This is the most boring of all the weekly reports unless you like financials. The following is information having to do with our 2010 4th quarter financials. The report is created by USA Field Hockey Director of Finances Janet Paden:
Fourth Quarter, 2010 Variance Report
Fourth quarter revenues were $1,351K versus a budget of $1,262K, resulting in a favorable budget variance of $89K. The interest earned from the Foundation’s asset account was $133K over budget, due to strong December results. VIK revenues were $17K over budget due to timing (were under budget in prior months). Without these two factors, revenues would have been $61K below budget. Donation revenue was $56K under budget for the quarter, as the annual fund did not produce the results anticipated, largely due to economic conditions. Registration revenues for the Hockey Festival were $37K under budget due to fewer adult and boys teams than projected. Membership revenues were $28K over budget, with the largest gains in the U-19 category.
Expenses were $82K over budget for the quarter. However, as mentioned above, $17K of this overage was due to timing of receipt of VIK, which has no bottom-line impact. Credit card fees were over budget $10K due to the high volume of transactions going through the system (mostly due to the Futures program). The major unfavorable budget variance was $55K of rebate expense from Festival. While rebate revenue is expected to be $110K in gross dollars, we have a 50% revenue share agreement with the Phoenix Sports Commission. This was an oversight in the 2010 budget, but was recognized during the reforecast process earlier this year (and it is included in the 2011 budget).
Fourth quarter net income is $40K versus a budget of $33K, resulting in a favorable budget variance of $7K. Full year end results will be published after the audit is performed, sometime in Q2, 2011.
Have a great week!
USA Field Hockey