Ugandan North American Association. Financial Report September 30, 2016

Transcription

1 Ugandan North American Association Financial Report September 30,

2 Table of Content Executive Summary 3 UNAA Annual Convention Income & Expense Statement 6 UNAA Consolidated Income & Expense Statement 8 UNAA Consolidated Balance Sheet 11 Notes to Financial 12 2

3 Executive Summary Dear UNAA Members, On behalf of the UNAA Leadership, I am excited to present to you a full report on the recently concluded Convention in Boston. It is our fiduciary responsibility to ensure that the organization does not suffer any financial loss due to poor management and/or reckless behavior. Since 2013, UNAA has managed to evolve by adopting strategies intended to increase financial transparency, increase revenue, grow the UNAA brand, increase memberships, manage risk, and create value to its members, partners and affiliates. The 28 th Annual UNAA Convention success did not come as a surprise but instead because of the hard work and commitment of the UNAA Leadership, dedicated volunteers and loyal UNAA members over the years. I would also like to recognize the Ugandan Embassy in Washington DC under the stewardship of Amb. Oliver Wonekha for the continued support, all the sponsors and vendors who saw and continue to see value in partnering with UNAA. We witnessed record numbers in sponsorship donations increasing almost 20% from last year. An increment in revenue of 75%, we had over 35 vendors, the total number of registered Convention Delegates increased by 22% from last year, the Dinner Boat Cruise registered a staggering 630 people. The 8 th Annual Trade and Investment Forum registered tremendous success with participation of speakers from the Massachusetts of International Trade and Investment, The Uganda Banking Sector, Uganda Government Officials and other Stakeholders. As a result, a communique was signed between the Rt. Hon. Rebecca Kadaga, Speaker of the Parliament of Uganda and The UNAA President. Highlighted in the Communique was a need to set up a trade office to actively handle trade missions and promote Uganda s image abroad. Worth noting is also the need to set up a robust communication channel to enable information exchange and collaboration between Ugandan Enterprises, Government and Ugandans in the Diaspora. As we strive to reach greater heights, UNAA will continue to engage various communities across North America to impact the lives of its members at the grass root level. We have so far managed to successfully distribute $50,000 to various Communities and Affiliate Organizations in North America through the Community Development Fund. These Affiliate Organizations and Communities have witnessed immediate impact of these funds especially by being able to subsidize their budgets and hold Community functions such as celebrating Uganda s 54 th Independence. Sincerely, Monday Atigo, MBA President and CEO - Ugandan North American Association (UNAA 3

4 OBSERVATIONS Comparing 2015/2016 with prior year 2014/2015. REVENUE Total Income $393,843 (last year $201,882) o Positive trend upwards. Average yearly total revenue for the past 3 years is $272, Total Registration Revenue $176,718 (Last year $88,340) o Positive trend upwards year over year change 99.02%. Average registration revenue for the past 3 years is $131, Strategies to increase registration include strong marketing and offering reduced registration fee. Restricted/Unrestricted Revenue $92,250 1 (Last year $77,500) o Positive trend upwards over last year change 19.35%. Average sponsorship revenue for the last 3 years is $42, Strategies to increase sponsorships include ways to optimize UNAA brand and its ability to reach a wide diaspora audience. Total Annual Convention Revenue $340,258 (last year $187,847) o Positive trend upwards over past 2 conventions. Total revenue was up $147,546 that represented an upward change of 75.84%. strategies to increase Total convention revenue include reducing costs, increasing restricted/unrestricted sponsorships as well as general registration revenues. UNAA National Revenue $ 54,585 2 (Last year $9,070) o Positive trend upwards over last year. Strategies to increase UNAA national revenue include selling benefits of membership to the general diaspora, all year activities beyond convention, and holding viable assets that generate monthly income. 1 This amount does not include unpaid amount from UTB of $10, This amount includes the Community Development Grant from Government of Ugandan. 4

5 Financial Position snapshot Revenue Breakeven Point Margin of Safety $393,843 3 $357, $35, Actual 2015/ /16 Budget Vs. 2014/2015 Top Revenue Accounts summary Total Registration $ 176, $ 129, $ 88, Sponsorship Revenue $ 92, $ 25, $ 77, Boat Cruise $ 57, $ 49, $ 17, Vendors and Exhibitors $ 12, $ 6, $ 8, Hotel Rebate $ 11, $ 8, $ 6, Top Expense Accounts Account Summary Boat Cruise $ 62, $ 49, $ 32, Communications $ 5, $ 7, $ 6, Entertainment $ 31, $ 27, $ 27, Hotel $ 144, $ 80, $ 89, Community Outreach $ 55, $ 2, $ Represents all revenue associated with UNAA s normal business operations. 4 The breakeven point is the revenue level at which UNAA will commence to make a positive Net Asset 5 Represents the margin between the actual revenue level and breakeven point. The amount by which revenues can drop before losses begin to be incurred. The higher the margin of safety, the lower the risk of incurring losses 5

6 Ugandan North American Association (UNAA) Annual Convention Statement of Income and Expenditure Boston Convention - FY 2016 REVENUE BOS Convention New Orleans Difference Diff % UNAA Annual Convention Revenue Boat Cruise Dinner 57, , , % Registration Fees 0.00 Adv Winter Rates 40, , , % Child Rates % Early Bird Rates 35, , , % On Site Summer Peak Registration 22, , , % Regular Spring Rates 71, , , % Winter Holiday Rates 6, , % Youth Rates , % Total Registration Fees $ 176, $ 88, $ 128, % Corporate Partners 92, , , % Trade & Investment Forum 1, , % Vendor Table & Exhibitors 12, , , % Total UNAA Annual Convention Revenue $ 340, $ 192, $ 147, % EXPENSE UNAA Annual Convention Expenses Babysitting % Boat Cruise Dinner 62, , , % Communication, Advertising and Promotion 1, , % Commissions & Fees 5, , Office Expenses and General Supplies % Photocopy, Printing & Stationery Supplies % QuickBooks Payments Fees % Registration Usher Payments 1, , Square Fees Ez Texting , % Flyers and Graphics 2, , , % 6

7 Promotions 1, , Social Media Ads , , % Total Communication, Advertising and Promotion $ 13, $ 8, $ 5, % Decorations 2, , % Entertainment Audio Visual 10, , , % Performer Fees 9, , , % Performers Travel Expenses 7, , , % Performers Visa Applications 1, % Total Entertainment $ 31, $ 27, $ 4, % Hotel Payments 144, , , % Program Book and Digital Signage 4, , , % Refunds 2, , Registration Equipment and Supplies 8, , , % Registration Desk Meals % Total Registration Equipment and Supplies $ 16, $ 15, $ 1, % Security 2, , , % Transportation 10, , , % Total Convention Expenses $ 291, $ 182, $ 109, % NET INCOME(LOSS) $ 48, % 7

8 Ugandan North American Association (UNAA) Consolidated Statement of Income and Expenditure October 1, 2015 September 30, 2016 Column1 Column3 Column4 Column5 REVENUE Totals Oct Sep 2016 Oct Sep 2015 (PY) Change % Change UNAA Annual Convention Revenue Boat Cruise Dinner 57, , , % Registration Fees 0.00 Adv Winter Rates 40, , , % Child Rates % Early Bird Rates 35, , , % On Site Summer Peak Registration 22, , , % Regular Spring Rates 71, , , % Winter Holiday Rates 6, , % Youth Rates , % Total Registration Fees $ 176, $ 88, $ 128, % Corporate Partners 92, , , % Trade & Investment Forum 1, , % Vendor Table & Exhibitors 12, , , % Total UNAA Annual Convention Revenue $ 340, $ 192, $ 147, % UNAA National Revenue 50, , , % Membership Dues 0.00 New Member 3, , , % Renewing Member , , % Total Membership Dues $ 3, $ 7, $ 3, % Scholarship Fund % Total UNAA National Revenue $ 54, $ 9, $ 45, % Unapplied Cash Payment Income % Total Unrestricted Revenue and Support $ 394, $ 201, $ 192, % $ 394, $ 201, $ 192, % 8

9 Expenses Commissions & Fees 5, , Office Expenses and General Supplies % Photocopy, Printing & Stationery Supplies % Total Office Expenses and General Supplies $ 1, $ $ 1, % Purchases % QuickBooks Payments Fees % Registration Usher Payments 1, , Square Fees Taxes & Licenses % UNAA Annual Convention Expenses Babysitting % Boat Cruise Dinner 62, , , % Communication, Advertising and Promotion 1, , % Ez Texting , % Flyers and Graphics 2, , , % Promotions 1, , Social Media Ads , , % Total Communication, Advertising and Promotion $ 5, $ 6, $ 1, % Decorations 2, , % Entertainment Audio Visual 10, , , % Performer Fees 9, , , % Performers Travel Expenses 7, , , % Performers Visa Applications 1, % Total Entertainment $ 31, $ 27, $ 4, % Hotel Payments 144, , , % Program Book and Digital Signage 4, , , % Refunds 2, , Registration Equipment and Supplies 8, , , % Registration Desk Meals % Total Registration Equipment and Supplies $ 16, $ 15, $ 1, % Security 2, , , % Transportation 10, , , % Total UNAA Annual Convention Expenses $ 283, $ 180, $ 103, % 9

10 UNAA National Expenses Accounting, Legal & Professional Fees Legal Fees 1, , , % Bank Transaction Charges and Service Fees % American Express % Bank Charges 1, , % Bank Card Monthly Service Fee % BOA Monthly Fees % PayPal Wire Transfer % Total Bank Transaction Charges and Service Fees $ 4, $ 3, $ % Community Outreach & Mobilization 55, , % Dues & Subscriptions % Constant Contact 1, , % Member Clicks 3, , , % QuickBooks Fees RingCentral UNAA Phone % State Registration % Total Dues & Subscriptions $ 6, $ 4, $ 2, % Electoral Commission 2, , % Total UNAA National Expenses $ 68, $ 16, $ 51, % Total Expenses $ 360, $ 199, $ 160, % Net Operating Income $ 34, $ 2, $ 32, % Other Income Reimbursed Expenses 0.00 Total Other Income $ 0.00 $ 0.00 $ 0.00 Other Expenses EC Miscellaneous Total Other Expenses $ $ 0.00 $ Net Other Income -$ $ $ Net Surplus $ 34, $ 2, $ 32, % See notes to statement of Financial position 10

11 Ugandan North American Association (UNAA) Consolidated Balance Sheet FY Sept 30, 2016 ASSETS Sept 16 Current Assets Checking- National Checking Convention 20, Post Bank Savings 4, Total Checking/Savings 24, Outstanding A/R Credit 10, Fixed Assets Equipment Accumulated Dep. (208.00) Net Fixed Asset Total Current Assets 35, TOTAL ASSETS 35, LIABITIES & EQUITY Current Liabilities Hotel/Boat Cruise 8, Other Accounts Payable 7, Loans Payable 27, Total Current Liabilities 43, TOTAL LIABILITES 43, EQUITY Retained Earnings (42,980.00) Net Income 34, Total Equity (8,409.07) TOTAL LIABILITES & EQUTIY 35,

12 Notes to Financial Statements Note 1. Nature of Activities and Significant Accounting Policies Nature of Activates: Founded in 1988, The Ugandan North American Association (UNAA) is a community organization for Ugandans and friends in North America, with a particular emphasis on stimulating and encouraging nationwide acquaintance and fellowship among members in North America, United Kingdom and Uganda whose mission is to bring together Ugandans now living in North America and create a platform on which they can network, share and experience Ugandan culture and the abundant opportunities of our new home. A Summary of Significant accounting policies of UNAA follows: Basis of Accounting: The accompanying financial statements are presented in accordance with the cash basis of accounting, whereby, revenue is recognized when received and expense are recognized when payments are made. Basis of presentation: The financial statement presentation follows the recommendation of the Financial Accounting Standards Board Accounting Standards Codification (the Codification). As required by the Non-Profit Entities topic of the Codification, Financial Statements of Not-for- Profit Organizations, UNAA is required to report information regarding its financial position and activities based on the net asset. Financial risk: UNAA maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The UNAA has not experienced any losses in such accounts and believes it is not exposed to any significant financial risk on cash balances. Unrestricted/unrestricted contributions revenue: For the year ended September 30,2016 UNAA received and recognized unrestricted and unrestricted sponsorship of $92, For restricted contribution, UNAA agreed to distribute business marketing materials from donors for no more than Twelve (12) months from date of execution. Allocation of the contribution is as follow Restricted Contribution $42, Unrestricted Contribution $50, $92,

13 Community Development Funds receivable and distribution: UNAA recognized revenue for community development grant received. The grant was received in the form of unconditional promises to give or pledges. These promises to give are classified as unrestricted contributions receivable on the statement of financial position. Allocation of Community Development Funds: UNAA incurred joint costs of $50,000 for the year Ended September 30, UNAA allocated these funds amongst various Ugandan communities as follows; 2016 Ugandan Community of Greater Chicago $4, Pacific Northwest Ugandan American Assoc. $4, Ugandan North American Assoc. of Greater New York. $4, Ugandan American Association of Austin TX $5, Ugandan American Assoc. of Atlanta $3, Ugandan American Assoc. of Greater Dallas Fort Worth $6, Ugandan American Assoc. of Houston TX $5, Ugandan Community of California. (UCOCA) $4, Among the UNAA affiliates, the following organizations were the beneficiaries. North America Masaba Cultural Association $5, Lango Community of North America(LCONA) $4, $50,