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Fall 2023 Financial Update

By Billy Gunn, Treasurer


Article III of the Faculty Assembly Bylaws defines the main role of the organization’s Treasurer as follows, “The Treasurer shall be responsible for proposing annual budgets and documenting and reporting on expenditures of funds.” The FA operates on a fiscal year that begins October 1 and ends on September 30. This means that now, in early December, I am finally able to fulfill the Treasurer’s primary obligation of reporting on last year’s finances and providing a proposed budget for 2023-2024.

 

Fiscal Year 2022-2023 Budget Report

By comparing the 2022-2023 budget, on the left, to the actual expenditures of the Faculty Assembly, on the right, it is clear that our revenue exceeded expectations, and we spent significantly less than anticipated. Much of this good news is due to the fact that our legal fees were only $4,700, as opposed to the $15,000 anticipated. The increase in revenue was the result of a concerted effort by the FA Council and Executive Committee to reach out to faculty who were not paying dues. We were able to add an additional 30 faculty members to our dues list. We were also able to lay the groundwork for investing a portion of our reserve funds, which was a completely unanticipated revenue source. See my recent article, “Investing in the Future of the Faculty Assembly,” for more details about the process of becoming a tax-exempt organization and data on projected investment revenue for the FA.


Fiscal Year 2023-2024 Proposed Budget


The proposed budget, below, includes modest increases in a handful of categories, but as in past years, we anticipate that legal expenses will be our largest expenditure. As we move closer to a negotiation year in 2024-2025, we increased reassigned time categories, so that we can be as prepared as possible. Training and Conferences was also increased, in order to allow more FA Council and Exec members to attend CCCI conferences this year. In anticipation of 2024 elections for members of the Board of Trustees, we allocated additional funds for political contributions. The only new category is CPA Fees, which will be used to pay for tax preparation required with our new tax-exempt status.

Overall, the FA’s financial outlook is very strong. Last year, we increased our reserve account by over $60,000. At the end of 2022-2023, our account balances were more than $408,000, and we expect this to increase by another $50,000 in 2023-2024. At the advice of legal counsel, we are aiming to reach a reserve balance of $500,000, which should be attained within the next two years. This semester, a small financial subcommittee was formed within the FA Council to determine if and/or when a new financial strategy should be adopted.

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