Sean Kershaw's Weblog
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May 15, 2009
Update on Citizens League Finances
As many of you know, the Citizens League encountered a significant financial hurdle last year. At that time, we tried to be as transparent as possible about what had happened and what we intended to do about it.
I'm pleased to let you know that we’ve made great progress since then.
Our 2008 fiscal year audit was just completed by Larson Allen. We'll be posting it here, but it showed that we ended the year "in the black" by $22,000. (This is significant, because it wasn’t until mid-year that we realized we had financial challenges.) The audit didn't identify any major concerns or issues to resolve, other than the need to continue to rebuild our balance sheet. Our net assets were still at ($147,000) at the end of 2008, so we have a ways to go.
* We're not taking anything for granted this year, but so far in 2009 we're running ahead of budget and ended the first quarter with a net income of $22,000.
* We have been approved to maintain our working capital line of credit for an additional 12 months from the Nonprofits Assistance Fund.
* We continue to improve our financial practices and policies, and have a very talented and active Finance Committee on our Board of Directors.
* We are hard at work on development activities this year, with a reinvigorated Board Development Committee, a new part-time Development Manager (Dani Fisher), and a great list of donors and prospects.
This success to date is due to the hard work of our board, and the generosity of you and community institutions. As I said, we're not taking anything for granted and have a lot of work to do, but it's encouraging to know that your and our work so far has seen results in these difficult times.
Please let me know if you have any questions about this.
Thanks so much for your support! - Sean
Posted by Sean Kershaw at May 15, 2009 5:12 AM