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BFU-USA 2010 WASHINGTON DC CONVENTION FINANCIAL REPORT “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you”

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Presentation on theme: "BFU-USA 2010 WASHINGTON DC CONVENTION FINANCIAL REPORT “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you”"— Presentation transcript:

1 BFU-USA 2010 WASHINGTON DC CONVENTION FINANCIAL REPORT “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you”

2 Cover Letter October 18, 2010 BFU-USA Members, Well-wishers and Sponsors Our National Executive united under the “POWER of ONE”, set out in Chicago in 2009 on a journey to take our organization and its finances to the next level. The financial report for the 2010 Convention in Washington DC crystallizes the transformation process our Family Union is currently undergoing. We made $17, in Net Profit from a record $56, in revenue and $39, in expenses. We set a goal to raise $50,000 NET for 2010 and our convention profits represent 34% of our goal. While the net profit of $17, represents a mile stone for BFU-USA, we believe it is equally important to understand the major trends that contributed to our success. On the revenue side, we raised $56, driven by record attendance at all major convention events, effective online registration and generous floor donations combined with innovative fundraising initiatives including the VIP Packages, Corporate Sponsorships, the Raffle Ticket event and the Red Carpet event. We are committed to continuing on this innovative path to opening new fundraising avenues for BFU-USA. The expense picture for our convention is less rosy. We spent $39, driven primarily by higher than anticipated hotel expenses and catering costs. Our negotiated hotel expenses were increased by $3,400 from damages to the property during the convention. Food for the entire convention weekend was catered. The record attendance and the venue of the convention factored into the high catering fees of $11, All other convention administrative expenses were proportional to the attendance at all convention events. Our bylaws mandates under Article V (a) that distribution of funds from convention activities shall be based on a 70/30 split between BFU-USA and the host chapter respectively. Article V(b) specifies that “donations raised during fund raising activities at the national Convention for projects shall not be included in the calculations of profit” for 70/30 split purposes. Excluding the $20, donations for projects, convention revenue was $37, and expenses were $39, We registered a net loss of $2, based on our 70/30 split calculations. As part of our commitment to transform our Family Union’s finances and minimizing our convention expenses, BFU-USA National is working towards making our conventions self financing. Historically over 65% of net funds including (national dues) raised during a convention go toward funding the next convention. While the numbers above may look flattering, they are a product of the same flawed process. Self financing conventions will allow BFU-USA to budget for and dedicate funds to projects and avoid the challenge of managing funds between financing conventions and projects. We thank all our BFU members and well wishers who made this convention the success story it has become. We will continue to count on your support as we transition our organization to the next level. Sincerely, Amosa Jumbam Yaya Sendze-Moussata Financial Secretary, BFU-USA National Organizing Secretary Thaddeus Fon Tarbinlam Lafon National Treasurer, BFU-USANational President, BFU-USA

3 CONVENTION REVENUE “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you” CONVENTION REVENUE REVENUE CATEGORYAMOUNT Convention Registration$20, Convention Ticket Sales$11, Friday Fundraising$5, Saturday Fundraising$6, Corporate Donations, VIP Collections$9, Raffle Ticket Sales $3, Convention Ad & Table Reservation$ T-Shirt & DVD Sales$ Returned Checks and Bank Fees($1,068.00) Total$56, Uncollected Pledges DC Convention$2,950.00

4 CONVENTION EXPENSES “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you” CATEGORY*AMOUNT Convention Hotel Expenses$12, Convention Entertainment$ Convention Documentation$3, Convention Catering$11, Convention Registration$5, Convention Awards$1, Convention Fundraising Expenses$3, Convention Ticket Expenses$ Convention Keepsakes$ Convention Logistics and Miscellaneous Expenses$ Total Expenses$39, * See supplemental sheet for details within each category

5 PROFITABILITY ANALYSIS “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you” SUMMARY TOTAL REVENUE $ 56, TOTAL EXPENSES $ 39, NET PROFIT/(LOSS) $ 17, Pledges $ 2, Returned Cks and Bank Fees $ 1, Total $ 4,036.00

6 COMPARATIVE ANALYSIS WASHINGTON. DCCHICAGO REVENUE Convention Registration$31,944.59$6, Fundraising$20,703.00$7, Other$5,169.98$1, Returned Cks & Fees($1,068.00) Total Revenue$56,749.57$14, Pledges$2,950.00$7, Revenue + Pledges$59,699.57$21, EXPENSES Hotel & Transportation$12,404.95$3, Catering$13,481.72$3, Entertainment$3,716.16$3, Memorabilia & Administrative$9,806.42$4, Total Expenses$39,409.25$15, NET PROFIT / (LOSS)$17,340.32($684.72) COMPARATIVE ANALYSIS “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you”

7 70 / 30 Split Analysis “WIR DZE WIR BI’ WIR” “Who you are is a reflection of those around you” COMPARATIVE ANALYSIS WASHINGTON. DC70 / 30 Split Analysis REVENUE Conv. Reg$31, Fundraising$20, Other$5, Returned Cks & Fees($1,068.00) Total Revenue$56,749.57$37, Pledges$2, Revenue + Pledges$59, EXPENSES Hotel & Transportation$12, Catering$13, Entertainment$3, Memorabilia & Administrative$9, Total Expenses$39, NET PROFIT / (LOSS)$17,340.32($2,294.68)

8 Expense Details


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