March 2023 Newsletter
Explanation of Expenses
Season 2018: 2 major costs were the creation of Website $356.11 and rental of courts for 5 days for $117 with no Revenue. My Personal Investment was $560.65
Season 2019: 3 major costs were $391.71 for Insurance, $300 membership given to the OTA, and $334.66 for Website. I bought equipment for lessons for $441.76. I had a loss of $40 from the lessons. My Personal Investment was $1,722.24
Season 2020: 4 major costs were $363.63 for Insurance, $335.70 for Office Supplies, $377.20 Court Rental, and $695.77 for Website (switched to WordPress). I bought equipment for $64.40. I had a surplus of $125.08 as everything was covered by the lessons revenue. Kept in bank for next season.
Season 2021: 3 major costs were Insurance for $683.04, Toddy’s Potties for $1,252.85 which covered the vandalism, $580.93 for promotional items. I bought equipment for $4,694.08. My Personal Investment was $5593.66.
Season 2022: The $680.80 Advertising cost for the water bottles for RCTT programs, $695.26 for Insurance, $680.60 for Court Rentals, $782 Membership fees to the OTA, $1256.88 for Website, $685.26 for winter storage. As the Club was incorporated in 2020, I have H&R Block do the taxes for the Club, the cost was $959.37. I bought equipment for $1368.43. My Personal Investment was $2518.93.
All the Accounting with the receipts of purchases are in a binder with the Club President if any of the members want to have a look. For season 2023, I am looking at getting a loan from the bank for $13,000. It would cover my personal investment of $10,270.40 and the difference of $2729.60 would remain in the bank.
In the past, I have been running and developing the Club by myself with my money being invested in the hope of getting this Club moving in the right direction. I am looking at season 2023 as the year that I start repaying myself with a little surplus remaining in the bank for next season. I want all members to have a voice and to see the benefit of this type of Club. I will be looking at meeting with the bank with my Vice-President and Treasurer to set up the 3 Signing Authorities. As the Club is not-for-profit, I was informed by the bank that loans are usually not approved. They seemed interested in sponsoring us so that will be in the works. The Budget is approved.