Treasurer’s Report, Excomm meeting 9/15/2007
AUDIT
The 2006 Audit has been received. The 2006 Form 990 return for exempt organizations can now be filed. There were a couple of corrections to postings and the end of the year adjustment to Endowment income. Research Grants totaling $8,488 were approved and paid with $7,726 coming from Endowment income and gains and $772 from operating funds. The Endowment increased by $4,548 in contributions, from $64,718 to $69,266.
Unrestricted (operating) funds declined by $24,158 from $206,995 to $182,837. The conference produced a small loss. Four issues of the Palmetto were produced at a cost of $22,322 compared to none in 2005. The Executive Directors position was funded for a partial year.
2007 CONFERENCE
The missing deposit of vendor fees was discovered and added during August. This brings final net profit to the Society of $12,738.24 and Total Chapter Incentive to $3,460.92. August financial reports have not come in yet; I will wait for those to check all Conference revenue and expense accounts before issuing the check to Paynes Prairie.
ACCOUNTANT’S STATEMENT
A question was raised about the “We are not independent with respect to Florida Native Plant Society, Inc” statement. Dan tells me that when an accounting firm handles payables (writes checks to pay bills) for a client, standards of accounting practice state that they are not independent.
