Fall 2025 Treasurer’s Update and Budget Report

Billy Gunn
Oct 5
2 min read

By Billy Gunn, Treasurer

It is that time of year again when it is my responsibility to report on the last year’s finances and provide an approved budget for this year. The Faculty Assembly operates on a fiscal year that begins October 1 and ends on September 30, which means we are currently at the beginning fiscal year 2025-2026. By comparing our budgeted expectations for 2024-2025 with actual expenditures, we see that the FA once again ended the year in a strong financial position for the future.

Updates

Tax-Exempt Status: I am happy to report that our multi-year effort to attain tax-exempt status has finally come to a conclusion! Thanks to all of you who voted in August to approve changes to the FA Constitution that were requested by the California Franchise Tax Board. We are now official under IRS section 501(c)(5) and California FTB section 23701(a).
Fall Dues Drive: As a result of a number of retirements and a large group of newly hired faculty, the percentage dues-paying full-time faculty fell from 85-80%. Fear not! The FA Operations Committee is organizing our Fall 2025 Dues Drive. We plan to reach out collectively and individually to all non-FA members, and our goal is to reach 90% membership this semester.
Financial Subcommittee: The FA Council’s financial subcommittee will continue to monitor revenue and expenditures closely, recommending strategies that ensure sustainability and growth while maintaining a conservative investment strategy in the current environment.

Fiscal Year 2024-2025 Budget Report

Overall, total expenditures came in well below budget across multiple categories, helping preserve and grow the FA’s financial reserves by nearly $100,000 last year.

Revenue Highlights

Member Contributions: Budgeted at $115,000, actual revenue reached $121,350.15, reflecting continued faculty support and high dues participation.
Interest Income: Budgeted at $20,000, actual income totaled $17,385.20, slightly below expectations.
Total Revenue: Actual revenue came in at $138,735.35, slightly higher than the expected $135,000.

Expense Highlights

Legal Counsel: Budgeted high at $20,000 in anticipation of additional support needed during CBA negotiations, but actual costs were only $7,168.50.
Negotiations and Investigations: Budgeted at $8,000, actual expenditure was $1,358, due to lower-than-anticipated costs.
Philanthropy: Last year the FA donated $7500 to support our students through initiatives such as Hunger & Homelessness Awareness Week, SAS Graduation Recognition Ceremony, Art Student Recognition Awards, Veterans Warrior-Scholar Project (WSP), CLC National Adult Education Honor Society, CLC Expressions -- a publication for Noncredit ESL, Adult High School, Independent Learners, and Lifelong Learning programs

Fiscal Year 2025-2026 Proposed Budget

Looking forward, the proposed budget for 2025-2026 reflects careful planning and an expectation of continued faculty engagement.

Financial Outlook

The Faculty Assembly remains in a sound financial position with revenue continuing to exceed expectations and expenses consistently managed below budget. Our reserve balance continues to provide stability in the face of potential challenges such as negotiations, investigations, or unexpected legal cases.