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2005 Annual Financial Report

BJCP ANNUAL FINANCIAL REPORT December 31, 2005

Prior Balance - 1/1/2005 4,632.21
2005 Income 18,981.78
2005 Expenses 9,128.31
Current Balance - 12/31/2005 14,485.68

BUDGET TO DATE NOTE
INCOME
1 BJCP Examination Fees 13,225.00 10,405.00 a
2 BJCP Contest Certification Fees 2,500.00 6,578.88 b
3 BJCP Merchandise Receipts 250.00 1,829.33 c
4 Misc. Income 0.00 168.57 d
5 Returned Checks 0.00 0.00
Total 15,975.00 18,981.78
EXPENSES
1 BJCP Grants 1,000.00 1,500.00 e
2 Continuing Education Program 1,000.00 0.00 f
3 Income Tax 3,000.00 0.00 g
4 Legal Fees 2,000.00 0.00 h
5 Mailings: Examinees 0.00 26.70
6 Mailings: Reimbursees 0.00 0.00
7 Merchandise (for resale) 1,800.00 2,810.50 i
8 Miscellaneous 750.00 292.76
9 Office Supplies, Misc. 750.00 298.40
10 PO Box Rental 50.00 0.00
11 Postage 1,300.00 884.81 j
12 Printing: Examinees 100.00 88.77
13 Recognition Pins 2,800.00 2,552.00
14 Reimbursement: Exam Directors 200.00 0.00
15 Reimbursement: Exam Graders 800.00 561.00
16 Shipping: Merchandise 0.00 13.37
17 Surety Bond 100.00 100.00
18 Telephone 50.00 0.00
19 Website 0.00 0.00
Total 15,700.00 9,128.31
Prior Balance - 1/1/2005 4,632.21
Income 18,981.78
Expenses 9,128.31
Current Balance - 12/31/2005 14,485.68
Checks Outstanding 330.88
Account Balance Showing 14,816.56
Receivables Outstanding

Notes:

  1. Exam revenue was lower than expected due to several cancelled exams, and 2004 figure was artificially inflated due to off-cycle billing for AHA competitions.
  2. Contest income was higher than expected due to an inadvertent mis-estimate.
  3. Merchandise receipts were higher than expected due to the decision to sell BJCP shirts, hats, and pins at the AHA National Conference.
  4. Miscellaneous income represents interest earned on funds in accounts.
  5. Grant expenses were higher than budgeted due to switching in mid-year to a calendar year plan, requiring an additional $500 for the bridge period.
  6. The Continuing Education Program is still developing plans, and has not yet required any funding.
  7. Retroactive tax-exempt status was achieved, thereby obviating this expense.
  8. Legal fees were budgeted for recovery of the missing funds, but not spent during 2005.
  9. Money budgeted for merchandise was intended for pins, but that purchase was not needed, so an additional sum was added to purchase embroidered shirts and hats for sale.
  10. The reduced postage amount is related to note (a) above.

Submitted by Al Boyce, Treasurer, 1/3/2006