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Worcester Chapter Presentation

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  1. Worcester Chapter Presentation • 2017 Goals • AMC Economics • AMC “Reserves” • Chapter Financial Observations • Considerations • WorcesterChapter Economics • Worcester Chapter Financial History

  2. 2017 Goals • Hold Treasurer webinar covering the Finance & Administration Manual • Fixed Asset & Capital Planning • Meeting with each chapter’s leadership to help answer chapters’ finance-related questions NOTE: We’re going through the same process with the VCCs!

  3. AMC Economics – AMC’s Funding Sources $10.9M – Lodging Revenue NH/NJ/NY Facilities – $4.4M Huts – $4.1M Maine Facilities – $0.8M Volunteer Led Camps & Cabins – $1.7M $13.4M – Philanthropy Annual Fund – $3.4M Membership – $3.1M Endowment – $2.5M Grants – $1.9M Capital Campaign (LGI) – $1.9M Support Funds – $0.5M $2.0M – Merchandise & Publications $2.5M – Program Fees, Contracts & Other Revenue

  4. AMC “Reserves” • Rationale for AMC “Reserves” • For “risks” within rigorous budget discipline • To protect against the variability and unpredictability in revenue and expenses • Where is the budget “variability”? • Outdoor Program Centers • Weather, economy, consumer trends • Philanthropy • Year-end donations, grant success, competition, government funding, investment returns • Operating Surplus Fund (OSF) • Composed of annual surplus and bequests • Board determined $1.5m (approx. 5% of revenues) • “Strategically” spend excess (V2010, V2020) • $2m spent 2010-2016

  5. Chapter Financial Observations • Significantly improved financial conditions • Buildup of “Cash & Reserves” • Operations are generating surpluses • Conservative spending? Fewer newsletters? Other? • Investment returns on endowment and invested reserves • Total Chapter Cash & Reserves = $1.85m • OSF = $2.3 current ($1.5m floor) • What is the appropriate level for chapter contingency funds given… • Reserves at the AMC level • Mission needs • Fiduciary responsibility We are engaged in a process to determine the appropriate level of “Reserves”

  6. Considerations • Stewardship • Long-term sustainability • Fiduciary responsibility • Appropriate Spending • Publicly Charitable • Mission-oriented • Contingency • Covering net fixed costs (vs. variable costs) • Protecting against unexpectedly lower revenue and expenses • Existing AMC reserves • AMC Operating Surplus Fund, as an example

  7. Worcester Chapter Finances FUNDING SOURCES • “Stable & Recurring” Revenues • Endowment Allocation • Membership Allocation • “Variable & Recurring” Revenues • Program Income • Other Income • Other Funds • Excess Cash • Invested Reserves FUND DEPLOYMENT • “Stable & Recurring” Costs • Publishing & Promotion • “Variable & Recurring” Costs • Program Costs • Other Costs • Other Costs • Strategic Projects

  8. Worcester Chapter Financial History

  9. Worcester Chapter Financial History Note: The decline in cash assets in 2012 is due to a $23k capital purchase

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