One of the more common mistakes that groups working towards greater level of awesome seem to forget – is ensuring people know more about the results of the events.
MMI, the parent organization that plans TRB, wants to ensure that we are transparent with our results.
We still have some donations trickling in, and there are other factors we haven’t accounted for yet. For example – part of the expense total, is the purchase of shirts and other merchandise items that we haven’t sold. We paid for all of them, but the reality is that the income won’t get included until they get sold. Which means that MMI/TRB has an asset of paid for merchandise, which when sold – is pure profit.
Our list of revenue generation areas is pretty simple:
Registrations, donations, swag sales, auctions, and events.
Initial results are showing that we generated $55,372.53
The largest expense is the development and production of all our merchandise that we have for sale. Other big expenses include Insurance policy (yes – we insured all participants for liability, even though you signed a waiver), , merch shipping, and a bunch of other sundry expenses.
Total expenses – $12.218.42
Total profit of over $43,150.
That is exciting.
There are still some things we need to sort out – such as how we incorporate other administration costs into the books. Examples of those include the website, webhosting, paypal, and ecommerce fees. We need to wait until MMI sorts out some of its financial regulations which will dictate how we manage the books across the spectrum of operations.
Check out the MMI page and subscribe to that website for updates from our parent organization as MMI continues to evolve with the new board of directors and sets the wheels in motion for distribution of the funds raised this year by TRB and other fundraising ventures.