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Income and Expense Report

Forums: General Discussion
Created on: 08/28/12 08:43 PM Views: 1408 Replies: 7
Tuesday, August 28, 2012 at 8:43 PM

Has anyone had any experience (negative or positive) with making an Income & Expense Report available on the site? After our 40th reunion this month, I'm wondering if this would be a good idea. Our class now has quite a bit of reserve in its bank account. Beginning with this current reunion, the report would show the $$ amounts received from classmates as well as the expenses incurred. Some of us are thinking this would be a good way to show transparency among classmates who have paid to attend this reunion and also any future gatherings.

Tuesday, August 28, 2012 at 11:11 PM - Response #1

My reunion Committee decided NOT to publish, for fear that, because we too had a large amount left over in 2010, and that for the next reunion, there may be those who would show up and not pay.
Another class, whose site I am a guest on, chose in 2009 to not only publish the bank account balance, but they posted the minutes of all of the Reunion Committee meetings, including their post reunion wrap-up meeting, which detailed all expenses and monies left over [held in the class bank account] and they had more left over than we did.

Tuesday, August 28, 2012 at 11:33 PM - Response #2

Steve - That is a concern of mine also, that people may feel there is too large a balance for what may be charged for future events. Although we know a substantial balance is needed for future downpayments (i.e., venue reservations, etc.), not everyone is as understanding. We also don't want others to think that with a large balance, too much was charged for the previous event. And, as you mentioned, many may get in the "help line" knowing there are reserve funds. I actually have an Excel sheet prepared and am now having second thoughts which is why I've asked for feedback.

Wednesday, August 29, 2012 at 12:46 AM - Response #3

Disclosure is disclosure, and this is the only consistent way to conduct business when handling public funds. After any event, a footnote might explain why there is a deficit or a surplus. The principal reasoning should remain consistant, clear communications should accompany a transparent report at all times. The aount of money left over should not be a reason for not disclosing. My suggest is that you establish an operating reserve for future seed money, and if you still have a surplus, contact the school and see if there is some worth while project at your school that you may be able to contribute to for a good cause. Disclosure allows those who contributed to make comments, a good understanding removes the opportunity for a future misunderstanding.

Wednesday, August 29, 2012 at 1:15 AM - Response #4

Absolutely agree with disclosure. I had planned to do that after my reunion, however the other person holding the funds was not as detailed as yours truly. Having run reunions for a vets association, I am used making the report. It still bothers me that happened.

Rhonda, you can always tag a specific amount of funds as 'future venue deposits'. Just a thought...

Wednesday, August 29, 2012 at 2:12 AM - Response #5

Rhonda, I like Gwen's idea of targeting a certain amount as 'future venue deposits'. But, I think I would tag it as a percentage rather than an amount. It's safer (doesn't allow individuals to make up their own mind of what is or isn't 'a lot' of money); it's honest in that whatever the $$ amount is, a fixed % is going somewhere specific; and it usually satisfies everyone's concerns.
You could also set up a crisis fund for this one and future reunions to help those in need either during a private crisis or to help defray costs for some who may no attend because of the expense. There are lots of 'titles' you could use. Just be sure what you decide upon is what the extra funds are used for. To that end, I also would suggest a small committee of "doing" people rather than just "talking" people to make those decisions.

Wednesday, August 29, 2012 at 9:02 AM - Response #6

I agree with Steve..the committee decided not to put the report on line....we just told everyone we have enough money to seed the next reunion, mini-events..and keep the website going..we started a Memoriablia Committee..since most alumni lost their yrbooks in the 2 floods we had in ChiTown way back when. We are trying to find all the yrbooks we can. We have a different situation than most since our school is now closed. CPS...finally turned it into a Poly Tech School..after closing our Austin HS 2000..then reopening it a yr or 2 later as 3 different schools in in 2007 the Tech school.
The website is funded for another 4 yrs..we renewed for 5 yrs last time..and upgraded to platinum. We still ask for donations for the website and now the Memoriablia Committee.
We only had 2 handfuls of people who kinda complained about the cost of the reunion..but those peeps have no clue what it costs to put on a large event. They think they are just paying for the dinner..a few..thought we were money grabbers. We obvisiouly did not listen to the naysayers. WE had 99.8% positive feedback.
You open up a big can of worms showing all the money you have left....When we started this venture..the whole committee put up the money to fund the last reunion in 2010....the majority of the class..understands this.
If you have non-profit status that's different..then I would publish..but these are private funds....and we have a CPA pro-bono...a pr-bono lawyers..also classmates that we consult.
It's really up to your committee.

Wednesday, August 29, 2012 at 11:06 AM - Response #7

Our committee voted against a financial report. Honestly, our classmates don't seem to care about finances. We have broached this subject with them in the past and they say that they trust the committee to handle the money and don't need a report and we should just let them know when and if we need donations. We have a great group!!

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