The financial report for the Club showing the results for the third quarter of 2016
Below is the link to the Club’s financial report for September which includes financial results to the end of the third quarter. No significant revenue shortfalls or expense overruns have been experience to date. Foxy registration revenues are ahead of last year at this point.
During October the preliminary budget for 2017 will be prepared for vote at the November Board meeting. The final budget for 2017 will be determined by next year’s Board at its January meeting. If you have recommendations for areas where you think the Club should be spending more or less, send an email to Treasurer@davisbikeclub.org with your recommendation. The Board’s executive committee will take these recommendations into account in assembling a preliminary budget prior to the November Board meeting.
The Club’s by-laws require an independent review of the Club’s financial records annually. A review is not the same as an audit. A review does not involve testing of transactions as an audit does. The distinction is described in the AICPA guide to financial services available at the link below. (See pages 6 ,7, and 8.)
Linda Bernheim has volunteered to perform the review for the Club this year. Please join me in thanking Linda for her service.