ 100,644,39 200,000.00
278,176.01 252,051.12 23,878.53 7,668.79 20,750.00 425.00 10,000.00 893,593.84
494,924.97 14,100.00 18,354.21 LOO
$1,420,974.02
1 9 7 4
$ 27,071.55 10,180.09 112,132.42 19,787.40 1,339.00 4,055.15 25,000.00 6,666.66 21,046.51
$ 29,913.98 100,000.00 1,858.57 10,129.38 63,288.71 25 ,000., 00 236,397.55 540.02 (10,129.38) ( 4,283.03)
$ 2,684090 21,080,05
$ 113,637.79 200,000.00
227,278.78 206,508.69 20,446.86 7,216.68 17,750.00 425.00 10,000.00 803,263.80
452,715.80 22,390.00 23,764.95 LOO
COMPARATIVE BALANCE SHEET AS OF'MARCH 31, 1975 & 1974
Current:
Accounts Payable Accrued Liabilities
Due to Building Expansion Due to Funded Reserve
Total Current Liabilities Deferred Compensation
Deferred Income:
International Dues Magazine Subscriptions
·Processing Fees Liability Insurance
Total Liabilities
Reserves:
Funded
Building Expansion Total Reserves Unrestricted Capital
Total Liabilities & Capital
$
L I A B I L I T I E S
8,302.80
1 9 7 5
$ 137,143.15 45,633.73 22,039.47 13,512.20 218,328.55 14,100.00
8,302.80 240,731.35
CAPITAL
$312,707.86 182,217.11
494,924.97 685,317.70
$1,420,974,02
ANALYSIS OF CAPITAL
$
12,036.30
$310,813.87 141. 901. 93
Balance as of March 1, 1975 Excess of Income over Expenses
$576,645.53 110,963.84 687,609.37 Transfer t'o Reserve
Funded
Building Expansion Balance as of March 31, 1975
( 2,291.67)
$685,317.70
1 9 7 4
$ 93,379.77 40,944.56 1,858.57 ( 4,283.03)
131,899.87 22,390.00
12,,036,30 166,326.17
452,715.80 683,093.58
$1,302,135.55
REPORT OF BOARD COMMITTEE ON FINANCE
TO THE MEETING OF THE INTERNATIONAL BOARD OF TRUSTEES April 27-30, 1975
Date of Committee Meeting: April 27, 1975 Place of Committee Meeting: General Office
Present: Members - James Co Brooks., Stanley E. Schneider Chairman - Hilmar L. Solberg
Staff Members - Thomas W, Fitzgerald, R. P. Merridew, L.A. Hapgood Others Roy W. Davis, Ted R. Osborn, Paul Chandler, Jack P. Delf,
Maurice Gladman, Stephen H. Hart, Jr., E. B. McKitrick, Mark A. Smith, Jr., Douglas Wasson
The committee reviewed the financial statement for the month of March and for the six-month period ended March 31, 1975. It was found in order and approved.
The Summary of Income and Expenses for the period ended March 31, 1975 and 1974 is attached. Income for the first six months of this administrative year amounted to $1,736,711, This compares to $1,621,lL,8 at this same time last year. As we indicated at the February meeting, the primary reason for the improvement in income this year is because of the rate increase of fifty cents for Overseas Extension. If you will refer to that account on the summary statement, you will note that Dues-Overseas Extension amounted to $129,750 at March 31, 1975. Last year the amount was $66,642. There is a slight increase in the overall dues account, Dues General and Dues allocated to Convention, of approximately $10,000.
Magazine Advertising Income reveals a significant increase of approximately
$12,000. Gross Profit on the Sale of Supplies shows an increase of $20,000. The decrease indicated in Convention Dues is a product of allocation --- this year the budget allocation for. Convention Dues to the convention operation is appI·ox- imately $12,000; where last year the budget allocation was $44,000,
On the expense side of the ledger., here too, we have an increase at March 31, 1975. Expenses amounted to $1,543,000 -- while last year the total expense figure was only $1,377,000, or an increase of $166,000 for the first six months of this administrative year.
The budget for the 1971',-75 year provides additional expenses of $210,000, In the Publication area we have speeded up our production schedules considerably. This has resulted in earlier payment of $30,000 this year, as compared to previous years. We are all aware of the increasing costs of THE KIWANIS MAGAZINE which form a major factor in the comparisons. However, it appears that we are just about on budget at this date as far as the overall expenses are concerned.
The committee reviewed a rough draft of the proposed budget compiled by the staff for the 1975-76 administrative year. We will have forwarded to each member of the Board a complete budget for your review in the next few weeks. After you review the first draft of the 1975-76 budget, we will appreciate it if you will share with us any questions or recommendations you may have pertaining to it prior to our next meeting in Atlanta. At our June meeting we will submit the budget for the 1975-76 administrative year to you for your approval.
The Board revoked 32 club charters at the February meeting, Among those clubs the following had accounts receivable balances:
KIWANIS CLUB OF: AMOUNT
Gaithersburg, Maryland Chilhowie, Virginia Graham, North Carolina College Park, Florida Monticello, Georgia Dwight, Illinois Litchfield, Illinois Speedway, Indiana
Claiborne County, Tazewell, Tennessee Lewisburg, Tennessee
Sneedville, Tennessee Highland Park, Michigan Houghton Lake, Michigan Lake Fenton, Michigan Clarkton, Missouri Russia, Ohio
Masset, British Columbia Cooper, Tex.as
Laredo-Lipan, Tex.as Van Alstyne, Tex.as Geary, Oklahoma Wilburton, Oklahoma Caugas, Puerto Rico
TOTAL Recommendation #1:
$ 59,50 162, 75 4L25 8ii,15 60,00 48,75 56,25 46,25 155.00 175,50 128,50 55,00 123,50 76,00 32,00 108. 75 444,25 133,00 178,42 28.00 60.00 124.00 317 0 73
The committee recommends that the write-off of the accounts receivable totaling $2,698.55 fol" the clubs listed in the body of this report be made,
I move recommendation 1 be adopted.
(adopted)
The committee wishes to acknowledge the fine job the staff has done in compiling the magazine booklet entitled: 111T ONLY TAKES A DIME,11 We have been informed that this booklet, which is in support of the magazine rate increase, will be mailed to all clubs. It will also be available at the convention --- both at the district caucuses and at the delegate session. We also have discussed the need for additional material for the committee's presentation to the delegate body in Atlanta.
The committee reviewed the contingent expense reports for the Secretary and the Associate Secretary. The reports were found in order and approved.
The Key Club and Circle K quarterly statements of income and expenses for the period ended March 31, 1975 and 1974 were reviewed. The bank balance indicated for Key Club International at March 31, 1974 was $21,695. We also noted that
$150,000 was invested in short tenn Treasury Bills. It should be noted, for
I
the first time in several years, that the Key Club International income account has shown an increase for the first six months of this administrative year.
Income from Key Club membership dues at March 31, 1975 was $148,000 --- last year this income amounted to $144,000.
The Circle K International bank balance at March 31, ·1975 was $20,009, plus
$50,000 in short term investments (Treasury Bills). Both organizations will be needing the current cash, as well as the short term inv~stments, to reimburse Kiwanis International for payment of their expenditures for the balance of this administrative year.
The committee reviewed and authorized the payment of the invoice for transla- tions amounting to $438.23, which was submitted by the Eastern Canada and the Caribbean District. However, the committee indicated that any future reim- bursement of this type can only be approved in those cases where specific prior approval has been given by the International Board.
Recommendation #2:
The committee recommends that reimbursement for translations will be made only in those cases where specific prior approval of the project has been given by the International Board.
I move that recommendation 2 be adopted.
(adopted)
I move this report be received.
Respectfully submitted, JAMES C. BROOKS
STANLEY E. SCHNEIDER
HILMAR L. SOLBERG, Chairman