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Finance / Compensation Committee Meeting March 16; Forum Telecom - Picoas, Lisbon, Portugal www.witsa.org.

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Presentation on theme: "Finance / Compensation Committee Meeting March 16; Forum Telecom - Picoas, Lisbon, Portugal www.witsa.org."— Presentation transcript:

1 Finance / Compensation Committee Meeting March 16; Forum Telecom - Picoas, Lisbon, Portugal www.witsa.org

2 Call to Order Dr. Amado Espinosa www.witsa.org 2

3 Roll Call Dr. Jim Poisant www.witsa.org 3

4 Committee Members www.witsa.org4 CityNameOrganizationAttendance 1Chinese TaipeiJames LiuCISA 2JapanTakashi IgarashiJISA 3MexicoDr. Amado EspinosaCANIETI 4MexicoSantiago GutierrezWITSA 5U.S.ADr. Jim PoisantWITSA 6ArgentinaSilvia BidartCESSI 7LebanonNizar ZakkaPCA 8South AfricaRoger LatchmanITA 9U.S.AShawn OsborneTechAmerica

5 Comparative Statement of Income For the One Month Ended January 31, 2014 and 2013 (1/3) (Feb 15, 2014) www.witsa.org 5 Jan 14Jan 13$ Change Ordinary Income/Expense Income 45000 · Investments 45030 · Interest Income208.67324.43-115.76 Total 45000 · Investments208.67324.43-115.76 46400 · Other Types of Income 46436 · Corporate Advisory Committee5,000.001,250.003,750.00 Total 46400 · Other Types of Income5,000.001,250.003,750.00 46500 · In-Kind Revenue700.000.00700.00 47200 · Program Income 47230 · Membership Dues6,383.337,062.50-679.17 47240 · Global Partner Program4,166.66 0.00 Total 47200 · Program Income10,549.9911,229.16-679.17 Total Income16,458.6612,803.593,655.07 Gross Profit16,458.6612,803.593,655.07

6 Comparative Statement of Income For the One Month Ended January 31, 2014 and 2013 (2/3) (Feb 15, 2014) www.witsa.org 6 Jan 14Jan 13$ Change Expense 60925 · Bank Charges 60930 · Wire Fees-50.0035.00-85.00 60925 · Bank Charges – Other157.05164.41-7.36 Total 60925 · Bank Charges107.05199.41-92.36 62100 · Contract Services 62110 · Accounting Fees3,850.001,370.002,480.00 62140 · Legal Fees655.000.00655.00 62160 · Consulting4,608.833,321.001,287.83 Total 62100 · Contract Services9,113.834,691.004,422.83 62800 · Facilities and Equipment 62890 · Rent, Parking, Utilities700.000.00700.00 Total 62800 · Facilities and Equipment700.000.00700.00 65000 · Operations 65040 · Supplies200.6170.34130.27 65050 · Telecommunications460.93587.74-126.81 65051 · Data Backup0.00199.90-199.90 65055 · ADP Payroll Fees584.57448.64135.93 Total 65000 · Operations1,246.111,306.62-60.51

7 Comparative Statement of Income For the One Month Ended January 31, 2014 and 2013 (3/3) (Feb 15, 2014) www.witsa.org 7 Jan 14Jan 13$ Change 65100 · Other Types of Expenses 65150 · Memberships and Dues25.000.0025.00 65155 · Meals & Entertainment25.110.0025.11 Total 65100 · Other Types of Expenses50.110.0050.11 66000 · Payroll Expenses 66005 · Salaries Salary Anders8,062.967,728.99333.97 Salary Poisant20,671.3120,069.25602.06 Total 66005 · Salaries28,734.2727,798.24936.03 66007 · Payroll Taxes1,911.932,751.01-839.08 66008 · Workmans Compensation Insurance30.1344.15-14.02 66015 · Life & Disability Insurance550.85 0.00 66020 · Health & Dental Insurance1,585.241,109.86475.38 66025 · 401K WITSA Contribution1,436.721,389.9146.81 Total 66000 · Payroll Expenses34,249.1433,644.02605.12 68300 · Travel and Meetings 68320 · Travel-Poisant1,828.78988.39840.39 Total 68300 · Travel and Meetings1,828.78988.39840.39 47,295.0240,829.446,465.58 Net Ordinary Income-30,836.36-28,025.85-2,810.51 Net Income-30,836.36-28,025.85-2,810.51

8 Summary Balance Sheet (Feb 15, 2014) www.witsa.org 8 ASSETS Current Assets Cash Accounts657,749.70Cash in operating accounts Accounts Receivable Net of Allowance139,210.00Outstanding dues and other receivables Prepaid Expenses4,215.82Expenses paid in cash but not used Investments - CD's104,944.70Middleburg Bank Net Fixed Assets1,798.00 TOTAL ASSETS907,918.22 LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable4,460.33 Credit Card Payables1,468.46 Accrued Expenses34,778.97Expenses incurred such as vacation and pension amounts Deferred Revenue78,858.35Amounts invoiced to customers that have not been earned yet. Total Liabilities119,566.11For example: Mexico IT was invoiced from Oct 1 2013 to Oct 1 2014. The 2014 part was deferred EquityOur corporate advisors are also billed on a fiscal year basis, not an annual basis Unrestricted Net Assets818,635.65 Net Income-30,283.54 Total Equity788,352.11 TOTAL LIABILITIES & EQUITY907,918.22

9 Summary Income Statement (Feb 15, 2014) www.witsa.org 9 Ordinary Income/Expense Income Investment Income208.67 Program Income10,549.99Dues, Global Partner Program Other Income5,700.00Corporate Advisory Program, In-Kind Revenue and Digital Planet Sales Total Income16,458.66 Expenses Contract Services9,113.83Accounting, Legal and Consulting Operations2,151.47Communications, Website, Payroll Processing Fees Salary and Benefits32,249.14 Travel Expenses1,070.60All Travel Other Expenses2,157.16Bank Fees, Insurance, Membership Dues, Rent, Depreciation, Awards Total Expense46,742.20 Net Income-30,283.54

10 Cash Flow Board (Feb 15, 2014) www.witsa.org 10 CASH FLOWS FROM OPERATING ACTIVITIES Cash received from members 250 Cash paid to vendors(36,332) Interest received 210 Net Cash Provided by (Used In) Operating Activities (35,872) CASH FLOWS FROM INVESTING ACTIVITIES Cash used to purchase property and equipment - Cash used to purchase investments - Net Cash Provided by (Used In) Investing Activities - CASH FLOWS FROM FINANCING ACTIVITIES Net Cash Provided by (Used In) Financing Activities - NET INCREASE (DECREASE) IN CASH (35,872) CASH, BEGINNING OF YEAR 693,784 CASH, January 31, 2014 657,912

11 Cash Flow Board (Feb 15, 2014) www.witsa.org 11 RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: Net income (30,284) Adjustments to reconcile net income to net cash Provided by (used in) operating activities: Depreciation and amortization - (Increase) decrease in accounts receivable (55,667) (Increase) decrease in prepaid expenses 420 Increase (decrease) in accounts payable & accrued expenses 9,340 Increase (decrease) in deferred revenue 40,317 (5,590) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (35,874)

12 Accounts Receivable (1/2) (Feb 15, 2014) www.witsa.org 12 Dues - 2013 Dues - 2012 Special Events TOTAL Barbados525.00 Brazil - Assespro37,525.00 Canada5,025.00400,035.00405,060.00 Cisco15,025.00 EPAM15,025.00 Fairfax County PAID1,600.00 Gambia275.00 Haitian Association for the ICTs275.00 Hungarian Association of IT Companies 525.00 ICT Norway1,275.00 ITRI25,025.00 Jordan PAID525.00 Kazakhstan Association of IT Companies 525.00

13 Accounts Receivable (2/2) (Feb 15, 2014) www.witsa.org 13 Dues - 2013 Dues - 2012 Special Events TOTAL Lebanon (2012 Gala)0.005,025.00 Mexico IT PAID25,025.00 Morocco525.00 Pakistan525.00 Polish1,275.00 Portugal - Bus. Assoc.525.00 Republic of Moldova525.00 Serbia525.00 Trinidad and Tobago525.00 Turkish Informatics Industry Association 1,275.00 Zimbabwe275.00 16,525.000.00522,685.00539,210.00

14 PROGRESS OF MILLENNIUM EDUCATION PROJECT Dr. Jim Poisant www.witsa.org14

15 OPEN DISCUSSION www.witsa.org15

16 THANK YOU www.witsa.org 16

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