As was discussed at the last board meeting, I was instructed to provide a general summary regarding the current ERC bank account balance which at a quick glance may seem unusually high. A quick summary is as follows:
- As of August 31, 2019, the Emmaus Rotary Club’s bank account balance in Key Bank was $47,270. Please note however, that for the Rotary year ended June 30, 2019, the total funds spent for international and local projects was approximately $24,000 less than the combined amount budgeted for these expenditures. It is anticipated that in addition to current year projects, the $24,000 will be also be spent during the Rotary year ending June 30, 2020. As such, as of August 31, 2019, the ERC Board has decided to report the bank account balance in the monthly treasurer’s report as follows:
Operations – Checking (balance net of reserve) $23,270
Cash reserve
Total balance in checking
Note that as the funds related to the “carryover projects” are spent, the amount of the cash reserve will be reduced accordingly.
Please free feel to speak to any officer, board member or myself if you have questions.