FinanCIAL INFORMATION
2019
For the purposes of this look at Cathedral City Senior Center’s (CCSC) finances, 2019 is considered the base year. This audit focuses on the year before Geoff Corbin joined CCSC as its CEO in July of 2019.
The 2019 Audit Report, as are all the audit reports for the 2019-2023 period, is considered a “clean audit” meaning that there were no negative findings, and the financial reports accurately reflect the financial position of the CCSC during the referenced period. A clean audit also reports that income and expenses are categorized correctly, and that there is documentation or appropriate back-up for income and expenses. Most importantly it assures the board of directors and the public that the stated financial report for the period is correct.
In fiscal year 2019 (ending June 30, 2019) The CCSC had an income of $268,029 and expenses of $288,427 for a net deficit in operations, in this base year, of $20,368.
2020
The 2020 fiscal year (ending June 30, 2020) once again saw a “clean audit.”
In this first year of Mr. Corbin’s tenure as CEO, the CCSC experienced a 25% increase in income to $336,688, and about a 4% increase in expenses to $298,294 resulting in a net positive of $37,704 for the fiscal year. Thus begins a growth trend that will continue for numerous years.
2021
The 2021 fiscal year (ending June 30, 2021) once again saw a “clean audit.”
In fiscal year 2021 income increased about 40% to $469,687 while expenses only increased 19% to $355,926 for a net positive for the year of $113,761. It is important to note that Program Services saw the largest percentage increase while Management and General, and Fundraising had much smaller percentage increases. This is in line with the CCSC’s aim to offer services at an economical cost and without large overhead expenses.
2022
Once again, a “clean audit” was reported for the 2022 fiscal year (ending June 30, 2022).
Fiscal year 2022 experienced a 63% increase in income over the previous year to $763,819 with a 136% increase in expenses to $841,056 resulting in a deficit year of $77,237. Program services, Management and General, and Fundraising, all experienced a similar percentage increase. The total expense figure expanded significantly as the CCSC provided expanded services. This deficit was forecasted and we have since caught up.
2023
A “clean audit” is again experienced in fiscal year 2023 (ending December 31, 2023).
The CCSC made two significant changes to its financial reporting practices in this year: changing from a July-June fiscal year to a calendar fiscal year, as well as changing from a cash accounting system to accrual accounting to more adequately reflect contributed income and expense which often bridge months as well as years.
Income increased to $1,149,902 or a 51% increase while expenses increased 45% to $1,226,683. While the deficit number remained about the same as the previous year at $76,781, income is increasing faster than expenses as the CCSC enters a new reality as a $1 million dollar plus operation. The deficits reported in 2022 and 2023 were not a surprise. The CCSC determined that it was appropriate to expend the funds necessary to reflect a quality cost of operations. Thus, as the CCSC’s operation grew, it was appropriate to raise the standards of operation, facility, program supplies and staff while maintaining quality programs.
This year, and following years, will also include impact reports to provide a wider view of the CCSC’s goals and impact, as well as to provide greater transparency,
2024
The 2024 audit is not complete at the time, though it and an impact statement will be available soon. Fiscal year 2024 ended the deficit pattern as the year ended with a $30,000 surplus. A reexamination of staff roles and requirements as well as overall expenses resulted in a reduction in expenses, while income remained relatively flat over 2023. Significantly, the CCSC ended fiscal years 2022, 2023, & 2024 with over $350,000 in savings with the goal to have a consistent savings account balance of at least $750,000, or half a year’s expenses.