Financial Statement Sample – Income

Source Budget Month Received Year Received % Received Not Received
Property Tax
Sales Tax
Gifts
Fines
Fees
Book Sales
Interest
Total

The income portion of the financial statement should give a clear picture of the sources from which the library expects to receive income. The sources listed here are typical income sources, but they are not exhaustive. For example, some libraries may have special annual fundraising activities, such as rummage sales or auctions. Such annual events may receive an entry of their own on the financial statement.

For each source, a budgeted amount should be estimated at the time that the board makes out the annual budget for the library. This figure will be placed in the “Budget” column.

The next column, “Month Received,” shows the amount received in the past month from each income source.

The “Year Received” column shows the cumulative amount of income from each source for the entire fiscal year up to and including the present month. For example, the figures for October in both the month columns and the year columns should be equal. The “Year Received” column in the November report should be the sum of the October “Year Received” column and the November “Month Received” column.

The “% Received” column is figured by dividing the figures in the “Year Received” column by the “Budget” figures. This column provides a quick check on how actual income is doing against the projected income of the budget for each source. For example, if six months into the fiscal year, the library has already achieved 75 percent of its budgeted figure for fines, it probably means the budget underestimated the amount of income that would be derived from this source. A note of caution, however, is that most income sources do not pay evenly across the year. It may be that the library is used more between October and March than it is between April and September. If this is the case, it would be expected that income from fines would also be higher during these months. Thus, the 75 percent figure may represent a typical yearly pattern of income collection from fines, rather than "windfall" income.

The last column, "Unreceived," shows the budgeted amount not yet received by the library. The figure is derived by subtracting the "Year Received" figure for each source from the "Budget" figures. Again, figures in this column provide a quick check for the board as to how the actual income compares to the expected income from each source.