Oct. Stake Financial Summary

[stott-p40]

1. It sounds like some of you stake clerks are able to get all your stake and ward finances straightened out at this time. I am not. So am I missing some reports or are they still in the mail? I have received a Quarterly Local Unit Budget Allowance Report dated 11 Nov, a 30 Sept. Stake Fin. Summary and additional instructions for CUBS dated Oct 26.
2. I read recently here that as we add up all budget allowances to the wards for the year and subtract what they have spent through Oct. 17. We would then write the wards the difference. Correct?
3. In order to do this we must have a Stake Financial Summary (sfs) for Oct. to see what the wards have spent through Oct. 17. Correct?
2. Would this come in 1 part for the whole month or 2 parts (Oct 1-19 and Oct. 20-31)?
3. Will this come via the stake pres. by mail or by MLS?
4. It sounds like some of you have received this information but as of today, Nov 12, I have not. I am in Cal. Is it still on its way?
5. One ward did not complete their June 2010 quarterly report until this mo. I received a Budget Allowance Adjustment dated 4 Nov that said that that information was received and the ward would get X dollars and the stake would get Y dollars according to the % that I had entered into the computer. This ward allotment $X is what I would have given that ward as a 4th qtr. allotment, but since it came in after Nov 1 does this mean the church has already given the ward their amount? (I have no report saying that is so.)
5. So as I figure out as in #1 above what I owe each ward, will I subtract this amount $X from what I owe that ward since the church has already credited them that amount? Or do I calulate what I owe that ward just like the other wards assuming that they have not received $X on their books for the 4 Nov. allowance?

Signed, Still Confused

[aebrown]

1. It sounds like some of you stake clerks are able to get all your stake and ward finances straightened out at this time. I am not. So am I missing some reports or are they still in the mail? I have received a Quarterly Local Unit Budget Allowance Report dated 11 Nov, a 30 Sept. Stake Fin. Summary and additional instructions for CUBS dated Oct 26.

My stake president never received the SFS, but I got an MLS message saying that he should have already received it. I assumed that he had misplaced it, so I contacted Local Unit Support and they emailed me a copy (my email address is in CDOL so they could verify who I am). But perhaps no stake has received the SFS in the mail (which is how it was to be sent out).

2. I read recently here that as we add up all budget allowances to the wards for the year and subtract what they have spent through Oct. 17. We would then write the wards the difference. Correct?

That would be the default procedure. Of course, the stake president can make adjustments at any time, including now. But following the procedure you outlined should allow wards to continue under the new system, picking up with a remaining budget as of October 18 precisely equal to what it was on October 17.

3. In order to do this we must have a Stake Financial Summary (sfs) for Oct. to see what the wards have spent through Oct. 17. Correct?

Yes.

2. Would this come in 1 part for the whole month or 2 parts (Oct 1-19 and Oct. 20-31)?

The Stake Financial Summary is for the first part of October and is in the format you've seen for years. For the last part of October, stakes will eventually receive the new Consolidated Financial Statement, which covers much of the same information as the SFS, but is in a new format and contains CUBS-specific information.

3. Will this come via the stake pres. by mail or by MLS?

The SFS should come by mail. The CFS will be delivered electronically through MLS.

4. It sounds like some of you have received this information but as of today, Nov 12, I have not. I am in Cal. Is it still on its way?

You'd have to contact Local Unit Support for a specific answer.

5. One ward did not complete their June 2010 quarterly report until this mo. I received a Budget Allowance Adjustment dated 4 Nov that said that that information was received and the ward would get X dollars and the stake would get Y dollars according to the % that I had entered into the computer. This ward allotment $X is what I would have given that ward as a 4th qtr. allotment, but since it came in after Nov 1 does this mean the church has already given the ward their amount? (I have no report saying that is so.)

That's a good question for Local Unit Support. Since the communication from the Church specifically said that the ward would get $X and the stake would get $Y, it sounds like they are using the allocation percentages you entered in Stake MLS. The new standard procedure is for the Church to send a notice ahead of time, letting you know that an allocation is on its way, and then the actual allocation will arrive later (one month later for the quarterly allocations, but I don't know if this out of turn allocation would be different).

5. So as I figure out as in #1 above what I owe each ward, will I subtract this amount $X from what I owe that ward since the church has already credited them that amount? Or do I calulate what I owe that ward just like the other wards assuming that they have not received $X on their books for the 4 Nov. allowance?

Again, I'd ask LUS. It sounds like the actual dollars are on their way, and so you should subtract $X from what you calculate for the ward. But it would be good to know for sure before you cut the check.

[crislapi]

I have received a Quarterly Local Unit Budget Allowance Report dated 11 Nov, a 30 Sept. Stake Fin. Summary and additional instructions for CUBS dated Oct 26.

The date of your Quarterly Local Unit Budget Allowance report (QLUBAR) does not seem correct. Did you mean October?
The 30 Sept dated SFS is not the final one. You should receive one dated 31 Oct. This will contain just the info for 1 Oct - 17 Oct. See here. My stake president has still not received this report.

2. I read recently here that as we add up all budget allowances to the wards for the year and subtract what they have spent through Oct. 17. We would then write the wards the difference. Correct?

I would clarify a few things. First, don't add up the allowances as they appear on the QLUBAR. The stake will end up with $0 if you do. Look at the budget the stake gave each unit for 2010 (back in Dec/Jan), and from that subtract total expenses. That difference is the amount you want to cut the checks for.

Second, don't do this until you receive the 31 Oct SFS, as that will contain YTD total expenses for each unit in your stake. Then yes, cut the checks for their remaining 2010 budget (as it was on Oct 18) or whatever other procedure your stake president has authorized.

This ward allotment $X is what I would have given that ward as a 4th qtr. allotment, but since it came in after Nov 1 does this mean the church has already given the ward their amount?

As Alan_Brown pointed out, this is probably a preliminary report. You can probably adjust the percentages if you so desire before the end of the month. We had a similar situation pre-CUBS and the OTA appeared the month following the QR being submitted. It will appear on your SFS/CFS when it is actually disbursed.

[waynecooke]

We were contacted this week by our Stake Financial Clerk that we didn't get an allotment for the Fourth Quarter of this year. It turns out our Ward Clerk hadn't sent in the second quarters nor the third quarters Quarterly Reports in a timely fashion. The Stake Clerk finally got a hold of LUS yesterday morning, and they said to send in the reports and they will send out an "out of order" letter, and they will get the Stake our money for the rest of the year, and then the Stake will get to us. So our Ward Clerk sent in both Second and Third Quarter reports yesterday.

We hoping that all this gets settled before the end of the year:D.

So, even if the reports are not sent in on time, it seems that "better late than never" applies here.

[crislapi]

It is definitely better to get it in late than never. If you never get it in, you will never get money for that quarter. Since the quarterly report contains the numbers that are used to calculate the disbursement, it is logical that the result of not turning it in is not receiving a disbursement.

The official term is "out of turn adjustment". In the past they showed up on the SFS as a line item at the top of the summary page (O.T.A.). The funds get distributed a month after the report is submitted.

Based on the post that started this thread, it would appear the adjustment will be automatically split between the ward and stake using the percentages listed in the stake budget allocation screen in MLS for this unit.