garfield Posted December 5, 2012 Author Share Posted December 5, 2012 That finishes up our look at Bluecoats, so now's the time for comments (Beuhler? Beuhler?) while I prepare the look at Boston Crusaders. Quote Link to comment Share on other sites More sharing options...
Fran Haring Posted December 5, 2012 Share Posted December 5, 2012 Travel 2008: $93,788 2009: $378,702 2010: $435,181 Note: There's obviously some data missing in the 2008 number. Or perhaps it was virtual travel in 2008, along the lines of Daniel Ray's "virtual DCI office" idea. Quote Link to comment Share on other sites More sharing options...
Jeff Ream Posted December 5, 2012 Share Posted December 5, 2012 That finishes up our look at Bluecoats, so now's the time for comments (Beuhler? Beuhler?) while I prepare the look at Boston Crusaders. so Blue isn't as flush as some others Quote Link to comment Share on other sites More sharing options...
troopers1 Posted December 5, 2012 Share Posted December 5, 2012 That finishes up our look at Bluecoats, so now's the time for comments (Beuhler? Beuhler?) while I prepare the look at Boston Crusaders. The Bluecoats' financials are a bit concerning, as their overall revenue and assets have declined at the same time their expenses increased. The reduction in liabilities is good, so maybe they paid off a large asset? Quote Link to comment Share on other sites More sharing options...
btracht Posted December 5, 2012 Share Posted December 5, 2012 (edited) The Bluecoats' financials are a bit concerning, as their overall revenue and assets have declined at the same time their expenses increased. The reduction in liabilities is good, so maybe they paid off a large asset? Just a bit of additional information about the information Dan presented about the Bluecoats. I am on the board of the Bluecoats so I am fairly familiar with the corps' financial picture. In 2009 the reduction in our net assets (fund balance) was largely due to a $74,000 reduction in bingo revenue and the writing off of old assets that still had value on the books. In 2010 bingo revenue was fairly consistent with 2009 bingo revenue, and our reduction in net assets (fund balance) was roughly equivalent to our depreciation expense. So from a cash flow perspective revenue basically matched cash expenses. In 2011 (990 filed but not yet posted by Guidestar) we experienced a drop in bingo revenue of about $70,000 which contributed to a reduction in our net assets (fund balance). In response to a bingo game whose profitability had dwindled to practically nothing,the Bluecoats board made the decision to purchase a building and move the bingo game. This became a prudent financial decision when the State of Ohio changed the bingo laws and allowed more than one organization's bingo sessions to take place in the same location. The building we purchased already had a bingo tennant as well as other rental income. So instead of paying to rent someone else's building for bingo, we are receiving income from renting our building and are building equity in an asset. In 2012 our bingo game once again became profitable in our new location. The finalized financials for the year will be presented at our annual meeting in January and should look decent. 2013 is already looking to be a good year financially for the corps. I won't go into details but can say as a board member I am excited by our finanical outlook for this season due to projected increased revenue in several categories (realistic projections and not pie in the sky projections). A note on Bingo in Ohio: Bingo revenue for most organizatigons operating games in Ohio have declined dramatically over the past several years. Many organizations have shut down their bingo games because they began operating the games at a loss. While bingo now only makes up a relatively small percentage of the Bluecoat's revenue, it is operating at a profit and is helping us build equity in an asset. Edited December 5, 2012 by btracht 4 Quote Link to comment Share on other sites More sharing options...
mobrien Posted December 5, 2012 Share Posted December 5, 2012 A note on Bingo in Ohio: Bingo revenue for most organizatigons operating games in Ohio have declined dramatically over the past several years. Out of curiosity, why do you suspect the Bingo revenues are declining? Competition from Indian casinos? Smoking laws? Changing demographics? (I've never been to a Bingo game but it doesn't seem like a gathering place for under 60-somethings). Quote Link to comment Share on other sites More sharing options...
MikeN Posted December 5, 2012 Share Posted December 5, 2012 Thanks for the additional info! I was going to ask if someone might give us an "overview" of what the numbers indicated as far as overall health of the organization. Sounds like things are ok. Mike Quote Link to comment Share on other sites More sharing options...
Gary Matczak Posted December 5, 2012 Share Posted December 5, 2012 Out of curiosity, why do you suspect the Bingo revenues are declining? Competition from Indian casinos? Smoking laws? Changing demographics? (I've never been to a Bingo game but it doesn't seem like a gathering place for under 60-somethings). similar story next door here is PA,.........legalized gambling closed almost all of the doors,.............. Quote Link to comment Share on other sites More sharing options...
KAW Posted December 5, 2012 Share Posted December 5, 2012 Out of curiosity, why do you suspect the Bingo revenues are declining? Competition from Indian casinos? Smoking laws? Changing demographics? (I've never been to a Bingo game but it doesn't seem like a gathering place for under 60-somethings). I can't comment on OH, but in other areas wher I have knowledge of bingo revenues, you're corret on most fronts. Alternate gambling (legalizing casinos- both Indian and other, increased lottery) and non-smoking regulation have had a significant impact. On the demographic front, for those that still play you might be surprised that it's not limited to the 60+ crowd. Quote Link to comment Share on other sites More sharing options...
perc2100 Posted December 5, 2012 Share Posted December 5, 2012 Just a bit of additional information about the information Dan presented about the Bluecoats. I am on the board of the Bluecoats so I am fairly familiar with the corps' financial picture. In 2009 the reduction in our net assets (fund balance) was largely due to a $74,000 reduction in bingo revenue and the writing off of old assets that still had value on the books. In 2010 bingo revenue was fairly consistent with 2009 bingo revenue, and our reduction in net assets (fund balance) was roughly equivalent to our depreciation expense. So from a cash flow perspective revenue basically matched cash expenses. In 2011 (990 filed but not yet posted by Guidestar) we experienced a drop in bingo revenue of about $70,000 which contributed to a reduction in our net assets (fund balance). In response to a bingo game whose profitability had dwindled to practically nothing,the Bluecoats board made the decision to purchase a building and move the bingo game. This became a prudent financial decision when the State of Ohio changed the bingo laws and allowed more than one organization's bingo sessions to take place in the same location. The building we purchased already had a bingo tennant as well as other rental income. So instead of paying to rent someone else's building for bingo, we are receiving income from renting our building and are building equity in an asset. In 2012 our bingo game once again became profitable in our new location. The finalized financials for the year will be presented at our annual meeting in January and should look decent. 2013 is already looking to be a good year financially for the corps. I won't go into details but can say as a board member I am excited by our finanical outlook for this season due to projected increased revenue in several categories (realistic projections and not pie in the sky projections). A note on Bingo in Ohio: Bingo revenue for most organizatigons operating games in Ohio have declined dramatically over the past several years. Many organizations have shut down their bingo games because they began operating the games at a loss. While bingo now only makes up a relatively small percentage of the Bluecoat's revenue, it is operating at a profit and is helping us build equity in an asset. Wait wait wait wait wait. You mean that there's a lot more to the story than just a cursory look at the public 990's?! Weird... Thanks for the insight!! 3 Quote Link to comment Share on other sites More sharing options...
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