2022-2023 Annual Treasurer's Report - Zeta Kappa Chapter

2022-2023

ANNUAL TREASURER’S REPORT IOTA PHI LAMBDA SORORITY, INC. ZETA KAPPA CHAPTER

Index THANK YOU FROM THE TREASURER

p. 2

REVENUE & INCOME

p. 3

NATIONAL & REGIONAL EXPENSES

p. 5

CONFERENCE EXPENSES

p. 7

PROGRAMS & PROJECTS

p. 8

ADMINISTRATIVE EXPENSES

p.10

MISC - OTHER EXPENSES

p.13

OBSERVATIONS

p.14

RECOMMENDATIONS

p.15

APPENDIX

p.16

IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

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Thank You from the Treasurer

F

irst and foremost, I want to express my deepest gratitude for your continued dedication, efforts, and contributions over the past year.

Each of you plays an integral role in the financial health and overall success of our chapter, and it is through our collective efforts that we achieve our goals.

The purpose of this financial report is twofold: Reflection: To provide a comprehensive overview of our financial performance for the prior year. It allows us to understand where we excelled and where there's room for improvement.

Foresight: Based on the insights gathered, we present recommendations for the upcoming year. This ensures our financial stability and guides us towards making informed decisions for the future growth of our chapter and its impact on the communities we serve.

In every number and statistic, please see not just figures but the culmination of our hard work, commitment, and sisterhood. As we move forward, let's continue collaborating to ensure our sorority thrives in all aspects.

Thank you for your unwavering support and commitment.

Sisterly,

Veronica. C Armstrong, Treasurer

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Revenue and Income

Revenue & Income

This year's financial performance, as captured by our Revenue and Income, portrays a healthy and dynamic financial standing. Below is a summarized breakdown: Renewing Soror Dues: We projected an income of $5,590 from renewing soror dues. However, our actuals were $4,070.83, indicating a shortfall of $1,519.17. This shortfall represents areas we need to revisit to understand potential reasons for non-renewal or to consider strategizing better for renewals in the upcoming year.

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Candidate Intake Fees: Candidate intake was a strong performer this year. With projected revenue of $9,296, we saw a substantial surpass with actuals at $11,497.38, resulting in a positive difference of $2,201.38. This uplift might be attributed to increased interest in our sorority or successful member onboarding campaigns.

Reactivating Soror Dues: We didn't observe any income from reactivating soror dues, aligning with the projection of $0. We should address this in the future, encouraging previous members to rejoin and become active.

Carryover from the Prior Year: We started the year stronger than anticipated, with an expected carryover of $3,500, while the actual amount was $4,603.62. This additional $1,103.62 is a testament to our sound financial management from the previous year.

Revenue and Income Performance

Revenue & Income

Fundraising: Our fundraising efforts brought in $3,692.50 against a projected $3,000, achieving an excess of $692.50. This showcases the effectiveness of our fundraising initiatives and the enthusiasm of our members and supporters.

In conclusion, while we had set a projected revenue target of $21,386, our combined efforts and strategies have brought our actual revenue to a commendable $23,864.33, giving us a favorable variance of $2,478.33. This surplus offers us room for further investment, strategic planning, and a potential buffer for unforeseen expenses in the next cycle.

Our financial resilience, coupled with our continued commitment, will undoubtedly ensure the growth and prosperity of our sorority in the coming years.

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As Sorors of Iota Phi Lambda Sorority, Inc., our contributions toward national and regional expenses are more than just monetary figures. They symbolize our collective commitment to the financial health and vitality of the broader organization. Here's a snapshot of how we performed against our anticipated contributions:

Here's a breakdown of our performance about these expenses: National Per Capita Tax: We had projected a contribution of $2,200 based on 20 Sorors. However, our actual contribution amounted to $1,213.62, resulting in a variance of -$986.38. This difference isn't merely a gap in numbers; it underlines a shortfall in our membership participation.

National Assessment: Our chapter has demonstrated consistency. We achieved our anticipated expenditure of $100, reflecting our commitment to keeping the chapter active.

National & Rwgional Expenditure Performance

National & Regional Expenses

Regional Per Capita Tax: We had forecasted an expense of $1,000, but the actual expense amounted to $700, leaving a differential of $300. Once again, this discrepancy is more than just a figure; it reflects the reduced membership and engagement of all Sorors recruited into the Zeta Kappa Chapter.

Regional Assessment: The anticipated and actual expenses were aligned at $75, showcasing a consistent commitment to our regional mandates.

Regional Scholarship: Our commitment to the Regional Assessment and Regional Scholarship has been commendable. Nevertheless, the shortfall is a reflection of a shortfall in membership.

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Cumulatively, while we allocated $3,575 for National and regional expenses, the actual contribution was $2,228.62, resulting in a shortfall of $1,346.38.

These numbers emphasize a vital point: without a strong, participating membership, our contributions to the overarching health of Iota Phi Lambda Sorority, Inc. remain limited.

Each member's active participation and contribution are crucial. The shortfall in our contributions is directly indicative of the shortfall in our membership and our collective engagement.

As we look forward, we would like to reiterate the importance of every Soror's active participation. Our strength and the prosperity of our beloved Sorority are intrinsically tied to the engagement and contributions of each member. Let's work collaboratively to bridge these gaps, ensuring the continued growth and legacy of Iota Phi Lambda Sorority, Inc., and the Zeta Kappa Chapter.

IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

National & Rwgional Expenditure Performance

National & Regional Expenses

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Our representation at the National and Regional Conferences has been commendable and telling. Six of our esteemed members marked their presence at the Regional Conference, showcasing our chapter's commitment to Iota Phi Lambda Sorority, Inc., while one dedicated Soror represented us at the National Convention.

Here's a snapshot of how we performed against our anticipated contributions:

Conference Expenditure Performance

Conference Expenditures

National Convention: We set aside funds for our Chapter President and three Delegates, but only one delegate represented the chapter at the convention. This report does not reflect her reimbursement request from the 2022-2023 Sorority year.

Regional Conference: Six Sorors attended, but our main expenditure was organizing, given our hosting role. While we budgeted $300, expenses reached $492.74. These hosting costs were potentially reimbursable, but no claim was made to the Regional Conference Committee. Additionally, the three delegates, who were entitled to reimbursements, opted not to claim them, leaving $450 unutilized. Similarly, the funds allocated for convention gifts, totaling $75, and the $25 set for ads were also not claimed.

In reflecting on the Regional Conference, where six of our Sorors were in attendance, it's paramount for our chapter to recognize the significance of full member participation. When all chapter members attend, it cultivates unity, enriches engagement, and strengthens our collective voice in the decision-making processes, ensuring that our chapter's perspectives and needs resonate profoundly at the regional level.

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The following highlights our chapter's commitment to fulfilling the mission of Iota Phi Lambda Sorority Inc. It is essential to look over both the amounts expended and the discrepancies observed. Beyond mere numbers, it's vital to assess the tangible and intangible returns on our investments, understanding the broader impact of our financial decisions on the community and the value they add to our mission.

Out of the projected expenditure of $3,500.00 for various programs and projects, our actual spending amounted to $1,548.98, resulting in a variance of ($1,951.02). Breaking it down:

Programs & Projects Expenditure Performance

Programs & Projects

While we earmarked $1,000.00 for our Local Scholarship initiative, funds were not utilized.

It's noteworthy to mention that we did select a scholarship recipient, but curiously, no fund request was made, leaving the scholarship unfunded.

Our American Education Week, IMAP, Toys's U Can't Return, Career Exploration, Essay Contest, Correspondence Week, and Black History Month initiatives each had allocated budgets. Still, none of these saw any financial expenditure.

An interesting outlier was the FILS - Screens for Scholars initiative, where our actual expenditure surpassed the allocated budget by $837.47. This indicates the initiative's unforeseen costs, demand, and need for sponsors to ensure profitability.

In Business Month and Founders Day, we observed lower actual expenses than anticipated, at $116.09 and $172.40, respectively, below the budgeted amounts.

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In summation, while our financial commitment towards these programs and projects is evident, there seems to be an underutilization of funds in several areas. This discrepancy points towards the need for better planning, engagement, or even a potential review of some initiatives to ensure they align with current chapter objectives and community needs.

IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Programs & Projects Expenditure Performance

Programs & Projects

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When examining the administrative performance of our chapter in upholding the tenets of Iota Phi Lambda Sorority Inc., the fiscal decisions taken, and the resulting implications come sharply into focus.

Administrative Expenditure Performance

Administrative Expenditures

Over the fiscal year, our chapter's administrative expenses showcased a combination of spending over and below the designated budgets. Overall, there was spending of $8,686.84 against the initially planned $7,006.00, which resulted in an over expenditure of $1,680.84.

The 'New Membership Package' prominently stood out in the report. Even though the actual costs amounted to $5,256.61, surpassing the budget by $1,266.61, the impact on the chapter's finances was nullified. This was because the fees collected from the new members entirely offset the expenditure, rendering the net financial implication zero.

Specific categories, including Publicity, Office Expenses, Website Hosting, Bank Charges, Annual Photos, and Meeting Room Rental, exceeded their budgets. Specifically, we witnessed overages of $298.81 in Publicity, $339.04 in Office Expenses, $394.57 in Website Hosting, $179.62 in Bank Charges, $200.00 in Annual Photos, and $70.15 in Meeting Room Rental. These overages underscore the need for a more accurate budget estimation in the upcoming year.

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On the flip side, we realized savings in areas such as Printing, Technology - Bookkeeping, Technology - Scrapbook, Bonding Insurance, Annual Retreat, and Background Checks, with savings of $100.00, $250.00, $50.00, $150.00, $543.14, and $108.00 respectively. The underspending could be due to operational efficiency or underutilization, prompting a reevaluation and potential redistribution of resources.

Our digital infrastructure investment was marked by near-perfect budgeting with the Zoom account, showing a negligible variance of $0.10. An unplanned expenditure arose from Canva, which amounted to $68.90.

Our chapter's financial performance for administrative expenses during the past fiscal year reveals areas of diligent planning interspersed with oversights. While certain expenditures were meticulously managed and aligned with budget expectations, others went notably over or under, highlighting opportunities for improvement. These financial patterns underscore the importance of continual refinement in our budgeting and forecasting processes to ensure more consistent and predictable financial outcomes in the subsequent fiscal year.

IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Administrative Expenditure Performance

Administrative Expenditures

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The "Misc - Other Expenditures" category showcases the dynamics of various financial decisions and actions that took place during the Sorority year.

Membership Committee: The Membership Committee initially allocated a sum of $1,330, aiming to budget $190 each for a projected 7 new members. However, the actual expenses rose significantly to $3,606.15, resulting in an overage of $2,276.15. A deeper dive into this overage reveals multiple layers:

Misc - Other Expenditures Performance

Misc - Other Expenditures

Underbudgeted Merchandise: Costs associated with merchandise for new members surpassed the expected amount. The initial budget did not fully account for the actual market prices or the quantity needed.

Incremental Administrative Costs: The induction of new members, or 'lines,' brought about unforeseen administrative expenses, likely from onboarding processes, materials, and other related activities.

Unbudgeted Sisterly Activities: While sisterly activities are a vital bonding mechanism within the chapter, they were not accounted for in the budget. Their inclusion amplified the financial discrepancy.

Miscellaneous Items: Several other expenses that hadn't been initially budgeted for were incurred. It's essential to identify and monitor such costs in the future for better financial accuracy.

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Membership Committee - Induction Expenses: An original budget of $1,500 was set aside for induction-related expenditures. However, the decision to conduct a second induction led to costs amounting to $3,777.07, resulting in an overage of $2,277.07. It was agreed upon that the cost of this second induction would be split and repaid by all sorors. Unfortunately, full reimbursement from all members was not received by the end of the Sorority year, leaving the cost unbalanced in the current report.

In conclusion, the Membership Committee, while exemplifying commendable efforts in bolstering growth and camaraderie, encountered several financial hurdles. These arose from a combination of underbudgeted, unbudgeted, and incremental costs. To foster a smoother financial landscape in the future, a more comprehensive budgetary planning paired with regular financial reviews is recommended. This will ensure that the chapter's vibrant endeavors are matched with sound fiscal practices.

IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Misc - Other Expenditures Performance

Misc - Other Expenditures

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Observations

Observations

In Conclusion, While the sorority's overall financial position appears favorable, having outperformed its projections for both revenues and expenditures, underlying concerns exist. Specifically, the lower-than-expected National, Regional, and Conference expenses and higher-than-planned Membership and Induction expenses. Addressing these areas will be crucial for the sorority's continued growth and fiscal health in subsequent years.

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IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Recommendations

Recommendations

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IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Appendix - 2022-2023 Budget

Appendix

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IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Appendix - 2022-2023 Budget

Appendix

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IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Appendix - Profit & Loss Statement

Appendix

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Appendix - Profit & Loss Statement

Appendix

Amounts in the Profit & Loss Statement may not exactly match the GL line actuals reflected in the budget due to the reclassification of some transactions to GL lines that more accurately align with the expenditure. The reclassification only changed totals for some GL lines but did not change the bottom line profit/loss.

The purpose of this report is to show the net revenue from the year’s activities to provide insight into the net cash increase reflected in the Statement of Cash Flows.

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IOTA PHI LAMBDA SORORITY, INC. - ZETA KAPPA CHAPTER

Appendix - Statement of Cash Flows

Appendix

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