The Board of Directors presents the proposed budget for VAFRE’s 2009-2010 fiscal year for review and approval by the membership. In light of the current economic climate, revenue assumptions have been kept at a rather conservative level. At the same time, the Board has agreed that it is imperative to continue building for the future of VAFRE with investments in strategic initiatives that will help position the association favorably when the climate eventually improves, creating the leading resource and networking organization for the regions’ development and fundraising professionals.
For a copy of the complete draft budget, click here. For detailed information on the assumptions used by the Budget Committee in drafting the budget, see below.
If you will be unable to attend the Annual Meeting on June 2nd, please be sure to submit your proxy.
Revenue Assumptions
Revenue assumptions for Programs were based on the following:
• Registration fees remain unchanged for the new year. Members will be charged $18 for regular meeting, $30 for the Awards Luncheon and $50 for the two National Speaker programs. Guests will be charged $25 for regular meetings, $35 for the Mini-Masters Program, $40 for the Awards Luncheon, and $75 or $65 for the two National Speaker programs.
• Prepaid registrations assume 25 people at $235.00. There are 36 members prepaid for the current fiscal year. For the current year, prepaid members paid $205.00 plus an additional $30.00 for the February National Speaker program, so there is no effective change for the new year.
• The National Speaker programs in September and February assume: 20 prepaid members; 60 members at $50.00 each; 45 guests at $75.00 each; and 40 guests at $65.00 each. Total attendance is budgeted at 165 people, which is the same as the National Speaker programs held in the current fiscal year.
• Regular monthly meetings assume total attendance of 95 people, including 20 prepaid members, 51 members at the regular rate, and 26 guests. This is in line with current attendance averages.
• Attendance at the Awards Luncheon assumes 60 members (including those who are prepaid) and 40 guests.
Dues revenue assumes 225 members paying $100.00 each. Current membership is 241.
The New Member Fee assumes 30 new members paying $10 each. As of the end of April this year, over 40 members have joined, including some who were previous members and thus did not owe the New Member Fee.
Sponsorship opportunities for monthly meetings will be available beginning July 1, 2009. The money from sponsorships will go directly to educational programs and scholarships for current VAFRE members.
Expense Assumptions
Expense assumptions for Programs include the following:
• Brown Bag Lunch budget includes fees for CFRE certification and beverages for the participants.
• Lunch costs were based on the same attendance figures as noted above under revenue assumptions. Jefferson Lakeside Country Club has confirmed that the lunch pricing will remain the same for the coming year.
• There is a new line item under Regular Monthly Meetings, Honoraria & Travel. This $800 line item was requested by the committee to allow them to occasionally look outside of the Richmond area for our regular monthly meeting speakers.
Expense assumptions for Communications include the following:
• Print media includes funding for an ongoing print campaign with Style designed to further the strategic goals of increasing interest in VAFRE as a professional development resource and the promotion of VAFRE’s events through the use of appropriate media.
• Web-site Maintenance & Design includes funding for regular maintenance of the web site as well as the next phase of the site development; an expansion of the Members Only Resource page and the creation of a bulletin board for members to post items. These are in addition to site enhancements that will be rolled out prior to fiscal year-end.
Expense assumptions for Membership include the following:
• Scholarship support is available to current VAFRE members for VAFRE sponsored programs and the VFRI.
• Member Resources will allow VAFRE to offer members one or more value added takeaways from the National Speaker programs, possibly including publications from the speaker or other relevant items.
• Socials includes money to cover the cost of hors d’oeuvres for two or three VAFRE socials. The committee has planned on a cash bar for these functions.
• New Member Materials & Orientation includes funding for producing a New Member Kit for distribution to all new VAFRE members.
Expense assumptions for Administration include the following:
• Audit/Accounting Fees does not include any funds, as a review of our books is only required every third year.
• Board Retreat includes funds to cover the costs of bringing a facilitator in for the meeting.
• Management Fee budget of $21,000 reflects a 5% increase over the current fiscal year fee.
• There is a sufficient supply of stationary on hand, so no money has been budgeted.
Net Income
Budgeted net income for the year is $8,604 to the negative. As of April 21, 2009, when the Budget Committee met, there was combined cash on hand of $62,063 in our checking account, savings account and a certificate of deposit. This figure includes a net income for 2008-2009 that is in excess of $16,000 better than budget.
Given these figures, the Board has determined that it is appropriate at this time to budget for a deficit in order to fund the new strategic initiatives in print communications, member scholarships and resources, as well as the ongoing development of our web site: all of which will permit VAFRE to retain and strengthen its position as the leading resource and networking organization for the regions’ development and fundraising professionals.
