USRowing Association

YTD March 31, 2005 Summary

March 2005 Quarterly Budget Report

March 2005 Quarterly Budget Report Graphs

The USRowing Board of Directors agreed in 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 revenue was unfavorable, while the expenses were favorable. According to budget, we should have ended the first quarter with a surplus of $279,000, but the actual was a surplus of $306,000.

Year-to-date revenue was unfavorable because of several factors, positive and negative. On the negative side, the USOC quarterly payment was lower than budgeted because they only paid us 25 percent of the anticipated yearly payment instead of the budgeted 37.5 percent. Individual membership dues were lower as is revenue from contributions and grants. Investment income was down due to lower cash levels. On the positive side organizational dues were favorable compared to budget, while events revenue was over budget because registered regatta fees were more than anticipated. 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 favorable to budget mainly because national team services and member services expenses were lower. On the national team side, there was one less coach on the payroll than was budgeted and expected boat lease expenses didn’t materialize. The member services expenses were under budget because Web site fees weren’t paid in the first quarter and the referee commission didn’t spend as much as anticipated. Merchandise expense was higher, but this is expected with higher sales figures.

Alix Robertson, Controller