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Posted January 15, 2013 | Leave a comment
SAAA banks rainy day cash
By Alex Bridges
FRONT ROYAL - The Shenandoah Area Agency on Aging has started holding cash for emergencies rather than spend it on outstanding debt.
The SAAA board heard the latest financial report from Jonathan Price, the agency's director of fiscal operations, at its meeting on Friday.
"From a cash position, SAAA's looking good," Price said.
The SAAA set aside money in reserve to help make payroll.
As Price explained, the SAAA finance department continues to put revenue into a rainy day fund with a goal of building reserves up to $150,000 cash on hand. So far, the agency had set aside slightly more than $25,000 as of Dec. 31. These funds are restricted, Price said.
The agency continues to see revenue from the sale of the Meals on Wheels cookbook and from other sources, according to Price.
As Price noted, the agency's finance department remains focused on preparing for the next audit. However, finding qualified auditors who can perform the work for free or at low cost continues to prove difficult, he said.
The agency received an extension of the deadline to complete the audit by the end of April. SAAA has planned to pay $4,000-$5,000 for an audit, an amount reimbursable from the state, according to Price.
Also at the meeting, Price told the board the agency expects to hire John Borders of BDI Consulting to plan and conduct fundraising activities for the SAAA. As Price explained, the consultant would first plan fundraising for the next year.
Contact staff writer Alex Bridges at 540-465-5137 ext. 125, or email@example.com
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