State of the EYC – Spring 2014
The EYC is pleased to report to its members that it remains financially healthy and has a large and loyal membership.
Every EYC member can be proud of the part that he or she plays in helping the EYC achieve its mission, but special thanks must go to our scores of unpaid member volunteers. The EYC could not survive even a year without the countless hours of work donated by our volunteers — officers, directors, committee members, parents, juniors, and other volunteers — to make the EYC better for everyone.
We didn’t publish a “State of the EYC” article after 2012, so this one will cover both 2012 and 2013.
For the two fiscal years ended October 31, 2013, the EYC had outstanding financial results.
In our fiscal year ended October 31, 2012, the EYC had $251,438 in revenue and $145,449 in expenses, for a surplus of $105,989. Our chief sources of revenue in 2012 were donations ($80,259), lessons ($78,869), membership dues and initiation fees ($69,820), slip and locker rentals ($11,527), profits from merchandise sales to members ($6,308), and the annual Commodore’s Party fundraising event ($2,953). Our major expense categories were wages and payroll taxes ($76,454), non-personnel expenses including supplies, boat repair, purchases of boats and sails, and printing ($29,864), other miscellaneous expenses such as insurance, trophies, and organizational dues ($17,792), and occupancy expenses such as utilities, clubhouse and dock maintenance ($8,004). Notably, in 2012 we conducted a special fundraising campaign to purchase a new fleet of double-handed 420 class dinghies and associated sails and equipment, raising a net $66,868, but did not purchase anything with these funds in 2012. If we “back out” this one-time 420 fundraising revenue, our net surplus for 2012 was still a very healthy $39,121.
In our fiscal year ended October 31, 2013, the EYC had $223,230 in revenues and $188,913 in operating expenses, for operating income of $34,317. Capital expenses in the year were $90,360, for an overall deficit of $56,044. Our chief sources of revenue in 2013 were lessons ($79,807), membership dues and initiation fees ($71,489), donations ($37,004), special events such as the Commodore’s Party fundraiser and the Gary Jobson fundraising dinner ($16,081), slip and locker rentals ($8,436), and profits from merchandise sales to members ($6,224). Our major expense categories were wages, payroll taxes and clinic fees ($84,797), purchase of 420 dinghies, sails and dollies ($70,686), non-personnel expenses including supplies, boat repair, purchases of boats and sails, and printing ($36,342), occupancy expenses such as utilities, clubhouse and dock maintenance and dredging ($36,036), purchase of a new 17’ inflatable safety boat and trailer ($21,589), a down payment on six new Optimist dinghies for 2014 delivery ($7,985), and other miscellaneous expenses such as insurance, trophies, and organizational dues ($7,873). Notably, in 2013 we purchased the 420 dinghies, sails and equipment using $70,686 which we generated in 2012 from donations and the sale of our old fleet of Flying Juniors. If we “back out” the one-time 420 purchase expenses, our net surplus for 2013 was a comfortable $14,642.
Thus, for the two year period of fiscal years 2012 and 2013, our total revenues were $478,116 and total expenses were $428,171 for a net surplus of $49,945.
As of October 31, 2011, we had net current assets (cash and securities) of $65,374. Two years later, as of October 31, 2013, we had net current assets of $118,067. The EYC carries no long-term debt. Our fixed assets consist mostly of items with little cash value such as leasehold improvements to our clubhouse and pier, and equipment such as boats, boat lifts, and sails.
Our membership year runs from June 1 through the following May 31. For the membership year beginning June 1, 2012, we had 259 Family members, 88 Senior members, 29 Single members, 24 Life members, 87 Student members, and 3 Honorary members, for a total of 490 members. For the membership year beginning June 1, 2013, we had 251 Family members, 90 Senior members, 32 Single members, 23 Life members, 105 Student members, and 3 Honorary members for a total of 504 members.
In 2013, membership exceeded 500 for the first time ever!
Because each Family and Life member can include spouses and children under age 25, and each Senior member can include a spouse, the total number of persons with EYC membership privileges probably approaches 1000.