IBT Delegates Mtg, June 30th, Treasurers Report

dpandorf · 07-01-2007, 08:03 AM

I listened to the entire meeting yesterday and the one thing I still cannot get out of my head is when President Don Shafer asked the treasurer for her report. I was flabbergasted when she responded with I don't have the numbers with me but the club is in good financial standing.

Could you imagine if Warren Buffet were to be holding his annual Berkshire Hathaway stockholder's meeting and his CFO said this? The CFO would be out of a job that moment!

If I were a stockholder I would probably have already sold my stock as this would not have been a leading indicator of how the company was doing but the last gasp of a dying one.

And they wonder why the club is having membership problems.

Sorry could not let this go without responding.

**azflycaster** · 07-01-2007, 08:16 AM

I heard that also.

I thought I heard her say we had a little over $1.9 mil at this time.

I think the members should be able to see where the money comes from and where the money goes. It is our money...

ScottW · 07-01-2007, 08:23 AM

What a way to run a railroad. If we have that much in the bank, why are they whining about finances. Maybe they should give us all a rebate!

thenewkid64 · 07-01-2007, 08:28 AM

Any member in good standing (dues paid) can call HQ and ask for a copy of the financial report to be sent to them.

One reason that the final numbers may not have been ready was because the Rally is the biggest expenditure, and all the bills have not yet been paid. I think her answer was not meant to be misleading, but should have been at the least a summary with the notation that it was subject to change once final rally expenses were paid.

mistral blue · 07-01-2007, 08:29 AM

Something bugs me about the 1.9m number too. I thought I heard (through the archives) 1.3m at a previous meeting. I could be wrong about that but shouldn't a treasurer have that number handy at all times?

GT1963 · 07-01-2007, 08:57 AM

Brett that is a very good point.

Thus all you tongue waggers the $'s you heard are just speculation - and not an audited report.

However, for a non-profit corporation up here in Canada and if you are running according to legal constitution - you MUST have an audited finacial report available at the business meeting of your members and be accepted by vote of the delegates - does this not happen in the IBT sturcture??/

If the International always delays the financial report perhaps a better administration would be to have their fiscal period changed to not include the International of the same year. Jan - December would include memberships and international in the year the memships could be applied - have they not heard of A/R and Prepaid expenses in an audited statement.

SilverCabin · 07-02-2007, 07:22 PM

I was at the meeting and that statement floored me also. Here we are at an International Board meeting and she didn't bring the treasurers report! That would have been grounds for an audit and dimsissal in some organizations. But even more amazing, was after she said she didn't have the figures, she rattled off a figure down to the dollar. Where did that come from?

65GT · 07-02-2007, 07:38 PM

Check the earlier recordings. 99% sure there was a treasurer's report -- don't remember the date on it. 1.9 makes sense. After disbursement of the Perry rally we'll be back down in the 1.3 arena again...

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dwightdi · 07-02-2007, 08:06 PM

I requested that it be published in the Blue Beret about 4 years ago and they did it. It was difficult to interpret because they used some non-standard names to classify expenses and had some sinking funds for life time membeships that had been paid as well as accounting for the free lifetime memberships given to past International presidents. They also give out money to the region presidents to prepay some region expenses and travel and a few of them actually return money at the end of the year if there travel expenses do not exceed their allotment. I have never seen a budget vs actual expenses. I am not sure how they make allotments for long term strategic improvements or marketing. At that time the Blue Beret was bring in more money from advertising than it was taking to print and send it out. The yearly directory did not bring in enough money to cover the expense. It seems they have about three years worth of expenses in the bank the last financial statement I saw. I think they will send you out a statement for the cost of printing and mail, about $5 as I remember.

Eddy · 07-03-2007, 04:52 AM

Quote:

Originally Posted by 65GT

Check the earlier recordings. 99% sure there was a treasurer's report -- don't remember the date on it. 1.9 makes sense. After disbursement of the Perry rally we'll be back down in the 1.3 arena again...

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June 23 meeting there was a budget report, but not exactly a treasurer's report. Are you thinking of this one?

Eddy · 07-03-2007, 04:55 AM

Quote:

Originally Posted by GT6921

However, for a non-profit corporation up here in Canada and if you are running according to legal constitution - you MUST have an audited finacial report available at the business meeting of your members and be accepted by vote of the delegates - does this not happen in the IBT sturcture??/

I thought this was also the case here in the states, but I don't know for certain.

Quote:

Originally Posted by GT6921

If the International always delays the financial report perhaps a better administration would be to have their fiscal period changed to not include the International of the same year. Jan - December would include memberships and international in the year the memships could be applied - have they not heard of A/R and Prepaid expenses in an audited statement.

I think this would be a reasonable alternative. Another change to consider, but a worthy one.

65GT · 07-03-2007, 06:39 AM

Quote:

Originally Posted by Eddy

June 23 meeting there was a budget report, but not exactly a treasurer's report. Are you thinking of this one?

I'm pretty sure that there was a Treasurer's Report during the IBT Meeting on the 26th. Now I wasn't paying alot of attention to that aspect of the club, but I believe most officers deferred their reports from the IBT Seminar to the IBT Meeting (23rd vs 26th).

I know that the actual Treasurer's Report that will close out the International Rally last year came through in October. That report showed that the rally came out in the black by roughly $20K.

I had always heard that these Internationals were deep in the red so I was very surprised to see a profitable International. That's what we get when we pay attention to the rumor mill I guess...

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LI Pets · 07-07-2007, 05:12 AM

I was also shocked at the fact the numbers weren't stated, maybe the treasurer didn't know the question would come up ........NOT!

Do we have a new treasurer in '08?

Maybe if they had a laptop (that's a small computer) with them they could have pulled up the numbers on the spot.

PS: Don needed copies for the delegates, guess what no copy machine at the International meeting, they had to send someone over to the admin building to make copies. (20 minutes)

There should have been basic office equipment on the stage like a fax etc.

Also there was no video displays to show the motions and rationale that were read. If they were displayed there would have been a better understanding of the content.

rgesch · 07-07-2007, 05:33 AM

Hi,

Just reviewed the Blue Book, Bret has a point, dues collection, Int. Rally fee's etc. seem to all come at once.

This is the job and expectation of the Treasure according to the Blue Book, BY Laws etc......

"Budget In cooperation with the Treasurer of the WBCCI, prepare and present to the incoming Executive Committee a general fund budget at its first meeting each fiscal year. Such budget shall project the Club's income and expenditures for that fiscal year and shall provide for funding of all usual and special club activities. It shall also allocate to each of the Standing Committees such funds, as the Budget Committee deems necessary for the efficient operation of each committee's program. The budget is to be based upon information provided by the Executive and Standing Committees, Region Presidents and the Administrator/Manager
concerning fiscal implications for the year. (6/21/93)"

Now depending on your interpretation of "Is Int. National where the "in Comming Exc. Board is coming in, is that the first meeting? Than I think this would alter things.

Feedback welcome.

Robin the ROund one