Page 15 - The Decorative Painter Fall 2014

annual report
Annual Report for 2013
TREASuRER’S REPORT
The accounting firm of Regier Carr & Monroe, LLP, CPAs audited the consolidated statements of the National Society of Tole and Decorative Painters (dba Society
of Decorative Painters) and the Society of Decorative Painters Foundation as of December 31, 2013. In their opinion, after all audits were conducted the material in respect provided by management fairly represents the financial position of the Society as of December 31, 2013. Such information has long been subjected to the auditing procedures in accordance with generally accepted accounting standards and principals generally accepted in the United States.
The total assets of the Society equal $837,105. The Foundation assets were at $244,000. The net assets after payments and liabilities on a consolidated level, including both unrestricted and permanently restricted funds, equal $1,700 for the Society and $241,419 for the Foundation.
The combined income for 2013, including interest, net realized and unrealized gains, equaled a loss, of
$8,373. The Society experienced a $14,641 loss and
the Foundation experienced a $6,268 gain. After consideration, the 2013 net budget was originally called for a $845 gain, but the actual final net was a $14,641 loss.
The Society cannot and must not continue in this fashion. We must increase our revenues. Since the majority of the revenues come from membership money, this means we must increase our membership numbers. As the saying goes we are “land rich and cash poor.”
We must work together—members and chapters—to introduce our love of painting and encourage others to join our Society.
The board and staff spent many hours trying to trim our expenses to help with this deficit. This created a decrease in expenses of $165,000 from our budget. It is still not enough, and we need to work very hard to bring this Society into the black once again.
—Marjorie Thompson 2013–14 SDP Treasurer
THe NATIoNAL SoCIeTy oF ToLe AND DeCoRATIve PAINTeRS, INC. CoNSoLIDATINg SCHeDuLe-STATeMeNT oF FINANCIAL PoSITIoN DeCeMbeR 31,2013
THe NATIoNAL SoCIeTy oF ToLe AND DeCoRATIve PAINTeRS, INC. CoNSoLIDATINg SCHeDuLe-STATeMeNT oF ACTIvITIeS
FoR THe yeAR eNDeD DeCeMbeR 31,2013
dEcOratIvEpaINtErS.Org
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