by Michael Mitrano
The income statement and balance sheet below show the AAAP’s financial results for the fiscal year that ended on June 30, 2021, and our financial position at the beginning and the end of the year.
The AAAP had strong $1,546 surplus for the fiscal year, driven primarily by substantial increase in membership. The chart below shows member dues for the past 15 years:
We ended the year with a record 147 dues-paying members.
PayPal fees – incurred when members pay via PayPal – account for most of our banking fees and roughly equal five members’ dues income. Payments via check to the PO box are always welcome. Some members use their bank’s recurring billpay service to send a dues check each July.
We received $7,645 in donations toward observatory repairs during FY 2021 but these are not included in the income statement. Rather, they show as a restricted donation liability on the balance sheet at June 30. Under the rules of accounting for restricted donations, they are taken into income at the time when they are used for their restricted purpose. Hopefully the observatory repairs will take place in FY 2022.
The chart below shows AAAP reserves over the past 15 years.
Our cumulative reserves are close to $16 thousand, equaling nearly four years of the association’s expenses at last year’s level.
Kindly let me know if you have any questions about the report.
Michael Mitrano, Treasurer
August 26, 2021