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Financials

Discussion in 'Athena Brekke' started by Lawrence Schettel, Feb 3, 2025.

    • Member

    Lawrence Schettel

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    Why have BMW CCA financials not been published in the Roundel in years?
    • Member

    johnsugameli

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    Better question is, why are they not included in the meeting minutes any more? As well as the indivual pre-meeting activity reports from our Board members and staff?
    • Member

    athenamb

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    Hi Jack-

    Thanks for the question. Pre-meeting activity reports are not required by the Ops Manual to be posted to the bmwcca.org website. Historically, the pre-meeting reports (PMRs) have been to communicate between board members so that all parties are aware of the issues and where a particular board member stands on it prior to the meeting.

    Including the PMRs along with the meeting minutes in the past has resulted in numerous miscommunications with members who were not at the meeting and could misunderstand PMR content without the context and understanding that was created at the board meeting. For these reasons, the board decided at the 2024 Q3 meeting to keep the requirement for board members to prepare a PMR but removed it from the meeting minutes.

    Kind Regards,

    Athena Brekke
    Treasurer | BMW CCA
    • Member

    athenamb

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    Hi Lawrence-

    Thanks for the question. I have been in the role of treasurer since August 2023. I cannot speak to "many" years, as I was not on the board prior to August 2023 and had no part in any decision-making on this topic. What I can tell you is that our 2024 year-end financials were finalized late yesterday and should be published to bmwcca.org within the next 24 or so hours.

    Hope this is helpful for you.

    Kind Regards,
    Athena Brekke
    Treasurer | BMW CCA
    • Member
    • Staff

    executive director

    Post Count: 134
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    I am posting the link to our 2024 Year-end Financials. The short and sweet version is that the club finished 2024 with a profit of more than $175,000. The club adhered closely to the budget and business plan as developed in 2023 under President Eddy Funahashi. Jeff Caldwell began his Presidency in mid June of 2024. Jeff adhered to the budget and business plan already in place and the result is as predicted.

    For 2025 the club will continue on its chartered plan to reduce the number of issues of our print magazines. For anyone wondering why the club has struggled financially since the COVID pandemic the answer is fairly academic. Membership numbers are dropping and our population is ageing. However, the most immediate culprit is the rising cost of print and desertion of advertising dollars from print media. Surprisingly, perhaps to many - membership fees have never covered the cost of the magazine. In fact at one point in time the magazine subsidized the club with advertising revenue of $1.2M annually. In 2024 advertising revenue was just north of $285,000. Printing alone was $566,000.

    If our members are the heart of the club, then our magazines are the soul of BMW CCA. Cutting back on print issues has been a long and slow process because our members spoke loudly and clearly when they told us how much value was placed upon them. Our volunteer Board and our staff work tirelessly every day to bring to our membership the services and benefits they want. Unfortunately, the reality of our time is that twelve printed issues is no longer possible. One can argue that we held out too long, and others will argue that we did not hold on long enough.

    The fact of the matter is that the club has been on a path to restore its fiscal health and it is there. With two fewer print issues in 2025 we will further solidify our financial health. However, the future of BMW CCA rests upon one factor and one factor alone: Membership. It is imperative that each of us work to bring new members, new vitality and new interests into our venerable organizations. We do that best when we work together for positive outcomes and we raise up those who volunteer their time and talents to lead our organization. Personal attacks and petty politics have no place in an organization meant to provide an outlet for the enthusiasm of its membership.
    • Member

    grumpsjr

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    To follow on Athena's response, Larry, as the previous Treasurer, I can tell you that financials were already not being published in Roundel when I became Treasurer in 2016. That must have been a decision made by a previous Board. Perhaps Barbara was on the Board when that decision was made and can refresh our collective memory on the Board's thinking at that time?

    In any event, I'm not sure what relevance a decision made by a Board something over 10 years ago would have on this particular election given your questions above, but that is the information as I understand it.

    Brian Thomason
    Executive Vice President
    Member #283624
    • Member

    johnsugameli

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    Thanks Athena,
    Look forward to being able to review 2024. But bigger question is- where are the 2023 EOY financials. The December meeting minutes has them up to October of 2023, but EOY does not appear in any of the following meeting minutes.

    Thanks

    Jack Sugameli
    Sandlapper Chapter
    • Member

    grumpsjr

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    Jack, thanks for raising the question about 2023. They weren't available at the time of the 2024 annual meeting and it was noted they should follow. I checked the minutes this morning, and it looks like the loop was never closed on that. They are now posted as part of updated annual meeting minutes for 2024. Thanks again for highlighting this and my apologies for the oversight.

    Brian Thomason
    Executive Vice President
    Member #283624

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