A Solid Financial Path
Tucson, Arizona. TREO's annual report is available at its web site. The reader can verify the italics from the report here (see page six).
Revenue and expenditures for FY 07 were $4.6 million and $4.2 million, respectively, increasing net assets 51% from the prior year. This was the result of realizing 98% of budgeted revenues and aggressively managing expenses at 82% of budget projections.
City Subsidy: $1.978M
County Subsidy: $1.15M
Corporate Donations (TEP, Raytheon, Click, etc.): $598,000
Company Services: $506,000
Strategic Planning (?): $276,000
Ticket Sales for Luncheons, Dinners: $92,000
The city subsidy included $100,000 for SAIAT and $30,000 for Goodwill Industries. TREO kept every penny of both. The county subsidy included $142,500 for SAIAT. TREO kept $32,500 for itself.
Of the $400,000 positive cash flow reported, $162,500 came from withholding funds allotted for other agencies. Over forty percent of TREO's gain for FY 2007 resulted from taking funds from other organizations. From the report: This was the result of realizing 98% of budgeted revenues and aggressively managing expenses at 82% of budget projections. How to cut a budget 18%: Keep the money you were budgeted to pay to others.
Snell's letter documenting the seizing of SAIAT's funding.
They call it aggressively managing expenses. I call it stealing.
TREO's report asserts: In the second year of operation, TREO’s financial performance continues to be exceptional.
Overall, TREO is on a solid financial path.