EMAIL DETAILS

Dear Members of the Board,
On behalf of the Executive Committee, please see the email below with corresponding attachments regarding the FY18 Budget.
Thank you.
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Date: March 16, 2018
To: WFP USA Board
From: The Executive Committee
Subject: Budget

Following review by the Development and Finance Committee Chairs, on March 13th the Executive Committee approved the FY18 budget. As you are aware, we are transitioning this year from a calendar to a fiscal budget (October- September). During this short fiscal year (January-September) we are making investments in areas of proven success that will lay the ground work for future fundraising initiatives.

Because FY18 is a short fiscal year, we have included the full calendar year budget. Although this was not up for formal approval by the Executive Committee, we felt a 12-month budget would be critical to the understanding of our FY18 budget. We begin the year with a reserve of nearly $9M as shown in the Key Financial data document.
Approximately 50% of our annual revenue is garnered between October and December, which will now become Q1 of FY19. For the full calendar year, the referenced investments will total $2.7M of which $1.6M will be spent in FY18. The Executive Committee directed Rick and the team to monitor fundraising on a regular basis and ensure that we are meeting the FY18 fundraising target. If it is determined that this target is not being met, investments will be adjusted accordingly.

We will begin the FY19 budget planning process in June.

The FY19 budget approval process will be conducted as follows:
* June - WFP USA team develops a draft budget
* End of June/Beginning July - Finance and Development Committees meet to review the proposed budget and develop recommendations for review by the Executive Committee
* August 1, 2018 - Budget is submitted to Executive Committee for review
* September 1, 2018 - Budget is voted on by the full Board

Going forward, with the deep involvement of the Board's Finance and Development Committees, we now have a more formal budget process in place that will ensure future budgets are fully reviewed and approved prior to the beginning of the fiscal year.

Thank you for your continued service and dedication to WFP USA and our mission