Aug 7, 2017 Board of Directors Meeting. YTD June 2017 Financial Results

Transcription

1 Aug 7, 2017 Board of Directors Meeting YTD June 2017 Financial Results 1

2 YTD June2017 Statement of Operations The YTD financials reflect $1.576M gift in kind revenue and expense for the Sharon Stone PSA s. based on the FMV of the ads. 2

3 YTD June 2017 Budget vs Actual Comments A few highlights for the National Operations: YTD Net Loss of $285K is unfavorable by $219K compared to the original budgeted Net Loss of $66K, due mainly to a $144K unfavorable revenue variance and a $75K unfavorable expense variance. Both of these variances are net of the $1,576,650 Gift In Kind amounts for the PSA s. This entry was recorded as of 6/30/2017. YTD June Revenue of $2.441M was behind budget by $144K. See additional details on the following Non- Food Revenue slide. YTD Expenses of $2.72M were higher than budget by $75K, driven mainly by the following: Backpack and Corporate packing expense was negative by $4K. Payroll was negative by $199K. $84K is due to the addition of the unbudgeted, but approved, position of Director of Strategic Initiatives. The Program team is above budget, as they hired their new budgeted FTE s in December instead of January. This is partially offset by savings in Contract Services, as 1 of the new FTE s was originally budgeted to be a contract position ($38K). Also, the Marketing Coordinator position went from PT to FT in Jan, having a $20K negative impact. There was also $30K for accrual related adjustments. Contract expenses was positive by $60K mainly due to timing of Food Logistics services and the FTE noted above. $22K planned for Food Logistics to be spent Q4. We then re- evaluate for FY18. Admin Expense was positive by $15K due to savings of printing and other misc expenses. Marketing Expense was positive by $50K. Travel expense was slightly positive by $7K. A few highlights for the Local (Program) Operations: YTD Food Revenue of $6.85M was behind budget by $1.18M. The biggest reason is the fact that we have been feeding less children during the year than planned. Food Expense was ahead budget by $1.78M. The budget assumes we would be feeding 104K children as of June 30, instead of the 91K that we actually did. National Cash balance is $374K vs a forecast balance of $516K. The $142K variance is due in part to 4 transactions. $50K from Meijer for the golf pledge receivable is expected to arrive July\August. CIGNA grant arrived in July instead of June ($58K). Large Individual ask for $25K still unknown. $25K pledge from Unilever arrived in July instead of June. Program cash is $4.6M. Total Investments are $3.22M. 3

4 Month of June 2017 Statement of Operations 4

5 FY17 YTD Nonfood Revenue FY17 Nonfood Budget Thru June Nonfood Budget Thru June Nonfood Actuals Channel Not Identified Identified Total Not Identified Identified Total Not Identified Identified Total Athletes 16,000 79,120 95,120 16,000 79,120 95,120 48,406 43,120 91,526 Corporations 454, , , , , , , , ,716 Events, Net YTD 21, , ,500 21, , ,500 24, , ,433 Foundations 104, , , , , ,300 74, , ,288 Government 21, , ,420 21, ,984 59,984 Individuals 143, , , , , , , , ,841 Other 3, ,000 3, ,000 7, ,607 Total $ 764,170 $ 1,609,140 $ 2,373,310 $ 742,750 $ 1,630,560 $ 2,373,310 $ 735,352 $ 1,537,042 $ 2,272,394 Variance, Thru June Budget to Actuals Not Identified Identified Total Athletes: Two gifts budgeted for FY17 should now arrive in early FY18. Athletes 32,406 (36,000) (3,594) Corporations (92,601) (80,153) (172,754) Corp: Over $80k of support budgeted for June was received in July. Events, Net 3,472 (6,540) (3,067) Foundations (29,957) (13,055) (43,012) Govt: Ohio Health Department and CFC support Government 0 38,564 38,564 Individuals 74,676 3,665 78,341 Ind: Increased outreach, engagement and engaging new donors is increasing support Other 4, ,607 Total $ (7,398) $ (93,518) $ (100,916) *Does not include Managing Director-raised Revenue. Notes

6 YTD June 2017 vs June 2016 Statement of Operations 6

7 June 2017 Balance Sheet 7

8 Historical Balance June 30 8

9 June YTD 2017 Unrestricted (Non- food) Cash Flows Unrestricted (Non-Food) Budget Revenue Expenses Change in Net Assets Adjustments Depreciation Change in Operating Assets & Liabilities Contributions and Accts Recv Prepaid Expenses and Other Assets Accounts Payable Other Accrued Liabilities Purchases of Equipment (Inc) Dec in Investments Transfer from Investments Release NUDM Temp Rest Assets Net Inc (Dec) in cash Beginning Cash Ending Cash Internal Peg Balance Year To Date June 2017 Actual Budget Variance 4,017,827 2,585,954 1,431,873 (4,303,393) (2,651,791) (1,651,602) (285,566) (65,837) (219,729) 15,538 12,000 3, ,281 12, ,386 3,394-3,394 1,425-1,425 24,959-24,959 (24,359) (16,000) (8,359) (19,805) - (19,805) 45,000 45, ,000 98,000 8,000 13,866 86,058 (72,192) 360, ,230 (226,839) 374, ,288 (299,031) 375, ,000 Year To Date June 2017 w/o GIK Actual Budget Variance 2,441,177 2,585,954 (144,777) -6% (2,726,743) (2,651,791) (74,952) -3% (285,566) (65,837) (219,729) 15,538 12,000 3, ,281 12, ,386 3,394-3,394 1,425-1,425 24,959-24,959 (24,359) (16,000) (8,359) (19,805) - (19,805) 45,000 45, ,000 98,000 8,000 13,866 86,058 (72,192) 360, ,230 (226,839) 374, ,288 (299,031) 375, ,000 Balance Above (below ) (743) 423,288 (743) 423,288 9

10 12 Month Forecast Unrestricted (Non- food) Cash Flows Unrestricted Cash Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Beginning Balance 374, , ,977 68, , , , , , , , ,813 Collections School 2% - 6,653 13,335 13,344 13,356 10,027 20,062 20,091 20,118 20,154 20,168 5,047 School $10 pp , , Regional Manager 10,000 14,167 14,867 33,417 30,167 33,917 15,967 15,167 15,167 15,167 19,667 15,167 National Board of Directors - 8,182 8,182 8,182 8,182 8,182 8,182 8,182 8,182 8,182 8,182 8,182 New Target Markets ,500 37,500 30,000 22,500-82,500 52,500 30,000 97,500 - Ohio Health - 15, , , ,000 - National Driven Events ,000 20,625 5,730-10,000 20,000 27,930 12,235 25,000 Individuals 15,000 21,000 20,750 21,350 60, ,250 33,100 25,100 37,100 61,100 27,100 31,100 Athletes 6,375 8,000-26,175 37,500 26,100 4,375 21,720 26,500 3,875 2,500 2,000 Corporations 65,650 12,600 14, ,400 39, , ,700 9,400 39,900 58,400 29, ,200 Foundations ,000 55, ,500 50, , ,000 40,515 Other Interest Income 1,166 1,287 1,264 1,241 1,247 1,254 1,231 1,174 1,088 1, Transfers from investments 40,000 18,000 Purchase of Assets (5,000) - (5,000) - - Collections on AR 91,500 8,267 3,000 5, Less Disbursements Non Payroll Operating Expense (64,564) (95,776) (68,861) (75,028) (70,132) (66,014) (82,107) (81,587) (71,830) (84,560) (83,315) (75,491) Payroll & Taxes (170,143) (170,143) (178,387) (178,387) (178,387) (178,387) (185,653) (185,653) (192,920) (192,920) (206,091) (206,091) Ending Balance 369, ,977 68, , , , , , , , , ,673 Regional Manager Restriction Revenue - - (22,500) (37,500) (30,000) (22,500) - (82,500) (52,500) (30,000) (97,500) - Expense 2,000 2,000 3,000 1, ,864 10,664 24,282 24,282 Net Balance Cumulative 2,000 4,000 (15,500) (52,000) (82,000) (104,500) (104,500) (187,000) (230,636) (249,972) (323,190) (323,190) Net Balance after New Markets 371, ,977 53, , , , , , , , , ,483 Peg Balance - 2 months avg opr exp 500, , , , , , , , , , , ,000 Over (Under) Peg (128,510) (279,023) (446,823) (345,880) (274,222) (20,613) 6,493 (134,663) (222,245) (217,963) (22,377) 116,483 10

11 Investment Summary June 2017 FY 2017 UBS Merrill Lynch Total Opening Balance $1,994,253 $1,361,719 $3,355,972 Investment Income $17,765 $2,887 $20,652 Transfer from (to) Operating Acct ($151,000) ($151,000) Investment Expenses $0 ($270) ($270) Increase\(Decrease) - Premium\Discount on CD's $0 ($636) ($636) Increase\(Decrease) in FMV - Unrealized $3,987 $2,009 $5,996 Net Amount per June 30, 2017 Investment Statement $2,016,004 $1,214,710 $3,230,714 Summary of Holdings UBS Merrill Lynch Total % of Total Putnam Short Duration Income Fund A (PSDTX) $2,016,003 $2,016, % Certificates of Deposit $551,374 $551, % Cash\MMA Deposits\Accrued Interest $1 $663,336 $663, % Amount Per Investment Statement $2,016,004 $1,214,710 $3,230, % Add Back (Inc.) Dec in FMV - Inception to Date $295 ($1,961) ($1,666) Cost Basis Per GL $2,016,299 $1,212,749 $3,229,048 11

12 Active Student Headcount June 2017 Thousands June 16 Actual June 17 Actual June 17 Goal EOY Goal We have received notice from various programs that approx. 2,500 students will ending as of 6/30/17. Those are not reflected in the 6/30/17 numbers above. 12