Church Retreat Financial Statement

[Suanne Tom]

Hi! All;

     Attached, please find the final copy of the church retreat financial statement. Please review and let me know by the end of tomorrow night, if you have any corrections or changes.

     Thank you for having the opportunity and joy to serve with you on the church committee team.

    Thanks, Suanne

[oleta wong]

hi suanne,

thank you for sending the final statement.  comments:

1.  from 2011 we spent less on speaker fees, but if we have a friday separate language program next time it will be about the same as 2011.

2.  we spent less on travel expenses with stanley chang being the only one out-of-state.

3. only 8 applied for financial aid, i think due to cny.  one year there was about 25 applicants.

4.  did someone purchase communion supplies?  as far as i know we used our own supplies.

thx, oleta

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[oleta wong]

on 2nd thought...tony do you think for the future we can have the scholarships line with the registration fees section, instead of under 'other expenses'?

FYI our budget of around $20,000 has been about the same since we used to have 3--night retreats, so that's why we are under budget this year again.

[Tony Lee (李首同）]

I was debating how to do it. May be we can ask Stephen Wu or Dennis how people do it in accounting.

Tony

[Suanne Tom]

Hi, all,

If there are no more questions or comments, I am going to forward a copy of the financial statement to Stephen Wu.

Thanks, Suanne

Sent from my iPad

[Allen Lin]

Hi, Suanne,

 

Just want to confirm that the total cost of the Church Retreat is around $9,000. Is it?

 

That’s surprise. I knew that we would be under the budget but did not expect so under. Praise the Lord.

 

Look like we are doing a good job. Thank you all.

 

I will still set a budget for $20,000 for next time. It will be a little bit less. But I believe that it is workable next time.

 

By the way, Gail gave me some receipts and reimbursements. You did include them right? They are about $500. I will sign them and give them to Stephen.

 

Thank you for your faithful work Suanne.

 

Blessings,

 

Allen

[Suanne Tom]

Hi, Pastor Allen,

 You are welcome. After I calmed down and prayed on it and then listened to what Tony and Vivien told me to do, then doing the statement became easier. Oh, and my brother helped me do the formula part. It was a lot better. And Tony helped me with the campsite part, it needed some corrections. 

Yes, you are correct. The price was around 9,000. I did leave in the cost for communion supplies. I have already emailed the statement to Stephen Wu.

Yes, I gave the receipts and reimbursement forms to Gail. I forgot two more, one from Jennifer Lai and Julie. I will bring them to you this Friday to the prayer meeting.

Thanks,

Suanne
Sent from my iPad

[Vivien YU]

I agree with Oleta that the scholarship should be in the same section of the registration and not in the other expense section.  Besides, not all financial aid subsidy was $70 since we are granting 50% discount to whatever the applicant is paying.  Some of the youth advisors only pay 50% of $115 which is only $57.5.  Perhaps Oleta can give Suanne the actual amount of financial aid granted to be accurate.

Blessings,

Vivien

On Feb 25, 2013, at 9:54 PM, "Allen Lin" <alle...@cec-sd.org> wrote:

[Suanne Tom]

You are correct, not every one of them are $70. But, the total is correct, and the 8 people that applied is correct. I didn't,t know what to put in that column, since that column will not total to anything, I just left it, and I think that Tony added it. He doesn,t know that everyone that applied paid the same price. I already emailed the statement to Stephen Wu. I can re-email him with that change if you would like.

Thanks,

Suanne

Sent from my iPad

[Suanne Tom]

And all of the financial aid prices are included in the income. Fees collected, the scholarship awarded in the expense is included in the budget. If you think those prices are calculated differently, then you can let Stephen know, that is confusing too me. 

Thanks,

Suanne

Sent from my iPad

[Vivien YU]

If the total scholarship awarded on the statement was exactly what we gave out then there is no need to change.  I would wait for Stephen Wu to review your statement and see if it matches with the actual amount that he received for reimbursement.

Blessings,

Vivien

[oleta wong]

pastor allen, the comments in my first reply show why we only spent around $9000.  in addition we received the $450 check from may siu and the money found at the campsite to increase our 'income.'

FYI in 2011 we spent around $13,000. another point i did not mention is that more people stayed in dorms this time.  in 2011 we occupied at least 10 more of the family lodges, which cost more and that is per person.  the budget of $20,000 was about what we spent for 3 nights in 2009 and before then.

i think the 2011 budget statement shows the financial aid expense with the registration fees if the next treasurer wants to do it that way.  

oleta

[Tony Lee (李首同）]

Yes, we should recorded as income under registration fees. 

Suanne:

If the $24,025 is the total amount of money you received, then we should not record the $560 as expenses. You can take away the $560 from the expense section.

Tony

[Allen Lin]

O.K. if we still have only two nights next time, I will lower our retreat budget.

 

Just for your information, the Elder Council is thinking that two nights retreat may be easier for most people even we recommended three nights.

 

It also depends on the availability of Pine Valley.  Pastor Steven Chan gave me some other websites of retreat center. I will check them out whenever I have time. Of if some of you can help me to check them out. J

 

Allen

 

From: cec-retrea...@googlegroups.com [mailto:cec-retrea...@googlegroups.com] On Behalf Of oleta wong
Sent: Monday, February 25, 2013 4:48 PM
To: cec-retrea...@googlegroups.com
Subject: Re: Church Retreat Financial Statement

 

on 2nd thought...tony do you think for the future we can have the scholarships line with the registration fees section, instead of under 'other expenses'?

[Tony Lee (李首同）]

One clarification. The way they did in 2011 is little different. They record income as estimated income. For example, N*adult+N*Youth, etc. And then they record financial aid as negative income. 

This year we lump all the registration fee together. The sum of all registration fee already include the discounted fee for individual received financial aid. Therefore, there is no need to include them as expense.

So, I recommend Suanne to remove the "Scholarship Awarded" line from the expense section.

Tony

[Allen Lin]

So do you think that $15,000 retreat budget shall be enough if we stay with two nights at Pine Valley?

 

Therefore, the financial statements from the last two retreats are crucial for us to set up a retreat budget for 2015 within 2015 church overall budget.

 

Allen

[Vivien YU]

In order for us to show a record of the amount of scholarship awarded for this retreat, can we put scholarship awarded in the income section?  How about if we put a line for attendees registration fees (include scholarship), less scholarship awarded amount, to come up with registration fees collected. 

Blessings,

Vivien

[Tony Lee (李首同）]

Yes, we can do that.

Assuming the $24,025 include the reduced amount due to scholarship. Then we can do the following:

1) Remove the $560 from the expense section

2) Take away $560 from $24,025

3) Add a line under income with description as "Reduced registration fees due to financial aid " amount of $560.

The total should be the same $24,025, but the other expense should reduced by $560.

Tony