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................................................................................................................. 1 ............................................................................ 2 ............................................... 3 ................................................... 3 HOW THIS HAPPENED? ............................................................................................... 4 ....................................................................................... 5 PLANNED VS EXECUTED ........................................................................................ 5 .................................................................................... 6 PLANNED VS EXECUTED ........................................................................................ 6 ...................................................................... 7 LOCAL ENTITIES ACCOUNTS ................................................................................. 7 ...................................................................... 8 ................................................................................................... 8
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HEY AIESEC! To all Network of AIESEC Guatemala, it was a pleasure from me to be the National Director of Finances and Legality of AIESEC Guatemala during Term 2014-2015. A year with a lot of challenges, but also with a lot of purpose and satisfaction of watching a network now only grow, but also making an impact in Guatemala’s society and Guatemalan youth. More that Finances of an Organization, is the sustainability that this one can have to escalate through generations, and continue giving impact were a country needs and deserves better leaders. More than Legality, is how to represent and Back up all stakeholder involved to have the best experience. Every number has a story, so I invite you to read this report with lots of stories behind that can help us measure our impact. The road to success is endless and the MCEB Border Breaker only started a travel of Purpose and Fearless Actions to make AIESEC Guatemala bigger and better, but in order to accomplish this, we strive and invite that each and every member and stakeholder involved give the best version of themselves every day.
Remember to be always One in our Purpose, and Fearless in Our Actions! A Border Breaker, a Guatemalan AIESECer by heart.
Sincerely yours,
Gabriela Alvarez Luna MCVP Finance and Legal
MCEB Border Breaker AIESEC Guatemala 14.15
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At June 30th 2014, MCEB 14.15 receives a Debt with the amount of $15.485,13, and no reserves to operate during 14.15 Term. To see the list of debt, see link: http://bit.ly/Debt13-14 With this Financial Situation, MCEB 14.15 decides to work on June 10th 2014, 20 days before their term starts, due to early leaving of whole MCEB 13.14 of their roles, with the exception of the MCP 13.14, Raul Armenta, causing the operations of the Whole National Executive Board of AIESEC Guatemala stop. Even though MCEB 14.15 starts operations on June 10th 2014, they don’t receive a salary until July 15th 2014, due financial situation and understanding that the official start of the Term was on July 1 st 2014. It was until September 30th 2014, that AIESEC Guatemala accomplished to pay any external debt they had and acquired , including external debts with AIESEC International.
Profit and Loss Statement AIESEC Guatemala 2014-2015 From July 1st 2014 to June 30th 2015 Currency in USD$ INCOME
% of I
Operating Income Ingresos oGCDP Fee (Apply)
$19,510.63
26.8%
Ingresos oGIP Fee (Apply)
$4,741.00
6.5%
Ingresos oGIP Fee (MA)
$2,241.00
3.1%
$50.00
0.1%
Ingresos IGIP Fee (Apply)
$6,950.00
9.5%
Ingresos IGIP Fee (MA)
$5,350.00
7.3%
$600.00
0.8%
Ingresos Margen Administrativo (AD)
$28,580.85
39.2%
Total Operating Income (OI)
$68,023.48
93.4%
$4,798.75
6.6%
$4,798.75
6.6%
$72,822.23
100.0%
Ingresos iGCDP - Trainee Fee (RE)
Ingresos IGIP Innovation (MA)
Non-Operating Income CXC Total Non-Operating Income Total INCOME
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EXPENSES
% of OE
Operating Expenses OGX
$1,079.36
1.7%
IGIP + AD
$1,173.26
1.8%
$67.50
0.1%
$2,320.12
3.6%
TM + OD
$5,351.28
8.4%
Finance and Legal
$4,626.26
7.3%
MCP
$1,073.09
1.7%
$50,220.37
79.0%
$61,271.00
96.4%
$63,591.12
100.0%
IGCDP Total Operating Expenses Non-Recurring Expenses
Fixed Costs Total Non-Recurring Expenses Total EXPENSES PROFIT Net Income Before Taxes Income Tax Expense ISR 5% NET INCOME (+) National Reserves in USD$ Account To receive 15.16 Term
$9,231.11 $0.00 $9,231.11 $3,283.87 $12,514.98
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During MCEB Term 14.15, AIESEC Guatemala builds its financial Model based in Operations. Leaving Reserves of $12,514.98. The MCEB Financial Reserves goal was $15,000.00, making 83% of the Goal accomplished.
HOW THIS HAPPENED? For the financial sustainability, the following activities were crucial:
Aligment National and Local Goals to create the national Budget and Monthly tracking of this Budget. Financial Model based on Operations. Icrease in the value of the programs and diversifications of Programs. Daily track of incomes and expenses to capitalize areas of opportunity and efficiency in processes. Corner Synergies with Back Office.
$80.000,00 $70.000,00 $60.000,00 $50.000,00 $40.000,00 $30.000,00 $20.000,00 $10.000,00 $-
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PLANNED VS EXECUTED We received incomes from the following programs/areas:
OGCDP
OGIP
IGCDP
IGIP Innovation
IGIP+AD
CXC
Planned
Delivered
oGCDP Fee (Apply)
oGCDP Fee (Apply)
$33.600,00
$19.510,63
oGIP Fee (Apply)
oGIP Fee (Apply)
$ 4.820,00
$ 4.741,00
oGIP Fee (MA)
$ 2.310,00
$ 2.241,00
iGCDP - Trainee Fee (RE) IGIP Fee (Apply)
$ 1.890,00
$
$ 8.400,00
$ 6.950,00
IGIP Fee (MA)
$ 5.600,00
$ 5.350,00
IGIP Innov (MA)
$ 1.920,00
$
Admin Margin (AD)
$22.700,00
$28.580,85
CXC
$ 4.950,00
INCOMES
TOTAL
$86.190,00
oGIP Fee (MA)
7% 27%
50,00
iGCDP - Trainee Fee (RE) IGIP Fee (Apply)
39% 6%
600,00 1%7%
3% 0% 10%
$ 4.798,75 $72.822,23
IGIP Fee (MA) IGIP Innov (MA) Admin Margin (AD) CXC
For incomes details, link to Cash Flow of AIESEC Guatemala: http://bit.ly/CashFlowGuatemala2015 Incomes goals was reached in a 84% from what was projected. The projection was made from Exchange Goal plus pricing MCEB receives and a risk implemented were not all incomes will effectively enter due discounts. The biggest GAP is found in the OGCDP Financial Goal. Our focus programs IGIP and OGCDP made 84% of the overall Income for the Term 2014-2015. The program that gives the most incomes is IGIP, giving 57% of overall incomes during the Term.
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PLANNED VS EXECUTED EXPENSES OGX+MKT IGIP + AD TM + OD IGCDP Finance and Legal MCP Fixed Costs HR in the MC External International Partnerships TOTAL
$ $ $ $
Planned 2.130,00 1.491,00 7.088,02 45,00
$ $ $ $
$
9.405,00
$ 4.626,26
$ 4.320,00 $ 53.095,00 $ 38.209,00 $ 7.970,00
$ 1.073,09 $ 50.220,37 $ 36.472,89 $ 7.394,52
$
6.466,00
$ 77.574,02
$
Delivered 1.079,36 1.173,26 5.351,28 67,50
6.755,45
2% 2%
8% 0% 7% 2%
OGX+MKT IGIP + AD TM + OD IGCDP Finance and Legal
79%
MCP Fixed Costs
$ 63.591,12
The expenses were executed 82% according to planned in the National Budget. Out of fixed costs, AIESEC Guatemala main investments are for Conferences, Rewards and Recognitions and Finance&Legal Management, such as payments of debts to Local Entities acquired from 13.14 Term. 79% of expenses are Fixed Costs, were its majority it for the Basics that AIESEC Guatemala need to operate such as the National Office, Telephone, MC Flat and Salaries. The rest of fixed costs are divided in in External, for our External Bodies such as SAT Accounter and Lawyer, and International Partnerships that are Payments to AIESEC in Latinamerica, Payments to AIESEC International and Representation of MCP on International Conferences. To see the Last AIESEC Guatemala Budget, approved by General Assembly on Jan 31st 2015, see link: http://bit.ly/BugetAIESECGT2015-1
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LOCAL ENTITIES ACCOUNTS From July 1st 2014 to June 30th, 2015. All in USD$ Local Entity Started Finished Status UFM USAC
$ 1.542,00
URL
$ 2.560,01
UVG
$-
Galileo TOTAL
$1.400,00 $1.200,00 $1.000,00
$ 803,89 Profit -$ 29,99 Loss
$ 775,00
$1.600,00
$800,00
$ 1.477,63 Profit $ - SU
$ 100,00
$-
$ 4.977,01
$ 2.251,53
$600,00 $400,00
SU
$200,00
Income generated on 14.15 Term
$$-200,00
UFM
USAC
URL
Galileo
UFM USAC URL UVG Galileo MCEB
$ $ $ $ $ $
3.920,00 5.300,00 7.570,00 5.075,00 4.187,50 46.769,73
MCEB
TOTAL INCOME
$
72.822,23
UFM
7%
USAC
11%
URL
7% 64% 6%
Galileo
INCOME GENERATED
Entity
5%
UVG
UVG
MCEB generated 64% of overall income of AIESEC Guatemala during 14.15 Term. It is important to mention that from the $46.769,73 incomes that MCEB generated, $41.480,85 were generated from the IGIP Program (88% of overall incomes that comes from MCEB). The rest are CXC or OGX Sales at National Level. All incomes form Local Entities are only from OGCDP and/or OGIP. The Local Entity that generated the most income for AIESEC Guatemala during 14.15 Term was AIESEC URL with 10% of overall incomes (most of them from July to December 2014). AIESEC UFM is the Local Entity that generated the less income with only 5% of overall income. Local Entitys that Close with Financial Debt on 14.15 Term: AIESEC USAC.
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Activity Ensure AIESEC Guatemala is a Full Member Entity at Global Level - Documentation for FM
Status
Migration Issues for Trainees - Creation of Reception Booklet and List of Requirements to get proper visa. Application of Visa Status Legal Representation at Gobernación Guatemala - Legal Representation on SAT, Gobernación, Migración and Banco Industrial Pricing Evaluation - Change of pricing of all programs and Legislation Accounting - Creation of Donation Receipts for USD Account Empowerment. NST Roles for F&L and Audit. Delegation of Account Management at Local Level OGX + F&L Synergy. Creation of Contact Policies, contracts review and enforcement, Support at Close Selling, Creation of Price Chart to sell whole package on Exchanges Audit at Local Level Implementation and Audit Culture at National Level Accountability MC2LC and LC2MC. Changes at Compendium and Membership Criteria. Accountability Culture BOVP F&L Transition 2014 to 2015. Support and Transition to all VPes F&L for 2015 Term. Migration Process for ICX - Wix creation for Trainee Reception Deals and CXC Control. Creation of Deals in Corner with IGIP Finance Coaching + LEAD for VPs F&L Finance and Education Cycle Creation and Implementation. F&L Summit Audience with Migration Affairs to create better Migration processes Accountability Culture - Implementation of Monthly Reports in all areas Approval of National Semester Bugdet. One in August 2014 and one in January 2015 SAT Responsibilities - Anual Tributary Declaration on Feb 2015 Financial, Legal and Gubernamental Transition to New MCVP F&L Financial Close of Term 14.15 National Reserves Development
Planned results come from MC EB Plan based on entities plan For the evaluation: Green = 100% | Yellow > 60% | Red < 60% | Blue when plan is zero or non-evaluated.
AIESEC Guatemala has Fiscal Solvency up to date, last one extended on May 29th 2015. This Document is extended Monthly. See: http://bit.ly/SolvenciasFiscalesAIESECGT1
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