FINANCIAL REPORT Q3 REPORT
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CONTENT A.  Opening Balances
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B.  Income Evaluation
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C.  Expenses Evaluation
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D.  Collection/BD/Legal
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E.  Sum Up – Take Away
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OPENING BALANCES As MC BOLD on 12th July we received the national bank accounts with S/.41,133 nuevos soles and US$ 1,556 dollars.
 45,000    40,000    9,784  Â
 35,000    391  Â
 30,000  Â
 8,125  Â
 25,000    20,000  Â
LAT Â (AB. Â MY. Â JN) Â IGV Â JUNIO Â AI Â FEE Â 2013 Â
 41,133    11,379  Â
 15,000  Â
SALDO Â CLUS Â Â 31,349 Â Â
SALDO Â CLPA Â SALDO Â PIURA Â
 1,960  Â
 10,000  Â
 4,677  Â
 5,000  Â
 4,817    -Ââ€?    Â
OPENING Â BALANCE MC Â BALANCE Â
OPENING DEBTS
NET BALANCES
From the S/.41,133 nuevos soles, we had to deduct the previous term’s payments that were on hold such as LC debts, lights & water, tax declaration and the AI First Invoice, which left our net balance at S/. 9,784 nuevos soles. It is also important to note that from the S/. 8,125 that were tax related we got S/. 6,293 back from the LCs in August. The main feedback does not involve the amount itself (which was - S/. 26,596 than promised) but the information flow during the transition process. Most of the debts were not informed and there for not budgeted for this term, in like manner the tax payment was not follow up (this was a responsibility of the previous team) concluding in a big problem during July and the seizure on S/8,000 soles by SUNAT .
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INCOME EVALUATION Â Â Â Â
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Q1 Â 2013 Â
LC Â RA Â MA Â RE Â RA Â MA Â RE Â RA Â MA Â RE Â RA Â MA Â RE Â RA Â MA Â RE Â RA Â MA Â RE Â RA Â MA Â RE Â RA Â MA Â RE Â
AIESEC Â CLAQ Â AIESEC Â CLPA Â AIESEC Â CLUC Â AIESEC Â CLUdeP Â AIESEC Â CLUL Â AIESEC Â CLUS Â AIESEC Â PIURA Â TOTAL Â Cmg Â
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EXCHANGE Â PROJECTED Â Â EXCHANGE Â REALIZED Â oGCDP Â iGCDP Â oGIP Â iGIP Â TOTAL Â oGCDP Â iGCDP Â oGIP Â iGIP Â TOTAL Â 11 Â 15 Â 7 Â 1 Â 34 Â 6 Â 0 Â 4 Â 1 Â 11 Â 16 Â 0 Â 6 Â 0 Â 22 Â 8 Â 2 Â 2 Â 1 Â 13 Â 24 Â 0 Â 4 Â 0 Â 28 Â 15 Â 5 Â 3 Â 1 Â 24 Â 10 Â 15 Â 4 Â 3 Â 32 Â 12 Â 0 Â 0 Â 0 Â 12 Â 11 Â 0 Â 5 Â 2 Â 18 Â 5 Â 3 Â 1 Â 0 Â 9 Â 15 Â 0 Â 2 Â 0 Â 17 Â 10 Â 8 Â 0 Â 0 Â 18 Â 10 Â 15 Â 7 Â 3 Â 35 Â 12 Â 6 Â 0 Â 0 Â 18 Â 20 Â 0 Â 1 Â 2 Â 23 Â 21 Â 18 Â 0 Â 0 Â 39 Â 50 Â 0 Â 5 Â 0 Â 55 Â 47 Â 23 Â 0 Â 0 Â 70 Â 1 Â 5 Â 0 Â 2 Â 8 Â 1 Â 0 Â 0 Â 0 Â 1 Â 1 Â 0 Â 1 Â 0 Â 2 Â 1 Â 0 Â 0 Â 0 Â 1 Â 1 Â 0 Â 0 Â 0 Â 1 Â 1 Â 0 Â 0 Â 0 Â 1 Â 5 Â 10 Â 5 Â 1 Â 21 Â 12 Â 0 Â 8 Â 0 Â 20 Â 11 Â 0 Â 8 Â 0 Â 19 Â 17 Â 5 Â 6 Â 0 Â 28 Â 20 Â 0 Â 6 Â 0 Â 26 Â 23 Â 13 Â 6 Â 0 Â 42 Â 7 Â 10 Â 4 Â 1 Â 22 Â 0 Â 14 Â 0 Â 0 Â 14 Â 8 Â 0 Â 1 Â 0 Â 9 Â 2 Â 10 Â 0 Â 0 Â 12 Â 7 Â 0 Â 2 Â 0 Â 9 Â 4 Â 12 Â 0 Â 0 Â 16 Â 1 Â 10 Â 0 Â 0 Â 11 Â 6 Â 7 Â 0 Â 0 Â 13 Â 1 Â 0 Â 0 Â 0 Â 1 Â 8 Â 6 Â 0 Â 0 Â 14 Â 16 Â 0 Â 0 Â 0 Â 16 Â 24 Â 11 Â 0 Â 0 Â 35 Â 45 Â 80 Â 27 Â 11 Â 163 Â 49 Â 27 Â 12 Â 1 Â 89 Â 68 Â 0 Â 22 Â 4 Â 94 Â 62 Â 44 Â 9 Â 1 Â 116 Â 129 Â 0 Â 19 Â 0 Â 148 Â 124 Â 72 Â 9 Â 1 Â 206 Â 88% Â 0% Â 13% Â 0% Â 100% Â 60% Â 35% Â 4% Â 0% Â 100% Â
During the first quarter we reach our realizations goal and overcome it by almost 50 exchanges, this mainly caused by the iGCDP program reaching 72 realizations when it was projected to have 0 realizations, this amount didn’t only made us overcome our goal but to cover oGIP not reaching their goal. Our matching goals were also overcome but again this due to a not projected iGCDP matches that cover the GIP program. More importantly we need to pay attention to our raisings. We were not able to reach out goal by almost 50% and this needs to be a priority given fish peak.
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INCOME EVALUATION Q1 2013 LC
oGCDP
iGCDP
oGIP
iGIP
TOTAL
AIESEC CLAQ
S/. 1,260
S/. 100
S/. 1,224
S/. 300
S/. 2,884
AIESEC CLPA
S/. 2,970
S/. 160
S/. 108
S/. -
S/. 3,238
AIESEC CLUC
S/. 4,140
S/. 460
S/. -
S/. -
S/. 4,600
S/. 300
S/. -
S/. -
S/. -
S/. 300
AIESEC CLUL
S/. 4,050
S/. 260
S/. 2,664
S/. -
S/. 6,974
AIESEC CLUS
S/. 180
S/. 240
S/. -
S/. -
S/. 420
S/. 1,980
S/. 220
S/. -
S/. -
S/. 2,200
TOTAL EXCEC.
S/. 14,880
S/. 1,440
S/. 3,996
S/. 300
S/. 20,616
TOTAL BUDG.
S/. 15,330
S/. 740
S/. 9,972
S/. 1,891
S/. 27,933
AIESEC CLUdeP
AIESEC PIURA
The income efficiency ratio from the first quarter was 74%. We expected a S/ 27,933 nuevos soles cash flow, from which we accomplished S/. 20,616 nuevos soles (74%). The main difference can be attributed to the GIP exchange areas: with oGIP accounting for S/ 5,976 soles, iGIP for S/ 1,591, and iGCDP generating a plus of S/. 600 nuevos soles.
Comparaciรณn X's vs. Incomes (Q3 2013) 72% 60% 35%
19%
7%
4%
1% 0%
iGCDP INCOMES
oGIP EXCHANGES
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iGIP
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oGCDP
80% 70% 60% 50% 40% 30% 20% 10% 0%
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EXPENSES EVALUATION Q3 EXPENSES REPORT
AGOSTO
SETIEMBRE
Total de Gastos del Q3 Q3 expenses come to a total of S/ 69,584.84 nuevos soles. August was a critic month with the tax problems plus Ai’s invoice to cover. Also, one of the main expenses were legal services, rent (both previous debts) and some salaries.
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S/. 1,000.00 S/. 1,000.00 S/. 1,000.00 S/. 1,190.00 S/. 590.00 S/. 1,400.00 S/. 1,500.00 S/. 1,000.00 S/. 1,500.00 S/. 1,500.00 S/. 896.00 S/. 390.90 S/. 460.00 S/. 330.00 S/. 100.00 S/. 144.81 S/. 50.00 S/. 50.00 S/. 78.35 S/. 11,380.00 S/. 8,365.00 S/. 8,365.00 S/. 5,535.00 S/. 4,677.00 S/. 2,319.30 S/. 608.00 S/. 570.00 S/. 377.00 S/. 370.00 S/. 85.00 S/. 73.50 S/. 4,642.90 S/. 2,700.00 S/. 2,200.00 S/. 1,344.00 S/. 1,300.90 S/. 180.10 S/. 120.00 S/. 102.10 S/. 89.98 S/. 69,584.84
20%
61%
18%
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JULIO
SUELDOS: 500 DANIELA - 500 FIORELLA SUELDO: 1000 CLAUDIA PONTE SUELDO: 1000 CARLOS CUSCO SUELDO: 1000 JULIO VALDEZ y 190 TB SUELDOS: 500 FIORELLA - 90 NANCY SUELDOS: 800 TATIANA - 100 NANCY - 500 MELISSA SUELDOS: 1000 GUILLERMO - 500 JULIA SUELDOS: 1000 FRANCO SUELDOS: 1000 JOSE LUIS - 500 JULIA SUELDOS: 1000 GABRIELA - 500 MELISSA OFICINA: TINTAS DE IMPRESORA [LAT] Abril - Mayo - Junio [oGCDP] SUBVENCION SUMMIT 2013 [Expansión] VISITA: Chiclayo y Trujillo [Seguridad] VIGILANTE 80 - TRANSPORTE 20 [Salud] Tratamiento de MCP [Movilidad] 001 - 002 - 003 [Movilidad] 004 - 005 - 006 Impuestos y Transferencias AI INVOICE IGV JUNIO SUNAT - EMBARGO Inversión Final 2013 [CLPA] PAGO DE IGIP [ALQUILER] MC FLAT JULIO [IC] Viaticos MCP [IC] Prestamo a Gabba Reingreso de cuentas [IC] Polos [IC] Vacuna MCP Impuestos y Transferencias [Alquiler] [Legal] Abogada [Sueldo] [OD] Elecciones Tarjetas de presentación [LAT] [Movilidad] Impuestos y Transferencias IGN Efectivo
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COLLECTIONS Q3  INCOMES  MC  FEE  [Julio  -Ââ€?  Agosto] Â
13,196 Â
37% Â
[IGV] Â
4,387 Â
12% Â
CUOTA Â FIJA Â
4,331 Â
12% Â
PRESTAMOS Â
13,290 Â
38% Â
TOTAL Â
35,204 Â
1.00 Â
Our main income source was exchange related plus an advance charge of the fix quota from some LCs. As we maintain our expenses projections but could reach our income’s one there was a need of different loans to cover certain things like tickets, salaries and else. The detail of this was presented on Septembers report.
BUSINESS DEVELOPMENT Although many companies were reached we were able to close one account: Deloitte selling the “Education Cycle� product. There was a second account closed APRENDA which is not consider in this evaluation because the income will be created by projects that we run with this company in the future. Still there is a big gap between the projected income and the actual one there for a more aggressive strategy for BD has been put into place and there is a goal of 10 new companies contacted by week from our new data base of companies.
LEGAL ASPECTS Changing legal representatives – The final Round We finished the legal procedures to change legal representative ¥super yay! with this procedure completed the opening of the new bank accounts and proxy letters should be solved by the 15th of October.
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KEY TAKE AWAYS The first quarter has an history of being one of the hardest from an MC cash flow perspective. There were expenses as projected but not enough incomes, plus a big debt at the beginning (which was communicated during the first months)
S/. Â
Opening  Net  Balance  S/. Â
Quarter  Expenses Â
S/. Â
Q3 Â Balance Â
Opening  Balance Â
41,133 Â
9,784 Â
S/. Â
Quarter  Incomes Â
20,616 Â
69,585 Â
35,204 Â
-Ââ€?4,630 Â
S/. Â
CollecZons Â
S/. Â
Thanks to fish peak there is a big probability of turning around the entire situation a restructuring of costs is needed as soon as possible.
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Tatiana León Iriarte (tatiana.leon@aiesec.net) Finance and Legal Vice President
AIESEC in PERU www.aiesec.org