bsbfim501a - task1.2 - kerri lipschinski

BUDGET REPORT

FINANCIAL YEAR 2014 – 2015

1

CONTENTSINTRODUCTION 3EXECUTIVE SUMMARY 4BRISBANE CENTRE …………………………………….. 5

Cash Inflows 6Cash Outflows 8Budget Variance Report 9

CAIRNS CENTRE ........................................ 11Cash Inflows 11Cash Outlfows 13Budget Variance Report 15

MELBOURNE CENTRE …………………………….. 16Cash Inflows 17Cash Outflows 18Budget Variance Report 20

SYDNEY CENTRE ………………………………… …..21Cash Inflows 22Cash Outflows 24Budget Variance Report 25

HEAD OFFICE………………………………………………..26Cash Inflows 26Cash Outflows 27Budget Variance Report 28

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INTRODUCTIONBounce fitness is a dynamic fitness corporation that is poised to gain substantial market share in a fast growing industry in Australia. Initially established by Margaret House in 2001 as a single aerobic studio. Within 2 years the increase in memberships demanded the need for expansion. By 2004 a second centre was established in Brisbane followed by Sydney and in Melbourne in the subsequent two years. Bounce Fitness intends to market its brand with excellence in customer service and offering unique services that can’t be found elsewhere. Bounce Fitness prides itself on being a one stop shop for its clients. Each centre offers not only high and low intensity workouts but also a retail outlet and a cafeteria that prides itself on healthy food choices. This enhancing their brand as being a one stop shop for health improvement. This document will provide financial reports for all Bounce Fitness centres Australia wide and serves as a basis for any future improvements or recommendations. The retail sector of the business accounts for 30% of final takings from each centre. Bounce Fitness’s strategic plan is to increase investment sales this year to 35%. Each business has a budget that will be used to develop and implement a trial sales and marketing plan. It is the responsibility of each centre to stay within the guideline of this budget to ensure that 30% of the total gross takings from each centre can be contributed to Head Office for future growth and development.

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EXECUTIVE SUMMARYThe Head Office budget shows a 9% increase in casual attendances,3% in memberships and equipment and clothing sales with a 2% increase. All falling well short of required increase of 30%, impacting the future growth and development opportunities. The variances in cash outflows were minimal except for Professional Fess at 57% over, equipment leases 103% over, maintenance 56% over and miscellaneous at 57% over budget. Requests will be made for breakdowns on these areas for clarification of fund allocation and spending.Whilst Brisbane did not meet projected budget, they had steady and positive gains. Casual attendances were down by 9% as memberships showed a 3% increase. The main area of concern is equipment and clothing sales, it may be an idea to review strategies associated with positional marketing and campaigning. Considering their demographics of their competitors and current market instability due to recent weather Brisbane “held their own”. Cairns Centre is running at a loss and future is looking bleak. Cairns is a continually growing city however economic forecasts places a shadow over needs vs wants in terms of having a healthy and perfect lifestyle. This may be the reasoning behind Cairns’ negative financial report. A new strategy may need to be implemented targeting a new market base, giving customers more for their money. Melbourne had a very successful financial year demonstrating a steady growth in its market and has the potential for substantial gains in the futureSydney has cemented a top market position. They have managed to capture a market of young executives who want the viability and convenience of a “one stop shop” and as the lifestyle trends change this figure will only increase.

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Training will need to thoroughly investigated and time taken to ensure that staff are confident with encouraging and supporting their staff to ensure growth and the feeling of ownership, leading to successful centres. Head office will need to look very closely at the preparation of not only their next budget but also their legal reporting requirements. It is noted that in all centres there has been no allocation or consideration of monthly BAS payments, PAYG allocation and superannuation payments. It is paramount that these figures be allocated into the next budget, also allowance for any overpayments or late fees that could be incurred for late payment.

BRISBANE CENTREWhilst Brisbane did not meet the projected budget for the year, gains were steady and positive.Casual attendances were down slightly by 9%, however memberships showed a steady increase and remained 3% over expected estimate. Sales were erratic over the year with an increase showing across the Christmas period.Equipment and clothing sales came under budget by $1,500, although not a major deficit this needs to be reviewed so that this can be increased even further. Sales fell under budget for the Christmas period when usually this would be a busy time, this needs investigating.Bank charges seems to be under budget for the year where Credit card fees remains over budget. Credit card fees will need to be reviewed to factor increases passed on by the financial institutions. A way to also curve this may be reassessing interest rates and comparing to others of the same. Equipment leases saw an increase of $11,400 over budget. Whilst leasing is convenient in the sense of the ability to update and warranty items being resolved, the option to fully own something may never be achieved. Team building is $2000 over budget, but with this being an important exercise I would see this figure needing to be reviewed as the benefits will far outweigh associated costs.

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Miscellaneous items saw an increase of 100%, this will need reviewing and the actual spending investigated. With a budget of $600 the budgeted amount will need to be revised and price increases taken into account.Contributions made by Head Office were accurately budgeted, however professional fees saw an increase of $6,550, is there a way that this figure can be decreased?? Maintenance was $2,000 above budgeted amount, spending will need to be clarified to be able to accurately analysed and recommendations made.

Points that need to be followed up: CASH INFLOWS:

Memberships showed a steady increased ending in a surplus of $10,500 for the year. However this was shadowed by casual attendance figures being a $14,000 deficit. A campaign targeting specific demographics may be beneficial.

July

August

September

October

November

December

January

FebruaryMarch April May

June$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

CASUAL ATTENDANCE

Projected Actual

6

July

August

September

October

November

December

January

FebruaryMarch April

MayJune

05,000

10,00015,00020,00025,00030,00035,00040,00045,000

MEMBERSHIPS

Projected Memberships Actual Memberships

Sales are a concern, especially as we did not get our expected boom over the Christmas period. Are our prices competitve with those in the same industry? Is our level of customer service low? A brainstorming session would be beneficial to identify areas for possible implementation of new strategies

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July

August

September

October

November

December

January


June$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

EQUIPMENT AND CLOTHING SALES

Projected Actual

CASH OUTFLOWS: Combined bank charges and credit card fees remained under budget,

however the credit card fees were miscalculated as all months were over allocated budget. It is hard to eliminate credit card debt as it is a reliable line of credit so a review of the budgeted amount will be necessary to allow for this.

Leasing costs are dramatically higher than budgeted. A review of leasing verses buying outright will need to be done. May need to look into a line of credit to enable Bounce Fitness to own something outright with no ongoing costs. Although leasing has its benefits of updating and maintenance, the costs are ongoing whereas obtaining a line of credit to buy something the ongoing costs are minimised by the loan amount.

July

August

September

October

November

December

January


June$0

$500

$1,000

$1,500

$2,000

$2,500

LEASING COSTS

Projected Actual

Team building exercises came in as over budget, with the many benefits it offers, it would be worthwhile to increase the budgeted amount allocated.

Miscellaneous is a concern, a formal breakdown needs to be conducted to determine what is included and where spending can be decreased.

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Adverti

sing

Bank Servi

ce Charges

Credit card fe

es

Insurance

s

Miscella

neous

Head Office

Contributions

Payroll

Team Building'

Professional F

ees

Rent or L

ease

Subscription &

dues

Supplies

Taxes &

License

s

Utilities&

Telephone

Equipment lease

s

Maintenance0

20000400006000080000

100000120000140000160000180000200000

expenses budget vs actual

Budgeted Actual

BUDGET VARIANCE REPORT

BRISBANE CENTRE 2014 – 2015 FINANCIAL YEAR

Projected

Actual Variance

Balance $104,045 $104,436 $391

INCOME

9

Casual Attendance

$164,000 $150,000 - $14,000

Member ships $361,500 $372,000 $10,500Equipment and clothing sales

$37,500 $36,000 - $1,500Total income $563,000 $558,000 -$5,000Available Balance

$667,045 $662,436 -$4,609

EXPENSESAdvertising $115,000 $100,000 $15,000Bank service charges

$10,015 $9,714 $301Credit Card fees $3,100 $3,600 -$500Insurances $12,000 $13,100 -$1,100Miscellaneous $600 $1,200 $600Head Office contributions

$18,000 $18,000 $0Payroll $187,500 $171,750 -$15,750Team Building $16,000 $18,000 -$2000Professional Fees

$11,250 $17,800 -$6,550Rent or Lease $38,400 $38,400 $0Subscriptions and dues

$3,000 $3,600 -$600Supplies $27,000 $28,000 -$1,000Taxes & Licenses

$2,400 $2,400 $0Utilities & Telephone

$18,000 $18,000 $0Equipment leases

$12,600 $24,000 -$11,400Maintenance $6,000 $8,000 -$2,000

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Total Expenses $480,955 $475,564 -$5,391Ending Balance $186,090 $186,872 $782

CAIRNS CENTREThe Cairns Centre is running at a loss with casual attendance down by $46,900, and memberships also at a major loss the total income is not measurable against the costs of advertising. A campaign to influence attendance and memberships will be beneficial. Equipment and clothing sales, although $2,000 under budget at the end of the year were steady. There was not a Christmas period boom, however the boom occurred after Christmas. A pre Christmas campaign may prove positive. Advertising has escalated from budgeted $55,000 to $117,000 and there is yet to be any increases of memberships and casual attendances. It is obvious with these figures that the current advertising campaign is not fulfilling its projections. It is obvious that the budget allocation for miscellaneous is insufficient. Cairns has gone over budget allocation by 400%. A breakdown of all costings will need to be done and an increased amount discussed. Payroll has had a $15,000 increase on allocated allowances, a review is necessary to breakdown where the increase has originated from. A possible review of positions may be needed. The beginning of Cairns demise occurred in August and September, with their actual beginning account balance being $13,000 less than projected. There was also a $12,500 loss in memberships and a decrease in sales. September’s expenses came in at $18,100 over budget. A review into these expenses is paramount before any recommendations can be made. This will enable us to ascertain exactly where the spending is occurring and will give us a base to be able to compare with other centres. Contributions to head office were not made at all, and its future is very unstable. Cairns is over budget is most areas of expenses. The question now needs to be asked as to whether the operation of the Cairns centre is viable? Is there any opportunity for growth in the future? Insurance expenses were consistently over budget by $200 every month, this projected figure will need to be increased to allow for increases.

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Professional fees were over budget by $14,000 for the financial year. This figure will need to be investigated and a breakdown done to determine where the money is being spent and whether it is a necessary expense. A new provider may be able to offer similar services for less money.

POINTS THAT NEED TO BE FOLLOWED UP: CASH INFLOWS:

Membership numbers were down by $38,750 based on the projected figures. Casual attendance was also down by $46,900. There was a major increase in memberships from January to June, however the previous 6 months shadowed that improvement.

July

August

September

October

November

December

January


June$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Memberships

Budget Actual

12

July

August

September

October

November

December

January


June$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Casual Attendance

Projected Actual

Equipment and clothing sales were down at the start of the year, and saw a dramatic increase during the Christmas period. Falling beneath the projected range for March, sales increased again in April.

July

August

September

October

November

December

January


June$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Equiment & Clothing Sales

Projected Actual

13

CASH OUTFLOWS: Advertising is over budget by 25%. Advertising would eventually have

its merits but at what cost? Evaluation of the marketing campaign will need to be implemented to ensure that we are targeting the right market. There is little to no point spending money on advertising if it is not meeting its intended market.

Bank service charges and credit card fees are on par with projected budget. Whilst insurances and miscellaneous have both seen major increases.

Maintenance is over budget by 64%. Overall all expenses are over budget, a major review of all expenses

will need to be done to see where the money is getting spent.

Adverti

sing

Bank Servi

ce Charges

Credit card fe

es

Insurance

s

Miscella

neous

Head Office

Contributions

Payroll

Team Building'

Professional F

ees

Rent or L

ease

Subscription &

dues

Supplies

Taxes &

License

s

Utilities&

Telephone

Equipment lease

s

Maintenance$0

$50,000

$100,000

$150,000

$200,000

$250,000

Outflows Projected Vs Actual

Projected Actual

BUDGET VARIANCE REPORT 14

CAIRNS CENTRE 2014 – 2015 FINANCIAL YEAR

Projected

Actual Variance

Balance $64,450 -$149,500 -$85,050

INCOMECasual Attendance

$100,000 $53,100 -$46,900Member ships $279,750 $241,000 -$ 38,750Equipment and clothing sales

$31,000 $29,000 -$2,000Total income $410,750 $323,100 -$87,650Available Balance

$475,200 $173,600 -$301,600

EXPENSESAdvertising $55,000 $117,000 -$62,000Bank service charges

$6,000 $6,000 $0Credit Card fees $3,000 $3,000 $0Insurances $9,600 $12,000 -$2,400Miscellaneous $600 $2,400 -$1,800Head Office contributions

$0 $0 $0Payroll $180,000 $195,000 -$15,000Team Building $13,500 $15,500 -$2,000Professional Fees

$6,000 $20,000 -$14,000Rent or Lease $42,000 $48,000 -$6,000Subscriptions $3,000 $3,000 $0

15

and duesSupplies $14,400 $30,000 -$15,600Taxes & Licenses


$9,600 $9,500 $100Equipment leases

$9,000 $12,000 -$3,000Maintenance $7,200 $11,800 -$4,600

Total Expenses $361,300 $487,600 -$126,300Ending Balance $113,900 $314,000 -$200,100

MELBOURNE CENTREOverall it was a very successful financial year. Beginning and ending with a steady increase in memberships and casual attendance. Even though sales finished $22,000 under budget, figures throughout the year remain staggered. As expected sales increased with the Christmas boom then settled in the second half of the year. Advertising ended up $23,000 under the budget estimate, this may be worth a review to increase sales figures. Bank service charges and credit card fees were on par with projected budget. Team building was 62% under budget expectation, with rent or leases coming in $33,000 under budget. Utilities and telephone were way above budget by over 100%, new power saving

16

strategies will need to be implemented to bring this figure down in the future. Equipment leases were over budget by 281%, and maintenance ended the year $7,500 above budget.POINTS THAT NEED TO BE FOLLOWED UP: CASH INFLOWS

Casual attendance showed an increase of $27,500 over the financial year, whilst memberships also had a slight surplus of $2,750. Advertising saw a surplus of $22,000, these funds may prove beneficial if allocated to areas of concern.

July

August

September

October

November

December

January


June$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Casual Attendance

Projected Actual

17

July

August

September

October

November

December

January


June$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Memberships

Projected Actual

Equipment and clothing sales finished $22,000 under budget. Sales throughout the year were staggered with the expected Christmas boom, an advertising campaign may be beneficial. September, October and December sales were more than projected. A review into this will be beneficial.

July

August

September

October

November

December

January


June$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Equipment & Clothing sales

Projected Actual

18

CASH OUTFLOWS: Advertising came in well under budget and inflows still

seemed steady, this would leave an option to reallocate the surplus funds to an area of concern.

Equipment leasing will need to be reviewed, research into another company may be beneficial to save money.

Team building allocation was not utilised. This will need to either be utilised efficiently or allocated to an area that’s in deficit.

Utilities and telephone came in way over budget. New power saving strategies and incentives will need to be implemented. A review of telephone plan may also be necessary to ensure no extra data or usage fees will be charged, may need to increase the current plan.

Adverti

sing

Bank Servi

ce Charges

Credit Card fe

es

Insurance

s

Miscella

neous

Head Office

Contribution

Payroll

Team Building

Professional F

ees

Rent or le

ase

Subscriptions &

dues

Supplies

Taxes &

license

s

Utilities &

Telephone

Equipment Lease

s

Maintenance$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

Ouflows Projected Vs Actual

Projected Actual

19

BUDGET VARIANCE REPORT MELBOURNE CENTRE 2014 – 2015 FINANCIAL

YEARProjected

Actual Variance

Balance $153,795 $170,400 $16,605


$277,500 $305,000 $27,500Member ships $478,250 $491,000 $12,750Equipment and clothing sales

$95,000 $73,000 -$22,000Total income $850,750 $869,000 $18,250Available Balance

$1,004,545 $1,039,400

$35,145

20


$10,105 $10,200 -$95Credit Card fees $6,000 $6,000 $0Insurances $24,000 $24,000 $0Miscellaneous $600 0 $600Head Office contributions

$30,000 $30,000 $0Payroll $310,000 $300,000 $10,000Team Building $16,000 $6,000 $10,000Professional Fees

$11,250 $12,000 -$750Rent or Lease $105,000 $72,000 $33,000Subscriptions and dues

$3,000 $3,000 $0Supplies $57,000 $59,000 -$2,000Taxes & Licenses


$28,500 $60,000 -$31,500Equipment leases

$$12,600 $48,000 -$35,400Maintenance $10,500 $18,000 -$7,500

Total Expenses $741,955 $743,600 -$1,645Ending Balance $262,590 $295,800 $33,210

SYDNEY CENTRE

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Sydney has had an astounding successful year. The implementation of this centre is not only meeting needs but exceeding them. With such a successful year potential growth is imminent. \Casual attendance has shown a growth of $103,153 for the financial year. The Christmas boom was a fantastic success for Sydney with solid increased membership rates of $35,000 up to $50,000 in January. They ended the year above projected budget for memberships. Advertising came in at $20,000 under budget, it’s obvious that the current campaign is working well so this amount can get reviewed and money allocated to other areas of concern. Bank and service charges were under budget however credit card fees are twice the projected amount, this will need to be investigated and new strategies implemented. Payroll has been over projected as final figures came in $ 51,500 under budget. This surplus may be useful in other areas, a decrease in projection next year may be possible. Rent or lease was also over estimated.POINTS THAT NEED TO BE FOLLOWED UP: CASH INFLOWS:

A survey of the casual members may ascertain why they have not become full members. Do we need to add an incentive? We recognise that some people may be experiencing financial hardship, so a campaign that concentrates on saving money for them may be worthwhile looking into.

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July

August

September

October

November

December

January

FebruaryMarch April

MayJune

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000 CASUAL ATTENDANCES

Projected Actual

The advertising campaign is very successful, coming in under budget by $20,000 yet an increase in memberships and casual attendance was still achieved. This cash flow may be useful as an addition to the Head office contribution, to disperse finances across to other troubled centres. Equipment and clothing sales were also higher than expected at $82,500.

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July

August

September

October

November

December

January


June$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Memberships

Projected Actual

July

August

September

October

Novemebr

December

January


June$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

Equipment & clothing sales

Projected Actual

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CASH OUTFLOWS Whilst combined bank charges and credit card fees came in

under budget, the surplus from the credit card fees covered the deficit for bank charges, the amount is still an area of concern. As credit cards remain an integral part of business I suggest that this amount be increased to cover for increases imposed by the financial institutions.

Insurances allocation was less than predicted amount. As insurance is paramount to businesses we need to look at increasing this amount to cover any price increases.

Miscellaneous spending is erratic with budgeted amount being doubled in the first 6 months, to no spending at all in last 6 months. This allocation may be able to be incorporated with petty cash.

Maintenance and professional fees were both above budget and will need to be investigated to provide an accurate breakdown of spending.

Adverti

sing

Bank Servi

ce Charges

Credit card fe

es

Insurance

s

Miscella

neous

Head Office

Contribution

Payroll

Team Buildin

Professional F

ees

Rent or L

ease

Subsrciptions &

dues

Supplies

Taxes &

License

s

Utilitites &

Telephone

Equipment Lease

s

Maintenance$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

Outflows Projected Vs Actual

Projected Actual

25

BUDGET VARIANCE REPORT SYDNEY CENTRE 2014 – 2015 FINANCIAL

YEAR

Projected

Actual Variance

Balance $70,172 $379,420 $309,248


$239,847 $343,000 $103,153Member ships $406,510 $471,000 $64,490Equipment and clothing sales

$53,550 $82,500 $28,950Total income $699,907 $896,500 $196,593Available Balance

$770,079 $1,275,920

$505,841


$10,105 $6,000 $4,105Credit Card fees $3,100 $6,000 -$2,900Insurances $14,400 $17,000 -$2,600Miscellaneous $600 $600 $0Head Office contributions

$24,000 $30,000 -$6000Payroll $281,500 $230,000 $51,500Team Building $21,000 $6,000 $15,000Professional Fees

$11,250 $12,500 -$1,250

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Rent or Lease $54,000 $36,000 -$18,000Subscriptions and dues

$3,000 $3,000 $0Supplies $27,000 $15,500 $11,500Taxes & Licenses


$18,000 $12,000 $6,000Equipment leases

$12,600 $10,800 -$1,800Maintenance $6,000 $8,500 $2,500

Total Expenses $644,955 $532,300 $112,655Ending Balance $125,124 $743,620 $618,496

HEAD OFFICE CAIRNSCairns head office had a quite successful year, whilst expenses were $10,000 above projected, the very successful income made this expense seem minor. Casual attendance figures are $69,753 in surplus. Memberships were very high this year coming in at $48,990 above projected. Equipment and clothing sales also finished high at $220,500. Advertising is $5,000 over budgeted amount of $441,000, this will need to be investigated to ascertain causes. Current advertising campaign is successful with all incomes above predictions. Head office contribution is above predicted amount. Payroll is well under budget by $62,250, this will need to be investigated and determine as to whether a decrease in this amount would be beneficial in other areas of concern.

27

Miscellaneous was very much over budget, a request for more clarification of spending will be needed. Supplies were also over budget, this will need to be investigated and a breakdown of all spending conducted. Professional fees were also over budget, this will be looked into and recommendations made regarding ways this can be reduced. Rent/lease are well under budget, this could be reduced in the next budget and surplus amount would be beneficial in areas of concern. POINTS THAT NEED TO BE FOLLOWED UP:CASH INFLOWS:

All Head Office inflows were well over budgeted amounts. With all casual attendances at an average of $70,000 each month. Advertising campaign is very successful. This surplus will be worthwhile being applied to areas of concern for struggling centres. Member ships are $48,990 over budget, equipment and clothing sales $3, 450 above predicted amounts.

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Casual Attendances Memberships Equip & Clothing sales TOTAL INCOME

($500,000)

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

Total Inflows Budget Vs Actual

Projected Actual Variance

CASH OUTFLOWS: Advertising is $15,000 over budget, a breakdown of costings

will need to be conducted to identify where the over spending occurred. October and November saw the highest increases, with spending for the Christmas campaign costing more than expected. The amount for this period may need to be reviewed.

Bank service charges are $ 4,401 over budget, this amount will need to be revised and strategies implemented to keep this low. May need to investigate other financial institutions with lower overhead costs. Credit card fees were also more than projected, a transfer to a financial institution with lower fees will need to be investigated.

Miscellaneous costings were also above budget, this will need to be reviewed and a breakdown of all costs done. A request for clarification will be made to ascertain where money was spent.

Team Building was under budget by $21,000. This surplus will be beneficial in a struggling area of concern. A review

29

will be made to lower this budget amount for next financial year.

Adverti

sing

Bank Servi

ce Charges

Credit Card fe

es

Insurance

Miscella

neous

Head Office

Contribution

Payroll

Team Building

Professional fe

es

Rent or L

ease

Subscriptions &

Dues

Supplies

Taxes &

License

s

Utilities &

Telephone

Equipment Lease

s

Maintenance($200,000)

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

Expenses Budget Vs Actual and Variance

Projected Actual Variance

BUDGET VARIANCE REPORT HEAD OFFICE 2014 – 2015 FINANCIAL YEAR

Projected

Actual Variance

Balance $435,156 $504,756 $69,600


$781,347 $851,100 $69,753Member ships $1,526,010 $1,575,85

6$49,846

Equipment and $217,050 $220,500 $3,00030

clothing salesTotal income $2,524,407 $2,646,60

0$122,193

Available Balance

$2,916,809 $3,151,356

$234,547

EXPENSESAdvertising $441000 $446,000 -$5,000Bank service charges

$36,315 $31,914 -$4,401Credit Card fees $15,200 $18,600 -$3,400Insurances $60,000 $66,100 -$100Miscellaneous $2,400 $4,200 -$1,800Head Office contributions

$72,000 $78,000 -$6,000Payroll $959,000 $896,750 $62,250Team Building $66,500 $45,500 $21,000Professional Fees

$39,750 $62,300 $22,550Rent or Lease $239,400 $194,400 $45,000Subscriptions and dues

$12,000 $12,600 -$600Supplies $125,400 $132,500 -$7,100Taxes & Licenses


$74,100 $99,500 -$21,400Equipment leases

$46,800 $94,800 -$48,000Maintenance $29,700 $46,300 -$16,600

Total Expenses $2,229,165 $2,249,064

$19,899Ending Balance $687,704 $912,292 $224,588

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bsbfim501a - task1.2 - kerri lipschinski

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