USRowing Association

YTD September 30, 2004 Summary

September 2004 Quarterly Budget Report

September 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 under budget on revenue and over budget on expenses. According to budget, we should have a surplus of $246,000 but the actual surplus is $105,000.

Revenue is lower than budget due to several factors. Individual dues are not as high as predicted and general contributions were lower than expected. Also, we are still collecting money owed to us from the non-Olympic competitors at the World Championships. We fully expect to receive all non-Olympic revenue projected in the budget. On the plus side, we received additional money from the USOC for Olympic housing, while coaching education clinics and field service projects brought in more revenue than expected. Also, gains were realized from selling older boats and more merchandise was sold.

Expenses are unfavorable to budget mainly because national team services and member services expenses were higher than projected. On the national team side, Olympic tickets 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 than budget.

Alix Robertson, Controller