Financial Report for the Ten Months Ended July 31, 2019

DignityUSA Financial Report

Ten Months Ended July 31, 2019

As noted in a previous Dateline article, we have begun a series of reports to inform the membership periodically regarding the financial results and position of the organization. This report covers the first ten months of the fiscal year which ends on September 30. The results are comprised of four funds: Operating, Jubilee Initiatives, National Conference (NC) and the Joint Forum with the Global Network of Rainbow Catholics (GNRC) held adjacent to the NC.

The organization posted overall net income for the period of $115,157, with the Operating Fund showing a slight loss ($2,851) and the other funds reporting positive results. The Jubilee Initiatives had the largest net income at $99,654. This reflects the Fifty and Forward Initiative whereby the organization has undertaken a campaign to raise monies for short and long-term projects in celebration of our 50th Anniversary. Significant donations were received from many chapters, major donors and our $5/$50/$500/$5,000 campaign.

The results of the National Conference show net income of $14,321 through July. Some final expenses are expected to be recorded in August so this amount will decline somewhat but should slightly exceed the budgeted profit of $10,555. Although enrollment was higher than planned, additional expenses for the higher enrollees and audio-visual costs dampened the net income.

The reception and joint Forum on the State of the Global LGBTI Movement with GNRC shows net income of $5,061 through July. Some final expenses to be recorded in August will also lessen this result somewhat, but should approximate the latest forecast for these events. Donations from the Carpenter Foundation and Dignity/Washington largely funded this historic assembly.

The operating loss of ($2,851) for the Operating Fund, although small, masks two significant income variances. Specifically, the organization has sustained a large shortfall of ($133,000) to date in grant income. Grants that were anticipated from the Arcus Foundation and new targeted foundations and corporations have not materialized. The funding universe for faith-based nonprofit organizations is relatively small and dynamic and will remain challenging going forward. Fortuitously we have received two large unbudgeted bequests from long-time former members totaling $100,000. This development and the adoption of a cost reduction plan totaling $32,000 have largely offset the shortfall in grants. We still expect an Operating Fund loss of about ($35,000) for the full year as income slows in the last two months and our primary expense, staff compensation, remains relatively constant. Our budget process for fiscal year 2020 will have to incorporate the new reality of smaller grant support going forward.

At July 31 we had total working capital of $445,400. Unrestricted funds (which exclude the Jubilee donations) totaled $266,200, equivalent to somewhat more than nine months’ operating expenses. Working capital assets are invested in certificates of deposit, stocks, bond funds, money market funds and operating cash. Overall we are generating a realized return of about 2.8% on the invested funds.

 

Linda Roberts, Treasurer