We thank Michael Gagne and Matthew Long for their renewals this month. I paid a program expense bill that was $22 higher than our income. I also transferred $3,000 from our saving account into the checking account. More on that later. So our checking account is at a healthy $5,900.
For the last couple of months, our bank (Chase) had been charging us a service fee because our account was below a minimum balance. I’ve worked with the bank to reverse the service fees. Chase has not only reversed the fees but also lowered our minimum balance. During the time that the Bank and I were discussing the fees, I transferred $3,000 from savings into the checking account to avoid further charges. I will, based upon recommendation from the board at our next meeting, move a portion of that amount back to savings.
Our scholarship fund has a current balance of $5,300 and our savings account has a balance of around $32,000. So we remain in a strong financial position.
I have completed the 990-N form required by the IRS which secures our status as a not-for-profit organization. This submission covers calendar year 2016.
Laurie Stivers
Laurie Stivers, Treasurer