Clubs Financial Condition
Many Club Members may want the Commodores thoughts the Club’s financial condition. The Commodore is not the Treasurer though he/she is responsible for the day to day operation of the Club. He is the principal check signer and spends monies on budgeted projects and is one of the members of our Finance Committee.
Clubs, like BYSC, manage the operation through their Annual Budget which has prepared and administered by the General Manager and approved by the Board, after several months of careful preparation/consideration. The General Manager’s performance is partially graded on performance against Budget.
We at BYSC have been very fortunate in recent years because our General Managers have been strong managers against the Budget. For an even longer period the Club gradually raised Dues, Initiation Fees, and Boat Storage Fees. Couple that with tight budgetary control, has allowed the Club to pay down our mortgage by increasing our monthly payment by an additional $2,000 per month. So, at the end of this year the balance will be in the $45/50k area, starting from $400k several years ago (assuming we catch up the extra payments stopped until the road payment was “digested,” see below).
This year we repaired and repaved the roads, total cost of $72K. We enjoyed great Summer Camp attendance, with income $20k over Budget, plus we recovered $55k of our HR issue. All of our Social and Racing events are plus numbers. Our prime revenue source is Membership Dues which is on track for the year. As of October 1, in round numbers, we have $125k in Operating Funds, $57k in Reserve Funds (CDs) totaling $182.
Commodore’s Conclusion, though we suffered a terrible financial shock and have spent a lot of valuable time understanding the issues and making sure it can’t happen again, the Club is strong. Please attend the Special meeting of the Membership on Monday October 8that 6pm.