Update
by the Executive Director
Tim Merriman, Executive
Director
September 2007
Audit, Budget and Cash Flow
The audit is complete and Tim, Beth
and Lisa met with auditor Steve Collins, CPA to go over the details
of it on May 25, 2007. Several important observations can be made
from it.
| • |
Legacy
Trust Fund (endowment) contributions grew by $141,813, roughly
$3,500 more than in 2005. Net assets grew by $159,780 which
means that an operating surplus of $21,401 accrued, reducing
unrestricted deficits by that amount. This is more than $150,00
in growth in operating funds over 2005 performance. |
| • |
We
had $2,071,585 in total support and revenue in 2006, our
best revenue
year ever, and total expenses came to $1,906,080. |
| • |
We
owed $82,000 on the line of credit at the end of 2006 compared
to $150,000 at the end of 2005. Cash flow problems and line
of credit use remains high due to the unrestricted deficit,
accounts receivable of $89,302 and deferred income of $231,187
at the end of 2006. |
| • |
Total
assets for NAI were $1,746,763 at the end of 2006, an increase
of $83,862. |
| • |
The
mortgage and notes payable for the NAI Office Building and
equipment at 230 Cherry Street was reduced from $695,894
to $590,639, a total of $105,255. |
| • |
Management
letter items of concern have been reviewed and addressed
in
the following manner. |
| |
• |
NAI
will hire an appropriate contractor to work with accounts
receivables in the last four months of 2007 and reduce them
as appropriate. |
| |
• |
All
mail will be opened by Jamie King or Tara Tanner and checks
logged before turning over payments to Beth Bartholomew for
accounting and banking. |
| |
• |
Depreciation
expense will be throughout the year to avoid adjustment at
year-end. |
| |
• |
NAI
staff will prepare books for auditing in more final form
by December 31,
2007 to avoid adjustments after year-end. |
| |
• |
An
amount for sales returns related to certification packets
will be kept on the balance sheet to better reflect circumstances
at year-end. |
Business
Plan 2007
NAI is having a good year but must have a good event
in Wichita to complete that. More than 500 are registered
at this time and we will have a better idea of likely attendance
after the middle price deadline on October 10. We owe $90,000
on the line of credit at this time and expect to have it paid
off
by October 15.
Grants
We continue to work with NPS with the Phase II grant with
USEPA on projects related to the nature center study with CSU.
InterpPress
Sales of existing books go well with 103% of projections
for the year achieved to date.
Investments
Sale of stocks from the Randall Fund and Taylor Charitable
Gift Annuity yielded a return greater than 27% for VGENX and
virtually no growth in the other two funds. This amounts to a 13.5%
return
for the $100,000 in Randall Funds and a 27% return for the Taylor
CGA. Dick Taylor receives a contractual percentage of the earnings
from invested funds in the CGA.
Journal of Interpretation Research
The first issue for 2007 went
out earlier this month in August. The second issue is being reviewed
at this time according to the editor, Dr. Carolyn Ward.
Leases
Both leases downstairs at 230 Cherry St. have
expired on July 15. NPCA has renewed their lease and RMBO is
going month
by month, trying to decide whether to stay in our building or
move. We are seeking other potential tenants in case we need
someone
in that space in the new year.
Sales
InterpPress sales are at 103% of projections in
the Business Plan and we have our strongest sales quarter ahead.
Staff Changes
We have no plans to hire additional staff before
end of this year.
Training and Speaking
In August we held very successful
CIT and CIP events in Fort Collins and Florida, respectively.
We also held an interpretive planning course in Chicago for Frank
Lloyd Wright Museum. In September we have already held a successful
Interpretation by Design course at the Region 2 workshop in Delaware
and a CIH Trainer’s workshop in Fort Collins.
Travel Plans
My upcoming travel may be viewed here.
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