AMA IS BUILT WITH THE HELP OF VOLUNTEERS
Money Matters
By Keith Sessions, AMA Chief Financial Officer | keithsessions@hotmail.com
I want to start my column by thanking Mike Barbee for his donation of time, money, and resources. Mike brought his equipment and a crew of 10 employees to the AMA International Aeromodelling Center in Muncie, Indiana, to install two concrete pads at Site 3 and Site 4, which will be used for years.
Many of you know Mike through his participation in events such as Top Gun and other Scale events. Mike is a longtime supporter of the AMA. In this case, he saw a need and was able to donate a solution. The AMA is built on the work of and donations by volunteers such as he.
Many people identify donations as monetary, but time is just as valuable. Whether it is on a national, regional, or local level, try to find solutions and improvements that you can impact.
As I write this, we are more than halfway through the year. AMA’s annual audit was completed in the second quarter with a clean report again. Membership numbers are trending up and running above our budgeted projection for the year. Expenses are in line with expectations, making for a good fiscal year.
Next up is the annual budget projection process for 2022. Throughout this process, we must make assumptions of revenue and expenses, trying to account for the one-offs that always seem to occur. The same thing is likely going on with your clubs and fields.
Review who is allowed to sign checks and keep that consistent with your club’s bylaws.
One of the biggest mistakes I see at clubs is not preparing for repairs and replacements. Mowers wear out and structures deteriorate. Additionally, members always like to see improvements made throughout the years. The challenge is how to pay for them.
If a large mower needs to be replaced, it is difficult to obtain a loan for a club in order to spread the payment out over time. Having a reserve specifically for repairs and replacement is imperative.
The AMA can help as well. Matching funds are available through our programs, but this can be challenging as well. The Flying Site Assistance Grant program has become extremely popular.
A few years ago, there was money left over after all of the grants were processed. This year, the money ran out with roughly a third of the grants being funded. In order to help, you can now designate donations made to the AMA Foundation for the benefit of flying sites.
Many of your clubs have either recently held elections or are currently in the process. As a reminder, new officers means that you need to update the information with your bank. Review who is allowed to sign checks and keep that consistent with your club’s bylaws.
