Annual Treasurer’s Report 2022

Fiscal 2021-22 continued to present challenges to LWV Chicago, both with organizational issues and effective outreach to members and others, all of which impacted LWV Chicago’s financial position. 

As of April 30, we currently have $26,676.38  in our checking account, $15,489.73 in savings and $30,420 in certificates of deposit for a total of $72,586.11. The professional financial review for the fiscal year ending June 2021 revealed no anomalies. The only issue that needed to be addressed was that LWV Chicago needed to use a cash rather than a modified accrual basis. Modified accrual is now to be used by government agencies and municipalities. This did not really affect us in terms of recording and reporting our finances.

The majority of our income comes from dues, but over 80% of those funds are paid out to LWVUS and LWVIL as our per member payment (PMP) to them. Our income from dues, contributions, State of the City and other events to date total $31,027. We had budgeted $49,280. There was a membership drop, so we lost some income there. The limitations imposed by the continuing COVID-19 restrictions may have impacted our ability to effectively fundraise, both with our membership and other potential donors.

On the expenditure side, we’ve saved funds by continuing to meet virtually. Our biggest expenses are PMPs, rent and contract services for financial and media support. 

The Board of Directors makes every effort to keep expenses reasonable while supporting our goals and program objectives. We need to plan fundraising activities for next year, with a particular focus on getting corporate or foundation support. Membership involvement in planning and executing plans is vital to the continuing financial health of LWV Chicago.

This report is submitted by LWV Chicago Treasurer Hollis Burgess.