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Foundation Treasurer Report

CAPT Charles W. Parker, III, SC, USN

Navy Supply Corps Foundation

September 2015

Agenda

Treasurer Role and Responsibilities

Foundation Financial Policy Statements

Investment Advisory Committee Report (Dennis Collins)

Budget 2016 Review (Kurt Williams)

External 2015 Financial Audit (Jack Evans)

August 2015 Internal Audit (Jim Stoltz)

Chapter Financial Reporting Project

Comments / Recommendations

NSCF Treasurer Role and Responsibilities

Reports to the Board of Directors; member of the Executive Committee

Financial Operations: reports preparation to the Board

Corpus: oversees Foundation investment activities

Budget Planning: reviews requirements and submits annual budget

Budget Execution: coordinates with CSO on budget administration

Financial Policy: development and execution, including auditing

Committee Oversight:

• Investment Advisory (Dennis Collins, Chair)

• Finance and Budget (Kurt Williams, Chair)

• Audit (Mike McCleary, Chair)

Other responsibilities as directed by the Foundation Board or Chair

Foundation Financial Policy Statements

Provides specific guidance to foundation financial activities:

Investment (2001):

• Major update 2009, proposed changes for 2015

Financial Operations (2012):

• Chapter Financial Reporting Section proposed for 2015

• Business Continuity Plan Section proposed for 2015

The Chapter Finances and Business Continuity Plan Sections are

new proposed requirements for the Financial Operations Policy

Statement, and are detailed separately in this presentation.

Investment Advisory Committee (IAC) Report

September 2015

CDR Dennis Collins, SC, USN

IAC Report

IAC Members

IAC Process & Methodology

Economy / Capital Markets Review

Actions Taken Since Last Board Meeting

08/31/15 Portfolio Review

Motion to adopt Investment Policy Statement by board

Comments / Recommendations

A G E N D A

IAC Members

Dennis Collins, MBA, CFP, CIMA, CPWA (Chairman)

Chuck Parker, MBA, PhD (Treasurer)

Mike Kalas, MBA, CFP (Past Chairman)

Dan Pionk, MBA, MS

Pete Eltringham, MBA, MS

Jack Evans (Chief Staff Officer)

John Drerup, MBA, MS

Joe Dunn, MSc, MS

Nate Johnston, MBA

Greg Sceviour

Bill Withrow

Eric Schuck

Dennis Collins, CFP®, CIMA®, CPWA®

• BS - DePaul University; MBA- University of Denver

• Partner, Chapel & Collins Wealth Management

• Registered Principal, Raymond James Financial Services, Inc.

• 19 years of financial industry experience advising families, foundations and corporate clients

• Commander, Supply Corps, US Navy Reserve

Meet the IAC

Guide to Designations CFP® Certified Financial Planner™ AIF® Accredited Investment Fiduciary CIMA® Certified Investment Management Analyst CPWA® Certified Private Wealth Advisor

Michael R. Kalas, CFP®, AIF®

• BS – USNA, Annapolis, MD; MBA – Southern Illinois

University, Edwardsville, IL

• Owner/President, Potomac Financial Private Client

Group, LLC, McLean, VA

• Registered Principal, Commonwealth Financial Network, LLC

• 18 years of financial industry experience advising families, foundations and corporate clients

• Captain (Retired), Supply Corps, US Navy

Peter S. Eltringham • BS – University of South Carolina; MBA- Bryant

University; MS – National Defense University (ICAF)

• Principal, At Turning Point LLC-1 year; Not So Silent Partner,

Nice Legs LLC Wine Distributors; Chair, Fauquier County,

Virginia Transportation – 4 years; Former Vice President, Telos

Corporation - 9 years

• 29 years of USN service - 12 in major command and headquarters staff financial/budget positions


Daniel Pionk

• BS – Ferris State University; MA – U.S. Army War College;

MBA – Regis Jesuit University

• Self-Employed Commodities and Futures Trader

• 22 years risk management and executive management consulting to Manufacturing and Consumer Product corporations

• Captain, Supply Corps, US Navy Reserve

Charles W. Parker, III

• BA – Yale; MBA- University of Chicago; PhD – London

School of Economics

• Senior Consultant, Control Risks, Mexico City, Mexico

• Prior experience as Adjunct Professor of economics, business and international relations and as Client Executive at IBM


John W. Drerup, Jr.

• BS – U. S. Naval Academy, MS- University of Florida; MS-

Personal Financial Planning, The College for Financial

Planning

• Investment Management, The Burney Company, since

2004


Meet the IAC

CDR Nathan Johnston, SC, USN

• BS – U. S. Naval Academy; MBA – Naval Post Graduate School

• Commanding Officer of Navy Cargo Handling Battalion ONE

• 17 years of Government Financial Management, General Supply, Training/Operational Certification, and Expeditionary Logistics Experience

CAPT Joe Dunn, SC, USN

• BA – University of Denver; MS – London School of Economics; MS – Naval Post Graduate School; Senior Executive Program – Columbia University

• Commander, DCMA Lockheed Martin Moorestown

• Chartered Financial Analyst Candidate

LT Greg Sceviour, SC, USN

• BS – Old Dominion University

• NACO Intern, DLA Aviation

• Chartered Financial Analyst Candidate

Eric Schuck, PhD

• BA – Pacific Lutheran University; MA – University of Montana; PhD – Washington State University

• Professor of Economics at Linfield College

• 15 years experience as a professor. Author of 17 journal articles and two-time Fulbright Specialist grant recipient . Expertise in agricultural and natural resource economics.

• Lieutenant Commander, Supply Corps, US Navy Reserve

Bill Withrow

• BS – University of Colorado; MBA – Harvard University

• Former Mayor and Councilmember, Alameda, CA

• 20+ years experience in financial industry, retiring from Wells Fargo and Company. Former Chair of the Robert Lippert Foundation and current Trustee of Peralta Colleges.


Craig P. Doyle

• BA – Arizona State University; MBA – Wharton, University of Pennsylvania; MA - U.S. Army War College

• President, Sequence Media Group

• 32 years of financial industry experience in commercial banking, and consulting to financial institutions on strategy, operations and credit risk management


Economy/Capital Markets Review

EconomyCapital Markets Review

Economy/Capital Markets Review

IAC Process & Methodology

Monthly Meetings

Strict investment discipline

Guided by NSCF Investment Policy Statement (IPS)

Continually improve metrics to gauge performance and allocation

Periodic evaluation of strategy vis a vis other foundations/institutions

Actions Taken Since Last Board Meeting

Monthly Conference calls/web conferences

Continuing to reallocate a portion of fixed income to unconstrained, short

term & multi-sector bond managers

Reducing exposure to alternatives

Cash Flows

$250,000 dispersed for scholarships

$9,000 contributed to portfolio by stock donations

3.7%

23.7%

29.5%

16.1%

19.9%

4.2%

2.9%

Cash & Cash Alternatives

Fixed Income

Large Cap US Equity

Mid/Sm Cap US Equity

Non-US Equity

Real Assets

Alternatives


Discussion

Investment policy update


-

-

PONDX PIMCO INCOME D - $102,659 -

LSBRX LOOMIS SAYLES BOND FUND R - $177,678 - - - - -

- - - -

- - - -

$52,886

$442,306

-

$241,929

- - -

-

$289,741

-

Symbol Asset DescriptionCa sh & Ca sh

Alte rna tive sFixe d Inc ome

La rge Ca p US

Equity

Non- US

EquityRe a l Asse ts Alte rna tive s

N/A AMERICAN EXPRESS BK 1.1% - $180,797 - - - -

Tota lMid/Sm Ca p

US Equity

- $180,797

$152,993

$201,384--$201,384-

-

$438,313

- - -

$249,051

$198,980

-

-

$249,051

-

- $180,430

-

-

$97,273

- -

$177,678

$102,659

$190,561

$546,281-

- -

-

- $52,886 --

- -

- - - $153,717

-

$164,101

VANGUARD SELECTED VALUE FUND - - - - - -$152,993

--

- $438,313 --

IVW ISHARES S&P 500 GROWTH - - $546,281

- -

$289,741

TAREX THIRD AVE VALUE REAL ESTATE INSTL - - -

-

- - -

POAGX PRIMECAP ODYSSEY AGGRESSIVE GROWTH FUND - - -

VASVX

$92,121

VB VANGUARD SMALL CAP ETF - - - - - - $169,245

VNQ VANGUARD REIT - - - - $92,121 --

$5,399,980

$202,166$202,166 - - - - --

Account

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

NSCF

$868,412

$169,245

$1,591,000$1,282,095

N/A CASH

-VANGUARD FTSE ALL-WORLD EX-US ETFVEU

$202,166

Target Allocation: IPS 2.0% 28.0% 26.0% 14.0% 20.0% 5.0%

Current Allocation 3.7% 23.7% 29.5% 16.1% 19.9% 4.2%

NSCF

$270,002 -

GTCSX GLENMEDE SMALL CAP EQTY - - -

NSCF PAUIX PIMCO ALL ASSET ALL AUTHORITY INSTL - - - -

MSILX

RPSIX T. ROWE PRICE SPECTRUM INCOME FUND - $153,717 -

VFSTX VANGUARD SHORT TERM INVESTMENT GRADE FUND INV

5.0%

2.9%

$225,271$1,077,109 $153,927

VWNFX VANGUARD WINDSOR II FUND INV

DODGX DODGE & COX STOCK FUND - - $442,306 - - -

HARBOR INTERNATIONAL FUND INSTL -

N/A $180,430 -GE CAPITAL BANK 0.9% -

GSZAX GOLDMAN SACHS STRATEGIC INCOME A - -

- - $164,101 -

$97,273 - -

FCVSX FIDELITY CONVERTIBLE SECURITIES FUND

DODFX DODGE & COX INTERNATIONAL STOCK -

HAINX

WARIX WESTERN ASSET TOAL RETURN UNCONSTRAINED - $190,561 -

AMERICAN CENTURY INTERNATIONAL GROWTH TWIEX

- -

-

PCRIX PIMCO COMMODITY REAL RETURN STRAT INSTL - - - - - $80,265

LITMAN GREGORY MASTERS INTERNATIONAL FUND - - -

- -

$114,742 -

$80,265

-

-

-

$256,432

$114,742

$153,927$153,927

- $198,980 -

- -

$256,432 - -

$241,929 -

- $270,002

-

2015 Budget Review

September 2015


CDR Kurt Williams, SC, USN

Audit Committee Report

September 2015

LTJG James Stoltz, SC, USN

Foundation Financial Reporting

Conducted IAW By-Laws and Financial Operations Policy Statement

Audit Committee:

• Mike McCleary (Chair), Kenda James, and Jim Stoltz

External Annual Audit (September 2014) and comments

Internal Annual Audit (August 2014) and follow on slides


• Consolidated individual chapter final statements

Annual Internal Audit Objectives

Annual Internal Audit is conducted to verify or ensure that:

Effective financial oversight of foundation operations

Adequate governing written policies are in place

Adequate insurance policies for Board, officers and assets

Payables and disbursements are properly approved and recorded

Budget expenses, and variances, are monitored and reported

Investment performance & transactions are monitored and approved

Corporate card expenses are permitted, documented, approved

Investment portfolio monitoring is adequate

General Ledger and Bank accounts are reconciled and monitored

Annual Internal Audit Objectives (continued)

Annual Internal Audit is conducted to verify or ensure that:

Vendor relationships are properly managed

Scholarships are awarded and payments IAW Foundation Policy

Employee Leave and Sick Days comply with Leave policy

Bonuses are properly reviewed and Board approved

An effective Business Continuity Plan is in place

Other requirements as determined

Internal Audit (August 2015)

Audit Rating “Satisfactory”; control objectives met, except:

o Insurance

o Specified revenue (fundraising) objectives

o Business Continuity Plan

o Documentation of certain Board decisions

Recommendations:

• Research and consider crime insurance

• Consider fundraising plan to inform Budget Committee and IAC

• Implement Business Continuity Plan:

o Document critical processes and provide cross-training

o Identify individual(s) to assume CSO and Assistant roles

o Ensure critical documentation is backed up electronically

• Improved documentation of decision making:

o Examples: Cruise down payments, employee bonuses, others


Best Practice Recommendations:

• Full physical inventory due to office move

• Review Strategic Plan at least annually

• Consider establishing investment return goals for the IAC

• Discontinue classifying the transfer from the corpus (balance sheet

account) as revenue in the budget.

• Annual By-laws and Policy Statement Reviews, approval by Board

• Guidance on Chapter contributions to the Foundation

• Guidance on use of Foundation or Chapter resources not explicitly

defined within the Foundation mission

• Amend the Financial Operations Policy to address corporate cards


Implementation NLT December 2015:

• Physical inventory (post-move) to be conducted

• Crime insurance research and decision by Executive Committee

• By-laws, Policy Statements and Strategic Plan under review

• Corporate card policy to be incorporated into Policy Statement:

- Issuing, reconciliations, statement reviews and prohibitions

• Business Continuity Plan prepared for Executive Committee

Points for Discussion:

• Link fundraising objectives to budget and IAC objectives?

• Guidance on Chapter contributions to the Foundation

• Guidance on use of Foundation or Chapter resources not explicitly

defined within the Foundation mission


September 2015


CAPT Kenda James, SC, USN

Chapter Financial Reporting Introduction

Foundation and Supply Corps Associations merged in 1996

Today’s Chapters are chartered by the Foundation

Chapter Committee Chair and ongoing coordination of activities

Foundation fiduciary responsibility and protecting 501(c)(3) status

Consistency with Foundation Financial Operations Policy Statement

Balance Chapter autonomy with Foundation oversight

Wide variance in Chapter sizes, activities and resources

Formation of Audit Committee-sponsored Working Group

Objectives:

• Adopt an effective Financial Reporting Policy in Chapter Guide

• Visibility on Chapter Finances

• Policy approval by Board of Directors Meeting September 2015


2014 Working Group:

• Chaired by CAPT Kenda James, SC, USN

• Chapters:

• 2014 Financial Statements

• President and Treasurer Turnover Letters

• Internal Audits, often via Turnovers

Foundations Financial Policy Statement Proposed Elements:

• Annual Financial Statement of all Chapters

• Chapter President and Treasurer turnover letter and notification

• Chapters conduct internal financial review

• Chapters may conduct external financial reviews as desir ed

• Procedures’ incorporation into Chapter Guidebook

2014 Chapter Finances Snapshot

# Chapter As of Date Timeframe Total Equity Revenue Expenses Net Income

Donations to

Foundation

1 Philadelphia 12/31/2014 Full Year 16,812.41$ 46,779.65$ 41,776.94$ 5,002.71$ 1,000.00$

2 Great Lakes 12/31/2014 4Q Only 3,928.31$ 5,567.20$ 4,889.01$ 678.19$ 3,632.00$

3 Greater Boston 12/31/2014 Full Year 1,383.09$ 3,543.21$ 2,059.84$ 1,483.37$ 100.00$

4 Hampton Roads 12/31/2014 4Q Only 21,755.83$ 3,182.21$ 3,028.00$ 154.21$ -$

5 Hawaii 12/31/2014 Full Year 9,438.75$ 16,139.53$ 18,640.74$ (2,501.21)$ 3,000.00$

6 Japan 12/31/2014 Full Year 5,989.61$ 19,320.85$ 19,729.86$ (409.01)$ -$

7 Mechanicsburg 12/31/2014 Full Year 9,889.78$ 3,837.30$ 332.00$ 3,505.30$ 5,000.00$

8 Newport 12/31/2014 4Q Only 7,881.92$ 4,944.77$ 8,146.51$ (3,201.74)$ -$

9 St Louis Area 12/31/2014 Full Year 2,107.58$ 2,331.75$ 2,499.40$ (167.65)$

10 Great Salt Lake (GSL) 12/31/2014 Full Year 141.13$ -$ 10.00$ (10.00)$ -$

11 San Diego 12/31/2014 Full Year 12,902.67$ 80,974.40$ 94,876.41$ (13,902.01)$ 25,000.00$

12 SW Asia 12/31/2014 Full Year 1,510.69$ 3,135.44$ 2,507.62$ 627.82$ 250.00$

13 Washington DC 12/31/2014 Full Year 33,894.03$ 121,722.65$ 131,874.35$ (10,151.70)$ 40,000.00$

14 Memphis 8/31/2015 YTD 1,154.62$ 0.39$ -$ 0.39$ -$

15 Jacksonville 12/31/2014 Full Year 436.38$ 11,174.40$ 12,137.38$ (962.98)$ -$

16 Monterey 8/31/2015 YTD 4,202.07$ 9,766.03$ 6,810.91$ 2,955.12$

17 Groton 12/31/2014 Full Year -$ -$ -$ -$ -$

18 Sigonella 12/31/2014 Full Year 1,688.18$ 0.92$ 430.00$ (429.08)$ -$

Totals 135,117.05$ 332,420.70$ 349,748.97$ (17,328.27)$ 77,982.00$

Comments and Recommendations

Chapters will submit 2015 Financial Statements (due 15 Jan 2016)

President and Treasurer Turnover Letters to continue

Internal Audit conducted once a year

Foundation assistance on auditing can be requested (case-by-case)

Financial Statement Format Improvements:

• Summary Tab for Income and Expenses in Workbook

• New Instructions Tab

• Chapters need to report on a full Calendar Year basis:

- Fiscal Year is Calendar Year

• Donations to Foundation to be included in Statements

• Training on an ad hoc basis will be offered

• Above to be readied with 2015 Statements call NLT 15 Dec 2015

Incorporate above into Policy Statement and Chapter Ops Manual

2016 Budget Review

September 2015

CDR Kurt Williams, SC, USN

2016 Budget Development Process

Budget Considerations: Provided historical budgets and 2015

YTD income and expenses (as of 31 Aug 2015)

Inputs: Budget inputs from program chairs and CSO

Balanced Budget: Developed a balanced budget for consideration

by the Board of Directors

• Restricted and unrestricted funds offset deficit

• Recommend adjustments at the “Program Level” instead

of at the line item level; allows for program chairpersons to

make adjustments within their program as appropriate

• Budget still open to risk based on assumptions (ie

projected contributions)

Proposed 2016 Budget

Budget

Inputs

Budget

RecommendationRevenue

Contributions 362,500$ -$

Corpus Income 343,200$ -$

Regalia Income 3,000$ -$

Total Revenue 708,700$ -$

Expenses

Scholarship 284,000$ -$

Recognition 20,000$ -$

Communications 99,000$ -$

Chapter Development 35,000$ -$

Heritage Legacy 34,000$ -$

Humanitarian Aid 2,500$

FAST 3,500$

Operating Expenses 230,700$ -$

Total Expenses 708,700$ -$

Net Income -$ -$

Back-up / Draft slides

2016 Budget Risks

Contributions:

• Difficult to budget individual contributions accurately

• 2013 Budget / Actual: $250K / $178K

• 2014 Budget / Actual: $250K / $225K

• 2015 Budget / Actual (as of AUG 31): $260K / $51K

• Majority of individual contributions in toward year-end

• Recommendation: recommend previous consideration of 110%

of previous year’s individual contribution.

2016 Budget (Revenue)

2015

Budget

8/31/2015

Actual

Committee

Inputs 2016

Budget

Recommended

2016 Budget

REVENUE

Contributions

Individuals 260,000.00 51,350.31 225,000.00

CFC/United Way 35,000.00 14,370.72 30,000.00

Chapters 75,000.00 9,000.00 85,000.00

Corporate 5,000.00 5,797.98 7,500.00

Estates 15,000.00 5,000.00 15,000.00

390,000.00 85,519.01 362,500.00 0

Corpus Income

Restricted 153,045.00 102,030.00 171,600.00

Unrestricted 146,955.00 97,970.00 171,600.00

300,000.00 200,000.00 343,200 0

Regalia Sales

Income From Regalia Sales 900 1,844 3,000

TOTAL Revenue 690,900 287,363 708,700 0

2016 Budget (Program Expenses)

2015

Budget

8/31/2015

Actual

Committee

Inputs 2016

Budget

Recommended

2016 Budget

PROGRAM EXPENSES 0.00

0.00

Scholarship Program 0.00

Scholarships Paid 268,500.00 248,000.00 250,000.00 -250,000.00

Memorial Scholarships Paid 25,000.00 31,000.00 27,500.00 -27,500.00

Scholarship Board Expense 4,000.00 3,908.36 4,000.00 -4,000.00

Virtual Scholarship BD Setup 2,500.00 8,500.00 2,500.00 -2,500.00

Program Review 0.00 0.00 0.00 0.00

Interview Book 0.00 0.00 0.00 0.00

300,000 291,408 284,000 0 -284,000.00

0.00

Recognition Program 0.00

Distinguished Alumni Program 6,000.00 0.00 6,000 -6,000.00

Various Awards 14,000.00 6,000.00 14,000 -14,000.00

20,000 6,000 20,000 0 -20,000.00

Communications Program 0.00

Web Site Expense 64,500.00 29,229.22 6,000.00 -6,000.00

Web Site

Maintenance (delete /

roll up to "WS

Expense") 0.00 0.00 12,000.00 -12,000.00

Web Site Upgrades

(delete / roll up to

"WS Expense") 0.00 0.00 30,000.00 -30,000.00

The Oakleaf 21,000.00 15,334.49 21,000.00 -21,000.00

Consulting 26,000.00 16,000.00 26,000.00 -26,000.00

Marketing/Comm Plan 8,500.00 1,505.24 4,000.00 -4,000.00

Advertising (delete /

roll up to marketing) 0.00 0.00 0.00 0.00

120,000 62,069 99,000 0 -99,000.00

2016 Budget (Program Expenses – cont’d)

Chapter Development

Travel 10,000.00 0 20,000

Chapter Support 15,000.00 11,406 15,000

25,000 11,406 35,000 0

Heritage Legacy

Memorial Ship Displays 20,000.00 0 20,000.00

Other 8,000.00 0 8,000.00

Navy Memorial 0.00 0 0.00

History Book Tvl 0.00 0 4,000.00

Travel 2,000.00 1,503 2,000.00

JOTS 0.00 0 0.00

Vietnam War Exhibit 0.00 0 0.00

Heritage Legacy Total 30,000 1,503 34,000 0

Humanitarian Aid 2,500 0 2,500

FAST 0 0 3,500

TOTAL PROGRAM EXPENSES 497,500 372,386 478,000 0

2016 Budget (Operating Expenses)

OPERATING EXPENSES

2015

Budget

8/31/2015

Actual

Committee

Inputs 2016

Budget

Recommended

2016 Budget

Salaries - HQ Staff 82,000.00 54,704.15 82,000.00

Payroll Expenses 6,300.00 4,184.87 6,300.00

Retirement Plan 22,000.00 21,360.00 22,000.00

Rent 0.00 0.00 15,600.00

Auto Reimbursements 5,850.00 650.00 300.00

Telephone 300.00 150.00 3,000.00

Office Expense 3,500.00 1,178.92 5,500.00

Bank Charges 5,500.00 5,641.07 2,500.00

Outside Printing (Development)1,250.00 1,835.63 7,500.00

Mailing Expense 5,000.00 792.54 5,500.00

Board Meetings 5,500.00 914.20 30,000.00

Travel 30,000.00 16,748.86 15,000.00

Insurance 0.00 1,540.22 5,000.00

Legal and accounting 3,500.00 3,195.00 4,000.00

Depreciation 4,000.00 1,000.00

Annual Audit (Internal) 800.00 1,000.00

Annual Audit (External) 1,000.00 4,500.00

Consulting Fee 4,000.00 20,000.00

Consulting Expenses 15,000.00 1,975.30 0

Miscellaneous Expense 250.00 98.97 0

TOTAL OPERATING EXPENSE 195,750 114,970 230,700 0

TOTAL EXPENSES 693,250 487,356 708,700 0

NET INCOME -2,350 -199,993 0 0

Question and Comments

BACK UP SLIDES

2016 Budget (Revenue)

2015

Budget

8/31/2015

Actual

Committee

Inputs 2016

Budget

Recommended

2016 Budget

Recommended

change

REVENUE

Contributions

Individuals 260,000.00 51,350.31 225,000.00 225,000 0.00

CFC/United Way 35,000.00 14,370.72 30,000.00 30,000 0.00

Chapters 75,000.00 9,000.00 85,000.00 85,000 0.00

Corporate 5,000.00 5,797.98 7,500.00 5,000 -2,500.00

Estates 15,000.00 5,000.00 15,000.00 15,000 0.00

390,000.00 85,519.01 362,500.00 360,000 -2,500.00

Corpus Income 0.00

Restricted 153,045.00 102,030.00 171,600.00 146,550 -25,050.00

Unrestricted 146,955.00 97,970.00 171,600.00 157,650 -13,950.00

300,000.00 200,000.00 343,200 304,200 -39,000.00

Regalia Sales 0.00

Income From Regalia Sales 900 1,844 3,000 3,000 0.00

0.00

TOTAL Revenue 690,900 287,363 708,700 667,200 -41,500.00

2016 Budget (Program Expenses)

2015

Budget

8/31/2015

Actual

Committee

Inputs 2016

Budget

Recommended

2016 Budget

PROGRAM EXPENSES 0.00

0.00

Scholarship Program 0.00

Scholarships Paid 268,500.00 248,000.00 250,000.00 250,000 0.00

Memorial Scholarships Paid 25,000.00 31,000.00 27,500.00 25,000 -2,500.00

Scholarship Board Expense 4,000.00 3,908.36 4,000.00 4,000 0.00

Virtual Scholarship BD Setup 2,500.00 8,500.00 2,500.00 2,500 0.00

Program Review 0.00 0.00 0.00 0 0.00

Interview Book 0.00 0.00 0.00 0 0.00

300,000 291,408 284,000 281,500 -2,500.00

0.00

Recognition Program 0.00

Distinguished Alumni Program 6,000.00 0.00 6,000 4,000 -2,000.00

Various Awards 14,000.00 6,000.00 14,000 10,000 -4,000.00

20,000 6,000 20,000 14,000 -6,000.00

Communications Program 0.00

Web Site Expense 64,500.00 29,229.22 6,000.00 6,000 0.00

Web Site

Maintenance (delete /

roll up to "WS

Expense") 0.00 0.00 12,000.00 12,000 0.00

Web Site Upgrades

(delete / roll up to

"WS Expense") 0.00 0.00 30,000.00 30,000 0.00

The Oakleaf 21,000.00 15,334.49 21,000.00 21,000 0.00

Consulting 26,000.00 16,000.00 26,000.00 20,000 -6,000.00

Marketing/Comm Plan 8,500.00 1,505.24 4,000.00 4,000 0.00

Advertising (delete /

roll up to marketing) 0.00 0.00 0.00 0.00

120,000 62,069 99,000 93,000 -6,000.00

2016 Budget (Program Expenses – cont’d)

Chapter Development 0.00

Travel 10,000.00 0 20,000 10,000 -10,000.00

Chapter Support 15,000.00 11,406 15,000 15,000 0.00

25,000 11,406 35,000 25,000 -10,000.00

Heritage Legacy 0.00

Memorial Ship Displays 20,000.00 0 20,000.00 20,000 0.00

Other 8,000.00 0 8,000.00 0 -8,000.00

Navy Memorial 0.00 0 0.00 0 0.00

History Book Tvl 0.00 0 4,000.00 4,000 0.00

Travel 2,000.00 1,503 2,000.00 2,000 0.00

JOTS 0.00 0 0.00 0 0.00

Vietnam War Exhibit 0.00 0 0.00 0 0.00

Heritage Legacy Total 30,000 1,503 34,000 26,000 -8,000.00

0.00

Humanitarian Aid 2,500 0 2,500 2,500 0.00

FAST 0 0 3,500 2,500 -1,000.00

TOTAL PROGRAM EXPENSES 497,500 372,386 478,000 444,500 -33,500.00

0.00

OPERATING EXPENSES 0.00

2016 Budget (Operating Expenses)

2015

Budget

8/31/2015

Actual

Committee

Inputs 2016

Budget

Recommended

2016 Budget

0.00

Salaries - HQ Staff 82,000.00 54,704.15 82,000.00 82,000 0.00

Payroll Expenses 6,300.00 4,184.87 6,300.00 6,300 0.00

Retirement Plan 22,000.00 21,360.00 22,000.00 22,000 0.00

Rent 0.00 0.00 15,600.00 15,600 0.00

Auto Reimbursements 5,850.00 650.00 300.00 300 0.00

Telephone 300.00 150.00 3,000.00 3,000 0.00

Office Expense 3,500.00 1,178.92 5,500.00 5,500 0.00

Bank Charges 5,500.00 5,641.07 2,500.00 2,500 0.00

Outside Printing (Development)1,250.00 1,835.63 7,500.00 5,000 -2,500.00

Mailing Expense 5,000.00 792.54 5,500.00 5,000 -500.00

Board Meetings 5,500.00 914.20 30,000.00 25,000 -5,000.00

Travel 30,000.00 16,748.86 15,000.00 15,000 0.00

Insurance 0.00 1,540.22 5,000.00 5,000 0.00

Legal and accounting 3,500.00 3,195.00 4,000.00 4,000 0.00

Depreciation 4,000.00 1,000.00 1,000 0.00

Annual Audit (Internal) 800.00 1,000.00 1,000 0.00

Annual Audit (External) 1,000.00 4,500.00 4,500 0.00

Consulting Fee 4,000.00 20,000.00 20,000 0.00

Consulting Expenses 15,000.00 1,975.30 0 0 0.00

Miscellaneous Expense 250.00 98.97 0 0 0.00

TOTAL OPERATING EXPENSE 195,750 114,970 230,700 222,700 -8,000.00

0.00

TOTAL EXPENSES 693,250 487,356 708,700 667,200 -41,500.00

0.00

NET INCOME -2,350 -199,993 0 0 0.00

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