Board of Directors, March 7, 2024 “READ THIS” AGENDA SUMMARY FY24 Quarter 2 Financial Report Highlights Profit & Loss Sheet •
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Income (line 11) and expenditures (line 21a) for the ArtCIE project are behind schedule. This is due to a delay in program implementation by VR. There is no financial consequence to The Able Trust. These are pass through funds for subcontracts for which we are acting as the fiduciary and grant manager. Most of the subcontracts have been executed in the current quarter, and the project is underway. 100% of funds for Research and Data Analysis (line 36) have been expended. These were funds to pay for the development of the legislative research study which was completed in December. We made a 3-year payment for our ERISA bond (line 71) for a discounted fee which resulted in over expenditure in this category. No payment will be made for the next 2 years.
Balance Sheet •
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The negative balance in line 108.000 reflects the nightly sweep of funds into the IntraFi banking system to protect deposits over $250,000 (not insured by FDIC). The actual balance of the Reserve account is a sum of line 108.000 and 109.003: $592,943.30. Our state endowment funds and total unrestricted assets gained $800k in 2023. Our private endowment funds gained $300k in 2023.
FY25 Budget Process The Board of Directors will be emailed a copy of the FY25 Proposed Budget in April. The draft will include a side-by-side comparison of projected expenditures through the end of the current fiscal year and the proposed budget for the upcoming year. Line-item narratives will be included. Allison will schedule 1:1 calls with each director to review the budget and answer questions prior to the May Board Retreat when the budget will be presented for board approval. 2024 Legislative Session Recap •
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The legislatively mandated research study prepared by The Able Trust has lead to legislation moving responsibility for Florida’s Employment First initiative into the REACH Office. Employment First requires state and nonprofit entities to coordinate competitive employment support for individuals with disabilities. The REACH Office coordinates access, alignment and accountability across the state’s workforce development system. The Able Trust $300,000 funding request to expand Futures in Focus is in both house budgets. This will allow expansion of up to 20 sites and over 1000 students served.