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DAA Financial Statement & Capital Improvement Fund
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Dear Members,
The following Financial Statement and Capital Improvement Fund Statement was shared with the members in attendance at the October General Membership Meeting. The purpose of these two statements is to let the membership know how DAA generates income and where the money is going. As you can see, two of our sports programs operate at a loss while the other three sports programs each generate a small profit. In an effort to keep participation fees the lowest compared to other community programs, Delhi relies on fundraiser activities such as the Festival and Monte Carlo. The Festival is our largest fundraiser and historically generates over $25,000 in profits each year. However, the 2004 Festival was not as successful as in years past despite the best weather we have ever experienced. Attendance at the Festival was poor leaving the impression that the Community and our own membership did not support this fundraiser as in years past. Another critical fundraiser to the success of DAA is the Kid Glove Program. The Kid Glove Program is a fundraiser available to all organizations participating in the Greater Cincinnati Knothole Baseball program. The program provides the opportunity for anyone in the membership to see a REDS baseball game on one of the four Kid Glove games by exchanging a $7.00 voucher for the best available seat for that particular game. In return the selling organization is entitled to a $7.00 credit towards the purchase of baseball and/or softball equipment at a fraction of what the equipment would cost through a sporting goods retailer. For example, a baseball helmet that generally costs $20-$24 each, DAA is able to purchase for $8.00. In years past, DAA has sold on the average 650 vouchers each year. Last year only 366 vouchers were sold resulting is less money being available to purchase baseball equipment through the Kid Glove Program for the 2005 season. As the Financial Statement indicates, the Association generated net income of $10,785 for the fiscal year of 11/1/03-10/31/04. This net income needs further explanation. This net income was impacted by two fundraisers that are not certainties each year. The post season Soccer Tournament is an event that DAA sponsors every other year in co-partnership with OLV. DAA will not experience this fundraiser for the fiscal year of 11/1/04-10/31/05. The cheerleading competition is another event that DAA does not have exclusive control over and must coordinate with the football league. We have been privileged to host such event over the last couple of years. If these two activities had not occurred, the Association would have spent more money than it took in. DAA, through agreement with the Oak Hills School Board, has the privilege of using school property (Delhi Middle School, C.O. Harrison Elementary, Rapid Run Middle School) for various practices and games. In return for this privilege, DAA is responsible for certain field expenses. The baseball fields at the three schools are in need of additional dirt, which will cost DAA over $6,000 if all three facilties are done at the same time. This cost is just for the dirt, it does not take into consideration the cost of our volunteers if DAA had to pay to spread the dirt. This maintenance expense can now be incurred and paid for from the $10,785 net income. The other statement to be shared is the Capital Improvement Fund Summary. Like the Financial Statement, it is important to understand how this fund was started and we are today. Through various very successful fundraisers over the years, the Association in 2002 was able to allocate $25,000 towards the Capital Improvement Fund. The first expenditure was for the purchase of new soccer uniforms, which cost the Association $16,000. The Capital Improvement Fund Raffle was started in 2003 to allow the purchase of other uniforms and long over due equipment in a shorter time period. While there remains $4,346 in available funds, this will not be sufficient to replace the balance of baseball uniforms that still remains to be completed. DAA is still interested in building a storage facility, which in the long run will save the Association over $4,300 each year in rental fees (actually, the savings would be about $7,000 if DAA had to pay storage fees to properly house all of its uniforms and equipment). The estimated cost of such a project is in the $30,000 area, which does not include the cost of the land. To make this possible, it will be necessary for DAA to pay cash for such an untaking. In order to have a sufficient surplus of cash, DAA will need the support of its membership and the Community in all of our fundraisers. Jim Shea, Kurt Mechley |
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