15-Mar-17: CHSBPA Financial Update: Winter 2016-2017

posted Mar 16, 2017, 5:56 AM by Mark Nowicki   [ updated Mar 16, 2017, 5:56 AM ]

March 15, 2017

 

Dear CHSBPA Members,

 

We have just completed our final major fundraiser for the 2016-2017-winter season.  At this time, I would like to share an update on our finances and fundraising activities.

 

We began the fiscal year in July 2016 with a checking account balance $41,283.15.  This includes all of the operating funds in our account, except for a separate CD of $8,000 at Ion Bank.  The Ion Bank CD was funded several years ago and has been designated to fund future scholarship awards.  Our current financial snapshot is as follows:

 

Account Balance July 1, 2016

$41,283.15

 

 

Proceeds

 

Net Proceeds from Major Fundraisers

$50,286.45

Other Net Cash Receipts (BPA dues, grants, other)

$5,592.77

Total Net Proceeds

$55,879.22

 

 

Expenses

 

Marching Band Funding

$34,836.88

Winter Guard Funding

$11,382.88

Banquet and Fellowship Expenses

$6,996.70

Scholarship Funding*

$945.00

Other Operating Expenses**

$1,781.40

Nationals Spirit Wear Expense***

$1,364.00

Charms Credits Used****

$4,267.56

Total Net Expenses

$61,574.42

 

 

Account Balance March 7, 2017

$35,587.95

 

*At the request of the band director, the $945 funded 50% of Nawrocki’s drum major camp expense and partial support for Ratliff’s fees for NEMFA All National participation.

**Insurance and General & Administration expenses (Quick Books, website and email, PO Box, State Fees, postage and supplies).

*** Funds collected from parents for Nationals order in 2015/2016 year, cash paid out to USBands per invoice in 2016/2017 year.

****Anyone with a Charms credit balance has until the end of June 2017 to use the remaining credits.  To find out if you have a balance, please call or email me.

 

The account balance shows that, to date, we have operated at a net cash flow deficit of $5,695.20; however, the deficit is nearly entirely due to $1,364.00 for the 2015 Nationals invoice paid in this fiscal year and Charms credits used this fiscal year of $4,267.56, with excess program costs accounting for only $63.64.  Depending on how fundraisers and expenses pan out for the remainder of the year, we have an opportunity to reverse this deficit.

 

We ramped up early in the season, working through July and August to finalize an ambitious budget.  We kicked off fundraising activity in August with the First Annual Car Show and the re-invigorated Sponsorship Campaign.  Our fundraising targets were also very ambitious this year to meet commitments made in the budget process, and we strived to work smarter, control expenses, and maximize fundraising proceeds in order to honor our commitments.

 

To date, for the fundraisers we ran, the net proceeds are more than we budgeted, thanks primarily to the success of the Sponsorship Campaign, Christmas Tree Pick-up and the Spring Train Show, offset by a significant shortfall on Music in Motion.  Note that two of our planned fundraisers, the NEMFA Concessions and a new Super Bowl Sub fundraiser, did not happen.  We have three additional fundraisers budgeted, but it is not clear whether those will occur.  We are currently working to determine what may be possible for the spring, including starting the 2017 Sponsorship Campaign early.

 

Fundraising Activities

Revenue ($)

Expenses ($)

Net Proceeds ($)

ROI (%) *

Sponsorship Campaign

22,571.96

3,394.20

19,177.76

565

Car Show

2,996.65

1,292.48

1,704.17

132

Pie Sale

2,288.00

1,524.00

764.00

50

Music in Motion

23,893.36

17,803.80

6,089.56

34

Fall Train Show

11,802.31

6,147.21

5,655.10

92

Christmas Tree Pick-up

10,394.00

906.83

9,487.17

1,046

Spring Train Show**

13,891.80

6,971.82

6,919.98

99

Fall Tag/Bake Sale***

626.83

138.12

488.71

354

Total Fundraising

88,464.91

38,178.46

50,286.45

132

 

*ROI=Return on Investment (Net Proceeds/Expenses) expressed as a percentage

**Actual custodial/kitchen and advertising invoices are still outstanding

***Proceeds provided to CHS Band Student Activity Account for the benefit of WG students

 

The major Program Funding categories as a percentage of the Total Net Proceeds of $55,879.22 as shown in the chart in the beginning of this letter are as follows:

 

Funding/Expenses

Amount ($)

% of Total Net

 Proceeds*

Per Student ($)**

Marching Band Funding

  34,836.88

62.3

   295.33

Winter Guard Funding***

  11,382.88

20.4

   1,138.29

Banquet and Fellowship Expenses

  6,996.70

12.5

   59.29

Scholarship Funding

  945.00

1.7

   472.50

Other Operating Expenses

  1,781.40

3.2

n/a

Total Expenses

 55,942.86

100.1

 

 

*% of Total Net Proceeds for 2016/2017

**Program Funding divided by the number of students participating

***Reflects a grant to CHS for $1,000 per student participant (10 student participants), plus $700 for show registration fees paid by the BPA, plus a refund of participation fees paid in advance to the BPA, plus the net proceeds from the Fall Tag/Bake Sale.

 

Please note that, due to the loss of the two fundraisers and the shortfall in Music In Motion, offset by success with Sponsorship Campaign, Tree Pick Up, Spring Train Show, and the current hiatus for the Winter Percussion Program, program funding and expenses have exceeded the Total Net Proceeds, resulting in a shortfall of $63.64 to date.

 

Despite a $10,700 contribution from the CHSBPA, the Winter Guard Program cost is still steep for parents.  The CHSBPA permitted the WG to conduct a few targeted fundraisers to directly offset the WG parent cost.  The net proceeds of those fundraisers have been/will be provided to the school directly, except for the Fall Tag Sale, which is included in the funding number above since the CHSBPA had deposited that amount and subsequently wrote a check to the school.  Tina Allen did a great job with these fundraisers (Fall Tag/Bake Sale, Super Bowl Bake Sale, Bottle/Can Drive).

 

I want to thank each of you for all of the efforts and contributions you have made to support these successful programs for our children.  The CHSBPA is the largest parent organization in Cheshire and raises the most funds to benefit the CHS student programs.  The collective efforts of the parents have raised well over $1M dollars for the benefit of the music program since our incorporation.  The Board of Directors and I sincerely appreciate all of the personal time you have committed as volunteers and fundraisers for the organization. 

 

We could not continue to support the programs without each of you and we ask for your continued contributions.  We will need new leadership and coordinators to guide the organization successfully into the future.  We know that there is a wealth of new ideas, knowledge and skill sets amongst our parents.  Please contact me, or any Board Member, for more information on how to volunteer for the organization.

 

The CHSBPA leadership continues to move toward alignment of program budgeting, policies, and processes in our attempt to ensure that all of the students continue to have the opportunity to benefit from and participate in the programs they love and excel at.  As our Chairman of the Board, Tim Orcutt, communicated in December, we have been meeting with the school administration to ensure that our Corporation will continue to achieve the financial successes it has for the last 20 plus years for the benefit of the CHS instrumental music programs.  If you have any questions, please do not hesitate to contact me, or Tim, directly.  We are more than happy to share additional information, or hear your ideas and concerns.

 

Most sincerely,

 

Laura Vuolo Hendry

President, CHSBPA

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