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2006 Operating Budget |
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Income |
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2006 |
Percent |
Change from Prior Year |
2005 Budget |
2005 Actual/Estimate |
Estimated Over/Under |
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Contributions |
$1,850,000 |
87.06% |
23.66% | $1,496,000 | $3,334,253 | $1,838,253 | |||||
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Investment Income |
$255,000 |
12.00% |
93.18% | $132,000 | $305,019 | $173,019 | |||||
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Other Income |
$20,000 |
0.94% |
81.82% | $11,000 | $28,516 | $17,516 | |||||
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Total Income |
$2,125,000 |
100.00% |
29.65% | $1,639,000 | $3,667,788 | $2,028,788 | |||||
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Expenses |
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2006 |
Percent |
Change from Prior Year |
2005 Budget |
2005 Actual/Estimate |
Estimated Over/Under |
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Program Expenses |
$3,330,000 | 79.13% | 305.11% | $822,000 | $856,474 | $34,474 | |||||
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Fundraising Expenses |
$72,000 | 1.71% | -1.37% | $73,000 | $78,793 | $5,793 | |||||
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Administrative Expenses |
$806,500 | 19.16% | 8.40% | $744,000 | $716,521 | ($27,479) | |||||
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Total Expenses |
$4,208,500 | 100.0% | 156.77% | $1,639,000 | $1,651,788 | $12,788 | |||||
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Summary |
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2006 |
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2005 Budget |
2005 Actual/Estimate |
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Income: |
$2,125,000 |
$1,639,000 | $3,667,788 | ||||||||
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Expenses |
($4,208,500) |
($1,639,000) | ($1,651,788) | ||||||||
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Surplus/ (Shortage) |
($2,083,500) | $0 | $2,016,000 | ||||||||
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2006 Budget Income |
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Contributions |
2005 |
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Active Duty |
$1,050,000 | $950,000 | ||
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Auxiliary |
$40,000 | $44,000 | ||
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Civilian |
$70,000 | $52,000 | ||
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Reserve |
$20,000 | $20,000 | ||
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Retired |
$315,000 | $298,500 | ||
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Bequest |
$0 | $0 | ||
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Memorial |
$5,000 | $2,500 | ||
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Katrina/CG Foundation |
$250,000 | $0 | ||
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Miscellaneous/Royalties |
$100,000 | $127,500 | ||
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Adjustments |
$0 | $1,500 | ||
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Total |
$1,850,000 |
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Investment Income |
2005 |
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Interest-Checking |
$25,000 | $12,000 | ||
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Dividends-Portfolio |
$100,000 | $80,000 | ||
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Interest-Portfolio |
$100,000 | $100,000 | ||
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Other Investment Income |
$0 | $0 | ||
| Less Bank Fees | ($10,000) | ($10,000) | ||
| Less Portfolio Management Fees | ($60,000) | ($50,000) | ||
| Realized Gains/Losses | $100,000 | $0 | ||
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Total |
$255,000 | |||
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Other Income |
2005 |
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| Collection Agency Cash |
$20,000 |
$11,000 |
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Grants Repayments |
$0 |
$0 |
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| Other Income |
$0 |
$0 |
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| Total | $20,000 | |||
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2006 Budget Expense |
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Program Expenses |
2005 |
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| SEG Grants | $400,000 | $385,000 | ||
| Personal Grants | $1,100,000 | $70,000 | ||
| Special Projects | $60,000 | $73,000 | ||
| Education Loans 3% Refund | $30,000 | $36,000 | ||
| Financial Counseling Fees | $5,000 | $5,200 | ||
| Layette Program | $3,000 | $3,200 | ||
| Outreach Program | $5,000 | $5,000 | ||
| Loans Declared Uncollectible | $200,000 | $200,000 | ||
| Collection Agency Commission Expense | $10,000 | $3,000 | ||
| Loans Converted to Grants | $1,500,000 | $23,000 | ||
| Credit Reports | $1,000 | $1,500 | ||
| Printing - Program Exp | $15,000 | $14,000 | ||
| Postage, Mail & Shipping Exp | $0 | $2,000 | ||
| Other Program Expenses | $1,000 | $1,100 | ||
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Total |
$3,330,000 |
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Fundraising Expenses |
2005 |
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| Printing - Fundraising Exp | $45,000 | $43,000 | ||
| Postage, Mail & Shipping Exp | $15,000 | $21,000 | ||
| Local Campaign Expenses | $2,000 | $2,000 | ||
| Credit Card Fees | $1,500 | $1,500 | ||
| State Solicitation Registration Fees | $8,000 | $5,000 | ||
| Other Fund Raising Expenses | $500 | $500 | ||
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Total |
$72,000 | |||
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Administrative Expenses |
2005 |
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| Employee Salary |
$500,000 |
$475,000 |
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| Employee Benefits |
$85,000 |
$75,000 |
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| Payroll Taxes |
$40,000 |
$39,000 |
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| Payroll Services |
$2,500 |
$2,500 |
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| Accounting Services |
$15,000 |
$15,000 |
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| Attorney Fees |
$5,000 |
$5,000 |
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| Computer Hardware |
$500 |
$1,000 |
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| Computer Hardware Maintenance |
$500 |
$500 |
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| Computer Software |
$1,000 |
$500 |
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| Computer Software License Renewal |
$12,000 |
$10,000 |
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| Computer Software Maintenance |
$36,000 |
$15,000 |
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| Director's Insurance & Bonding |
$2,100 |
$2,000 |
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| Property Insurance & Workman's Comp |
$2,900 |
$2,500 |
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| Office Equipment |
$500 |
$1,000 |
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| Office Equipment Maintenance |
$500 |
$1,000 |
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| Office Supplies |
$4,000 |
$3,500 |
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| Postage, Mail & Shipping Exp |
$500 |
$300 |
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| Printing - Admin Exp |
$10,000 |
$5,500 |
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| Professional Development |
$2,000 |
$2,500 |
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| Depreciation |
$85,000 |
$85,000 |
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| Other Administrative Expenses |
$1,500 |
$2,200 |
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| Total | $806,500 | |||
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2006 Budget Notes |
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Contributions:
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Contributions marked for
Katrina total approximately $1,000,000 in the fourth quarter 2005. Contributions from the Coast Guard Foundation total $750,000 in the fourth quarter 2005 and an additional $250,000 is anticipated in the first quarter 2006. |
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Investment Income:
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Other Income:
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Program Expenses:
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The first Katrina related
Personal Grants are not expected until the first quarter 2006. A
minimum of $1,000,000 for Katrina related Personal Grants is anticipated. Loan to grant conversion for Katrina related loans is expected to begin in the first quarter 2006. conversion of more than $1,500,000 is anticipated. |
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Fundraising Expenses:
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Administrative Expenses:
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After years of extremely low hosting fees for the many CGMA software applications, $407 per month, CGMA has entered into a new agreement to pay $2,000 per month for the next two years. This is the primary reason for the increase in Software Maintenance to $36,000 for calendar year 2006. | |
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