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Boys & Girls Clubs of Tampa Bay, Inc.

Memo
To:

Executive Committee

From:

Deborah L. McCarthy, Chief Financial Officer

Date:

June 6, 2016

Subject: April 2016 Financial Statements - Unaudited

Please find attached the Statement of Financial Position and the Statement of
Activity for the Unrestricted Fund for the four months ended April 30, 2016.
The financial statements presented represent gross operations including all
sources of funding. As of April 30th, we are ahead of budget by $85,000 with a
Net Surplus of $160,000. See below for a discussion of material variances.
Total Public Support Behind Budget by $27,000
Contributions are behind due primarily to a decrease in the semiannual
distribution from our endowment funds at the CFTB this year. The distribution
will be approximately $40,000 less than anticipated this year.
Fees & Grants are behind by $24,000 due in large part to the Childrens Board
After Zone Grant for Marshall and Tomlin Middle Schools in Plant City. There
were delays in getting the program started at Tomlin this year as well as some
other obstacles that have put this program behind our target to date.
Personnel Costs Surplus of $153,000
The surplus is due to a combination of decisions to reduce costs by the CEO by
reorganizing staff and eliminating certain Area Director positions as well as
vacancies in club staff positions in the first quarter that we are in the process of
filling now. As well certain grants were not initiated as early as anticipated and
therefore staff were not in place as budgeted creating a savings there as well.
Occupancy Expense Overage of $24,000
A significant cause of the overage in Occupancy Expense is the increase in the
premiums for property insurance and liability insurance we saw during the
renewal in March. Over the last 4 or 5 renewals, our broker has kept our costs
steady without significant increases however, due to an increase in claims over
the last two years, we could not escape the increase in costs even as we went to
market.

Memo to Executive Committee

Page 2 of 2

Program Services Overage of $15,000


The overage is due primarily to an increase in college scholarships from donor
restricted funds. To date, we have spent $9,000 in additional scholarship funds
that were paid with funds released from the restricted fund. Funds Released
from Restriction under Public Support shows the resulting surplus from these
funds that were released as they were not budgeted.
Please let me know if you have any questions or comments on the statements.

Boys & Girls Clubs of Tampa Bay, Inc.


Statement of Financial Position

Page 1

With Comparative Totals to Last Year - Unaudited

Unrestricted
Fund
4/30/2016

Temporarily
Restricted
Fund
4/30/2016

Total
All
Funds
4/30/2016

Endowment
Fund
4/30/2016

Total
All
Funds
4/30/2015

ASSETS
Current Assets

Cash & Cash Equivalents

$497,429

Investments

$753,469

Accounts Receivable
Other Receivables

$3,176,122

$11,573

$3,685,124

$1,425,128

$608,259

$1,361,728

$1,874,601

$272,784

$272,784

$345,364

$52,853

$52,853

$29,519

$37,261

$37,261

$33,139

Due from BGCTB Foundation

$348,964

$348,964

$1,190,149

Prepaid Expenses

$124,712

$124,712

$225,091

$5,883,426

$5,122,991

$7,585,428

$7,585,428

$7,525,150

$37,500

$37,500

$45,000

$32,300

$32,300

$44,985

$82,440

$82,440

$79,233

$14,494

$12,828

Pledges Receivable, net

Total Current Assets

$2,087,471

$3,176,122

$619,832

Non Current Assets

Land, Building and Equipment


Prepaid Rent
Pledges Receivable, net
CSV of Life Insurance
Other Assets
Total Non Current Assets
TOTAL ASSETS

$14,494
$7,637,422

$114,740

$0

$7,752,162

$7,707,196

$9,724,894

$3,290,862

$619,832

$13,635,587

$12,830,187

LIABILITIES AND NET ASSETS


Liabilities
Current Liabilities

Accounts Payable

$163,493

$163,493

$161,323

Accrued Expenses

$297,231

$297,231

$247,885
$591,536

Due to BGCTB Foundation


$4,000

Deferred Revenue
Total Current Liabilities

$460,723

$4,000

$0

$4,000

$4,000

$464,723

$1,004,744

Boys & Girls Clubs of Tampa Bay, Inc.


Statement of Financial Position

Page 2

With Comparative Totals to Last Year - Unaudited

Temporarily
Restricted
Fund
4/30/2016

Unrestricted
Fund
4/30/2016

Total
All
Funds
4/30/2016

Endowment
Fund
4/30/2016

Total
All
Funds
4/30/2015

Other Liabilities

Deferred Lease Revenue


Total Other Liabilities
Total Liabilities

$140,000
$0

$0

$0

$0

$140,000

$460,723

$4,000

$0

$464,723

$1,144,744

Net Assets

Unrestricted - from Operations

$1,660,854

$1,660,854

$2,250,489

Unrestricted - Property and Equipment

$7,603,316

$7,603,316

$7,544,053

Temporarily Restricted

$3,286,862

Permanently Restricted
Total
Total Net Assets
TOTAL LIABILITIES AND NET ASSETS

$3,286,862

$1,221,567

$619,832

$619,832

$669,335

$9,264,170

$3,286,862

$619,832

$13,170,864

$11,685,444

$9,264,170

$3,286,862

$619,832

$13,170,864

$11,685,444

$9,724,894

$3,290,862

$619,832

$13,635,587

$12,830,187

Boys & Girls Clubs of Tampa Bay, Inc.


Statement of Activity - Unrestricted Fund
With Comparison to Budget & Last Year Actual - Unaudited

Public Support and Revenue


Public Support
United Way & Combined Campaigns
Contributions
Funds Released from Restriction
Fees & Grants
Total Public Support

Actual
1/1/16
to
4/30/16

Year To Date This Year


Budget
1/1/16
Variance
to
Favorable
4/30/16
(Unfavorable)

Total
2016
Budget

Year To Date Last Year


Actual
1/1/15
Variance
to
Favorable
Variance
4/30/15
(Unfavorable)
%

294,087
677,177
85,369
893,573
1,950,206

285,000
698,500
75,750
918,000
1,977,250

9,087
(21,323)
9,619
(24,427)
(27,044)

3.2%
(3.1%)
12.7%
(2.7%)
(1.4%)

850,000
2,283,000
295,000
2,613,000
6,041,000

281,794
625,891
31,730
939,016
1,878,431

12,293
51,286
53,639
(45,443)
71,775

4.4%
8.2%
169.0%
(4.8%)
3.8%

44,365
2,166
16,287
62,818

50,000
2,500
7,000
59,500

(5,635)
(334)
9,287
3,318

(11.3%)
(13.4%)
132.7%
(25.2%)

272,500
8,000
21,000
301,500

62,239
4,170
2,443
68,852

(17,874)
(2,004)
13,844
(6,034)

(28.7%)
(48.1%)
566.7%
(8.8%)

485,453
(119,361)
366,092

471,500
(102,500)
369,000

13,953
(16,861)
(2,908)

3.0%
16.4%
(0.8%)

856,000
(206,000)
650,000

471,134
(85,004)
386,130

14,319
(34,357)
(20,038)

3.0%
40.4%
(5.2%)

Variance
%

Revenue
Program Service Revenue
Investment Revenue
Other Revenue
Total Revenue
Special Events
Special Event Revenue
Special Event Expenses
Net Special Events
Total Public Support and Revenue
Expenses
Personnel Costs
Salaries
Employee Benefits
Payroll Taxes
Other Employee Costs
Total Personnel Costs

2,379,116

2,405,750

(26,634)

(1.1%)

6,992,500

2,333,413

45,703

2.0%

1,017,023
117,031
74,621
12,377
1,221,052

1,154,500
119,867
87,900
11,500
1,373,767

137,477
2,836
13,279
(877)
152,715

11.9%
2.4%
15.1%
(7.6%)
11.1%

3,517,000
359,000
274,000
35,000
4,185,000

948,119
111,218
72,283
8,100
1,139,720

(68,904)
(5,813)
(2,338)
(4,277)
(81,332)

(7.3%)
(5.2%)
(3.2%)
(52.8%)
(7.1%)

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Boys & Girls Clubs of Tampa Bay, Inc.


Statement of Activity - Unrestricted Fund
With Comparison to Budget & Last Year Actual - Unaudited

Actual
1/1/16
to
4/30/16
Operating Costs
Professional Fees
Contract Services
Supplies
Information Technolgy
Occupancy Expense
Equipment Expense
Printing & Postage
Transportation Expense
Training, Travel & Meetings
Program Services
Other Expenses
Total Operating Costs
Total Expenses
NET SURPLUS/(DEFICIT)

Year To Date This Year


Budget
1/1/16
Variance
to
Favorable
4/30/16
(Unfavorable)

39,435
9,865
211,985
36,646
482,954
26,156
4,096
51,933
28,611
85,597
20,875
998,153

42,000
10,500
216,000
36,500
458,800
25,000
5,500
51,000
25,000
70,500
16,500
957,300

2,219,205
159,912

Variance
%

Total
2016
Budget

Year To Date Last Year


Actual
1/1/15
Variance
to
Favorable
Variance
4/30/15
(Unfavorable)
%

2,565
635
4,015
(146)
(24,154)
(1,156)
1,404
(933)
(3,611)
(15,097)
(4,375)
(40,853)

6.1%
6.0%
1.9%
(0.4%)
(5.3%)
(4.6%)
25.5%
(1.8%)
(14.4%)
(21.4%)
(26.5%)
(4.3%)

117,500
76,000
648,500
109,000
1,401,500
75,000
17,000
154,000
73,500
245,500
105,500
3,023,000

40,947
25,585
156,918
38,998
449,554
24,587
2,956
58,039
37,457
71,600
31,139
937,780

1,512
15,720
(55,067)
2,352
(33,400)
(1,569)
(1,140)
6,106
8,846
(13,997)
10,264
(60,373)

3.7%
61.4%
(35.1%)
6.0%
(7.4%)
(6.4%)
(38.6%)
10.5%
23.6%
(19.5%)
33.0%
(6.4%)

2,331,067

111,862

4.8%

7,208,000

2,077,500

(141,705)

(6.8%)

74,683

85,228

114.1%

255,913

(96,002)

(37.5%)

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(215,500)