Financial records · July 20, 2016

Treasurer confirms switch to immediate reseller payment

Reports completed change from consignment to payment when books are taken, a $363 settlement of old inventory, and investment action still pending.

Text

Transcribed from the scans and checked against them by Claude. Typed text comes first; handwritten notes follow it. [illegible] marks words that cannot be read and [?] an uncertain reading.

Treasurer's Report – July 20, 2016 Business Meeting (Ceman) 2016 2nd Qtr Financial highlights (see accompanying spreadsheet for full details) • Overall Revenues are near Plan (~10% greater than Budget) for two quarters with some "pluses and minuses" in specific revenue areas • Overall Expenses are well below Plan (~30% of Budget) for two quarters. Note, Expense items/categories are averaged over four quarters and many significant expense items are not actually due and payable until the 3rd Qtr, e.g., Summer Reading Program, Subscriptions) Internet Sales • Internet Sales process has been revised based on a Josh recommendation and Board Approval. Josh now determines the value of the Books Taken (at the time they are taken), and remunerates FOL "on the spot" for that value. • Josh brought all past Standing Inventory (Books Taken) accounts up to date and remunerated FOL with a final payment of $363 • Total Internet Sales for two quarters slightly less than Plan ($2050 YTD including Standing Inventory) Miscellaneous Items • 2015 Tax Returns completed and submitted in May • 2016 Charitable Org Registration completed, form (RRF-1) and fee submitted in May to CA Attorney General office Old Business HB FOL Investment Accounts • Long term Investment Account Assets/ Balance have remained steady for 2016. The planned investment of a portion of FOL assets into a combination of long term growth and mid term growth funds was further postponed due to continued Market volatility. Investment action is pending.

Handwritten notes

• (top right, underlined) To file

Show the original machine reading

Source scan page 6

To file
Treasurer's Report - July 20, 2016 Business Meeting (Ceman)
2016 2"° Qtr Financial highlights (see accompanying spreadsheet for full details)
? Overall Revenues are near Plan (~10% greater than Budget) for two
quarters with some "pluses and minuses" in specific revenue areas
? Overall Expenses are well below Plan (~30% of Budget) for two quarters.
Note, Expense items/categories are averaged over four quarters and
many significant expense items are not actually due and payable until
the 3d Qtr, e.g., Summer Reading Program, Subscriptions)
Internet Sales
? Internet Sales process has been revised based on a Josh
recommendation and Board Approval. Josh now determines the value
of the Books Taken (at the time they are taken), and remunerates FOL
"on the spot" for that value.
? Josh brought all past Standing Inventory (Books Taken) accounts up to
date and remunerated FOL with a final payment of $363
? Total Internet Sales for two quarters slightly less than Plan ($2050 YTD
including Standing Inventory)
Miscellaneous Items
? 2015 Tax Returns completed and submitted in May
? 2016 Charitable Org Registration completed, form (RRF-1) and fee
submitted in May to CA Attorney General office
Old Business
HB FOL Investment Accounts
? Long term Investment Account Assets/ Balance have remained steady
for 2016. The planned investment of a portion of FOL assets into a
combination of long term growth and mid term growth funds was
further postponed due to continued Market volatility. Investment
action is pending.