Tuesday, October 18, 2011

Accounting Records for The Mullet...

I wanted to be up front with the accounting of what is involved in organizing and paying for an event such as The Mullet Fall Classic. I want to thank CITA for the excellent help and teaming up with me on the food/party side of the equation. Without them, things would not have been as good as they were.

I made the decision to take on last year's growth pains by adding some elements to the race in hopes of improving the experience for everyone. That meant additional expenses (online registration, chip timing, toilet rental) which would require using left over cash from the 2010 race coupled with the race entry fee income for 2011 to host the event. My goal was not to make money (last year or this), so giving back the 2010 proceeds to enhance this year's event seemed appropriate to do.

In spite of knowing the costs involved, I strove to keep entry fee prices down for everyone, rather than raising the cost to cover the chip timing and online registration transaction fees (about $9 per racer). The carry over cash balance from the 2010 race allowed me to do this for the 2011 race. By providing the pre-registration discount entry fee for everyone who registered online, I was happy that 123 racers were able to take advantage of using Raceregister.net and keep their entry fees as low as possible.

Here are the numbers.


Cash Balance and Income

Carry Over Cash Balance from 2010 Race Entry Fees: $1,100
Online Registration Fees for 123 racers from RaceRegister.net: $2736
Day of Race Registration Fees for 32 Day of Race Entry Fees: $1,174
Sponsor Cash: $700

Total Income & Cash Balance: $5710

Expenses

T-Shirts: $850
Online Transaction Fees: $308.80
Insurance: $500
Toilet Rental: $127.20
Prize Money: $1800
Motel for Timers: $122.08
Bike Number Plates and Marking Chalk: $372.09
Marking Supplies from Wal-Mart: $53.29
Resource Revival Award Medals: $329.73
Nebraska Cycling Association Fee for Timing: $708
Nancy Stirek Chip Timing Services: $266.90
Water: $48.
Office Supplies (paper, ink, printing): $17.39
Gas Expense for trail work and set up days: $78

Total Expenses: $5581.48

Income & Cash Balance: $5710
Less Expenses: - $5581.48

Ending Balance: $128.52 (goes to CITA along with a cash contribution of my own)

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