The 2010 season was successful in that the Club had a surplus of $4,946 from operations.  The 2010 season also continued the great trend of community support for the programs offered by the HSC.  In 2010, 43% of the total receipts came from fundraising events and donations.  A great big thank you to Scotiabank for joining us at the annual barbeque and auction, and for their $5,000 donation to the Club.  These fundraising events are necessary to fund the club - in 2010 only 52% of the program costs were covered by the fees charged to our young sailors, a drop from 60% last year.  This is because the Club is intentionally holding program rates as low as possible to make the programs accessible to as many youth as possible.  On the cost side, 55% of the costs to operate the Club are for the wages for instructors and staff.  The other significant costs are for insurance, property taxes and interest on the mortgage.

The 2010 season was also successful in that the Club had a great start to the capital campaign for the new facility with 2 corporate donations totaling $90,000.  All of the $90,000 was invested to earn a return and to ensure that it was kept for the new facility and was not used in operations.  As I write this report the campaign has raised approximately $600,000 toward the ultimate goal of $1,200,000.  The ultimate spending of the expected total is planned to be as follows;

The trust fund will be managed by a board of trustees.  The intent of the trust fund is for the income from the trust to pay for building and property maintenance on the new facility.  This will take these costs out of the operating budget and will allow the Board of the HSC to keep annual program costs as low as possible.  It will also ensure that the building and property is properly maintained.

I have included a summary of the financial results.  Please contact me should you have any questions about the information provided.

Norman Burke, CA

Treasurer