First Quarter 2020 Financial Results
For the first quarter of the fiscal year 2020 (October 1 – December 31, 2019) DignityUSA reported operating income of $15,812 compared to a budgeted income of $5,413. The positive results and variance from budget were attributed to higher income than expected of approximately $8,000 from some large annual donations to the Guardian Angels plan, a successful Advent Appeal that delivered about $2,000 more than planned and $3,000 more in other donations, including one large unrestricted contribution.
Expenses ran about $2,000 under budget due to the timing of travel expenses.
The organization also posted an unrealized gain of about $1,800 on its investment portfolio, resulting in total net income of $17,635.
Total equity at the quarter end was $427,700, of which $245,800 represented unrestricted funds. These funds comprise about 9.5 months’ spending based on the current year’s budget. Restricted funds totaled $181,900, of which the Jubilee Initiatives fund was the largest component at $132,700. About $40,000 of the Jubilee funds are budgeted to be utilized during the final three quarters of the current fiscal year.
The entity’s overall investments of $380,600, which include equities and bonds of $104,500 earning 4.75% and certificates of deposit of $250,000 yielding 1.83%, are producing annual income of about $9,500 or 2.5%.
Despite the early encouraging results, we are still expecting a full year loss for the Operating Fund of approximately $56,000. First quarter revenues were bolstered by the Advent Appeal donations of approximately $22,000. In contrast expenses are slated to be higher in the final nine months due to higher salary costs from the addition of a marketing/communications manager and additional payrolls (two months have three payrolls based on our bi-weekly payroll schedule).
We will continue to pursue grants with supportive foundations; the first of which is being submitted later this month focusing on a new leadership development program which is currently being advanced. We are also pursuing a digital engagement strategy that will use our online tools to retain and more deeply engage existing supporters and allies, as well as find new supporters who might participate more actively in our work and potentially donate toward our mission. We will have more information about all our funding strategies in the following months. Nevertheless, our current operating deficit is significant, and we continue to seek your additional support and assistance in expanding our supporter base to help fulfill our important mission.
Linda Roberts, Treasurer