Page 33 - November 2019 Council Meeting Notebook Online

Propane Education and Research Council
Statements of Activities
For the Nine Months Ended September 30, 2019

YTD YTD Favorable/ Annual
Actual Budget (Unfavorable) Budget

Revenue
Assessment revenue $ 32,429,679 $ 28,060,834 $ 4,368,845 $ 41,042,478
State rebate (6,485,936) (6,156,373) (329,563) (8,208,496)
Net assessment revenue 25,943,743 21,904,461 4,039,282 32,833,982
Investment income, net 601,947 112,500 489,447 150,000
Fulfillment, net (125,123) - (125,123) -
Other revenue 23,739 - 23,739 -
Total revenue 26,444,306 22,016,961 4,427,345 32,983,982

Expenses
General and administrative
Salaries and benefits 718,184 710,795 (7,389) 900,245
Accounting and bank fees 638,106 237,214 (400,892) 316,286
Professional services 270,947 287,563 16,616 383,418
Travel and meetings 125,773 141,002 15,229 188,000
Insurance 50,968 45,000 (5,968) 60,000
Dues and training 8,378 36,748 28,370 49,000
Office expenses 56,128 67,874 11,746 90,500
Rent expense 334,835 347,459 12,624 463,280
Taxes and licenses 1,431 12,749 11,318 17,000
Depreciation 55,879 59,926 4,047 79,900
Other 11,187 6,300 (4,887) 8,400
Total general and administrative expenses 2,271,816 1,952,630 (319,186) 2,556,029
Program
Program salaries and payroll taxes 2,884,246 3,045,614 161,368 3,893,445
Program benefits 423,891 447,847 23,956 591,352
Assessments & collections 43,590 63,677 20,087 84,903
Information technology 858,425 439,127 (419,299) 585,502
Direct program expenses
Residential and commercial markets 5,631,238 7,545,000 1,913,762 7,245,000
Propane industry 3,317,730 4,130,955 813,225 5,460,000
Technical research 600,841 952,000 351,159 1,100,000
Safety and training 440,040 905,859 465,819 1,675,000
Autogas 852,612 2,020,942 1,168,330 3,520,942
Outdoor power equipment 787,368 1,325,000 537,632 1,550,000
Material handling 745,848 1,378,000 632,152 1,505,000
Agriculture 663,069 2,148,832 1,485,763 1,293,616
Business development 281,342 400,000 118,658 450,000
Corporate communications 246,469 - (246,469) 1,400,000
Presidential discretionary 37,000 38,000 1,000 500,000
Unallocated program costs 484,707 - (484,707) -
Total direct program expenses 14,088,264 20,844,588 6,756,324 25,699,558
Deobligations - - - (500,000)
Total program expenses 18,298,416 24,840,853 6,542,437 30,354,760
Total expenses 20,570,232 26,793,483 6,223,251 32,910,789
Total change in net assets 5,874,074 (4,776,522) 10,650,596 73,193
Net assets, beginning of period 20,892,509 20,892,509 - 20,892,509
Total net assets, end of period $ 26,766,583 $ 16,115,987 $ 10,650,596 $ 20,965,702

*YTD Budget is comprised of year-to-date budgeted revenue, administrative expenses, program expenses and 2019
commitments (approved funding) for programs.

These financial statements have not been subjected to an audit, review, or compilation engagement, and no assurance is provided on them. The
accompanying note is an integral part of these financial statements.

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