2016American Dragon AssociationReporton Finances
Statement of Financial Position
We began 2016 withCash of $$1630.55 held at Home Street Bank and in a PayPal account. We ended the year with Cash of $1696.70, an increase of $66.15.
Revenue
Most our income is from Membership Dues and some small donations although this year we did a bulk order of baseball caps, which turned a small profit.
Expenses
Part of the Membership Dues goes toward paying the IDA, at £11 per registered Dragon.
We continued our membership of US Sailingas an Associate Member, which gives us a link on their One Design page, plus access to some good resources, including reduced rates for ADA Members who want to join US Sailing.
Part way through the year we approved paying coach airfare for attendance at the IDA AGM as well as hotel and meals for two nights. The Budget included hotel and meals but not airfare. The ADA, which is in better financial shape paid half the airfare, and the CDA paid a quarter. The CDA had a fee increase in 2016 and should be able to pay their entire share in 2017.
The remainder of the expenses are self-evident – the largest is postage (mainly the IDA magazine). Most costs are shared with the CDA or allocated on a pro rata basis.
The IDA has been edging around a fee increase for the last three years (fees have been the same for decades while expenses are creeping up). If this happens we will probably have to raise our fees to cover the increase.
Taxes
The ADA is registered as an unincorporated association in Washington State. As such, we must be licensed by the City of Seattle and the State of Washington. The former is an on-going annual fee and the latter was a one-off fee. We also submit an annual tax return. Most of our revenue is Membership Dues and Donations, which is tax-exempt, and our revenue (from merchandise) is small enough to be under the limit for paying tax.
Summary
We are in stable financial shape, with enough funds to cover any unexpected events.