USRowing Association

YTD September 30, 2006 Summary

September 2006 Quarterly Budget Report

Overall, September 2006 actual year-to-date revenue was $111,000 less than year-to-date expenses. As compared to budget, revenues were $91,000 less than expenses.

Although revenue is above budget, the cost of the relocation from Indiana to New Jersey and insurance and legal expenses related to the national team is causing expenses to be above budget.  

The September 2006 actual year-to-date revenue was $250,000 more than the year-to-date budget. This is largely a result of more revenue received in: Sponsorships +$14,000, General Merchandise Sales +$44,000, Coaching Education Clinic Fees and DVD Sales +$30,000, and Contributions & Grants +$85,000, Events/Field Service +$61,000, and Interest Income +$12,000.

The September 2006 actual year-to-date expenses were $270,000 more than the year-to-date budget. This is largely a result of more expenses in General & Administrative expenses related to relocation costs from Indiana to New Jersey. Legal and Insurance costs were also higher in the National Team and General & Administrative expenses. Additionally, the cost of merchandise sold is up in relation to sales.

Brian Klausner, Controller