FINANCIAL UPDATE

Houston Durga Bari Society

Aug 18, 2013

2012 IRS Return

Revenue: $409,688; Expense: $350,215; Surplus: $59,473

Account Summary as of Aug 15, 2013

IBC Bank Accounts as of Aug 15,2013

Account Amount as of Jan 1, 2013

Amount Aug 15, 2013 Difference

Regular $27,054 $90,746  

Puja $63,240 $10,087  

Capital $73,953 $49,335  

CD1 $44,308 $44,385  

CD2 $40,000 $40,000  

Total $248,555 $234,553 ($14,002)

2013 Membership/ Maintenance/Donations

Member Type

Category Total

Members paid % Paid

FP 48 22 46

PM 38 14 37

FM 29 2 7

BF 47 20 43

LM 140 30 21

GM 331 96 29

GD 734 8 1

TOTAL 633 (Active)/1367 (All) 192 30 (active) /14 (All)

2013 BUDGET

August 18, 2013

(Approved by EB on March 16, 2013)

Budget Outline

Revenues Basic Operation Kalabhaban/Bangla

School/Library/Gift Shop Puja Committee Surplus Bank Interest Major Donations/ Fund

Raising

Expenses Operational Expenses Charitable Donations-

Not Applicable

Capital Projects (N/A)

Legal Expenses

REVENUESREVENUES 2012 actual 2013 Budget Up to July 2013 (Budg - Colln)

R1: Basic Operations $124,327 $170,000 $114,395 -$55,605

R2: Kalabhaban/Library/Gift Shop

$4,530(Surplus)

$41,500 $18,540 -$22,960

R3: Surplus from Puja CommitteeRevenue $212,846 and Expense $176,320 (Surplus $36,526)

$33,000 $53,000 (257K/204K) -$53,000

R4: Bank Interest/others $1,236 $1,300 $1,053 -$247

Subtotal: Revenues w/o Donations

$163,093 $265,800 $133,988 -$131,802

   

R5: Major Donations/Fund Raising

$26,410 $50,000 $29,134 -$20,866

Subtotal $189,503 $315,800 $164,175 -$151,625

Maha Pujas $212,846 $257,000  

TOTAL $402,349 $572,800  

(Reported to IRS) $409,688   

   

Revenues from Basic Operations

BASIC OPERATIONS 2012 actual 2013 Budget

Up to July

(Budg - Colln)

General Membership/ Maintenance Fees/ Small donations

$44,670 $65,000 $40,153  

Cash Collection /Fees for Religious Activities

$51,167 $70,000 $59,881  

Auditorium/ Kala Bhavan Rental Income

$28,077 $35,000 $14,361  

TOTAL $123,914 $170,000 $114,395 -$55,605

EXPENSES

EXPENSES 2012 actual 2013 Budget Up to July (Budg - Colln)

E1: Basic Operations $124,327 $170,000 $96,533  

E2: Kalabhaban/Bangla School/Library /Gift shop

$28,023 $29,500 $14,763  

E3. Facility Upgrades $26,083 $82,000 $9,465  

E4. Fund Raising $0 $15,000 $3,137  

Subtotal $178,433 $281,500 $123,898 -$157,602

Maha Pujas $176,320 $204,000 (Revenue: $164,175 )

TOTAL $354,753 $485,500    

(Reported to IRS) $350,215     

Operating Expense-1

OPERATING EXPENSES-1 2012 actual2013

BudgetUp to July

(Budg - Exp)

Payroll Expenses (Salary, Benefits and IRS)

$49,945 $56,000 $36,022  -$19,978

         

Temple and Puja Services $20,085 $25,000 $9,636  -$15,364

Cost for Religious Activities- Fruits, Flowers, Spiritual Discourses etc $8,940 $10,000  

 

Cost for Sunday Lunch $11,145 $10,000    

Temple Decoration / Up-keeping $0 $5,000    

         

Facility Maintenance $63,620 $82,000 $42,308  -$39,692Utilities (Electricity/ Water/ Garbage

/Telephone $24,089 $26,000    Cleaning, Septic, Pest Control /

Landscaping $31,409 $35,000    

Facilities Insurance $4,830 $15,000    

Rental Labor and Equipment $3,292 $6,000    

Operating Expenses-2

OPERATING EXPENSES-2 2012 actual 2013 Budget

Up to July (Budg - Exp)

Office/IT/Advertisement/Election $6,219 $9,500 $6,748  -$2,752Office Supplies/ Postage $521 $2,000    

Technology Annual fees +software $1,648 $4,200    Marketing & Advertisement $3,000 $3,000    

Election $1,050 $300             Various Committees $68 $3,000 $0 - $2,932

Sports $0 $1,000    Youth $68 $1,000    

Social (Includes Flowers to Funeral Home) $0 $1,000    

         Financials $1,745 $7,000 $1,819  -$5,181

Annual Audit $0 $2,000    Contingencies- bank charges $1,745 $5,000    

Expense: Basic Operations $141,682 $182,500 $96,533 -$85,967

LEGAL BILLS

LEGAL BILLS AmountPayment Date

Approval-I (EB)

Approval-II

June,’13: Imdemnification Opinion $5,913 6/16/13 $6,000  

C. Former/ B. Roy/ S. Mukerji        

March, 2013 $3,285 4/8/13 $25,000 $25,000

April, 2013 $14,053 5/5//13 Approved  

May, 2013 $17,305 6/30/13 Approved Pending

June, 2013 $14,152 8/8/13 Approved Pending

TOTAL $54,708   $54,708 ($29,708)

LEGAL BUDGET/COSTLEGAL BUDGET/COST 2012 Actual 2013 Budget Up to July

2013(Budg - Colln)

   LEGAL COST UP TO JUL 2013 $0

?$54,708

?$5,912: EB approved $6,000        Report on Indemnification        $48,796: $25,000 as Retainer Fee (EB/CT)

* Ms. Former-Declarative Judgment

  How to do this?

   

* Dr. Roy (CT Chair) sued 2 EB officers/1 Member

     

* Disqualification of Mr. Sambar Mukerji (a Trustee) as an attorney adverse to HDBS

       

TOTAL  0   $54,708  

Balance of Revenues with Expenses

REVENUE VS EXPENSE 2012 Actual2013

BudgetDifference

REVENUES $409,688 $572,800 -$163,112

EXPENSES $350,215 $485,500  

SURPLUS $59,473 $87,300  

Proposing a motion to approve the 2013 budget for Revenues of $572,800, Expenses of $485,500 with Potential Surplus of $87,300 from Puja and Operation.

Proposing an approval for $30,000 for Already paid Legal Cost.

Seeking Feedback on Legal Expenses: How to go forward?

Conclusions