Treasurer's
Report
I present to you the financial
reports for the Club Foundation for the fiscal year ending
October 31, 2005. The year ends with an increase in net assets
of $185,991.
The Club Foundation received
over $435,000 in pledge contributions during fiscal year
2005. This is a 25% increase in pledge contributions over
the previous year and reflects an increased awareness within
the club industry of the importance of support to The Club
Foundation. Pledge contributions are reported on the
financials statements at a discounted Net Present Value.
The net change in fair market
value was a total of $217,512 plus interest income of $40,000.
We have worked diligently with the investment managers to
assure maximum results with minimal risk.
The National Club Championship
(“NCC”) was held in November 2005, which is after
the close of our fiscal year. The financial impact
of the NCC is included in the financials for the period ended
October 31, 2005 on an accrual basis, with estimated expenses
recognized of $150,000.
I have enjoyed serving as
your treasurer. I want to thank the board of governors and
the numerous volunteers who have energetically responded
to the Club Foundation and its mission.
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