Members, The Board of Directors has completed their review of the 2010 financial results and completed a detailed budget for the 2011 year. A summary of the last three financial years is included below, along with our budget for 2011.
Note 1.Open racing suffered a loss in 2010 in part due to the road closure that negatively impacted the Spring Bear race. 2011 is assumed to break even.
Note 2. The 2011 Budget includes anticipated costs of $10,000 to fund the creation of a separate non-profit CRCA Development Foundation
Although the club currently has sufficient excess cash on hand, the Board considered the deterioration in the club’s finances and considered plans to return the club’s operations towards a break even position. Potential actions considered included increasing membership fees, increasing club racing fees and curtailing expenses. Ultimately the Board concluded that as a preliminary measure it would increase membership fees effective April 4 from $59 to $70. No changes were made to the student or donor membership fee levels.
The Board continues to monitor the club’s financial situation and will determine what action is required, if any, in 2012 to maintain the club’s strong financial position.
If you have any comments, questions or suggestions related to the club’s finances, please contact firstname.lastname@example.org or any of the members of the Board.
Board of Directors