Despite a relatively positive audit, the Center of Anna Maria Island reported an increasing difference between the budgeted and actual income for this fiscal year at a board meeting Nov. 28, with actual income failing to meet expectations.
During the meeting, center board members reviewed an audit for the fiscal year ending June 30, 2016.
The audit, completed by the accounting firm of Kerkering, Barberio and Co., presented a “clean” opinion of the center’s finances, identifying no fraud or irregularity and finding no reason to be concerned the center could not continue functioning for at least a year.
The value of the center’s net assets grew from $81,751 in 2013 to $867,423 in 2016. Much of that increase could be attributed to loan forgiveness and a settlement from the BP oil spill, as well as a $266,000 endowment, said CPA Eric Troyer, who presented the audit to the board.
Income and expenses for the center also have changed, Troyer said. Program fees make up 24 percent of the center’s income and programs make up 85 percent of the expenses.
Donations amount to 41 percent of the center’s income, while 5 percent and 10 percent of center expenses go to management and fundraising respectively, the audit revealed.
Funding from government organizations made up 8 percent of the income in the 2015-16 fiscal year, according to Troyer.
However, board treasurer Jim Froeschle said the majority of the $112,000 in government funding came from a Manatee County grant that is being phased out, leaving about $40,000 from the three island cities for the year.
The financial statements for the 2016-17 fiscal year indicate the center’s continued financial struggles, according to Froeschle.
Income is lower than expected and, in October, the center experienced a $34,000 net loss, bringing the year-to-date loss since July to $141,000.
According to Froeschle, failing to grow the membership roster continues to be a problem for the center. The center expected $87,700 in membership income by October, but has received only $20,700.
Also, Froeschle said the Crossfit program was expected to produce greater revenue.
“We have to find new members and supporters,” he said.
As a suggestion to help raise funds, board member Sam Pakbaz shared a coupon book and a proposal to partner with businesses across the island.
The concept would include selling a booklet or packets of 100 “sand dollar” coupons for a small price of $20 or so. Participating businesses would offer deals and accept a percentage of a customer’s purchase in sand dollars.
Pakbaz said one benefit of the coupons is that participating businesses can set their own sale price and encourage traffic from the center’s coupon shoppers.
He also noted that selling the booklets at the center could introduce more people to center activities.
Center representatives will be meeting with officials from Anna Maria and Holmes Beach to discuss funding in December, executive director Kristen Lessig said.
The next board meeting will be 6 p.m. Monday, Dec. 19, at 407 Magnolia Ave., Anna Maria.