partially offset by slightly higher

Transcription

1 December 11, 2012 To: School Board Members Dr. John A. Stewart, Superintendent From: Pennie L. Zuercher, Director of Financial Reporting Via: Mark Grey, Assistant Superintendent, Business Services Re: September 2012 Financial Summary Attached you will find the financial package for month ending September 30, In an effort to provide the reader additional information, Finance has added a summary of Expenditures Detail for the General Fund and Special Revenue as well as a graphical representation of the data following each summary. In addition, Finance has added a graphical representation of the salaries expenditure for the General Fund. The data for this graph can be located on the Expenditures Detail summary for the General Fund. The Expenditures Detail summary and associated graphs for the General Fund can be found on pages 8 through 10 and for the Special Revenue, on pages 17 and 18. Below you will find a brief summary by fund of financial statements of the District. the major events impacting the General Fund State sources of revenue are higher than prior year. However, this increase is partially offset by lower local sources. Overall revenues are slightly higher when compared to priorr year revenues. Overall expenses in the General Fund are slightly higher than priorr year expenses. This is mainly driven by increased instructional expenses for student assessments, school supplies and furniture, fixtures, and equipment. Capital Projects Overall revenues in Capital Projects are down slightly when compared to plan and prior year. Expenses for Capital Projects are down ass compared to prior year, as well as the current year, offsetting the decrease in revenue. The decrease in expenses is a result of the completion of projects over the summer.

2 Special Revenue Federal direct sources of revenue are up slightly due to timing of grant receipts. Expenses are commensurate with revenues. Finance will continue to look for ways to improve transparency and provide more information. We would appreciate any input you may have concerning data you would like to see reflected in the monthly financial reports. If you have any questions, please, do not hesitate to contact me at any time. Thank you!

3 Polk County School Board Monthly Financial Report Summary For Period Ending September 30, 2012 Beginning Ending Fund Balance Revenues Expenditures Income/(Loss) Balance General Fund $ 75,312,588 $ 159,884,235 $ (131,727,618) $ 28,156,617 $ 103,469,205 Special Revenue Funds: Food Service 10,994,880 6,761,838 (8,263,026) (1,501,188) 9,493,692 Other Grants 205,270 14,220,840 (14,220,851) (11) 205,259 Total Special Revenue 11,200,150 20,982,678 (22,483,877) (1,501,199) 9,698,951 Debt Service Funds 7,086,019 2,109,978 (2,111,764) (1,786) 7,084,233 Capital Projects Funds 127,646,267 12,061,827 (18,682,562) (6,620,735) 121,025,532 Internal Service Funds 23,029,185 16,847,959 (23,522,969) (6,675,009) 16,354,176 (Self Insurance) Fiduciary Trust Funds 9,706,939 3,508,469 (2,777,784) 730,685 10,437,624 (Student Activity) Grand Totals $ 253,981,148 $ 215,395,146 $ (201,306,573) $ 14,088,573 $ 268,069,721 1

4 General Fund Sp Rev Food Service Sp Rev Other Grants Debt Service Funds Capital Projects Funds Self Insurance Funds Student Activity $180,000, $160,000, $140,000, $120,000, $100,000, $80,000, $60,000, $40,000, $20,000, $ Monthly Financial Report Summary 2 Revenue Expenses End Fund Balance

5 Polk County School Board Combined Balance Sheet All Fund Types and Account Groups For Period Ending September 30, 2012 Account Governmental Fund Types Proprietary Fund Types Fiduciary Fund Types Account Groups General General General Special Revenue Debt Service Capital Projects Internal Service Trust and Agency Fixed Assets Long Term Debt Totals Assets: Cash $ 23,700,064 $ 5,478,467 $ 1,109,872 $ 24,058,786 $ 10,285,681 $ 2,787,321 $ 67,420,190 Investments 53,722,096 5,605,992 5,974,362 86,296,593 52,364,324 7,096, ,059,920 Taxes Receivable 146,333,752 36,632, ,966,033 Accounts Receivable 352, , ,475 (19,726) 712,648 1,973,751 Deposits Receivable 100, ,000 Budgetary Funds 4,320,394 4,320,394 Due from Other Agencies 168,038 4,036,815 1,079,100 (49) 5,283,904 Inventory 4,441, ,744 5,314,817 Prepaid Expenses 1,562,612 25,000 1,587,612 Fixed Assets: Land 95,630,598 95,630,598 Improvments Other Than Build 43,904,243 43,904,243 Buildings and Fixed Equipment 20,293,569 7,012, ,050,826 8, ,388 1,928,904,273 2,640,443,353 Accumulated Depreciation (20,293,569) (7,012,385) (684,050,826) (8,913) (173,388) (608,682,597) (1,320,221,676) Furniture, Fixtures and Equipm 23,303,712 21,088,944 41,421,629 5,884 2,707,031 88,563, ,090,876 Acumulated Depreciation (23,303,712) (21,088,944) (41,421,629) (5,884) (2,707,031) (18,238) (88,545,438) Motor Vehicles 31,006, ,008 33,032,048 18,509 64,721, ,404,199 Accumulated Depreciation (31,006,756) (625,008) (33,032,048) (18,509) (19,778) (64,702,099) Construction In Progress 112,931, ,931,778 Audio Visual Materials 12,203 5, ,711 39,421 Accumulated Depreciation (12,203) (5,891) (810) (807) (19,711) Computer Software 9,151,959 9,046,028 6,699,908 5,000 39,041 24,941,936 49,883,871 Accumulated Ammortization (9,151,959) (9,046,028) (6,699,908) (5,000) (39,041) (24,941,936) Amt Available for Debt Svc Princ 4,876,965 4,876,965 Debt Service Principal 15,342,245 15,342,245 Compensated Absences 39,670,662 39,670,662 Leases/Certificates of Particip 396,298, ,298,956 Total Assets $ 234,700,459 $ 16,387,943 $ 7,084,233 $ 148,602,235 $ 62,655,279 $ 10,596,472 $ 1,750,897,479 $ 456,188,828 $ 2,687,112,927 3

6 Polk County School Board Combined Balance Sheet All Fund Types and Account Groups For Period Ending September 30, 2012 Account Governmental Fund Types Proprietary Fund Types Fiduciary Fund Types Account Groups General General General Special Revenue Debt Service Capital Projects Internal Service Trust and Agency Fixed Assets Long Term Debt Totals Liabilities and Fund Equity Liabilities: Salaries and Wages Payable $ 2,672,368 $ 2,179 $ 2,674,547 Payroll Deductions and Withholdings 1,330,502 3,976 2, ,336,573 Accounts Payable 6,362,432 2,174, ,491 11,544, ,553 20,338,756 Construction Contracts Retainage Pyable Due to Other Agencies 11,013,957 84, ,098,797 Due to Other Funds Budgetary 4,320,394 4,320,394 Deferred Revenue 109,750, ,013 27,474, ,327,538 Sales Tax Payable ,050 5,114 Notes Payable 4,231,166 4,231,166 Bonds Payable 172,725, ,725,000 Estimated Unpaid Claims 34,755,427 34,755,427 Liability for Compensated Absences 39,670,662 39,670,662 Certificates of Participation Payable 239,562, ,562,000 Total Liabilities 131,130,200 6,688,989 27,576,702 46,302, , ,188, ,045,975 Fund Equity Contributed Capital Investment in General Fixed Assets Current Year Surplus/Deficit 28,257,671 (1,501,196) (1,786) (6,620,734) 16,352, ,685 1,750,897,479 1,788,114,990 Fund Balances: Non Spendable 7,652,431 1,270, ,890 9,448,945 Restricted 17,613,300 9,929,527 7,086, ,646,267 9,181, ,456,161 Assigned 34,086,974 34,086,974 Unassigned 15,959,883 15,959,883 Total Fund Equity 103,570,259 9,698,954 7,084, ,025,533 16,352,871 10,437,624 1,750,897,479 2,019,066,953 Total Liabilities and Fund equity $ 234,700,459 $ 16,387,943 $ 7,084,233 $ 148,602,235 $ 62,655,279 $ 10,596,472 $ 1,750,897,479 $ 456,188,828 $ 2,687,112,927 4

7 Polk County School Board General Fund 2012/2013 Compared to 2011/ September September Budget 2012 Variance % 2011 Change % Change Revenues Federal Direct $ 800,000 $ 69,121 $ (730,879) 91.36% $ 244,281 $ (175,160) 71.70% Federal Through State 1,500,000 (791,713) (2,291,713) % (621,883) (169,830) 27.31% State Sources 469,096, ,369,474 (353,726,700) 75.41% 106,983,343 8,386, % Local Sources 153,526,724 37,953,843 (115,572,880) 75.28% 41,085,086 (3,131,243) 7.62% Transfers In 50,771,725 7,282,668 (43,489,057) 85.66% 5,244,987 2,037, % Other Financing Items Total Revenues 675,694, ,884,235 (515,810,388) 76.34% 152,935,814 6,948, % Expenses Instruction 470,806,563 86,037,227 (384,769,336) 81.73% 81,024,119 5,013, % Pupil Personnel Services 24,534,898 4,977,967 (19,556,930) 79.71% 4,880,154 97, % Instructional Media 7,050,658 1,499,501 (5,551,157) 78.73% 1,531,633 (32,132) 2.10% Instr & Curr Dev 3,660, ,494 (2,689,514) 73.48% 698, , % Instr Staff Training 790, ,993 (567,432) 71.79% 191,766 31, % Instr Related Tech 10,862,292 1,438,315 (9,423,977) 86.76% 1,140, , % School Board 2,442, ,203 (1,971,359) 80.71% 291, , % General Admin 3,251, ,306 (2,436,251) 74.93% 815, % School Admin 38,081,075 8,353,606 (29,727,470) 78.06% 8,038, , % Facilities 17,187,864 3,326,987 (13,860,877) 80.64% 1,509,596 1,817, % Fiscal 3,235, ,082 (2,552,877) 78.89% 775,025 (91,943) 11.86% Food Services Central Services 10,839,497 2,672,464 (8,167,033) 75.35% 2,548, , % Pupil Transpotation 38,238,829 5,507,278 (32,731,551) 85.60% 5,185, , % Operation of Plant 46,701,379 8,954,082 (37,747,296) 80.83% 9,004,122 (50,039) 0.56% Maintenance of Plant 21,317,394 3,835,654 (17,481,740) 82.01% 4,381,173 (545,519) 12.45% Admin Technology 5,008,343 1,733,094 (3,275,249) 65.40% 1,598, , % Community Services 398,954 21,785 (377,170) 94.54% 21,821 (37) 0.17% Debt Service 1,429, ,579 (1,223,352) 85.55% 202,835 3, % Transfers Out Total Expenses 705,838, ,727,618 (574,110,573) 81.34% 123,837,530 7,890, % Excess (Deficit) of Revenues (30,143,567) 28,156,617 58,300, % 29,098,284 (941,667) 3.24% Beginning Fund Balance 75,312,588 75,312, % 79,399,544 (4,086,956) 5.15% Ending Fund Balance $ 45,169,021 $ 103,469,205 $ 58,300, % $ 108,497,828 $ (5,028,623) 4.63% NOTE: A RED Variance / Change notes a negative impact to the District; a BLACK Variance / Change notes a positive impact to the District. 5

8 $500,000,000 General Fund Revenues Budget vs Actual $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 Budget Actual $150,000,000 $100,000,000 $50,000,000 $ Federal Direct Federal Through State State Sources Local Sources Transfers In Other Financing Items 6

9 Expenditures by Function General Fund Maintenance of Plant, 3,835,654 Operation of Plant, 8,954,082 Community Services, 21,785 Admin Technology, 1,733,094 Debt Service, 206,579 Transfers Out, Pupil Transpotation, 5,507,278 Central Services, 2,672,464 Fiscal, 683,082 Facilities, 3,326,987 Food Services, School Admin, 8,353,606 General Admin, 815,306 Instr School Board, 471,203 Staff Trainin Instr Related Tech, 1,438,315 g, Instr & Curr Dev, 970, ,993 Instructional Media, 1,499,501 Instruction, 86,037,227 Pupil Personnel Services, 4,977,967 7

10 Polk County School Board General Fund Expenditures Detail For Period Ending September 30, 2012 Classification of Expenditures September Employee Purchased Energy Materials Capital Other Budget 2012 Salaries Benefits Services Services & Supplies Outlay Expenses Instruction $ 470,806,563 $ 86,037,227 $ 46,678,539 $ 11,806,102 $ 22,452,632 $ 1,571 $ 2,205,534 $ 1,326,606 $ 1,566,242 Pupil Personnel Services 24,534,898 4,977,967 3,475, , ,208 24, ,154 Instructional Media 7,050,658 1,499, , , ,222 36,917 16,818 1,860 Instr & Curr Dev 3,660, , , ,608 9,681 16,177 3,796 Instr Staff Training 790, ,993 99,500 18,500 58,936 40,288 5,770 Instr Related Tech 10,862,292 1,438, , , ,123 (438) 276,873 11,100 School Board 2,442, , ,613 56, ,800 6,735 6,714 23,223 General Admin 3,251, , ,916 95, ,194 5,898 21,567 School Admin 38,081,075 8,353,606 6,667,562 1,587,265 20,642 55,302 4,177 18,659 Facilities 17,187,864 3,326, , , ,953 4,870 2,075,439 3,104 Fiscal 3,235, , , , , ,309 3,940 1,056 Food Services Central Services 10,839,497 2,672,464 1,276, , ,586 23,291 (89,387) 102,299 11,359 Pupil Transpotation 38,238,829 5,507,278 2,102,138 1,044, , , ,098 27, ,408 Operation of Plant 46,701,379 8,954,082 3,270,930 1,447,889 2,303,869 1,542, ,225 9,856 95,705 Maintenance of Plant 21,317,394 3,835,654 1,266, , , ,474 1,087,363 38,799 Admin Technology 5,008,343 1,733, , , ,167 1,208 7,924 Community Services 398,954 21,785 3, ,934 2,097 11,805 Debt Service 1,429, , ,579 Totals $ 705,838,191 $ 131,727,618 $ 69,931,878 $ 18,857,775 $ 30,122,045 $ 2,716,260 $ 4,089,395 $ 3,896,879 $ 2,113,386 8

11 Expenditures By Classification General Fund Capital Outlay, $3,896,879 Other Expenses, $2,113,386 Materials & Supplies, $4,089,395 Energy Services, $2,716,260 Purchased Services, $30,122,045 Salaries, $69,931,878 Employee Benefits, $18,857,775 9

12 Central Services, 1,276,902 Fiscal, 396,458 Facilities, 887,758 Salaries by Function General Fund Maintenance of Plant, 1,266,732 Operation of Plant, Admin Technology, 792,146 3,270,930 Community Services, 3,607 Pupil Transpotation, 2,102,138 General Admin, 400,916 School Board, 217,613 Instr Related Tech, 743,969 Instr Staff Training, 99,500 School Admin, 6,667,562 Instr & Curr Dev, 770,232 Instruction, $46,678,539 Instructional Media, 881,872 Pupil Personnel Services, 3,475,005 Function indicates the overall purpose or objective of the expenditure. 10

13 Polk County School Board Capital Projects Fund 2012/2013 Compared to 2011/ September September Budget 2012 Variance % 2011 Change % Change Revenues State Sources $ 2,026,131 $ 333,931 $ (1,692,200) 83.52% $ 390,342 $ (56,411) 14.45% Local Sources 69,139,281 11,727,896 (57,411,385) 83.04% 12,128,954 (401,058) 3.31% Transfers In Other Financing Items Total Revenues 71,165,412 12,061,827 (59,103,585) 83.05% 12,519,296 (457,469) 3.65% Expenses Facilities 50,579,057 9,609,032 (40,970,025) 81.00% 16,712,137 (7,103,105) 42.50% Transfers Out 96,199,444 9,073,530 (87,125,914) 90.57% 6,317,255 2,756, % Total Expenses 146,778,500 18,682,562 (128,095,938) 87.27% 23,029,393 (4,346,831) 18.88% Excess (Deficit) of Revenues (75,613,088) (6,620,735) 68,992, % (10,510,096) 3,889, % Beginning Fund Balance 127,646, ,646, % 170,724,913 (43,078,646) 25.23% Ending Fund Balance $ 52,033,179 $ 121,025,532 $ 68,992, % $ 160,214,817 $ (39,189,284) 24.46% 11

14 $80,000,000 Capital Projects Revenue Budget vs Actual $70,000,000 $60,000,000 $50,000,000 $40,000,000 Budget Actual $30,000,000 $20,000,000 $10,000,000 $ State Sources Local Sources Transfers In Other Financing Items 12

15 Capital Projects Expenses by Function Transfers Out, 9,073,530 Facilities, 9,609,032 13

16 Polk County School Board Special Revenue Fund 2012/2013 Compared to 2011/ September September Budget 2012 Variance % 2011 Change % Change Revenues Federal Direct $ 12,349,958 $ 2,106,635 $ (10,243,322) 82.94% $ 1,787, $ 319, % Federal Through State 115,005,126 17,698,903 (97,306,224) 84.61% 19,552, (1,853,594) 9.48% State Sources 854,256 66,386 (787,870) 92.23% 47, , % Local Sources 7,881,293 1,110,754 (6,770,539) 85.91% 1,185, (75,105) 6.33% Transfers In 0.00 Total Revenues 136,090,633 20,982,678 (115,107,955) 84.58% 22,572,991 (1,590,313) 7.05% Expenses Instruction 42,636,380 6,938,098 (35,698,282) 83.73% 7,045,570 (107,472) 1.53% Pupil Personnel Services 7,042,548 1,258,155 (5,784,393) 82.13% 1,261,347 (3,192) 0.25% Instructional Media 786, ,341 (638,551) 81.15% 93,084 55, % Instr & Curr Dev 15,556,437 2,291,866 (13,264,571) 85.27% 2,715,022 (423,156) 15.59% Instr Staff Training 14,082,965 1,953,702 (12,129,262) 86.13% 2,356,216 (402,514) 17.08% Instr Related Tech % 249 General Admin 3,893, ,088 (3,483,060) 89.47% 419,945 (9,857) 2.35% School Admin 189,170 37,722 (151,448) 80.06% 29,218 8, % Facilities 54,367 54,367 54,367 Fiscal 157,807 29,797 (128,010) 81.12% 28, % Food Services 44,071,442 8,272,969 (35,798,472) 81.23% 7,858, , % Central Services 4,862, ,167 (4,475,605) 92.04% 409,705 (22,537) 5.50% Pupil Transpotation 629,117 4,243 (624,874) 99.33% 55,789 (51,546) 92.40% Operation of Plant 72,856 24,786 (48,070) 65.98% 34,708 (9,922) 28.59% Maintenance of Plant 44,424 5,785 (38,639) 86.98% 10,300 (4,515) 43.84% Admin Technology 452,523 98,096 (354,427) 78.32% 51,698 46, % Community Services 2,326, ,447 (1,758,135) 75.57% 540,958 27, % Total Expenses 136,805,157 22,483,877 (114,321,280) 83.57% 22,910,938 (427,061) 1.86% Excess (Deficit) of Revenues (714,524) (1,501,199) (786,675) % (337,947) (1,163,253) % Beginning Fund Balance 11,200,150 11,200,150 9,395,349 1,804, % Ending Fund Balance $ 10,485,626 $ 9,698,951 $ (786,675) 7.50% $ 9,057,402 $ 641, % NOTE: A RED Variance / Change notes a negative impact to the District; a BLACK Variance / Change notes a positive impact to the District. 14

17 $140,000,000 Special Revenue Budget vs Actual (Includes ARRA Funding) $120,000,000 $100,000,000 $80,000,000 $60,000,000 Budget Actual $40,000,000 $20,000,000 $ Federal Direct Federal Through State State Sources Local Sources Transfers In 15

18 Special Revenue Expenses by Function (Includes ARRA Funding) Instructional Media, 148,341 Pupil Personnel Services, 1,258,155 Instr & Curr Dev, 2,291,866 Instr Staff Training, 1,953,702 Instr Related Tech, 249 General Admin, 410,088 Facilities, 54,367 Fiscal, 29,797 School Admin, 37,722 Food Services, 8,272,969 Instruction, 6,938,098 Community Services, 568,447 Admin Technology, 98,096 Operation of Plant, 24,786 Maintenance of Plant, 5,785 Central Services, 387,167 Pupil Transpotation, 4,243 16

19 Polk County School Board Special Revenue Expenditures Detail For Period Ending September 30, 2012 Classification of Expenditures September Employee Purchased Energy Materials Capital Other Budget 2012 Salaries Benefits Services Services & Supplies Outlay Expenses Instruction $ 42,636,380 $ 6,938,098 $ 2,886,172 $ 881,491 $ 1,068,349 $ $ 1,061,485 $ 978,725 $ 61,877 Pupil Personnel Services 7,042,548 1,258, , ,504 72,425 3, ,450 Instructional Media 786, ,341 62,465 21, ,593 Instr & Curr Dev 15,556,437 2,291,866 1,734, , , , ,155 Instr Staff Training 14,082,965 1,953,702 1,059, , , ,145 18,066 61,827 Instr Related Tech School Board General Admin 3,893, , ,088 School Admin 189,170 37,722 29,315 5,850 2, Facilities 54,367 54,367 Fiscal 157,807 29,797 16,555 4,492 8,750 Food Services 44,071,442 8,272,969 2,239,070 1,232,134 59,095 12,482 4,498, ,614 54,461 Central Services 4,862, , ,770 31, ,495 17, ,063 Pupil Transpotation 629,117 4, ,393 2, Operation of Plant 72,856 24, ,838 4, Maintenance of Plant 44,424 5,785 4,696 1,089 Admin Technology 452,523 98,096 30,231 7,078 60,787 Community Services 2,326, ,447 3, , ,119 Totals $ 136,805,157 $ 22,483,877 $ 8,954,380 $ 3,024,728 $ 2,058,530 $ 20,314 $ 5,738,878 $ 1,519,080 $ 1,167,967 17

20 Expenditures By Classification Special Revenue Capital Outlay, $1,519,080 Other Expenses, $1,167,967 Salaries, $8,954,380 Materials & Supplies, $5,738,878 Energy Services, $20,314 Employee Benefits, $3,024,728 Purchased Services, $2,058,530 18

21 Polk County School Board Debt Service Fund 2012/2013 Compared to 2011/ September September Budget 2012 Variance % 2011 Change % Change Revenues Federal Direct $ 1,141,797 $ $ (1,141,797) % $ $ State Sources 2,895,142 (2,895,142) % Local Sources (7,092) (7,092) (6,754) (338) 5.00% Transfers In 47,103,226 2,117,070 (44,986,157) 95.51% 1,561, , % Other Financing Items Total Revenues 51,140,165 2,109,978 (49,030,187) 95.87% 1,554, , % Expenses Debt Service 48,918,638 2,111,764 (46,806,875) 95.68% 1,679, , % Transfers Out Total Expenses 48,918,638 2,111,764 (46,806,875) 95.68% 1,679, , % Excess (Deficit) of Revenues 2,221,527 (1,786) (2,223,313) % (124,883) 123, % Beginning Fund Balance 7,086,019 7,086, % 4,520,032 2,565, % Ending Fund Balance $ 9,307,546 $ 7,084,233 $ (2,223,313) 23.89% $ 4,395,149 $ 2,689, % NOTE: A RED Variance / Change notes a negative impact to the District; a BLACK Variance / Change notes a positive impact to the District. 19

22 Polk County School Board Combining state of Revenues, Expenses, and Changes in Retained Earnings Internal Service Funds For Period Ending September 30, 2012 Description Worker's General Liability Errors & Omissions Group Compensation / Fleet Liability /Boiler & Machinery Insurance Totals Operating Revenues Premium Revenue $ 654,582 $ 497,625 $ $ 15,316,792 $ 16,469,000 Other Operating Revenues Total Operating Revenues 654, ,625 15,316,792 16,469,000 Operating Expenses (Function 9900) Purchased Services 764,006 85,184 1,391,306 2,240,496 Energy Services 1,720 1,720 Materials and Supplies 1,399 1,399 Capital Outlay 2,108 2,108 Other Expenses 1,586,870 41,653 19,322,441 20,950,964 Total Operating Expense 2,350, ,837 20,719,046 23,196,759 Operating Income (Loss) (1,696,294) 370,788 (5,402,254) (6,727,759) Nonoperating Revenues Interest 71,555 2, (1,200) 73,419 Miscellaneous 132, , ,541 Total Nonoperating Revenues 203,897 2, , ,959 Nonoperating Expenses (Function 9900) Loss On Disposition of Assets Total Nonoperating Expenses Income(Loss) Before Operating Transfers (1,492,396) 373, (5,230,367) (6,348,800) Operating Transfers Out (Function 9700): Operating Transfers Out 23,889 21, , ,208 Total Operating Transfers Out 23,889 21, , ,208 Net Income (Loss) (1,516,285) 351, (5,511,415) (6,675,008) Retained Earnings Beginning of Year 11,130,125 1,624,962 1,950,987 8,323,110 23,029,185 Adjustments to Retained Earnings (1,516,285) 351, (5,511,415) (6,675,008) Retained Earnings End of Year $ 9,613,840 $ 1,976,820 $ 1,951,820 $ 2,811,695 $ 16,354,176 20