MDRAO Director of Finance Report Dec. 16, 2019

The finance department is still working out a few kinks but a Statement of Operations showing revenue and expenses for the last three fiscal years and this year up to Oct. 31st was presented to the board at its November meeting. In 2016-17 the association had an Excess of Revenue equalling $46, 389. Both 2017-18 and 2018-19 saw losses of $253, 224 and $172, 827 respectively. In June or July of 2018, $200, 000 was withdrawn from the MDRAO investment account. The association is doing very well this year with an excess of $136, 541 as of Oct. 31st.

The two investment accounts together have approximately $925 000. Our adviser has developed an Investment Policy Statement and recommended putting all of the MDRAO’s investments into one account. The board will discuss both at its next meeting.