[DeTomaso] NPC- Reno Fernley Raceway
Marshall Smith
marshallgsmith at sbcglobal.net
Sat May 2 11:31:36 EDT 2015
Here here Jeff! Finally a response from the board!!
I am a little skeptical about the club growing as I have heard POCA lost 108 members in 2014. Mike Burnett thought it serious enough to tell all of us that all members that departed POCA would be contacted by the Board and enticed to return. Unfortunately, Mike also stated that none of the San Diego Pantera members that departed POCA would be contacted. I guess that's the price we pay for being diligent and asking pertinent questions.
Is there any truth to Bob Reid's statement that a dues reduction is in the works?
Marshall
Sent from my Verizon Wireless 4G LTE smartphone
<div>-------- Original message --------</div><div>From: Jeff Detrich <jjdetrich at gmail.com> </div><div>Date:05/02/2015 8:03 AM (GMT-08:00) </div><div>To: detomaso at poca.com, Jeff 1Detrich <jjd1010 at aol.com> </div><div>Subject: Re: [DeTomaso] NPC- Reno Fernley Raceway </div><div>
</div>Okay, time to clear this up since no one else on the Board wants to step up
and talk about it. For some reason, they consider it to be privileged and
confidential information even though it is published as part of the yearly
financials. Yes, POCA does have a large amount of cash. Over $100,000. The
actual balance varies month to month based on dues received, expenses for
each month, and so forth. Right now, the fund balance is much more than
$100,000 because it includes Fun Rally registration fees that will be used
to pay for the Fun Rally expenses right after the Fun Rally ends.
So, realistically, how much excess money does the club actually have? For
the sake of argument, let's just say we have $100,000. Prudent financial
management would have us set a reserve for unanticipated cash needs. There
are things other than our recurring expenses that would typically be
considered when setting a reserve, primarily for uninsured risks,
shortfalls in revenue, and unanticipated expenses. Currently, club
expenses are running about $40-45,000 a year. So it would not be
unreasonable to set that as the reserve. That would leave excess cash of
about $55,000.
Some may ask, why do we have so much money? That is relatively easy to
explain. For several years we were accruing expenses for the POCA Profiles
Magazine and dues were set accordingly. Unfortunately, we didn't publish as
many as we planned. As a result, the cash balance grew. The good news is
that our new Profiles Editor, Mike Haney, seems to be on target to publish
more regularly, with the one caveat that all of us continue to support his
efforts by providing newsworthy articles for him to publish.
What should the Board do with this excess money? First of all, let me state
that the money belongs to the members. Both myself and Bob Reid, the
Treasurer, have repeatedly brought this up and that we should consider
reducing the dues. To date, the rest of the Board has tabled any
consideration of this issue but I expect that it will be brought up again
after the Fun Rally. The good news is that the club is growing which
mitigates some of the issues involved with setting the dues. As a result,
even with dues at $60 per year, the club would essentially break even.
I hope this clears things up. We work for you. See you at the Fun Rally.
Jeff Detrich
Secretary, POCA
>
-------------- next part --------------
Here here Jeff! Finally a response from the board!!
I am a little skeptical about the club growing as I have heard POCA
lost 108 members in 2014. Mike Burnett thought it serious enough to
tell all of us that all members that departed POCA would be contacted
by the Board and enticed to return. Unfortunately, Mike also stated
that none of the San Diego Pantera members that departed POCA would be
contacted. I guess that's the price we pay for being diligent and
asking pertinent questions.
Is there any truth to Bob Reid's statement that a dues reduction is in
the works?
Marshall
Sent from my Verizon Wireless 4G LTE smartphone
-------- Original message --------
From: Jeff Detrich
Date:05/02/2015 8:03 AM (GMT-08:00)
To: detomaso at poca.com, Jeff 1Detrich
Subject: Re: [DeTomaso] NPC- Reno Fernley Raceway
Okay, time to clear this up since no one else on the Board wants to
step up
and talk about it. For some reason, they consider it to be privileged
and
confidential information even though it is published as part of the
yearly
financials. Yes, POCA does have a large amount of cash. Over $100,000.
The
actual balance varies month to month based on dues received, expenses
for
each month, and so forth. Right now, the fund balance is much more than
$100,000 because it includes Fun Rally registration fees that will be
used
to pay for the Fun Rally expenses right after the Fun Rally ends.
So, realistically, how much excess money does the club actually have?
For
the sake of argument, let's just say we have $100,000. Prudent
financial
management would have us set a reserve for unanticipated cash needs.
There
are things other than our recurring expenses that would typically be
considered when setting a reserve, primarily for uninsured risks,
shortfalls in revenue, and unanticipated expenses. Currently, club
expenses are running about $40-45,000 a year. So it would not be
unreasonable to set that as the reserve. That would leave excess cash
of
about $55,000.
Some may ask, why do we have so much money? That is relatively easy to
explain. For several years we were accruing expenses for the POCA
Profiles
Magazine and dues were set accordingly. Unfortunately, we didn't
publish as
many as we planned. As a result, the cash balance grew. The good news
is
that our new Profiles Editor, Mike Haney, seems to be on target to
publish
more regularly, with the one caveat that all of us continue to support
his
efforts by providing newsworthy articles for him to publish.
What should the Board do with this excess money? First of all, let me
state
that the money belongs to the members. Both myself and Bob Reid, the
Treasurer, have repeatedly brought this up and that we should consider
reducing the dues. To date, the rest of the Board has tabled any
consideration of this issue but I expect that it will be brought up
again
after the Fun Rally. The good news is that the club is growing which
mitigates some of the issues involved with setting the dues. As a
result,
even with dues at $60 per year, the club would essentially break even.
I hope this clears things up. We work for you. See you at the Fun
Rally.
Jeff Detrich
Secretary, POCA
>
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