Message from the Chairman of the Board of Trustees
by Zach Cowan
The autumn of 2013 has been a very active time on the financial and budget front for the Board of Trustees.
We received and discussed our FY 2011 and FY 2012 audit. Although the audit did not indicate serious problems, it did indicate several systemic accounting issues that need to be addressed in order for us all to have a clear understanding of the organization’s fiscal condition. The Board has initiated a plan to address these problems and to revamp our accounting and bookkeeping systems so that they provide the members and the Board with accurate and transparent financial information. I expect that changes to these systems will be completed during the first half of 2014.
We have also begun the FY 2015 budget process. Staff is in the process of conducting what may be the Center’s first ever cost-accounting process, so that we can have a clearer idea of the costs and revenues associated with each division.
We hope to refine the results further over the winter, so that we can provide clear information to the Management Team as it prepares its budget proposal. We have also made adjustments to our monthly budget reports to make them more understandable and transparent. More such improvements are planned.
While we will rely on a draw from the endowment this fiscal year, and probably next fiscal year, we expect the draw to decrease over time, so that the endowment can grow. We are working closely with (and supporting) the Management Team on implementing other policies designed to put our financial house in better order. You will be hearing more about that over the coming weeks and months.
Chair, Board of Trustees