Treasurer Report - Harold Marsh 10.17.17


Wednesday, October 26, 2016 - 15:12


Wednesday, October 26, 2016 - 15:12
This report includes the budget for January 1, 2015 to December 31, 2016 (this 2016 race cycle) which we approved in January last year, the actual results for the twenty one months year-to-date to September 30, 2016 and a current forecast for the 24 months to December 31, 2016. Also included are the results of the last two race cycles 2012 and 2014.
Included is the profit and loss summary, detailed revenue and expenses by responsibility or profit/loss center (membership, administration, sponsorship and promotion, race operations, seminars, entertainment and merchandise) and a balance sheet for the actual results to September 31, 2016.
This report also ties to our accounts on Quickbooks (for actual results) as of September 31, 2016.
My comments are:
  • All actual transactions are reconciled to cash at Chase Bank for both accounts, operating and savings
  • We have 152 (2014 - 2016) members and 99 (2016 - 2018) members as of September 30 for $12,350 in total paid dues. Note the 2016 members rolled off at the end of this race cycle (September 1st) and we currently (as of the today) have 101 2018 members for the 2018 race cycle (see second tab “2018 members”).
  • Total revenue for the twenty one months (essentially and for the rest of this two year race cycle) is $322,999. After $266,179 in expenses, net income is $56,820. I caution, this is BEFORE our expenses to RYC for the Pacific Cup Village costs and KYC for finish line costs are trued up (per our Agreements) and other anticipated expenses by the balance of this calendar year
  • Cash in the operating account is $64,492, which together with the savings account and due from credit card processor, total cash assets are $113,514.
  • All current invoices are paid and we have no material liabilities.
Over the past several weeks (of October), we have:
  • completed the expense reconciliations for both RYC for hosting the PacCup Village and KYC for hosting the finish line and related entertainment venues. The final expenses are included in the forecast for the 24 months to December 31, 2016
  • collected $959 from YB Trackers the revenue sharing for YB App sales
  • collected $2,500 from the Satellite Phone Store as a sponsor
  • renewed the Club’s D&O policy for one year for a premium cost of $982
I also include a revised forecast for the 24 month race cycle to December 31, 2016 (end of this year). It basically forecasts we are well ahead of plan, assuming all known and paid revenues and expenses (reported above) and providing for some additional expenses expected to come over the balance of this calendar year (and, again, the true up with RYC and KYC). 
There are several things being worked on (and my list for balance of this Race year):
  • We need to reconcile with CRSA the final merchandise sales for this race cycle, and calculate (and get paid) our commissions on sales
  • We need to decide what additional promotional expenses we should incur for “priming the pump” for 2018
  • We need to resolve the recommended Bylaws revisions (and likely some additional legal expense)
  • We need to renew our General Liability insurance policies by year end
As I view the Monday night meeting as the general meeting of the membership, I will plan on giving a verbal Treasurer’s report of our financial results to the membership, highlighting our accounting process and results of this year’s race cycle - in say take 5 minutes.