TREASURER'S REPORT
For Virtual Meeting of 5/30/18
The big change from the previous 2019 draft budget is increasing the Overhead Expense from $2,500 to $4,000 (a boost of $1,500) to cover the cost of the OIF webinars to be offered free to all IFRT members.
That cost raised Total Expenses from $21,400 to $22,900.
The Net Revenue (Expense) consequently increased from ($3,900) to ($5,400)--that is, a deficit of $5,400, which still leaves a very healthy Net Asset Balance of around $90,000, I believe.
I haven't seen the numbers yet, but the IFRT Donations chart should be rosier now than in December.
The New Orleans fundraiser for the sustainability of the IFRT Awards is the big budgetary topic. Up front expenditures for that event increased the Meetings and Conferences expenditures and pushed the Operating Budget into a bit of a deficit but should pay off handsomely in the end.
Overall, the financial condition of IFRT is sound.
Respectfully submitted on 5/29/18,
Steve Norman (IFRT Treasurer)
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Steve Norman
Director
Belfast Free Library
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