Favorable Financial Report Anticipated

BY WAYNE REYNOLDS, TREASURER

We recently concluded our first Board of Directors meeting since the Orlando Convention, and it was marked by a bustling schedule and fruitful discussions. During the meeting, I presented a report on VVA’s financial status, encompassing both the Budget-to-Actual and the investment accounts. Our investment accounts include funds designated for dues rebates for state councils and chapters, as well as unrestricted investments.

Notably, the balance in the rebate set-aside fund is currently lower than the rebates issued in FY24. This discrepancy will be addressed by the Board and the Finance Committee during the FY25 budget process.

The VVA National Audit Report was shared, revealing no significant findings. Our investments align with established policies, and we maintain a robust reserve. In the FY24 budget, revenue surpassed expenses, and we anticipate a favorable financial report as we near the end of the fiscal year in February.

Budget-to-Actual reports will be made available to the Board on the confidential site monthly, as soon as they are compiled. We are consistently reporting to the Board and Finance Committee in accordance with decisions made prior to my election.

VVA General Counsel Patricia Harris highlighted the necessity for the organization to establish an Audit Committee to comply with a recently enacted New York law, as VVA is incorporated in that state. To adhere to this requirement, the Board approved my motion to have the Finance Committee and the Audit Committee operate concurrently. Both committees consist of members of the Board of Directors, as nominated by Finance Committee Chair Dottie Barickman and confirmed by the Board.

Work on developing the FY25 Budget is underway. Managing Director Phillip Waite and Finance Department Director Anthony Powell are advancing a process approved by the officers and will present their data to the officers and the Finance Committee. We anticipate having the FY25 budget ready for adoption by the Board of Directors in January. The diligent efforts of our National Office staff continue to enhance the efficiency and precision of all financial functions and reporting.

I am dedicated to ensuring accuracy and transparency as your National Treasurer. Please don't hesitate to reach out with any questions or concerns

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