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In my first report as Treasurer, I would like to begin by expressing my gratitude to Mary Paige, the outgoing Treasurer, for her hard work over the past two years and for taking the time to ensure a smooth transition into my term in January. As well, thank you to Michele McGuinness, our steadfast Administrative Assistant, who efficiently executes the many details of the finances and budgets and is reliably available with pertinent history.
In the past six months, with the gracious help and flexibility of our Board members, we were able to develop and approve a budget for the next fiscal year with ease. This budget reflects slightly more conservative estimates of income as well as scaled back expenses, in response to last year's numbers. The organization overall operated at a slight loss for the fiscal year 2003-2004, possibly as a result of the rapid expansion of course offerings in recent years. Revenues for the year totaled $205,200, reflecting roughly a 2.5% decline from the previous year. Despite this drop in revenue and a slight increase in expenditures, NCSPP remains in a strong fiscal position, with reserves of approximately $37,000. Of particular note is the continued growth in NCSPP membership over the past year. Board meetings have been filled with thoughtful consideration about tapping new sources of income, fine-tuning our financial needs, and continuing to provide the high quality programs for which NCSPP is known. I look forward to being a part of NCSPP's continued growth.
The table on the next page shows income and expenses for July 2003 through June 2004.