Shared Capital Cooperative SNAPSHOT 4/30/2017

Transcription

1 SNAPSHOT Income Statement 4/30/2017 ACT BUD ACT BUD APR APR YTD YTD Interest & Loan Fee Revenue 62,595 79, , ,949 Interest Expense (14,540) (19,361) (58,621) (74,401) Operating Gross Margin 48,055 60, , ,548 Operating Expenses (57,541) (87,328) (222,085) (289,151) Operating Net Income (9,486) (26,861) (31,621) (72,603) Grant Revenue 17,500 88,000 Provision for Bad Debt (11,875) (20,279) (47,500) Net Income (9,486) (21,236) (51,901) (32,103) Balance Sheet ACT ACT 4/30/17 3/31/17 Cash 728, ,891 Loans Receivable 14,809,290 14,545,409 Less Participations (4,014,488) (3,843,364) Less Loan Loss Reserve (542,871) (556,092) Net Loans Receivable 10,251,930 10,145,953 Investments in Cooperatives 154, ,560 Other Assets 207, ,233 TOTAL ASSETS 11,342,317 11,197,636 Notes Payable 8,641,191 8,526,777 Line of Credit 361, ,545 Funds Held for Others 340, ,725 Other Liabilities 120, ,336 TOTAL LIABILITIES 9,463,299 9,329,384 Preferred Stock 1,699,031 1,699,031 Common Stock 1,583,759 1,583,729 APIC 608, ,830 Retained Earnings (2,011,822) (2,002,338) TOTAL EQUITY 1,879,018 1,868,252 TOTAL LIABILITIES & EQUITY 11,342,317 11,197,636 Target Cash as % of Notes Pay 8% > = 7.5% * 8% Cash as % of Notes Pay (w/o LOC) 4% > = 10.0% 4% LOC maximum available $ 384,204 $ 384,157 LOC drawn $ 361,545 $ 361,545 LLR as % of Loans Rec 5% 5% 5% Equity as % of Assets 17% 20% 17% Equity & Subordinated Debt as % of Assets 62% 65% * Board adjusted policy requirement until July 2017

2 Balance Sheet - Detail As of April 30, 2017 Apr 30, 17 Mar 31, 17 $ Change ASSETS Current Assets Checking/Savings Cash & Equivalents Cash - Unrestricted Checking-Sunrise 168, , (84,476.60) Money Market-Sunrise 150, , , NCB 384, , CD-1 year 25, , Total Cash - Unrestricted 728, , , Total Cash & Equivalents 728, , , Total Checking/Savings 728, , , Other Current Assets Loan Receivable Commercial Loans Rec. Less - Participation Portion (4,014,488.14) (3,843,364.43) (171,123.71) Commercial Loans Rec. - Other 14,653, ,386, , Total Commercial Loans Rec. 10,638, ,543, , Share Loans Share Loans Rec. 116, , (739.01) Total Share Loans 116, , (739.01) Interest Rec. Commercial Loans 39, , (1,830.15) Share Loans (27.27) Total Interest Rec. 39, , (1,857.42) Allowance for Loan Loss (542,871.00) (556,092.34) 13, Total Loan Receivable 10,251, ,145, , Other Receivables and Prepaids Prepaid Expenses Prepaid Insurance 2, , (498.38) Prepaid Expenses - Other 36, , (975.70) Total Prepaid Expenses 38, , (1,474.08) Total Other Receivables and Prepaids 38, , (1,474.08) Fixed Assets, Net Leasehold Improv/Acquisitions (8.12) Office Equipment 2, , (391.53) Total Fixed Assets, Net 2, , (399.65) Deferred Income Tax Benefit 166, , Total Other Current Assets 10,459, ,355, , Total Current Assets 11,187, ,043, , Other Assets Investments in Cooperatives 154, , Total Other Assets 154, , TOTAL ASSETS 11,342, ,197, , LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Accounts Payable 5, , (7,177.73) Total Accounts Payable 5, , (7,177.73) Other Current Liabilities Notes Payable Coop Members 3,967, ,872, , Individual Notes Payable 809, , , Institutional Notes Payable Institutional Notes Payable 2,860, ,854, , Institutional Notes - Subord 501, , Institutional Notes Payable-EQ2 501, , , Total Institutional Notes Payable 3,863, ,855, , Lines of Credit NCB Line of Credit 361, , NOT AUDITED

3 Balance Sheet - Detail As of April 30, 2017 Apr 30, 17 Mar 31, 17 $ Change Total Lines of Credit 361, , Total Notes Payable 9,002, ,888, , Funds held for others 340, , , Other Liabilities Accrued Expenses 14, , AFLAC Payable HSA Employee Contrib Payable-Participation Loans 99, , Total Other Liabilities 114, , Total Other Current Liabilities 9,458, ,316, , Total Current Liabilities 9,463, ,329, , Total Liabilities 9,463, ,329, , Equity Preferred Stock 1,699, ,699, Common Stock-Voting Voting - Cooperatives 2, , Voting - Individuals 2, , Voting - Special Class Total Common Stock-Voting 4, , Common Stock-Non-Voting Non-Voting - CDF 5, , Non-Voting - CDFI Fund 1,519, ,519, Non-Voting - NCB Capital Impact 9, , Non-Voting - NWAF 20, , Non-Voting - Twin Pines 25, , Total Common Stock-Non-Voting 1,578, ,578, Additional Paid-In Capital APIC - Voting - Cooperatives 401, , , APIC - Voting - Individuals 4, , APIC - Worker Ownership Fund 98, , Subcription Fees (88,481.60) (88,481.60) 0.00 APIC - Other 191, , Total Additional Paid-In Capital 608, , , Retained Earnings (1,959,923.91) (1,959,923.91) 0.00 Net Income (51,900.61) (42,414.40) (9,486.21) Total Equity 1,879, ,868, , TOTAL LIABILITIES & EQUITY 11,342, ,197, , NOT AUDITED

4 Income Statement - Summary April 2017 Apr 17 Jan 17 $ Change Jan - Apr 17 Ordinary Income/Expense Income Interest Revenue 57,591 59,145 (1,554) 230,354 Loan Fee Revenue 5,003 4, ,713 Other Revenue Total Income 62,595 63,803 (1,209) 249,084 Cost of Goods Sold Interest Expense-Coop 4,485 4,817 (332) 18,679 Interest Expense-Individual 1,627 1, ,229 Interest Expense-Institutional 8,427 8, ,713 Total COGS 14,540 14,569 (29) 58,621 Gross Profit 48,055 49,234 (1,179) 190,464 Expense Labor Expense 42,351 42,708 (357) 163,431 Contract Services 2,324 2,404 (80) 12,697 Accounting/Audit Srvs (160) 10,325 Legal Services (125) 1,548 (1,673) 1,423 Office Expenses 2,591 3,856 (1,265) 10,848 Marketing 2, ,865 3,953 Depreciation and Amortization 1,111 1, ,445 Occupancy Expense 1,300 1,345 (45) 5,245 Travel Costs 1, ,465 4,125 Training, Conf., Mtgs Other Expense 3, ,504 4,791 Reimbursed Expense Total Expense 57,541 53,991 3, ,085 Net Ordinary Income (9,486) (4,757) (4,729) (31,621) Other Income/Expense Other Expense Provision for bad debt 0 15,386 (15,386) 20,279 Total Other Expense 0 15,386 (15,386) 20,279 Net Other Income 0 (15,386) 15,386 (20,279) Net Income (9,486) (20,143) 10,657 (51,901)

5 Income Statement Actual vs Budget April 2017 Apr 17 Budget $ Over Budget % of Budget Ordinary Income/Expense Income Interest Revenue 57, , , % Loan Fee Revenue 5, , , % Event Revenue , , % Grant Revenue , , % Total Income 62, , , % Cost of Goods Sold Interest Expense-Coop 4, , , % Interest Expense-Individual 1, , % Interest Expense-Institutional 8, , , % Total COGS 14, , , % Gross Profit 48, , , % Expense Labor Expense 42, , , % Contract Services 2, , , % Accounting/Audit Srvs , , % Legal Services % Office Expenses 2, , % Marketing 2, , , % Depreciation and Amortization 1, , % Occupancy Expense 1, , % Travel Costs 1, , , % Training, Conf., Mtgs % Fiscal Sponsor Fee % Other Expense 3, , , % Reimbursed Expense Total Expense 57, , , % Net Ordinary Income -9, , % Other Income/Expense Other Expense Provision for bad debt , , % Total Other Expense , , % Net Other Income , , % Net Income -9, , , % Page 1