Fiscal Year 2022 | First Quarter Financial Results
For the first quarter of the fiscal year 2022 (October 1, 2021-December 31, 2021) DignityUSA reported net operating income of $24,129 compared to a budgeted income of $22,751. Total income of $103,662 was $2,235 over budget. The combination of regular donations and the monthly Guardian Angels program totaled about $39,000 and ran $8,950 ahead of budget. Conversely the Advent Appeal with $18,200 in donations lagged the budget by about $5,800 but has nearly reached the $24,000 goal at this point in January.
Total expenses of $79,533 were a mere $857 over budget. The salaries of office staff ran $4,600 under budget, an unfortunate presage of the departure of our Digital Strategist and Operations Manager in January. Countering this lower expense were mailing costs for the Advent Appeal and system platform costs that should moderate through the year.
The investment portfolio reflected an unrealized gain of $7,455 for the quarter, resulting in total net income of $31,584.
Total equity at the quarter end was $529,198, of which $321,841 represented unrestricted funds. Restricted funds totaled $207,357, of which the Jubilee Initiatives fund was the largest component at $111,573. The Board of Directors has not adopted a plan for the use of a portion of these funds in FY 2022 but is considering some options at the moment.
The organization also has $261,795 in deferred income from the Leadership Stabilization Fund (LSF) to be utilized to support the Executive Director position through FY 2024.
The entity’s overall investments amount to $415,626, of which $365,118 is invested in high quality equities and bond funds. This portion of the investments is producing annual income of about $17,300 with a yield of 4.75% (exceeding our policy goal of a 3% return). The total annual rate of return on the equity/bond portfolio since inception (4 years and 3 months) is 6.36% versus the policy goal of 5%.
The LSF has now reached a pledge level of $387,600. Our goal was $400,000 with a stretch aim of $500,000. These funds are being utilized to fund the Executive Director position from FY 2021 through FY 2024. A final push to solicit additional chapter and member donors will be rolled out next month.