United States J24 Association

                   2003 Proposed Budget  

 

 

Discussion

 

2002 looks like it will end with almost 200 fewer members than anticipated.  Hopefully, our finances will breakeven for the year.  This presents us a great challenge for 2003.  Our short-term solution is to increase dues and reduce the magazine expense by repositioning it as a single issue “yearbook”.  The budget does provide an increase for the website as a method of replacing any communication lost due to the reduced magazine publishing.

 

While there may be many ways to reduce costs slightly, this does not address the key issue of the declining membership.  This issue is addressed in a separate “White Paper”.

 

The budget is shown in two formats.  The more detailed budget is itemized in the standard way, with expenses and revenue by function.  The other itemizes revenue and expenses by the activity that they support.  While this format is imperfect, at present time, it provides us with a view of the organization’s resources that should align with the member’s expectations.  Hopefully, this format will help us as we design the future of our organization.

 

On behalf of the finance committee, I respectfully submit this budget. 

 

David Anderson

Finance Committee Chairman

 


2002 Budget

Projected Year End

2003 Budget

 

Regular Members

1200

1008

1000

 

Associate Members

120

76

70

 

Member Dues

50

50

60

 

Associate Dues

 

25

25

25

 

IJCA Dues

8

8

8

 

Ordinary Income/Expense

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

Advertising

 

 

 

 

 

 

 

 

Sponsorships

 

 

 

 

 

 

 

 

Advertising - Magazine

 

 

 

 

 

 

 

 

Advertising- Calendar

           2,000

           1,500

           1,500

 

 

 

 

Total Sponsorships / Ads

 

 

 

 

 

 

 

Calendar

           7,000

           7,655

           7,500

 

 

 

 

Magazine - Editorial Payment

         13,240

         11,000

           5,500

 

 

 

 

Mailing Labels

              250

           1,060

 

 

 

 

 

Membership - Junior

              140

              200

              200

 

 

 

 

Membership - USJCA

         60,000

         50,400

         60,000

 

 

 

 

Membership - USJCA Associate

           3,000

           1,900

           1,750

 

 

 

 

Royalties - USJCA

         21,600

         21,000

         21,000

 

 

 

Total Income

       107,230

         94,715

         97,450

 

 

 

Cost of Goods Sold

 

 

 

 

 

 

 

Calendar Expense

 

 

 

 

 

 

 

 

Calendar Printing

           6,000

           6,000

           6,000

 

 

 

 

 

Pre-press and layout

           1,000

           1,000

           1,000

 

 

 

 

Total Calendar Expense

           7,000

           7,000

           7,000

 

 

 

 

Cost of Goods Sold

 

 

 

 

 

 

 

 

Royalty Tag Costs

           7,200

           4,980

           4,980

 

 

 

 

Total Cost of Goods Sold

           7,200

           4,980

           4,980

 

 

 

Total COGS

         14,200

         11,980

         11,980

 

 

Gross Profit

 

         93,030

         82,735

         85,470

 

 

 

Expense

 

 

 

 

 

 

 

 

Advertising Expense

 

              270

              270

 

 

 

 

Bank Service Charges

              300

              500

              500

 

 

 

 

Communications

 

 

 

 

 

 

 

 

Internet Service

              299

              373

              373

 

 

 

 

 

Telephone

           1,500

           1,300

           1,300

 

 

 

 

 

Website Services

              458

              458

           2,000

 

 

 

 

Total Communications

           2,257

           2,131

           3,673

 

 

 

 

Contract Labor

              240

              100

              100

 

 

 

 

Credit Card Expense

              320

              500

              500

 

 

 

 

Dues and Subscriptions

                75

                75

                75

 

 

 

 

Equipment Rental

 

 

 

 

 

 

 

 

Computer Rental

           1,048

           1,157

                 -  

 

 

 

 

 

Postage Meter Rental

           1,155

           1,155

           1,155

 

 

 

 

Total Equipment Rental

           2,203

           2,312

           1,155

 

 

 

 

IJCA - magazine

         12,000

         12,000

           6,000

 

 

 

 

IJCA Dues

           9,600

           8,064

           8,560

 

 

 

 

 

 

 

 

 

 

 

 

 

Magazine Expense

 

 

 

 

 

 

 

 

Film and Processing

              500

              300

              300

 

 

 

 

Total Magazine Expense

              500

              300

              300

 

 

 

 

Office Supplies

           3,000

           1,500

           1,500

 

 

 

 

Payroll Expenses

 

 

 

 

 

 

 

 

Payroll Taxes

 

 

 

 

 

 

 

 

 

FUTA

              434

              434

              434

 

 

 

 

 

 

SS, Medicare

           2,601

           2,601

           2,601

 

 

 

 

 

 

State UT

              240

              243

              243

 

 

 

 

 

Total Payroll Taxes

           3,275

           3,278

           3,278

 

 

 

 

 

Ad commission

              400

           1,372

           1,372

 

 

 

 

 

ED Salary

         34,000

         34,000

         34,000

 

 

 

 

 

Insurance Reimbursement

           2,400

           2,400

           2,400

 

 

 

 

 

Payroll Expenses - Other

              738

              738

              738

 

 

 

 

Total Payroll Expenses

         40,813

         38,510

         38,510

 

 

 

 

Photographer/ Processing

              250

              250

              250

 

 

 

 

Postage

 

 

 

 

 

 

 

 

Postage- Magazine

           1,400

           1,860

              930

 

 

 

 

 

Postage - Other

           3,000

           3,500

           2,500

 

 

 

 

Total Postage

           4,400

           5,360

           3,430

 

 

 

 

Printing and Reproduction

              250

                 -  

                 -  

 

 

 

 

Professional Fees

 

 

 

 

 

 

 

 

Accounting

              600

              600

              600

 

 

 

 

Total Professional Fees

              600

              600

              600

 

 

 

 

Rent

 

           4,800

           4,800

           4,800

 

 

 

 

Repairs

 

 

 

 

 

 

 

 

Equipment Repairs

              500

              500

              500

 

 

 

 

Total Repairs

              500

              500

              500

 

 

 

 

Shipping

 

 

 

 

 

 

 

 

Scale Shipping

              500

                66

              125

 

 

 

 

 

Templates Shipping

 

              120

              120

 

 

 

 

 

Shipping - Other

              300

              350

              350

 

 

 

 

Total Shipping

              800

              536

              536

 

 

 

 

Supplies

 

 

 

 

 

 

 

 

Computer Equipment

           1,200

           1,200

                 -  

 

 

 

 

Total Supplies

           1,200

           1,200

                 -  

 

 

 

 

Travel

 

 

 

 

 

 

 

 

 

Travel - ED

           2,250

           2,250

           2,250

 

 

 

 

 

Travel -Tech Comm Chair

              400

              400

              400

 

 

 

 

Total Travel

           2,650

           2,650

           2,650

 

 

 

Total Expense

         86,758

         82,158

         73,909

 

Net Ordinary Income

           6,272

              577

         11,561

Net Income

 

 

 

           6,272

              577

         11,620

Members to Breakeven

              149

                14

              223

 

 


 

2003 Activity Based Budget

Activities

Income

Expense

Calendar

        9,000

     7,600

Magazine

        5,500

     7,330

Dues

      61,950

     8,560

Royalities

      21,000

     4,980

Website

 

   10,191

Mid Winters

 

     1,954

Nationals

 

     1,954

Measurement

 

     2,735

Regatta Support

 

     1,954

Database requests

 

     1,954

New Member Questions

 

     1,954

Executive Committee

 

     2,599

Scheduling

 

     1,954

Promotion

 

     2,199

Random Requests

 

     1,954

Administrative

 

     9,062

Bookkeeping

 

     2,443

Miscellaneous

 

     1,745

Total

      97,450

   73,124

 

Note that the expense total does not exactly tie out to the Functional Budget.  Also the expenses can be better categorized, for example, some of the administrative costs should be allocated to the collection of dues.  If this format is continued in the future, it will be improved with experience.

 

2002 Activity Based Budget

Activities

Income

Expense

Calendar

     9,000

     9,500

Magazine

    13,240

    15,100

Full Member

    60,000

     8,000

Royalities

    21,600

    10,300

Website

 

    10,600

Mid Winters

 

     2,500

Nationals

 

     2,500

Measurement

 

     6,000

Regatta Support

 

     2,500

Database requests

 

     2,500

New Member Questions

 

     2,500

Executive Committee

 

     2,700

Scheduling

 

     2,500

Promotion

 

     2,700

Random Requests

 

     2,500

Administrative

 

     7,700

Bookkeeping

 

     3,100

 

 

 

Total

  103,840

    93,200