5574-R5_ML&P_LSLA_2018_Web_SummerNewsletter_Web

Little Sebago Lake Association – Treasurer’s Report

A summary financial report showing 2017 results compared to budget is attached. It also shows the proposed budget for 2018. Overall, we ended up the 2017 year in excellent financial shape. Here are a few highlights: • Total 2017 income was $108,040 which was above budget by $16,404. The response to our new membership appeal was much better than expected, and we also had nice support for our year-end request for endowment gifts. We did not need to transfer interest & dividend income from our reserves and endowment investments. • Our budget for 2018 shows total income of $111,780 reflecting a slight decrease in grant revenue, offset by increases in interest and dividend income and in merchandise revenue. • Total 2017 expenses were $73,058 which were well below budget by more than $23,000. The biggest savings was in payroll, but we also had lower costs than expected in watershed protection, boat expenses, dam maintenance and database costs. • Our budget for 2018 shows total expenses of $121,000 reflecting higher payroll costs, a major upgrade to our website and database, and increases in our boating safety program. We also expect higher costs for boat expenses, a new dock system, accounting costs for a new board assistant and increased merchandise purchases. • Total Income Less Expense: We ended 2017 with positive cash flow and a net surplus of $34,982. Our 2018 budget shows a deficit of $9,220. Any funds needed at year-end will be drawn from Reserves. • Net Worth – At year-end 2017 we had total assets of $270,427, almost $56,000 higher than last year, mostly due to the operating surplus. Our invested funds in endowment and reserves also grew significantly due to favorable market conditions as shown on the balance sheet.

Membership Update:

• During 2017, we changed our strategic membership approach. We did not ask for dues payments but encouraged annual donations at several categories of sponsorship. The response to this approach was very positive. Total donations went up vs. last year by over $15,000 and gifts to the endowment went up by almost $2,700 compared to 2016. • During the year 688 members made donations or designated gifts to the endowment. The average gift was over $96 which reflects a significant increase from prior year giving. We are incredibly grateful for the generous support of members who contribute to support the work of LSLA…. Thank you!

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