Report from the Treasurer - 09/23/2024

Treasurer's Report - 09/23/2024

OUR FINANCIAL COMMITMENT

At Shenandoah Shepherd Rescue (SSR), we are committed to building a foundation of financial transparency, accountability, and stability.

In the past, leadership did not provide regular financial updates, and questions about expenses were often met with limited information, such as references to Form 990 filings. We recognize that this left many of you wanting more clarity about how donations were being used. Since the new Board was established in May, we've made transparency a priority, providing more information than before to keep the SSR Nation informed. In addition to sharing a monthly Treasurer’s Report, we now post notable veterinary bills, giving our community a clearer picture of where funds are going. As legal matters get sorted out, we hope to provide more information, but we believe the changes we’ve made are a significant improvement and honor our commitment to more open and honest communication.

We are also working diligently to ensure that our financial practices meet regulatory standards and reflect the integrity and responsibility our fosters, adopters, donors, and supporters should expect from any charity that receives your donations. We take pride in the steps we’ve taken and will keep you updated as we continue these efforts.

In August, we saw a 9% decrease in both income and expenses compared to July. While we did face a loss of $24,000 for the month, it’s important to recognize that we’re actively addressing long-overdue administrative tasks and incurring costs as we address these issues.

One of our key focus areas has been updating state filings, including some that should have been filed back in January 2024 and others that must be finished later this year. We’re making excellent progress and expect to complete all necessary filings by early December. As part of these efforts, we’ve identified what is missing from the filings and are taking steps to ensure everything is in perfect order when we begin our 2025 filings.

Additionally, we’ve begun preparing SSR’s tax return, which is due in November. While we initially encountered challenges with revenue collection through QuickBooks, we have successfully used alternative data sources to ensure the numbers are as accurate as possible.

Another significant step toward long-term financial stability is our preparation for a past-due independent review of SSR’s financials. Nonprofits in Virginia with annual gross revenue between $750,000 and $1 million must undergo this review to ensure that their financials comply with Generally Accepted Accounting Principles (GAAP). This review will provide an additional layer of accountability and demonstrate our dedication to transparency. In preparation for the independent review, we have gathered documentation, including invoices for the new SSR credit and debit cards, and are addressing some overdue 2023 invoices. Our primary focus, however, has been on 2024 activity, with plans to incorporate earlier records when they become available.

We’re also updating key policies addressing conflicts of interest to align SSR with industry best practices, further strengthening our financial operations and transparency.

MAKING GOOD ON PROMISES TO FOSTERS AND ADOPTERS

Our volunteer operational team has been hard at work ensuring that adoption paperwork is correctly filed and finalized and that fosters are reimbursed for any out-of-pocket expenses. We are incredibly grateful for the dedication of our fosters, who have gone above and beyond by finding discounted vet services and making every donated dollar stretch further. In some cases, we’ve discovered foster-to-adopt arrangements that were never fully closed out in prior years, and we’re now working with those fosters to settle any outstanding costs. Their efforts in providing 2023 invoices have been invaluable in helping us tie up these loose ends.

As part of our commitment to responsible financial practices and adhering to GAAP principles, we ensure veterinary payments are made when standard protocols are followed and detailed invoices are received. The Board takes seriously the vital role our fosters play in SSR’s mission, and we are dedicated to ensuring they have the supplies their pups need and that all appropriate medical care is fully covered.

We sincerely appreciate the ongoing support from the SSR community. Together, we’re making significant strides to rebuild trust and ensure the future of SSR remains bright for the dogs we rescue.