Sponsors
Event

BBST Business Meeting

Feb 13, 2018 (06:00 PM) - Feb 13, 2018 (08:00 PM)
February 13, 2018

Description

You are formally invited to our annual business meeting including a question/answer session for membership on February 13th at 6PM. This will be located in the Carl Cozier Elementary multi-purpose room next  door to the pool. The goal is to provide some insight from the board of directors on the following:

  • Review of our current budget and finances
  • Projections for the remainder of this year and 2018-2019
  • Midyear dues increase (effective January 1st 2018)
  • State of the club with regards to our mission & vision

Below is an analysis of BBST’s financial situation that the board has put together to shed some light on the decisions that it has made over the past few months. Please take a moment to review this and feel free to come to the meeting with questions.

Analysis of BBST Financial Situation and Projections for the year:

The team incurred a deficit of over $40,000 for the 2016-2017 swim season. The negative financials results were primarily due to the fact that the team’s fees structure had not been adjusted for the past few years meanwhile its operating costs went up significantly. The operating costs that have increased the most are as outlined below:

  • Pool rent went from approximately $40,000 to $60,000 per year since the renegotiation of the pool rental contract with the city at the beginning of 2016;
  • The salary of the team administrator increased from $4,800 to $15,000 as we transitioned from a parent volunteer to a paid employee;
  • Team travel expenses for national meets totaled $7,500 after reimbursement from PNS; and
  • Accounting fees increased by $5,000 due to the time spent by outside accountants on resolving technical difficulties related the processing of electronic funds and other accounting issues.

The preliminary budget for the 2017-2018 swim season was a projected deficit of approximately $41,000. In an attempt to improve the financial situation of the team and to avoid using the team’s emergency reserves to pay for its operating expenses, the board decided in Sept 2017 to increase the monthly dues for the Platinum and the Elite groups by $65, effective Jan 1, 2018. The additional revenue will reduce the team’s projected deficit to $29,500 for the 2017-2018 swim season.

In November, the board was informed that the team significantly performed below budget during the first three months of the season due to some unexpected expenses and some income shortfalls resulting from the loss of a few swimmers as listed below:

Projected deficit to $29,500

Less

1. Marathon lower revenue

 

 

               (5,000)

2. Oct Challenge - Increased pool rent

 

               (2,000)

3. Jan Challenge - Increased pool rent

 

               (2,000)

4. Recruiting expenses

 

 

               (2,200)

5. Loss of 4 swimmers (dues and fundraising)

 

               (4,965)

The projected deficit for the season went from $29,500 to $45,700

Again, the Board of Directors determined that using the team’s emergency reserves to cover a financial loss of this size was not a feasible or sound financial path for the longevity of the organization. At the November 21, 2017 meeting, the BBST Board of Directors voted to increase the monthly dues for the Bronze, Silver and Gold group by $15 and the Swimathon commitment to $250 and to initiate a community Sponsorship Program to help alleviate this shortfall. It was also decided that the Swimathon commitment will be adjusted to $175 instead of $250 if the Sponsorship Program brings a minimum of $25,000 before 3/31/18. As of 1/19/2018, the team has raised $20,000 through the Sponsorship Program. The additional revenue from the monthly dues and Swimathon commitment along with the donations from the sponsorship program will result in a projected deficit of $11,450 as detailed below:

Revised budgeted net income: ($45,700)

Add 

  • Monthly dues increase for Bronze, Silver and Gold: $8,880
  • Additional Swimathon revenue: $10,000 (compared to budget of $20,000)
  • Sponsorship Program revenue: $20,000
  • National travel expenses rejected by board: $4,500

Less

  • Multi swimmer family discount: ($2,400)
  • Multi swimmer Swimathon cap: ($1,750)
  • Revenue Loss of 3 more swimmers (dues and fundraising): ($3,900)
  • Unbudgeted cost for storage rental: ($1,000)

 

New revised budgeted net income: ($11,450).

The board is expecting the Sponsorship Program to bring in more revenue to the team before March 31, 2018. Additionally, BBST brought back the Aly Fell Open water meet which will be run by two dedicated BBST parents Suzanne Loeffelholz and Daryl Smith as well as Linda Fell.  We are hopeful that this additional fundraiser scheduled for Aug 25, 2018 will generate a profit to help offset the projected deficit.

            

Please be advised that the Board of Directors is working hard to ensure that team funds are managed responsibly and that we are doing our best to address the cost increase of our pool rent with the City of Bellingham.  We understand that the cost of swimming has increased unexpectedly for all of our families, and we encourage anyone who needs assistance with the dues increase to apply to the BBST Scholarship program for assistance with their monthly dues.

Thank you and I appreciate all that each of you do to help us in providing excellent programming for our swimmers. Please plan to attend.

Clint Carlton

BBST Board President

Forms/Documents:

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