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TWHBEA Financials…Both Good and Bad – Part 3



This is the third in a series of posts relative to the TWHBEA financial report presented at its annual meeting. The first post dealt with the overall financial report and pointed out that TWHBEA had posted a “profit” of $20,669 on revenues of $1,641,139 and expenses of $1,620,470.

The major item of concern was the decline in revenue of $322,563 or 16% from 2010 revenue of $1,963,702. The decline in profit fron $76,599 in 2010 to $20,669 was $55,930 or 73%.

The second post dealt with the engine that drives the train at TWHBEA – Registry and Memberships. This single category is responsible for almost two-thirds of TWHBEA’s revenue and suffered a 12% drop in 2011 from the previous year. 2011 Revenue was $1,057,207 with expenses of $306,123 for a “profit” of $751,084 compared to revenue of $1,196,661 and expenses of $364,243 resulting in a “profit” of $832,418 in 2010.

These “profits” are used to fund almost all of the other activities at TWHBEA but not before covering General and Administrative costs. Now let’s look at the numbers in this category.

G&A INCOME AND EXPENSE
 $ 76,357 – 2011 year-to-date G&A income
 $678,645 - 2011 year-to-date G&A expense
 $602,288 – 2011 G&A cost

COMPARABLE NUMBERS FOR 2010
 $157,625 – 2010 year-to-date G&A income
 $806,785 – 2010 G&A year-to-date G&A expense
 $649,160 – 2010 G&A cost

If you combine the income from both Registry & Membership; and G&A less their combined expenses, it doesn’t leave much money to fund any other activities, much less promote the breed. Here are the numbers:

 $1,133,564 – Registry & Membership and G&A 2011 income
 $   984,768 – Registry & Membership and G&A 2011 expense
 $   148,796 – Excess of income over expense

Now let’s take a look at the other eight categories of income and expense presented on the TWHBEA financial report.

 $31,714 – Pleasure Horse income 2011
 $31,989 – Pleasure Horse expense 2011
 $     275 – Loss

 $ 23,693 – Marketing income 2011
 $119,142 – Marketing expense 2011
 $ 95,449 – Loss

 $301,413 – VOICE Magazine income 2011
 $291,345 – VOICE Magazine expense 2011
 $  10,068 – Gain

 $48,757 – Gift Shop income 2011
 $74,720 – Gift Shop expense 2011
 $25,963 – Loss

 $5,476 – Youth income 2011
 $9,508 – Youth expense 2011
 $4,032 – Loss

 $  92,769 – Futurity income 2011
 $100,227 – Futurity expense 2011
 $    7,458 – Loss

 0  - Performance Horse income 2011
 $851 – Performance Horse expense 2011
 $851 – Loss

 $3,750 – Horse Show income 2011
 $6,347 – Horse Show expense 2011
 $2,597 – Loss

What is most alarming about these numbers is the cost of handling registrations, memberships and general overhead is almost a million dollars - $984,768. With basic operating expenses of this magnitude and with virtually all other activities losing money, there is precious little money left for programs to advance the breed.

Also, bear in mind that the revenue from registrations and memberships is in a steady decline and as recent as 2005 totaled $4,585,637, representing a drop of $2,944,498 or 64% in only six years.

 

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