USRowing Association

YTD December 31, 2004 Summary

December 2004 Quarterly Budget Report

December 2004 Quarterly Budget Report Graphs

The USRowing Board of Directors agreed in July to post the USRowing financials on a quarterly basis. How we perform against budget and how our funds are allocated are questions that are very much of interest to our members. We are pleased to provide this information and welcome your feedback during the year. Actual budget numbers can be found in the pdf files above.

Compared to the budget, year-to-date figures are over on revenue and over on expenses. According to budget, we should have ended the year with a surplus of $60,000, but the actual was a deficit of $156,000.

Year-to-date revenue was over budget because of several factors positive and negative. On the negative side, dues were lower and the USOC revenue was less than budget because the Olympic expenses we incurred on their behalf were lower. Revenue from contributions and grants was lower, although the Victory Fund was higher. Events revenue is under budget because of less participation in several events such as the annual golf outing, the convention and nationals. On the positive side, the Casitas Fund performed better than expected and value-in-kind was larger than expected. Also, attendance at coaching education clinics was greater and merchandise sold better than anticipated. Miscellaneous income was over budget because boats were sold creating gains.

Year-to-date expenses were unfavorable to budget mainly because national team services and member services expenses were higher. On the national team side, Olympic tickets, equipment leases and Olympic housing expenses were much higher than anticipated. The member services expenses were over because coaching education and field service projects were more expensive, but both brought in higher revenue. Merchandise expense was higher, but this is expected with higher sales figures. On a positive note, legal fees and expenses for nationals and masters nationals were lower that budget.

Alix Robertson, Controller