First Half 2020 Financial Results
Report by Linda Roberts: DignityUSA Treasurer
For the first half of the fiscal year (October 1, 2019 – March 31, 2020) the DignityUSA Operating Fund reported an operating loss of $5,183 compared to a budgeted loss of $23,413. This improved financial result from budget is attributed to both higher income and lower expenses than planned at this point. Specifically, excluding chapter “flow-through” monies and “gifts in kind”, total income was about $6,000 or 5% ahead of budget, with the Advent Appeal, membership dues, and a small bequest accounting for the bulk of the variance. Similarly, and also excluding “flow-through” amounts and “non-cash gifts”, expenses were about $13,750 or 9.7% under budget. The delay in hiring the Digital Marketing Specialist (while the Board awaited the report and recommendations from our consultant) and lower travel expenses accounted for the majority of the variance.
During this period $8,250 was spent on Jubilee Initiatives from the monies raised during our Jubilee campaign in 2019. These included amounts for our Digital Engagement Strategy ($5,400) and the Rebranding initiative ($3,300). Our revised rebranding logo was recently announced to the membership, and printed forms and other branded materials are in process.
As noted previously, we received a $20,000 donation to establish a Leadership Fund. This has been allocated to a special restricted fund and no monies have been incurred to date.
Based on the above fund results, the overall operating income for the period was a positive income of $6,692.
The net income results, however, include an unrealized loss of $23,677 from our portfolio of investments. As with investments worldwide, the global “forced recession” has had significant short-term economic consequences, and Dignity has not been immune from those effects.
Total equity at March 31, 2020 totaled $393,000, of which about $199,000 was unrestricted, equivalent to approximately 8.5 months’ operating expenses (excluding “pass-through” and “non-cash” expenses) based on the current year’s budget. This position is reasonably healthy, although lower than the beginning of the fiscal year. Restricted funds amount to $194,200, of which the Jubilee Initiatives Fund was the largest component at $124,600. About $32,250 of the Jubilee funds are budgeted to be utilized during the second half of the fiscal year.
The full year operating loss for the Operating Fund is still expected to approximate $35,000 to $40,000 compared to the budgeted loss of $56,000. Again, the delay in hiring of the Digital Marketing Specialist and lower travel costs (due to postponed or canceled conferences, etc.) would account for the lower forecasted expenses.
In these very challenging times when members may be facing financial stresses as a result of the economic impact of the pandemic, we understand the pain but would hope that your support of our very important mission will continue. We trust that our efforts to keep members liturgically and spiritually connected during this period have inspired you. Our requests for support on a variety of religious and social justice issues have remained unreduced and we need your support more than ever.