Letter from the Board Treasurer & CFO

LETTER FROM THE TREASURER & CFO

A year like no other

With the turmoil and disruption of 2020, Girl Scouts River Valleys’ financial resiliency and sound fiscal management helped limit the organization’s financial loss to $509,000 for the year. The pandemic virtually closed Girl Scouts River Valleys’ operations for the last six months of the fiscal year, requiring us to cancel summer camp, program and fundraising events, limit the cookie season, and any in-person interaction. While the financial impact was great, it was absolutely the right thing to do for the safety and well-being of our members, volunteers, and staff.

Girl Scouts River Valleys’ operating loss for the year totaled $1.7 million, due to the cancellation of the last six months of revenue generating activities. Fortunately, this operating loss was offset by investment gains of $1.2 million in the highly volatile financial markets. We were also the recipient of a forgivable Payroll Protection Program Loan from the federal government, totaling $1.8 million, which supported Girl Scouts River Valleys’ staff payroll/benefits and other expenses allowable under the program guidelines. Girl Scouts River Valleys has applied for loan forgiveness, which we expect to be granted in fiscal year 2021.

Girl Scouts River Valleys’ board knows that we face a prolonged recovery and rebuilding period. We will continue to adjust programs to address the needs of members and continue our investment in strategic plan initiatives to maximize our impact for girls in our community. Thanks to our supporters, we have the financial strength to continue to assist girls as they develop into the next leaders for our communities.

Jeff Redmon Board Treasurer Chris Amundsen Chief Financial Officer