Treasurers reports are in the quarterly newsletters.

1ST QUARTER, 2022-2023

Beginning Balance (7/1/23)     $32,007.93
General Fund     $26,802.57
Scholarship Fund     $3,539.20
Certificate Of Deposit (Savings)     $10,000.00 (1)
Ending Balance (9/30/23)     $40,341.77
Japan Account Ending Balance     $1,044.54 (2)

Printing     $114.42
Postage     $227.80
Scholarship     $550.00
Software/Tech Subscriptions     $94.97
2023 Festival Expense     $7,923.39 (3)
Miscellaneous Expense     $54.99
Total Expenses     $8,965.57

Dues $3,565.84
Donations (General Fund)     $195.00
Donations (Scholarship)     $635.00
2023 Festival Ticket Sales     $12,901.90
Miscellaneous Revenue     $1.50
Total Income     $17, 299.20

(1) $5000 From Gen Fund/$5,000 From
Scholarship Fund Transferred To Open
11 Cd With 3.00 Interest
(2) Japanese Yen = 155,871
(3) Approx $2,000 Festival Expenses Not Yet Paid.

The HSGA, Inc. Fiscal Year 2022 to 2023 Annual Financial Report

The following is a summary of our finances for the 12 month period beginning July 1, 2022 and ending June 30, 2023

As of June 30, 2023, The Hawaiian Steel Guitar Association, Inc. (HSGA) had cash assets totaling $32,202.22, which consisted of:

• $23,663.26 in the Chase Checking (Operating) Account, and

• $ 8,538.96 in the Chase Savings (Scholarship Fund) Account.

The Japan Branch of HSGA had an account balance of $1,184.04 (164,361 Yen).

Revenue:     $ 21,109.41
Expenses:     $ 21,980.44
Net Income/(Loss):     $ (871.03)

Revenue for the year included: $5,112.49 in dues; $1,140 in Scholarship Donations; $3,503.21 in General Fund Donations; $10,857.27 in Festival Ticket and Raffle Sales; and $496.44 in Virtual Festival Donations. We are grateful to our members who made donations to the Scholarship and General funds throughout the year. We also wish to acknowledge the Hawaiian Institute for Music Enrichment and Learning Experiences (HIMELE) for providing matching funds for our music lesson scholarships. Finally, we thank the Roeder Family Charitable Fund for its generous donation to the General Fund.

The Foster City Festival in August of 2022 was our largest expense at $13,938.85, which was partially offset by $10,857.27 in festival revenue. The Quarterly Newsletter was our second largest annual expense. Newsletter compilation and editing was conducted by members who volunteered to perform the required tasks to produce a quarterly publication. Printing cost for the year was $1,904.86 and postage for mailing the newsletter was $694.20. HSGA has increased “technology” expenditures in relation to the website, social media platforms and the development of the e-newsletter.

Four scholarships were awarded for a total expenditure of $2,200 for the year. The Hawaiian Institute for Music Enrichment and Learning Experiences (HIMELE) donated scholarship funds to HSGA on a 50/50 matching basis, offsetting $1,100 of scholarship expenses.

Our financial goal is to maintain this positive trend in future years by:

• Managing revenues and expenses to maintain financial solvency.
• Pursuing additional revenue opportunities
• Increasing membership, thereby increasing Dues Revenue and Member Donations