5. Treasurer's Report
Treasurer’s Report
1) Web Site costing: The final gross cost of the web site including tax is $19,125. We should recover from Revenue Canada approximately 50% of the taxes paid, for a net cost of $18,025.
We have payments still to make of $3825 on the launch date of May 25, and then $9562 30 days after the launch.
2) 2010/11 Budget: We are operating at a surplus of $4489 after 10 months into the 2010/11 fiscal year. $3,000 of that has been guaranteed to the 2011 Canadian Closed.
3) 2011/12 Budget: The Executive will be working on this over the next 30 days or so. Obviously all input is welcome either by e-mail or by discussion board. It’s important to keep in mind that discretionary spending is not large when one sees the income and expenditures information.
4) Revenue Streams: Even more important than dreaming about programs that we can’t presently finance is thinking about ways ot increase our revenue streams:
Memberships:
Comparison of 10 month periods 2009/10 & 2010/11 (May 1 - Feb 28)
2009/10 2010/11
Memberships (Full & Tournament) 36510 37762
Rating Fees 23756 22209
Net Sales 3348 7023
Advertizing 350 250
Foundation Interest 3020 6053
General Donations / Misc 1873 361
1) I think the opportunity to exist to increase memberships and ratings perhaps as much as 10% in the first year via the membership drive in conjunction with the new web site
2) I’m hoping our net sales can at least double or triple in the first year.
3) We can start working on advertising for the web site. This may take a bit of time and effort.
4) Now that we are no longer a recognized charitable organization the 5% administrative fee, we used to charge for donations that were more or less in to us and out again to a specific program is no longer a revenue stream.
Fred McKim
Charlottetown, PEI
(apologies for the loss of formatting in Fred's report - ed.)
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Originally Posted by Egidijus Zeromskis
