Treasurers report -2018
Rhonda Watson – 30th November 2018
Paulette has just mentioned the good news and that is U3A is not moving anywhere, at least for the short term. The second good news is that we finished the year in a healthy financial position. We have a healthy bank balance ($19,271) however this is our Sinking Fund and we should not be using it to cover day-to-day expenses.
This year saw U3A in new offices and rooms at Glebe Road Uniting Church at Booval whereas in the previous year we were located at the City Mall where we paid for utilities but no rent. I think the era of rent-free premises is well and truly over.
Although the rent for our new premises in Booval is very reasonable by any standards, this has resulted in an increase in rental expenses of almost $5,000 for the past year. Additional rooms in the Shalom House and the Fellowship Centre at Booval and in the Humanities Building have been required for some larger classes which adds to our rental expenses. It is anticipated that there will be further increases in 2019 as we expand the number of classes offered and therefore require more rooms.
In summary, the rising costs for our premises has not matched our income. We have been very fortunate over the past year to have had a small group of very dedicated volunteers to undertake various fundraising projects:- a Sausage Sizzle at Bunnings in December last year, 2 Theatre Nights and the very successful See Create Connect Expo.
Their collective efforts raised $5,821.90 – enough money to cover our rental costs. This is equal to $16.30 for each member of U3A (currently 357 members). Unfortunately, I have been advised that a number of these hard-working members are unable or unwilling to continue in the coming year. It is also unhealthy for any organisation to rely so heavily on the elusive fundraising dollar.
Without an increase in our membership fee, the budget will be in deficit by $4,200 in 2019 – hence the reason for the motion for increasing the membership fee to $70.00 per person but ALSO we would also need a minimum of 280 full fee paying members (we currently have 309 full fee paying).
The U3A accounts were audited by Mr Martin Wild in November and his report along with the Financial Statements for 2018-2019 is available on the U3A website for those members who were interested in reading it.
I will not be continuing as Treasurer in 2019 but I have found it an interesting learning experience and I would like to express my thanks to those who have supported me throughout the year. In particular, I’d like to acknowledge the enormous amount of assistance Paulette provided to me throughout the year in terms of budgeting and keeping on top of expenses. It would have been a very difficult year without her support.
My best wishes to the incoming Treasurer (Rena Wright). I am happy to continue serving on the Management Committee and support our new Treasurer in any way I can.
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