[Osta-board] OSTA Finances

[Susan McWilliams]

Dear Colleagues-

Herewith is a follow up to the concerns and questions expressed about the financial report:

1) Withdrawals from the Chase account by ADP are for Lori's position as Communications Coordinator.  The amounts withdrawn so far include both her salary and taxes.  ADP handles it all and pays Lori as well as pays her taxes.  Workers Compensation insurance is to cover her as well and is required by Oregon law. The payroll fee of $50 doesn't just provide withdrawing and depositing tax payments to the State.  The $50 fee (per payroll period) covers all of the tax reporting (Forms 941, W-2 year-end reporting, State of Oregon reporting) and tax payments to both the Federal government and the State of Oregon.  Also, the $50 covers up to three employees so if OSTA brings on other employees in the future, the fee will not change.   

Therefore, I wish to make it clear that there is no scam, no mismanagement of OSTA funds and these are all legitimate expenses.

2) Revised budget for FY 2014/15   
 The changes that were approved added $4,050 to the total expenses.  If you refer to to the Statement of Financial Activities I presented, which includes the actual expenses year-to-date and the now approved budget, you will see the following"
The Total Projected Income for this budget is $102,995.
The revised Total Expenses for the budget (with revisions) is now $98,782
The new bottom line therefore is $4,213 projected Net Income
This budget does not include the $7,095 in deferred funds for the fall conference which will be included in the new FY2015/16 budget.

I hope this helps everyone better understand the financial situation for OSTA and appreciate the fact that Kristy and I have worked hard with Nicole the bookkeeper to establish a responsible fiscal management system.  The real bottom line here is that the organization is in good financial health. 


Sincerely,
Susan McWilliams
smcw at me.com
541-419-2357

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