Financial Reports

Discussion in 'Club Financials & Minutes' started by mray2660, Dec 7, 2013.

  1. mray2660

    mray2660 Treasurer

    Please find attached the balance sheet and P&L reports from Quickbooks for the 11 months ending November 30th.

    If you have any questions please feel free to contact me.

    Mike
     

    Attached Files:

  2. Apon

    Apon Volunteer

    We lost money this year? I though the goal was to break even? Then again we didn't do much raffles so loss of funds there too.
     
  3. BAYMAC

    BAYMAC Guest

    Sounds like the club needs to get back on the ball with seeking donations for raffles, step up how raffles are run and presented.
     
  4. Coral reefer

    Coral reefer President

    We area not lawfully allowed to conduct raffles at this point, which is why we have not been doing them this year. We are trying to get reclassified so we can do them again.
    A big difference is the amount and quality of speakers we've had the last two years now, and also how well we are taking care of them. Expensive, but educational and entertaining!
     
  5. BAYMAC

    BAYMAC Guest

    Given that lack of meeting reports, its a little hard for us members to even know you lost our status. Every meeting used to be recorded and posted in a semi-timely manor. Now we are lucky to get an annual financial report. The more you tell the club, the more members will be able to help. Not all of us can attend the BOD meetings.
     
  6. Coral reefer

    Coral reefer President

    Pretty sure Financial reports have been filed many times throughout the year. If you care to read them they are there. Not sure on te minutes for meetings. Not my job, but you're right, I haven't seen them posted like they used to be. I think that's a hard job to fill, but a new person has stepped up for next year. You can always ask to see things like minutes or financials if you want to see them.
     
  7. rygh

    rygh Supporting Member

  8. FeliciaLynn

    FeliciaLynn Supporting Member

  9. FeliciaLynn

    FeliciaLynn Supporting Member

    The minutes from the Dec. BOD meeting are now posted. I'll try to make sure as part of the new board that they get posted in a timely manner. Also, if you have a question about something, please feel free to ask me or another BOD member.
     
  10. sfsuphysics

    sfsuphysics Supporting Member

    So we can't do raffles, but we can do silent auctions? There is a distinction between the two?
     
  11. rygh

    rygh Supporting Member

    I have been helping a bit on that. Yes - there is a big difference.

    A raffle is a "game," and you have to be careful with gambling laws, which means more paperwork,
    and bigger penalties if you don't do the paperwork.
    An auction is considered a simple sale of goods, so less paperwork and less legal issues.

    That said - once all the paperwork is fixed, both should be doable for the club.
     
  12. sfsuphysics

    sfsuphysics Supporting Member

    Hmmm that's interesting, so it's not a matter of "non-profit" (whatever the category) not being able to make money but a classification of how the money comes in.

    Oh well guess if they could make a distinction between lottery and gambling, they can make a distinction between lottery (raffle) and auction.
     
  13. Coral reefer

    Coral reefer President

    This has been an issue for months, and hopefully someone is on it, although I've hear no updates since the issue initially came up, so I'm not sure where we are at. Thanks for helping out mark!
     
  14. FeliciaLynn

    FeliciaLynn Supporting Member

    I don't know a ton about this, being new to the BOD, but from what I understand its pretty complicated and not entirely clear how to address this. I think it is being worked on, but it is not something that can be done quickly, unfortunately.
     
  15. Comparing actual to budgeted financials prepared by the Treasury, expenses were virtually spot on, however revenue fell short of target. BAR receives the majority (>80%) of its funding through membership fees and the raffle/auction of sponsor donations.

    When it comes to non-profits conducting raffles and other games of chance in the state of California, there are three government agencies that have oversight, and naturally none of them talk to one another. That doesn't really make compliance a cakewalk. To further complicate the situation, the actions (or rather lack thereof) of previous BODs in document retention and transfer makes this situation a tough knot to untangle. @rygh and @magnetar68 are generously providing their expertise in this matter. If anyone here knows someone who has connections to the Franchise Tax Board, CA Attorney General's office, and/or CA Secretary of State's office, please do contact me.

    According to our Treasurer Mike, the silent auction at BAP brought in roughly $1500, so in terms of raising funds for the club it is a validated tool. The best point I've heard from several members in favor of bringing back raffles is, "I have limited funds to spend in this hobby, and I would like to put in $20 at each meeting to support BAR and possibly take home something cool." In that respect, I feel raffles provide a member benefit and they will return at some point. Personally, I prefer more of a sure shot at acquiring something than playing a game of chance. It is nice to hear the feedback from all the participants in this thread.

    It's important to keep in mind that the inability to conduct raffles is not debilitating. Alternate fundraising methods were proposed and evaluated when we ran into this roadblock, however there was no immediate action to implement them. Raising funds is a primary objective for 2014, which means we intend to expand the membership campaign and improve/repair relations with our generous sponsors, in addition to more creative means. ;)
     
  16. gimmito

    gimmito Supporting Member

    As David stated, not being to hold raffles severely handicaps the club's ability to generate income. Until this is clarified, we need to get creative to generate funds. Gear swaps, donating corals to the club tank, etc. all help generate revenue for the club (and stay out of the red). I also would suggest a Paypal button for members to donate (with a badge under the handle indicating them as a BAR contributor).
     
  17. Just to clarify, I wasn't saying that we are severely hampered by the inability to conduct raffles - quite the opposite. We dropped the ball by not quickly implementing fundraising alternatives. In some ways I feel that there is an unhealthy focus on raffles as a knee-jerk reaction: "We've always had raffles and that's what we're used to." It's not such a bad idea to move out of our comfort zone now and then.
     
    Last edited: Dec 14, 2013
  18. sfsuphysics

    sfsuphysics Supporting Member

    This however only works well with certain prizes, things that don't have a very obvious value attached to them. Worked well for BAP because there were fish, corals, and goods, and more importantly there were lots of them so it brought in a lot of money. Something that was mentioned the event today, $25 gift certificates are not going to generate $25 each, it's similar to buying a groupon or something where you're simply paying for increased buying power, you will never make more than $25 on that raffle prize (unless we had members that just wanted to put money into the clubs coffers for the sake of doing it) but enough members each tossing $10 in or whatever could easily generate more than the value of the prizes, personally I think hanging onto things like gift certificates would be more prudent maybe use one or two as door prize or wait until we manage to get our raffle ability back.

    Overall though the auction format can work well though, but again depends upon how much we have to offer. I recall in the past meetings where there weren't many raffle goods and/or very low membership we wouldn't have raffles. Of course this only works with nonperishables.
     
  19. Coral reefer

    Coral reefer President

    Couldn't agree more. Auctions don't work for everything, hopefully we can get raffles going again soon
     
  20. BAYMAC

    BAYMAC Guest

    I don't see any financials for this year beside this one and in 2012, none were posted. If you scroll down to past the last two BOD, you will see that both meeting minutes and financials were posted quite often.

    Having been on the BOD in the time were we did do minutes and financials after every meeting, I can tell you it did not take much. If an agenda is submitted, its rather easy to fill in details via that format. I do it every week at my job.

    I should not have to ask to see them. If they are in digital format, sending them to me to see is more work then posting them for all members to see. Transparency is what killed BARE and turned us into BAR.
     

Share This Page