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SoCal Division

Treasurer’s Report, 2012-2013

1. Non-Profit Status. By the end of summer 2012, the Division completed its paperwork and filings to secure non-profit status with the IRS and the FTB, using the USFA’s group tax exemption. There are many benefits to the Division from this, including tax and legal compliance, future growth potential, tax-deductible donations, fundraising opportunities, and the ability to qualify for assistance from other non-profits (e.g., some non-profits offer their facilities/venues to other non-profits free or at a discount).

2. Financial Results. The Division’s draft Annual Report (Income/Expense) shows a loss of approximately $8,000. However, most of this loss is the result of the Division’s unamortized investment in nearly $13,000 of equipment, including 4 Artos rollout grounded floor strips ($2,500/set) and 3 Favero scoring machines ($850/set). Amortizing the investment probably would turn the loss to a profit, but this Treasurer is not an accountant and doesn’t know how to do that.

Other unusual income/expense items are (1) over $3,000 in USFA member (dues) rebates, including rebates for dues relating to years 2010 – 2012 (one year’s rebates would be only about $1,200-$1,500); and (2) over $1,600 in Division equipment rental, including the collection of nearly $700 of past due amounts relating to prior years’ rentals.

3. Tournament Results. The Junior Olympic and Summer National qualifying events produced a profit of about $2,500, together. The Division also hosted 8 smaller, self-refereed events, which produced a combined profit of $230. Participation varied in these events, with some drawing over 40 fencers, and others drawing fewer than 10. Losses were kept to a minimum, though, due to the flexibility of the venue provider (Santa Clarita Athletic Club) and the paid organizers (bout table and set up). In particular, SCAC has allowed the Division to quickly change from full-court, full-day rentals to partial courts and days, meaning that the venue rental can be as low as $100, or as high as $500, per day, depending on participation.

4. Budget. Last year’s budget was conservative. Recommend following that budget, except: (a) use original equipment purchase budget, and (b) remove budget for taxes.

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