UHCA Fiscal Year End Financial Update: Record Income Restores Reserves

When UHCA Board elections were held last year, the four of us—Marc, Angela, Deborah, and I—pledged complete transparency in everything we did. We also made you all aware of the deep financial hole UHCA was in, and unless significant changes were made, it was headed toward insolvency within a year. Knowing that, we promised to “right the ship.” With the current board’s first fiscal year having ended on October 31st, I would like to share with you how we as an organization have been “righted.” 

Not only did we have a record year with a gross income of $57,306 (beating the previous record by more than $10,000), with an eye on managing costs, our net income was $8,467 which we have used to help replenish reserves which were being drained rapidly. To put that in perspective, the previous two years had a combined total income of $61,370 but suffered a loss of $27,307! Your contributions help cover the many expenses of operating a nonprofit, including insurance, website/ technology costs, beautification and event supplies, printing, and other items that support our events and activities. 

One year’s outstanding result isn’t a trend, but the exceptional trust and engagement the community has shown turned UHCA in a positive direction, which I know will continue through the new year and beyond. Our cash reserves are not yet replenished to where we want them to be (two years of expenses in the bank), but we are well on our way to being healthy for the long term. 

All of the financial details and a full recap of the last year will be included in our next annual report that will be released in the new year, another element of transparency that we committed to. 

Although it took a lot of effort on the part of the entire board to get us where we are, we could not have done it without all of you. Your contributions as members, extra donations, business sponsorships and advertising—all of it combined with careful attention to our expenses has made a huge difference. For that, we are forever grateful.