1QFY17 TVCC Financial Report


By BG Smith, Treasurer .



The Tennessee Valley Canoe Club (“Club”) fiscal year runs from 1 July to 30 June.  This report covers the 1st Quarter of the current fiscal year, FY17, from 1 July through 30 September 2017.





The current TVCC Budget was approved by the Board in June and went into effect on 1 July 2017.  TVCC is on strong financial footing.  Activities sponsored by the Club, most notably Paddle School, have resulted in healthy financial reserves which the Board has directed be returned to the Members and our key mission partners through expanded operational programs.  The 2017 budget reflects an unbalanced budget with a goal to continue the drawdown of excess Club assets by approximately $8,500.  These excess funds were used in sponsoring the TVCC 50th Anniversary Celebration at Hiwassee Whitewater Company and the successful Hiwassee Race.  We also provided increased sponsorship for the Tennessee River Rescue campaign and plan to increase training opportunities over the winter months.



The Club operates with three cash accounts:  a checking account, a PayPal account, and a petty cash account.  On 30 September 2017 those accounts had $13,251.52 cash on hand (including outstanding liabilities).  Overall, the Club is in excellent financial health.



Primary Income for the Club is derived from Membership Dues which continued to show signs of growth.  The raffle sales at the 50th Anniversary Celebration contributed approximately $1000 to TVCC’s general funds while the fees charged for the meal and race entry helped offset some of the larger costs for the catered meal.  That income is reflected on Line 8000, Paddling Events.  Did you know — we had 50 racers and about 200 members attend the Celebration!



A special income source this quarter was a $3,000 Community Grant from the Ironman Foundation.  The grant recognized TVCC as true partner for both Ironman and the Chattanooga community in general.  The TVCC Board will be deciding the best use of those funds in the coming months, but some of the funds will go to expanding TVCC’s role with Team River Runner (TRR) Chattanooga.  Specifically, TVCC’s Julie Wright has been designated as TRR Chattanooga’s Whitewater Director.  She has exciting plans for elevating the local program to premier status and will be looking for help from interested TVCC’ers.  Stay tuned for news on Julie’s program.




Did you know — the Ironman Foundation is in negotiations with the City of Chattanooga to sign a new 5-year contract to bring more Ironman events to the city.  It would be a long-term opportunity for TVCC to solidify its standing as a key volunteer partner.



This quarter’s expenses were driven by the TVCC 50th Anniversary Celebration and some residual Paddle School expenses.  The Club also ran its annual Rescue Rodeo in July attended by over 50 students and 35 instructors as well as the Fall Swift Water Rescue course.



Looking ahead, the Club planning its annual Christmas/Holiday celebrations and Winter Roll Practice will be starting in November at the University of Tennessee Chattanooga pool.



As always, if you have any questions, would like more detail about Club finances, or want to see the Club budget detail, feel free to contact me or any Club Officer.   As always, we are interested in your feedback.