USCF STILL DOWN $81K FOR FISCAL YEAR
USCF's financial statements for January showed a modest gain of $8015, reducing the loss for the fiscal year to $81,091 after eight months. The federation continues to run well ahead of budget, though, as a $135,503 loss had been budgeted for the first eight months.
I asked Executive Director Frank Niro (who is back at work and says he feels better than ever) whether the remaining four months were likely to put the year in the black. He expressed confidence that they would, pointing out that surpluses were budgeted for the remainder of the year, with March and May expected to be especially strong (over $50,000 each). If USCF does manage to come out ahead, it will be the first fiscal year in which this has happened since 1995-6.
January was USCF's first experience with its higher dues structure. It is hard to know what to expect, as some of the dues that would have been paid in January were collected in December instead, from those beating the dues raise. $173,950 in dues income was budgeted for January, but the actual amount received was much better: $215,522. This was almost as much as the January 2002 total of $220,416, when no one had an incentive to renew or join early. And regular one year memberships actually took in more in 1/03 than 1/02, $76642 to $73297. All this sounds encouraging for a month expected to be weak, but a truer test will come as the year progresses.
Here is an eight month summary, with cents omitted:
US Chess Federation
Summary Income Statement Operations
For the Eight Months ended January 31, 2003
REVENUES
This Year Last
Year Budget
MEMBERSHIP
REVENUE
$1,447,503 $1,301,831 $1,351,955
NET SALES
REVENUE
1,765,984
1,140,089 1,581,600
MAGAZINE
REVENUE
207,860
189,420 170,000
OTHER SERVICES
REVENUE
70,990
69,668 68,000
TOURNAMENT
REVENUE
224,323
4,124 178,546
OTHER
REVENUE
55,658
30,289 54,400
TOTAL
REVENUE
$3,772,320 $2,735,423 $3,404,502
COST OF
SALES
1,120,166
553,513 956,774
GROSS
MARGIN
$2,652,154 $2,181,910 $2,447,728
OPERATING EXPENSES
MAGAZINE
EXPENSES
$ 504,412 $
441,276 $ 479,880
BOOKS & EQUIPMENT EXPENSES
234,726
146,806 215,327
WEB SERVICE
EXPENSES
49,495
59,857 27,550
PROMOTIONS
EXPENSES
80,258
69,795 82,666
TOURNAMENT
EXPENSES
155,406
35,763 147,272
PERSONNEL
EXPENSES
1,115,430
952,779 1,031,086
GENERAL & ADMIN
EXPENSES
226,259
296,371 229,000
OVERHEAD
EXPENSES
326,406
334,104 344,969
TOTAL OPERATING EXPENSES
$2,733,246 $2,359,352 $2,583,231
NET INCOME (LOSS) ($81,091) ($177,442) ($135,503)