FISCAL YEAR 1999
David M. Jordan, Treasurer
This report consists of three sections:
- Section 1: Summary and Highlights
- Section 2: Detailed Income, Expense, and Retained Income
- Section 3: Notes
Please let me know if you have any questions or issues with this report.
Section 1: Summary and Highlights
Financially speaking, 1999 was a very good year for Randonneurs USA. We contributed over $15,000 towards our retained income and now have almost $23,000 in the bank. We also have prepaid souvenir inventory worth over $5,000 at member purchases prices. We have no major outstanding debts and RUSA is on firm financial footing entering the new year.
I must note the outstanding effort that our President has put in over the past year in several major areas affecting our financial status: processing of PBP registrations, management of the PBP video sales process, production and distribution of souvenirs. These areas have required an enormous amount of effort and between these alone, RUSA has a solid financial base for the years to come. Thank you Jennifer!
Section 2: Detailed Income, Expense, and Retained Income
1999 1999
Budget Actual Notes
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Income
Memberships 9,305.00 12,905.00
Donations 310.00 610.00
Miscellaneous Income 50.00 22.00
Advertising Sales 300.00 730.00
Activities Income Note 1
Medal Sales 7,119.90
PBP Registrations 50,705.00
PBP Video Sales 3,780.00
Souvenir Sales 7,000.00 19,175.83
Total Activities Income 7,000.00 80,780.73
Total Income 16,965.00 95,047.73
Expenses
Newsletter
Production 6,500.00 4,543.35
Postage 2,500.00 2,904.65
Total Newsletter 9,000.00 7,448.00
Membership Administration
Production 600.00 531.47
Postage 400.00 206.63
Miscellaneous 100.00 38.84
Total Membership Administration 1,100.00 776.94
Administrative
Miscellaneous Printing 400.00 19.47
Supplies 200.00 184.57
Postage & Shipping 275.00 3,234.52 Note 1
Telephone 300.00 471.54
Internet 270.00 270.00
Legal & Accounting 500.00 94.33
Total Administrative 1,945.00 4,274.54
Audax Club Parisien
ACP Dues 30.00 23.85
ACP Brevet Processing 1,200.00 1,328.04
Total Audax Club Parisien 1,230.00 1,351.89
Activities Expense Note 1
Medal Purchases 5,540.36
PBP Registrations 42,472.32
PBP Video Purchases 2,802.38
Souvenir Purchases 5,000.00 13,750.01
Total Activities Expense 5,000.00 64,565.07
Miscellaneous Expenses 250.00 423.80
Advertising Expense 800.00 382.00
Bank Fees 20.00 296.75 Note 2
Total Expenses 19,345.00 79,518.99
1999 Retained Income <2,380.00> 15,528.74
1998 Retained Income: 7,456.67
Cummulative Retained Income 5,076.67 22,985.41 Note 3
Section 3: Notes
Note 1: Activities Income and Expense
The original budget anticipated a "wash" between activities income and associated expenses. There is a
corresponding Income category for each Expense category. Also note that true net income from activities is
affected by two other factors: it is reduced by most of the amount shown in Administrative Postage and
Shipping, as most of this expense went to shipping souvenirs, videos, and medals; and it is increased by the
items remaining in inventory (see below).
Note 2: Bank Fees
Bank fees were higher than expected due to the large number of checks which had to clear in the months
leading up to PBP. The RUSA account had a 60 itempermonth limit, with a charge for each item over 60.
The account now has a 200 itempermonth limit, which should serve us well for the next several years.
Note 3: Cummulative Retained Income
The cummulative retained income of $22,985.41 corresponds to our end of year bank balance. Since we
have additional assets in inventory, the true number is somewhat higher than the bank balance.
Note 4: Souvenirs and Inventory
Souvenir sales have been quite successful. RUSA netted about $2,000.00 (Sales, less purchases and
postage) plus remaining inventory. RUSA has inventory is valued at over $5,000 retail:
Item Qty Cost Value
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Duffle Bags 85 10.00 850.00
TShirts 40 12.00 480.00
Shorts 8 45.00 360.00
Jerseys 23 55.00 1,265.00
Polo shirts 53 27.00 1,431.00
Waterbottles 189 4.00 756.00
Logo Decals 236 1.00 236.00
Top Tube Decals 860 0.25 215.00
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Total $5,593.00