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Keintz reports finances not so bleak
by Jennifer Katz
The news is better — and worse — than previously
thought for the CHCA’s bottom line, according to Treasurer Mark
Keintz. At Thursday’s CHCA Executive Committee meeting, Keintz presented
his year-end projections for both the Community Association and Community
Fund finances. “While there are some significant shortfalls, I believe
there are also mitigating factors that will offset many of the shortfalls,”
said Keintz summarizing his report.
Indeed, as reported previously in the Local, the CHCF stands to end the
year with an almost $40,000 deficit. However, Keintz believes that more
than $35,000 will offset by what he calls “mitigating” factors
including several thousand dollars in excess from recycling income as
well as $10,000 allocated for hiring a Director of Development, which
did not come to fruition. The final result, Keintz anticipates will be
a much lesser $4,000 shortfall, which can be made up either with money
from the Fund’s cash-in-hand account and/or borrowing money from
the Fund’s investment portfolio. Moving forward Keintz looks at
making further changes to the budgeting process such as last year’s
efforts to ensure that the program grants did not exceed the fund drive’s
income.
The CHCA may have more difficulty remedying its budget shortfall, resulting
from a significant drop off in profit from last year’s Holiday House
Tour. According to early estimates, said Keintz, the event raised only
$7,000 of its projected $20,000 in revenue. CHCA President Maxine Dornemann
suggested that poor publicity was to blame for the event’s failure
to meet its income goal.
While the Community Association and Community Fund’s fiscal year
end in March, Keintz noted that the budget process is underway for next
year where he hopes to make further changes to avoid these shortfalls.
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