2021 Treasurer's Report
Each year the chapter is required to report its finances to membership.
After a tough 2020, we came out strong in 2021 while living with Covid. We hosted a full complement of driver education events and tours while beginning to hold a few shows and events. We hope 2022 will bring more.
As a not-for-profit club, our goal is to break even. After large losses in 2020 from fewer and canceled events, we returned to profitability – and surpassed our expectations. In particular, we reduced costs in general overhead, including storage and board meeting costs, reduced printing and postage by delivering Zundfolge electronically, and closely managing our HPDE costs. We also had better than expected participation in tours and HPDEs, leading to profits of $18,966 offsetting prior year losses. Membership was also stable in the year versus declines in some prior years with dues holding steady.
Our Balance Sheet on December 31, 2021, is presented below. The Prepaids are mostly deposits for track dates in 2022 and Accounts Receivable are for Zundfolge advertising that has not yet been paid. Inventory is the remaining merchandise from 2020 events that had to be canceled but will be used as we resume social activities.
The Income Statement is presented by functional area for clarity. Each line is revenue less related expenses. Member dues and advertising revenues covered administration and online media costs while Driver Education, Tours and Social Events all more than covered costs.
We expect 2022 to be closer to breakeven as we hold fees flat despite rising costs from the track and for tours as well as hosting more member events, which often run at a loss.