Budget report February 11, 2014
Important note: We need to budget differently to account for trade show income fluctuation. Our income changes dramatically each year, but our operating budget does not. We need to create a two-year budget going forward.
Income
2700-2705 Investments
Dividends have never been tracked in the budget in this detail before. Need to create corresponding budget numbers.
2900 Trade Show Services Rendered
New income line added to account for the $12,000/year we’ll receive from GLIBA. Calculated as a $1,200 monthly payment from March through December.
Expense
3202 Employee Wages
Bob will be paid $2,958.33 monthly ($35,500 annually). Budgeted amount listed here shows what we’ve paid him year-to-date PLUS 4 months of full-time work (March-June 2014).
3204 Payroll Taxes
Payroll taxes are currently listed in multiple accounts in Quickbooks. Carrie needs to meet with our accountant before estimating a viable budget number.
3205 FICA
Employers pay 7.65 percent of an employee’s total income to FICA (for Medicare and Social Security). Our total: $5,745.13 (Carrie = $4,038.28. Bob = $1,706.85)
3206 State Unemployment
Calculated based on a rate given to us by the state each year. It’s a certain percentage of up to $30,000 for each employee. In the past, ours has been 3 ¼ percent, so $975 for me, $725 for Bob, for a total of $1,700.
3208 Health Insurance
Updated to include Bob's health insurance for March-June at $200/month.
3209 Continuing Education
Updated to include
· Adobe Creative Suite. Classes at MCTC and Science Museum are roughly $160 each. 4 classes through end of fiscal year = $640
· Trip to HSMAI San Diego for one employee. Est. $1,500
· MN Council of Nonprofits mini conferences. Est. $700
· Quickbooks training via Boeckerman Grafstrom and Mayer. $120 per hours, should be trained at 3 hours top. $360
· FileMaker training. TBD. Maybe free inhouse.
Working total: $3,200