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Ugandan North American Association

Financial Report

September 30, 2016

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Table of Content

Executive Summary 3

UNAA Annual Convention Income & Expense Statement 6

UNAA Consolidated Income & Expense Statement 8

UNAA Consolidated Balance Sheet 11

Notes to Financial 12

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Executive Summary

Dear UNAA Members,

On behalf of the UNAA Leadership, I am excited to present to you a full report on the recently

concluded Convention in Boston. It is our fiduciary responsibility to ensure that the organization

does not suffer any financial loss due to poor management and/or reckless behavior. Since 2013,

UNAA has managed to evolve by adopting strategies intended to increase financial transparency,

increase revenue, grow the UNAA brand, increase memberships, manage risk, and create value to

its members, partners and affiliates.

The 28th Annual UNAA Convention success did not come as a surprise but instead because of the

hard work and commitment of the UNAA Leadership, dedicated volunteers and loyal UNAA

members over the years. I would also like to recognize the Ugandan Embassy in Washington DC

under the stewardship of Amb. Oliver Wonekha for the continued support, all the sponsors and

vendors who saw and continue to see value in partnering with UNAA. We witnessed record

numbers in sponsorship donations increasing almost 20% from last year. An increment in revenue

of 75%, we had over 35 vendors, the total number of registered Convention Delegates increased

by 22% from last year, the Dinner Boat Cruise registered a staggering 630 people.

The 8th Annual Trade and Investment Forum registered tremendous success with participation of

speakers from the Massachusetts of International Trade and Investment, The Uganda Banking

Sector, Uganda Government Officials and other Stakeholders. As a result, a communique was

signed between the Rt. Hon. Rebecca Kadaga, Speaker of the Parliament of Uganda and The

UNAA President. Highlighted in the Communique was a need to set up a trade office to actively

handle trade missions and promote Uganda’s image abroad. Worth noting is also the need to set

up a robust communication channel to enable information exchange and collaboration between

Ugandan Enterprises, Government and Ugandans in the Diaspora.

As we strive to reach greater heights, UNAA will continue to engage various communities across

North America to impact the lives of its members at the grass root level. We have so far managed

to successfully distribute $50,000 to various Communities and Affiliate Organizations in North

America through the Community Development Fund. These Affiliate Organizations and

Communities have witnessed immediate impact of these funds especially by being able to

subsidize their budgets and hold Community functions such as celebrating Uganda’s 54th

Independence.

Sincerely,

Monday Atigo, MBA

President and CEO - Ugandan North American Association (UNAA

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OBSERVATIONS

Comparing 2015/2016 with prior year 2014/2015.

REVENUE

Total Income $393,843 (last year $201,882)

o Positive trend upwards. Average yearly total revenue for the past 3 years is

$272,772.23

Total Registration Revenue $176,718 (Last year $88,340)

o Positive trend upwards year over year change 99.02%. Average registration

revenue for the past 3 years is $131,876.67. Strategies to increase registration

include strong marketing and offering reduced registration fee.

Restricted/Unrestricted Revenue $92,2501 (Last year $77,500)

o Positive trend upwards over last year change 19.35%. Average sponsorship revenue

for the last 3 years is $42,233.33. Strategies to increase sponsorships include ways

to optimize UNAA brand and its ability to reach a wide diaspora audience.

Total Annual Convention Revenue $340,258 (last year $187,847)

o Positive trend upwards over past 2 conventions. Total revenue was up $147,546

that represented an upward change of 75.84%. strategies to increase Total

convention revenue include reducing costs, increasing restricted/unrestricted

sponsorships as well as general registration revenues.

UNAA National Revenue $ 54,5852 (Last year $9,070)

o Positive trend upwards over last year. Strategies to increase UNAA national

revenue include selling benefits of membership to the general diaspora, all year

activities beyond convention, and holding viable assets that generate monthly

income.

1 This amount does not include unpaid amount from UTB of $10,000.00 2 This amount includes the Community Development Grant from Government of Ugandan.

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Financial Position snapshot Revenue Breakeven Point Margin of Safety

$393,8433 $357,532.024 $35,879.935

Actual 2015/2016 2015/16 Budget Vs. 2014/2015

Top Revenue Accounts summary

Total Registration $ 176,718.00 $ 129,005.00 $ 88,340.00

Sponsorship Revenue $ 92,250.00 $ 25,000.00 $ 77,500.00

Boat Cruise $ 57,420.00 $ 49,900.00 $ 17,622.00

Vendors and Exhibitors $ 12,260.00 $ 6,070.00 $ 8,250.00

Hotel Rebate $ 11,300.00 $ 8,000.00 $ 6,000.00

Top Expense Accounts Account Summary

Boat Cruise $ 62,482.41 $ 49,900.00 $ 32,949.00

Communications $ 5,288.79 $ 7,500.00 $ 6,762.00

Entertainment $ 31,632.00 $ 27,250.00 $ 27,500.00

Hotel $ 144,867.00 $ 80,600.00 $ 89,143.00

Community Outreach $ 55,492.00 $ 2,010.00 $ 500.00

3 Represents all revenue associated with UNAA’s normal business operations. 4 The breakeven point is the revenue level at which UNAA will commence to make a positive Net Asset 5 Represents the margin between the actual revenue level and breakeven point. The amount by which revenues can drop before losses begin to be incurred. The higher the margin of safety, the lower the risk of incurring losses

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Ugandan North American Association (UNAA) Annual Convention Statement of Income and Expenditure

Boston Convention - FY 2016

REVENUE BOS Convention New Orleans Difference Diff %

UNAA Annual Convention Revenue

Boat Cruise Dinner 57,420.00 17,622.00 39,798.00 225.84%

Registration Fees 0.00

Adv Winter Rates 40,290.00 16,950.00 23,340.00 137.70%

Child Rates 510.00 540.00 -30.00 -5.56%

Early Bird Rates 35,190.00 9,780.00 25,410.00 259.82%

On Site Summer Peak Registration 22,258.00 18,900.00 3,358.00 17.77%

Regular Spring Rates 71,180.00 33,990.00 37,190.00 109.41%

Winter Holiday Rates 6,570.00 7,180.00 -610.00 -8.50%

Youth Rates 720.00 1,000.00 -280.00 -28.00%

Total Registration Fees $ 176,718.00 $ 88,340.00 $ 128,176.00 100.04%

Corporate Partners 92,500.00 77,500.00 15,000.00 19.35%

Trade & Investment Forum 1,360.00 1,000.00 360.00 36.00%

Vendor Table & Exhibitors 12,260.00 8,250.00 4,010.00 48.61%

Total UNAA Annual Convention Revenue $ 340,258.00 $ 192,712.00 $ 147,546.00 76.56%

EXPENSE

UNAA Annual Convention Expenses

Babysitting 0.00 400.00 -400.00 -100.00%

Boat Cruise Dinner 62,482.41 32,949.49 29,532.92 89.63%

Communication, Advertising and Promotion 1,060.13 1,500.00 -439.87 -29.32%

Commissions & Fees 5,000.00 5,000.00

Office Expenses and General Supplies 894.61 413.33 481.28 116.44%

Photocopy, Printing & Stationery 603.17 0.00 603.17

Supplies 212.29 221.40 -9.11 -4.11%

QuickBooks Payments Fees 117.85 791.82 -673.97 -85.12%

Registration Usher Payments 1,234.00 0.00 1,234.00

Square Fees 173.17 0.00 173.17

Ez Texting 460.00 1,192.00 -732.00 -61.41%

Flyers and Graphics 2,700.00 1,667.50 1,032.50 61.92%

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Promotions 1,239.00 1,239.00

Social Media Ads 189.66 2,402.51 -2,212.85 -92.11%

Total Communication, Advertising and Promotion $ 13,883.88 $ 8,188.56 $ 5,695.32 69.55%

Decorations 2,500.00 2,500.00 0.00 0.00%

Entertainment

Audio Visual 10,550.00 12,500.00 -1,950.00 -15.60%

Performer Fees 9,992.91 7,400.00 2,592.91 35.04%

Performers Travel Expenses 7,589.32 4,700.00 2,889.32 61.47%

Performers Visa Applications 1,000.00 400.00 600.00 150.00%

Total Entertainment $ 31,632.23 $ 27,500.00 $ 4,132.23 15.03%

Hotel Payments 144,867.00 89,143.40 55,723.60 62.51%

Program Book and Digital Signage 4,960.00 2,901.00 2,059.00 70.98%

Refunds 2,350.00 0.00 2,350.00

Registration Equipment and Supplies 8,706.84 11,963.25 -3,256.41 -27.22%

Registration Desk Meals 868.77 493.00 375.77 76.22%

Total Registration Equipment and Supplies $ 16,885.61 $ 15,357.25 $ 1,528.36 9.95%

Security 2,268.00 1,110.00 1,158.00 104.32%

Transportation 10,095.19 2,000.00 8,095.19 404.76%

Total Convention Expenses $ 291,924.32 $ 182,049.70 $ 109,874.62 60.35%

NET INCOME(LOSS) $ 48,333.68 10662.3 37671.38 16%

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Ugandan North American Association (UNAA)

Consolidated Statement of Income and Expenditure October 1, 2015 – September 30, 2016

Column1 Column3 Column4 Column5

Totals

Oct 2015 - Sep

2016 Oct 2014 - Sep

2015 (PY) Change % Change

REVENUE

UNAA Annual Convention Revenue

Boat Cruise Dinner 57,420.00 17,622.00 39,798.00 225.84%

Registration Fees 0.00

Adv Winter Rates 40,290.00 16,950.00 23,340.00 137.70%

Child Rates 510.00 540.00 -30.00 -5.56%

Early Bird Rates 35,190.00 9,780.00 25,410.00 259.82%

On Site Summer Peak Registration 22,258.00 18,900.00 3,358.00 17.77%

Regular Spring Rates 71,180.00 33,990.00 37,190.00 109.41%

Winter Holiday Rates 6,570.00 7,180.00 -610.00 -8.50%

Youth Rates 720.00 1,000.00 -280.00 -28.00%

Total Registration Fees $ 176,718.00 $ 88,340.00 $ 128,176.00 100.04%

Corporate Partners 92,500.00 77,500.00 15,000.00 19.35%

Trade & Investment Forum 1,360.00 1,000.00 360.00 36.00%

Vendor Table & Exhibitors 12,260.00 8,250.00 4,010.00 48.61%

Total UNAA Annual Convention Revenue $ 340,258.00 $ 192,712.00 $ 147,546.00 76.56%

UNAA National Revenue 50,000.00 1,585.00 48,415.00 3054.57%

Membership Dues 0.00

New Member 3,380.00 4,600.00 -1,220.00 -26.52%

Renewing Member 520.00 2,420.00 -1,900.00 -78.51%

Total Membership Dues $ 3,900.00 $ 7,020.00 -$ 3,120.00 -44.44%

Scholarship Fund 685.00 465.00 220.00 47.31%

Total UNAA National Revenue $ 54,585.00 $ 9,070.00 $ 45,515.00 501.82%

Unapplied Cash Payment Income 100.00 -100.00 -100.00%

Total Unrestricted Revenue and Support $ 394,843.00 $ 201,882.00 $ 192,961.00 95.58%

$ 394,843.00 $ 201,882.00 $ 192,961.00 95.58%

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Expenses

Commissions & Fees 5,000.00 5,000.00

Office Expenses and General Supplies 894.61 413.33 481.28 116.44%

Photocopy, Printing & Stationery 603.17 0.00 603.17

Supplies 212.29 221.40 -9.11 -4.11%

Total Office Expenses and General Supplies $ 1,710.07 $ 634.73 $ 1,075.34 169.42%

Purchases 12.99 433.90 -420.91 -97.01%

QuickBooks Payments Fees 117.85 791.82 -673.97 -85.12%

Registration Usher Payments 1,234.00 0.00 1,234.00

Square Fees 173.17 0.00 173.17

Taxes & Licenses 0.00 101.34 -101.34 -100.00%

UNAA Annual Convention Expenses

Babysitting 0.00 400.00 -400.00 -100.00%

Boat Cruise Dinner 62,482.41 32,949.49 29,532.92 89.63%

Communication, Advertising and Promotion 1,060.13 1,500.00 -439.87 -29.32%

Ez Texting 460.00 1,192.00 -732.00 -61.41%

Flyers and Graphics 2,700.00 1,667.50 1,032.50 61.92%

Promotions 1,239.00 1,239.00

Social Media Ads 189.66 2,402.51 -2,212.85 -92.11%

Total Communication, Advertising and Promotion $ 5,648.79 $ 6,762.01 -$ 1,113.22 -16.46%

Decorations 2,500.00 2,500.00 0.00 0.00%

Entertainment

Audio Visual 10,550.00 12,500.00 -1,950.00 -15.60%

Performer Fees 9,992.91 7,400.00 2,592.91 35.04%

Performers Travel Expenses 7,589.32 4,700.00 2,889.32 61.47%

Performers Visa Applications 1,000.00 400.00 600.00 150.00%

Total Entertainment $ 31,632.23 $ 27,500.00 $ 4,132.23 15.03%

Hotel Payments 144,867.00 89,143.40 55,723.60 62.51%

Program Book and Digital Signage 4,960.00 2,901.00 2,059.00 70.98%

Refunds 2,350.00 0.00 2,350.00

Registration Equipment and Supplies 8,706.84 11,963.25 -3,256.41 -27.22%

Registration Desk Meals 868.77 493.00 375.77 76.22%

Total Registration Equipment and Supplies $ 16,885.61 $ 15,357.25 $ 1,528.36 9.95%

Security 2,268.00 1,110.00 1,158.00 104.32%

Transportation 10,095.19 2,000.00 8,095.19 404.76%

Total UNAA Annual Convention Expenses $ 283,689.23 $ 180,623.15 $ 103,066.08 57.06%

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UNAA National Expenses

Accounting, Legal & Professional Fees

Legal Fees 1,700.00 5,800.00 -4,100.00 -70.69%

Bank Transaction Charges and Service Fees 230.20 235.97 -5.77 -2.45%

American Express 143.10 103.35 39.75 38.46%

Bank Charges 1,343.47 1,343.81 -0.34 -0.03%

Bank Card Monthly Service Fee 792.80 688.05 104.75 15.22%

BOA Monthly Fees 768.00 768.00 0.00 0.00%

PayPal 571.92 571.92

Wire Transfer 593.00 653.70 -60.70 -9.29%

Total Bank Transaction Charges and Service Fees $ 4,442.49 $ 3,792.88 $ 649.61 17.13%

Community Outreach & Mobilization 55,492.84 500.00 54,992.84 10998.57%

Dues & Subscriptions 786.46 479.40 307.06 64.05%

Constant Contact 1,288.23 1,277.42 10.81 0.85%

Member Clicks 3,690.46 2,208.90 1,481.56 67.07%

QuickBooks Fees 458.33 458.33

RingCentral UNAA Phone 414.45 271.46 142.99 52.67%

State Registration 31.50 25.00 6.50 26.00%

Total Dues & Subscriptions $ 6,669.43 $ 4,262.18 $ 2,407.25 56.48%

Electoral Commission 2,471.00 -2,471.00 -100.00%

Total UNAA National Expenses $ 68,304.76 $ 16,826.06 $ 51,478.70 305.95%

Total Expenses $ 360,242.07 $ 199,411.00 $ 160,831.07 80.65%

Net Operating Income $ 34,600.93 $ 2,471.00 $ 32,129.93 1300.28%

Other Income

Reimbursed Expenses 0.00

Total Other Income $ 0.00 $ 0.00 $ 0.00

Other Expenses EC

Miscellaneous 31.00 31.00

Total Other Expenses $ 31.00 $ 0.00 $ 31.00

Net Other Income -$ 31.00 $ 0.00 -$ 31.00

Net Surplus $ 34,569.93 $ 2,471.00 $ 32,098.93 1299.03%

See notes to statement of Financial position

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Ugandan North American Association (UNAA)

Consolidated Balance Sheet

FY – Sept 30, 2016

ASSETS Sept ‘16

Current Assets

Checking- National 69.00

Checking Convention 20,500.93

Post Bank Savings 4,000.00

Total Checking/Savings 24,569.93

Outstanding A/R Credit 10,000.00

Fixed Assets

Equipment 728.00

Accumulated Dep. (208.00)

Net Fixed Asset 520.00

__________

Total Current Assets 35,089.93

TOTAL ASSETS 35,089.93

LIABITIES & EQUITY

Current Liabilities

Hotel/Boat Cruise 8,400.00

Other Accounts Payable 7,800.00

Loans Payable 27,300.00

Total Current Liabilities 43,500.00

_________

TOTAL LIABILITES 43,500.00

EQUITY

Retained Earnings (42,980.00) Net Income 34,579.93

Total Equity (8,409.07)

TOTAL LIABILITES & EQUTIY 35,089.93

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Notes to Financial Statements

Note 1. Nature of Activities and Significant Accounting Policies

Nature of Activates: Founded in 1988, The Ugandan North American Association (UNAA) is a

community organization for Ugandans and friends in North America, with a particular emphasis

on stimulating and encouraging nationwide acquaintance and fellowship among members in North

America, United Kingdom and Uganda – whose mission is to bring together Ugandans now living

in North America and create a platform on which they can network, share and experience Ugandan

culture and the abundant opportunities of our new home.

A Summary of Significant accounting policies of UNAA follows:

Basis of Accounting: The accompanying financial statements are presented in accordance with the

cash basis of accounting, whereby, revenue is recognized when received and expense are

recognized when payments are made.

Basis of presentation: The financial statement presentation follows the recommendation of the

Financial Accounting Standards Board Accounting Standards Codification (the Codification). As

required by the Non-Profit Entities topic of the Codification, Financial Statements of Not-for-

Profit Organizations, UNAA is required to report information regarding its financial position and

activities based on the net asset.

Financial risk: UNAA maintains its cash in bank deposit accounts which, at times, may exceed

federally insured limits. The UNAA has not experienced any losses in such accounts and believes

it is not exposed to any significant financial risk on cash balances.

Unrestricted/unrestricted contributions revenue: For the year ended September 30,2016 UNAA

received and recognized unrestricted and unrestricted sponsorship of $92,500.00. For restricted

contribution, UNAA agreed to distribute business marketing materials from donors for no more

than Twelve (12) months from date of execution. Allocation of the contribution is as follow

Restricted Contribution $42,500.00

Unrestricted Contribution $50,000.00

$92,500.00

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Community Development Funds receivable and distribution: UNAA recognized revenue for

community development grant received. The grant was received in the form of unconditional

promises to give or pledges. These promises to give are classified as unrestricted contributions

receivable on the statement of financial position.

Allocation of Community Development Funds: UNAA incurred joint costs of $50,000 for the year

Ended September 30, 2016. UNAA allocated these funds amongst various Ugandan communities

as follows;

2016

Ugandan Community of Greater Chicago $4,580.15

Pacific Northwest Ugandan American Assoc. $4,961.83

Ugandan North American Assoc. of Greater New York. $4,580.15

Ugandan American Association of Austin TX $5,725.19

Ugandan American Assoc. of Atlanta $3,816.79

Ugandan American Assoc. of Greater Dallas Fort Worth $6,106.87

Ugandan American Assoc. of Houston TX $5,725.19

Ugandan Community of California. (UCOCA) $4,071.26

Among the UNAA affiliates, the following organizations were the beneficiaries.

North America Masaba Cultural Association $5,852.42

Lango Community of North America(LCONA) $4,580.15

$50,000.00