Northwest Bay PROBUS Financial Report 2014
The 2014 budget was initially prepared and approved based on having approximately 135 members. After renewals this year we find our membership will average about 110. Therefore it was necessary to go back and take a closer look at the budget to see what could be done to help the club run on a break-even basis while maintaining a one-year reserve.
In 2012 the club had a reserve of approximately $9,000. We had record high levels of expenses last year and, with 2013 being the 10th anniversary the club, decided to spend some of the monies on our 10-year celebration luncheon at Tigh-na-Mara. We also heavily subsidized the Probus picnic and Christmas Party. The result was a 2013 cash balance of approximately $6,700 at the end of 2013.
The budget for 2014 was initially put together based on the same membership numbers as 2013 – 135. Unfortunately after renewals had been completed our club numbers will average about 110 for 2014. We revised the budget with the lower numbers and the projection shows a cash balance at the end of 2014 of $3,300. Your Management Committee has recommended that monthly fees be increased from $3 to $5/meeting beginning in July. (As an interesting fact the $3 is the original fee at the start of the club- 2003) This will result in club operations having a balanced budget and ending the year at $4,000.
We will also be reviewing our costs for the social activities and may have to increase the members cost for some events as we reduce the subsidies or look at different events.
Making these changes will ensure the financial strength of our club by maintaining at least one year’s expenses in reserve.