Subject: ADS - 3rd Quarter Financial Report
From: <[email-masked]>
To: "Char Olson" <[email-masked]>, "Dan Boulden" <[email-masked]>, "David & Mary Schweitzer" <[email-masked]>, "George Vanderburgh" <[email-masked]>, "Jim Kirchstein" <[email-masked]>, "Jim Roberts" <[email-masked]>, "John Haefele" <[email-masked]>, "Karen Nelson" <[email-masked]>, "Kay Price" <[email-masked]>, "Ken Grant" <[email-masked]>, "Pat Russell" <[email-masked]>, "Rodney Schroeter" <[email-masked]>, "Tracy Heron" <[email-masked]>
Date: Fri, 14 Oct 2011 17:42:44 -0500

ADS BOARD

Attached in Excel 97-2003 format is the 3rd Quarter 2011 ADS Financial Report.  Please read the following notes carefully as they should be considered an integral part of the report:

1. The valuation of our saleable book-CD-DVD inventory has been increased due to the inclusion of books at Tripp Museum and Cedarberry Inn.  The valuation is based on the inventory report dated August 25, 2011 by J. P. Roberts as adjusted by subsequent sales during the quarter.  Included in the overall figure is $6,486 for the library room books, “A Derleth Collection” and “Remembering Derleth.”  It is unlikely that the ADS will recoup that valuation from the disposal of these books and a write-down of this inventory is likely in the future.

2.  The 1.75% CD with Baraboo National Bank matured on August 30.  Following the direction of the board to keep the investment in the safest possible manner, a new  1.35% CD, maturing July 30, 2013, was obtained.  Simply rolling over the existing CD for another year would have resulted in a rate of only .75%. The longer term gives the ADS a better rate, but prevents the society from using the money without penalty for an additional year.  As the Waterstone Bank CD matures in January, 2012, options need to be considered for the reinvestment of those funds by the board.  As Waterstone does not offer online banking services, the transfer of the funds elsewhere will be recommended.

3.  The statement of income for the 3rd Quarter is misleading in that payment of the monthly M&I credit card bill that would normally have been made in September was actually made in October and therefore not accounted for in the quarterly report.  That payment of $697.25, coupled with the next credit card payment of $765.92 being made on October 28, will be accounted for in the 4th Quarter.  These relative heavy expenditures back-to-back (which reached the credit card limit of $1,500 causing the card to be inoperative for several days) plus expenditures for Walden West Fest and a $300 insurance premium due will bring the M&I checking account down to approximately $650 in October assuming no offsetting income.  The checking account balance on October 14, taking into account outstanding checks not yet cleared, is $1425.59, little more than half of the ending 3rd Quarter balance.

Please do not hesitate to contact me should you have any questions concerning the ADS finances.

Respectfully submitted,

Perry Huntoon, Treasurer