2023-2024 — Bob Chapman, Treasurer and Chair
We try to keep the finances of GCM really boring: when Finances get exciting, you’re in real trouble! I am happy to say that we have done a pretty good job of “boring” this year.
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When our approximately $75,000 of CDs matured this year, we rolled them over at the same bank and for about the same annual yield. There weren’t a lot of different options in the marketplace. We are happy to have the income from these investments.
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We used some funds from savings to replace a vandalized bench at ACG and committed funds to the Triangle Gardens rehab project, which has largely been funded from grants and donations.
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Probably the most interesting item of the year is that we are apparently exempt now from paying rent and, instead, reserve the meeting rooms we need, including the auditorium, using the building's master reservation system.
2022-2023 — Bob Chapman, Treasurer and Chair
The Finance Committee met three times this year by email and Zoom to discuss financial reporting, next year's budget, and investment decisions.
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It was decided that with the higher interest rates now available in these inflationary times, we should be investing in either T-Bills or CDs. In May we chose CDs of 7-month and 13-month duration.
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GCM is holding funds that have been donated in memory of several people. One of those amounts was dispensed this year, and we now have a better accounting as to the purpose of the others.
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The 2023-2024 budget was presented to the Board in March, reviewed and modified through meetings in April and May, and approved at the June Board meeting.
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We now have a better records-retention arrangement for financial information with solid offsite storage, and improvements in our non-financial records.
2021-2022 — Susan Straten, Treasurer and Chair
The Finance Committee met three times this year to discuss the disposition of our savings/endowment, ideas for fund raising suggested by the Ways and Means Committee, and the preparation of the 2022-2023 budget.
Our CD at Haven Savings Bank came due February 4th. It was decided not to roll it over and wait to invest the funds, pending improved interest rates. The funds were deposited into our Bank of America savings account.
The Garden Club of Montclair was the recipient of many donations in memory of Larry Whitehaus, husband of member Karen Whitehaus, who passed away in May of 2021. The money has been earmarked for repairing the pathways in Avis Campbell Gardens.
The Finance Committee presented the initial budget for 2022-2023 at the March Board meeting. Amendments were made then and after further discussions at the April and May Board meetings. The budget for 2022-2023 was approved by the new Board at its first meeting in June.
2020-2021 — Susan Straten, Treasurer and Chair
Year-end actual expenses vs income came in $572 under budget due to the lack of activity of a number of Committees. The Finance Committee met several times to create the budget for 2021-2022. It became clear that dues income and random contributions would be insufficient in the future to support the needs of our expanding Committee activities. The Finance Committee recommended that the Ways and Means Committee explore fundraising opportunities which would bring in an additional $3,000-5,000 each year.
Ted O'Dell, CPA, is reviewing our books for 2019-2020 and 2020-2021 and will prepare our 2019 and 2020 Tax returns which are due October 1, 2021.
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We welcome Class of 2023 Bob Chapman and Maureen Michaud to the Finance Committee.
2019-2020 — Tessie Thomas, Treasurer and Chair
When the COVID-19 crisis hit, I was amazed how quickly GCM went digital. When I created the ballot for virtual elections, I was thinking, "This was not in our plans!" Over two years in the Treasurer role (and the previous two as Editor of Potpourri), my mantra was automate and digitize. This pandemic just accelerated the whole plan.
GCM continues to celebrate nature and make the world a more beautiful place for all. To me, GCM is a reminder of all that is normal and good in the world. There is a natural selflessness in what GCM does — a powerful reminder that collectively we can overcome anything, even a pandemic. As a mother of two teenagers with active sports and academic schedules, along with my work with other nonprofits, I am grateful for the support and inspiration from GCM Board and the Membership.
In the work as Treasurer, we continued to build upon the themes of simplifying and digitizing. Nothing gave me more pleasure than instances where we were able to save many a lot of time and effort - even when it was a simple thing like taking a picture of a bill and emailing it to me rather than dropping the bill to my home or mailing it. We continued using Quicken accounting software and stuck to cash accounting. We filed taxes successfully and in a timely manner. We are on strong financial grounds. Despite all the sudden cancellations of plans and programs, we ended the year with $82,619.67:
We made the budgeting process even more transparent with inputs over Zoom and buy-in from all the Committee Chairs before settling on the budget with the Finance Committee.
After all that hard work, I handed over the keys to Susan Straten. Needless to say, the transition is straightforward as she has been my helpline and mentor! GCM remains fiscally strong.
Account | 2019 | 2020 |
|---|---|---|
CD | $40,315.00 | $41,403.98 |
Savings account | $27,053.00 | $25,112.87 |
Checking account | $23,986.00 | $16,102.82 |