QUARTERLY FINANCIAL REPORT OCT-DEC 2010
AIESEC, Avenue Willy Brandt, Lille. 59777
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Dear Stakeholders, The financial department composed by a team of 4 persons made a financial report to present to you the main result. This report which aims to respect the value of transparency that AIESEC attaches is realised for the month of October, November and December. This report respects a process fixed by the financial department which provides you good quality information. Moreover thanks to the bank access by internet the financial department can be aware of the LC reality at any time. You also have to be aware that this is a photography of our situation from October till December and that revenues and expenses change and modify the cash flow per month. The financial report refers our past situation to the current situation. This is also an analysis of our objective, our expectations and also a tool to take decisions and be strategic. As AIESEC is an international organisation this first report is also a tool which permit you to have an understanding of AIESEC‘s financial model and to familiarise with AIESEC’s financial approach. Finally this financial report will evaluate our KPI (key performance indicator) which is the amount of fund available.
AIESEC, Avenue Willy Brandt, Lille. 59777
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INDEX 1 AIESEC MODEL....................................................................................................................4 2 CURRENT SITUATION.........................................................................................................6 1.1 Monthly statement.............................................................................................................6 2.2 Bank statement..................................................................................................................7 .....................................................................................................................................8 ..............................................................................................................................................8 3.3 Bank reconciliation.........................................................................................................9 4 Main revenue and cost...........................................................................................................12 5 KPI (key performance indicator) ..........................................................................................13
AIESEC, Avenue Willy Brandt, Lille. 59777
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1 AIESEC MODEL FINANCIAL MODEL 2010-2011 1. 2. 3. 4.
LCs Fees based on LCs realities Payments Date = LEAD + STEP New LC Fee composition NO MORE Exchange’s Fee to the MC Office
MINDMAP OF LC FEES
EP Online System
As a Local Community, AIESEC Lille has to make payments to 3 different channels; • AIESEC International • National Services • Operational Expenses The LC has to pay a proportion of its total payments to AIESEC Int, a proportion to its National Services division, in our case AIESEC France. The payment comprises of coaching services by the MC members for the efficient functioning of the association, the national conferences that the LC it takes part in and also for the online platform that it uses for Exchange Participants. The other chunk of payments for the LC is the Operational Expenses that consists of day to day petty cash transactions, International conference fees, to maintain communication in the LC and keep accurate accounts.
AIESEC, Avenue Willy Brandt, Lille. 59777
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All the Local Communities are classified into sub groups such as Smarter Cluster, Stronger Cluster and Faster Cluster. AIESEC Lille falls into the Faster Cluster and has to adhere to 50% payment. Therefore, the total sum of payments that the LC has to make is â‚Ź 1,597.84 two times a year. To make timely payments for this obligation, we need to have sufficient funds available and maintain financial stability.
AIESEC, Avenue Willy Brandt, Lille. 59777
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2 CURRENT SITUATION 1.1 Monthly statement Each month the financial department evaluates the level of the cash flow according to the revenue that people give or have to give and expenses paid or that we should pay. Please find below the result. OCTOBER Day
Debit
Oct
9
Oct Oct
Credit €546.62
Accumulation
Operation
Beneficiary
€ 40.00
€40.00
Nastaja
9
€ 17.51
€57.51
Travel cost Nastaja Induction Day
30
€ 20.00
€77.51
Net Cash Flow
Victoria host Anna Maria for Induction
Victoria paid Carrefour Victoria paid to residence
Accumulation
Operation
Beneficiary
€-98.00
Member fees
LC Lille
€-42.56
LC Day
€-1342.56
SPARK Conf
€-42.56
SPARK Conf
€-327.56 €-1,077.56 €1576.67
EP Fees T shirt Sale
Noura paid to Carrefour IT SUD Paris IT SUD Paris LC Lille LC Lille
€469.11 NOVEMBER Day
Nov
6
Nov
6
Nov
10
Nov
10
Nov 10 Nov 30 Net Cash Flow
Debit
Credit €469.11 €98.00
€ 55.44 €1,300 €1,300 €285.00 €740.00
AIESEC, Avenue Willy Brandt, Lille. 59777
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DECEMBER Day
Debit
Dec Dec
11 13
Dec
14
Dec Dec Dec Dec Dec Net Cash Flow
16 16 17 21 24
Credit €1576.67
Accumulation
Operation
Beneficiary
€45.66 € 47
€45.66 €92.66
LC Day Duty on T-shirt
€609.15
€701.81
Emily paid T-shirt
€451.81 €201.81 €-48.19 €551.81 €623.59 €953.08
EP Fees EP Fees EP Fees MC Fees Insurance
LC Lille Stalin Paid to DHL Express Supplier in India LC Lille LC Lille LC Lille MC MAIF
€250 €250 €250 €600 €71.78
2.2 Bank statement Each month the financial department has to check the net revenue which is in bank. Find below the result. NOVEMBER Day
Debit
Credit
Accounting document
Operation
Nov
8
€299.02 €645.00
Liquid
Refund to Alison
Nov
8
€325.00
5 checks
Nov Nov Nov Nov Nov
9 17 23 30 30
€415.00
€195.00 €290.00
3 Checks Check 64 Check 65 Liquid Liquid
Nov Nov
30 30
€80.00 €67.00
Liquid 5 checks
Nov Net cash flow
30 30
€20.00 €996.02
Liquid
Revenue functional meeting SPARK + EP fees Travel cost Ceeder Spark fees Spark fees 280 spark+ 10 member fees T-shrit 60 T-shirt +5 spark+2 member fees T-shrit
€40.00 €1300.00
AIESEC, Avenue Willy Brandt, Lille. 59777
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DECEMBER
Day
Dec Dec
1 2
Dec Dec Net Cash Flow
21 29
Debit
Credit €996.02 €120.00 €64.00
€600.00 €71.78
Accounting document
Operation
5 checks 1 Check
T-shrit 60 t-shrit + 4 member fees MC fees Insurance
Check 66 Check 67 €508.24
AIESEC, Avenue Willy Brandt, Lille. 59777
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3.3 Bank reconciliation As you can notice there is a difference between the monthly statement and the bank statement. The explanation is due to our debtor and creditor actual cash flow variance .Find below the details. OCTOBER Cash Flow per month: 469, 11€ Cash Flow in bank: 299, 02€ Difference: 170, 09€ Debtor
operation functional meeting Emilie debt functional meeting LC lille (Pauline) debt LC it sud paris functional meeting (Rim) debt functional meeting LC Lyon (Diogo) debt functional meeting LC Lyon (chinmay) debt Stalin travel cost marseille Victoria travel cost marseille MC Pizza TOTAL
amount
Creditor
22,97 Stalin
Operation amount Info sessions/Induction day/ink 72,25
16 Nastaja
Travel cost
35 Victoria
Induction day
35 Victoria
Host Annamaria
35 TOTAL 65 65 45,88 319,85
40 17,51 20 149,76
Total Debit: 319, 85 € Total Credit: 149, 76 € Difference: 170, 09 € we manage to explain our initial gap. Comments: Our debtors are superior to creditor so we have enough money to cover our creditor. But 65% of the amount of the bank is money coming from creditor.
AIESEC, Avenue Willy Brandt, Lille. 59777
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NOVEMBER Cash Flow per month: 1576, 67€ Cash Flow in bank: 996, 02€ Difference: 580, 65€ Debtors
operation
amount
functional meeting debt functional meeting LC lille (Pauline) debt LC it sud paris functional meeting (Rim) debt functional meeting LC Lyon (Diogo) debt functional meeting LC Lyon (chinmay) debt Stalin travel cost marseille Victoria travel cost marseille MC Pizza LC lille T-shrit LC lille Member fees Total Emilie
Creditors
22,97 Stalin
Operation Info sessions/Induction day/ink
16 Victoria
Induction day
35 Victoria
Host Annamaria
35 Noura
LC day
35 Total 65 65 45,88 340 86 745,85
amount 72,25 17,51 20 55,44 165,2
Total Debit: 745, 85 € Total Credit: 165, 2 € Difference: 580, 65 € we manage to explain our initial gap. Comments Our debtors are increase rapidly so it’s become important to get money to reimburse creditors.
AIESEC, Avenue Willy Brandt, Lille. 59777
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DECEMBER Cash Flow per month: 953, 08€ Cash flow in bank: 508, 24€ Difference: 444, 84€ Debtors
operation
amount
functional meeting debt functional meeting LC lille (Pauline) debt LC it sud paris functional meeting (Rim) debt functional meeting LC Lyon (Diogo) debt functional meeting LC Lyon (chinmay) debt Stalin travel cost marseille Victoria travel cost marseille MC Pizza LC lille T-shrit LC lille Member fees Sara Elazim EP fees Charlotte Joffrey EP fees Imane nejjari EP fees Total Emilie
Creditors
22,97 Stalin
Operation Info sessions/Induction day/ink
16 Victoria
Induction day
35 Victoria
Host Anna-Maria
35 Noura
LC day
35 65 65 45,88 160 42 250 250 250 1271,85
Emily Stalin Victoria Total
T-Shrit payment T-Shrit Duty LC day
amount 72,25 17,51 20 55,44 609,15 47 5,66 827,01
Total Debit: 1271, 85 € Total Credit: 827, 01 € Difference: 444, 84 € we manage to explain our initial gap. Comments: We got some EP but we have to wait to put money in the bank. Conclusion: it’s important to give any amount outstanding, to the LC first. Like this we can pay our Creditors.
AIESEC, Avenue Willy Brandt, Lille. 59777
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4 Main revenue and cost
INCOME EP FEES Member fees T-Shrit Language coffee Total
1035 86 60 24 1205
AIESEC, Avenue Willy Brandt, Lille. 59777
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COST MC FEES LC DAY Insurance National initiative (CEEDERS) Induction day Total
600 101,1 71,78 60 17,51 850,39
5 KPI (key performance indicator) Every month we see if we respect the KPI .Our KPI is a Balance of â‚Ź200 per month. Find below the result The other KPI can be if we can pay out our creditors per month with the debtors per month. As per the Monthly Statements, we are able to do so and so we were able to clear our creditors from our debtors every month.
AUG CASH FLOW (in bank) AVAILABLE FUND
SEP 596,02 200
OCT 299 200
NOV 299 200
DEC 996 200
508,24 200
Thank you, The Finance department
AIESEC, Avenue Willy Brandt, Lille. 59777
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