Treasurer's Report

From: Chris Riemer <jcriemer@gmail.com>

Sent: Tuesday, September 04, 2018 2:50 PM

To: 'Folk Project' <fullboard@folkproject.org>

Subject: Treasurer's Report

Greetings, projectiles -

First, apologies for the fact that I'm going to miss tonight's meeting. I assume most of you have heard directly or indirectly that Judy and I got married this weekend. I am just now wrapping up a combination of wedding, work and Folk Project related tasks, and very much want to put my feet up and go to bed early. So here's the report, with the details in the attachment.

As of August 31, we had $14,300 in Checking, $28,700 in the Money Market and $280 in petty cash. We also show $128,200 in the Vanguard fund, and have a big chunk of UkeFest and Getaway money coming in from PayPal in a day or two. So including those receivables, the total current assets number is $182,400. The PayPal monies are reflected in the P&L (even though we don't have the cash in the bank), but I know Pam has other UkeFest-related things to submit.

I'd also like to take a moment to recommend that each venue chair make a point of reviewing their numbers in QuickBooks. The system is easy to use, and if you don't have a login (or have forgotten your password) it's easy for me to regenerate one. Here's why.

Each transaction is classified according to four criteria. Source (or Vendor, for expenses), Type, Department (and sometimes) Class. So a sample transaction might be:

PayPal-Admissions-Concerts-UkeFest, or

PayPal-Admissions-Getaway-Fall 2018

Each one is specified individually, and that means if one of them is wrong, the reports will be wrong even though all the income and expenses will balance at the organization level. There's no way for the system to flag that. Only a user would know that rent payments to MUF can't belong to Swingin' Tern (for example).

I'm very careful with data entry, and always check the reports too. But in her various financial consultant gigs, Lori Falco occasionally spotted a mistake and I was able to fix it. It would be a good practice if all the venue chairs did the same thing and kept an eye on their own numbers in Quick Books. Two sets of eyes are better than one.

See you next month.

Chris

Chris Riemer

Treasurer

The Folk Project

www.folkproject.org