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Originally Posted by NASSTY
The Fest made a loss in 2006 of $4090.
Ok, so it's a young event that will hopefully grow and prosper.
But...
again, according to the audited financial reports presented to the members,
it cost the club $16,958 to put on the event. 
Each competitor paid $160 (from memory) to participate
$160 x 35 competitors = $5,600
The financials stated they received $12,868 in deposits so $7,268 must have come from sponsors. That's a lot from sponsors! Are sponsors getting bang for their bucks as Bernie asks? 
It was explained during the presentation of the accounts that the main reason why the Fest made a loss of $4,000 was that Roaring Forties (a joint main sponsor) went into liquidation and didn't pay.  Fair enough.
But about 25 CCCV members were subsidised about $163 dollars each to participate!  The other 10 non CCCV were guests - it's not their fault they were subsidised.
Also the club's bank account has fallen from $9,299 at 30/06/05 to $3,936 at 30/06/06. If Shelby Fest makes another significant loss it could put the club in serious financial stress. 
To be fair, in 2005 the Fest did make a profit of $948  but the costs were $4,162 less compared to 2006. $12,795 in payments for 2005 compared to $16,958 in 2006.
In summary 25 CCCV members enjoyed a weekend at the track that made the club's bank account fall by almost half it's balance. Or, to put it another way, about 75 CCCV members who didn't participate subsidised the 25 who did.
Finally, for all of you who may ask, "Why didn't you offer to help?" well I did. Unfortunately the president of CCCV was not prepared to answer my questions regarding all this as the committee said, as I wasn't a paid up member, they'll not going to answer them. Well there lies my conundrum. |
When I started this event back in 2005. It was always intended to be a non profit event that kept pricing to a minimum for competitors. (job done).
Last year we spent a little more with the introduction of entertainment on the Saturday night. If r40s money came through we'd be very close to break even after 2006.
We have already budgeted for 2007 and with several changes we have made; the event will make a minimum of $3900.
So at the end of this year’s event we'll have:
A level bottom line.
Kept price for competitors down.
Our sponsors from last year are back again and very happy to contribute to a great event.
I don't want to air the club finances to much online, but please remember, we are a non-profit incorporation. If you look at the figures from 10 years ago till now you'll find the club has always been on top of its finances.
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Originally Posted by NASSTY
Finally, for all of you who may ask, "Why didn't you offer to help?" well I did. Unfortunately the president of CCCV was not prepared to answer my questions regarding all this as the committee said, as I wasn't a paid up member, they'll not going to answer them. Well there lies my conundrum.
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If you're passionate about helping the club, become a paid up member!
once you are a member-
As duel organisers of the event Tony and I would welcome you aboard if you wish to help with the event. After you had sent your second email explaining why you wanted the clubs financial data, Tony and I had a chat and as I said welcomed the idea.
We have all the venues booked, most of the sponsorship sorted, 2 Meals done.
We still have trophies to sort, Friday night food, T-shirts to design and the event newsletter to put together (that’s a biggie).
We do welcome your input on this and appritiate your offer to help with the Shelby Fest. We'll have a chat at the next meeting.
Not sure what's happening at the next AGM but maybe we could pencil you in for a financial role. I'll be putting my hand up again to officially re-join the committee.