camel lips

YEA suspends operations of Cadets 2 and Lays off 9 Employees

Recommended Posts

2 hours ago, garfield said:

According to the 2016 990, revenue sourced to C-2 was $325,203, and expenses in that same program were $656,081.

Well, there's a quick savings of over $330,000 (in 2016 dollars) from shutting down C-2.

 

I don't think that's the correct way to interpret the 2016 990

Revenue:

US Bands shows        $2,294,191
Drum corps shows          1,489,619
Program sponsorship income             710,054
Performing ensembles             325,203
Total revenue (line 9)        $4,819,067

Does the $325k for performing ensembles represent member tuition for all groups?   

Edited by ykw
  • Like 1

Share this post


Link to post
Share on other sites
3 hours ago, xandandl said:

I'm making an exception of my absence and withdrawal by posting these, but the situation warrants it. And yes, I'm feeling ok but new round of cancer treatments begin next week.

At least one member of current BoD, perhaps two, is the parent of C2 alumni; the decision was not made lightly and has NOTHING to do with Alumni corps which is only a speculative possibility at this point with no performance appearances announced.  It is more the influence that "Giving Tuesday" was not that giving. Monies aren't there for C2 budget, a Hopkins product. Other DCA corps are local for those who wish to march weekends only.

I am surprised this article from yesterday's Allentown paper was not previously cited in the thread. Mr. Rutherford gives further comments. I won't, other than to cite that BD, SCV, and other major corps have cut back on their programs; BAC now has most expensive costs to mms. Times are $$$ tough for all corps.

 

 

It is good to hear from you. It would have been nice to have it on a more positive subject. As usual, good insights.

Hope the treatments go well. I’d say keep fighting the good fight, but I probably don’t have to—judging from your comments over the years and the stories you’ve shared, you’re a pretty formidable person.

Share this post


Link to post
Share on other sites
16 minutes ago, garfield said:

Not sure what you're saying here, but I'm pretty sure that income from All performing ensembles was considerably more than the $325m that I quoted.  See my reference in the next post to see where it's delineated in the 990.

 

The tax line item says in income-- Performing Ensembles  which for accounting purposes would include all not just C2  It also shows the same words Perfomance Ensembles in the expense summary page with the figure you quoted

Share this post


Link to post
Share on other sites

The 2016 990 doesn't describe revenue/expenses in terms of programs, but the 2015 990 does:

From 2015 990:      
          Expenses           Revenue            Net
USBands          1,753,649          2,247,957     494,308
The Cadets          1,455,314          1,154,719   (300,595)
Cadets2             388,854             277,948   (110,906)

Share this post


Link to post
Share on other sites
6 minutes ago, ykw said:

I don't think that's the correct way to interpret the 2016 990

Revenue:

US Bands shows        $2,294,191
Drum corps shows          1,489,619
Program sponsorship income             710,054
Performing ensembles             325,203
Total revenue (line 9)        $4,819,067

Does the $325k for performing ensembles represent member tuition for all groups?   

 

3 minutes ago, fsthnds said:

The tax line item says in income-- Performing Ensembles  which for accounting purposes would include all not just C2  It also shows the same words Perfomance Ensembles in the expense summary page with the figure you quoted

2016, Form 990, Sec III (pg 2) Statement of Program Service Accomplishments*

Line 4a, USBands, Expenses: $674,747, Revenue: $2,294,191

Line 4b, Cadets2, Expenses: $656,081, Revenue: $325,203

Line 4c, Cadets, Expenses: $241,065, Revenue: $1,489,619

Line 4d, All Other Programs, Expenses: $2,938,050, Revenue: $262,213

*compare to 2015 990 identify entities or "Additional Information" in this report.  Interestingly, IMO, there is an error in the 2016 report that misidentifies Lines 4b and 4c by transposing them.  Compare to 2014 and 2015 for clarification.  Also, it appears much of the expenses of running the programs is dumped into "Other Programs" expense line.

 

Share this post


Link to post
Share on other sites
1 hour ago, BigW said:

I find it interesting how they could assess members about twice the amount of money that the next highest amount the other DCA corps assess and still lose money. Serious food for thought. This includes all the fees besides dues/tuition.

Costs were out of line with other DCA corps.  Maybe costs were charged to C2 that should have been charged to The Cadets.   Spreading costs between programs is a well known financial gimmick.  It has been said that YEA has been flooding the market with used equipment for the last several months.   George bought but he never sold creating the current serious situation. YEA is selling everything to raise cash.   With no assets  C2 will never return.

Edited by dcifanforlife
Spelling

Share this post


Link to post
Share on other sites

 

44 minutes ago, fsthnds said:

The tax line item says in income-- Performing Ensembles  which for accounting purposes would include all not just C2  It also shows the same words Perfomance Ensembles in the expense summary page with the figure you quoted

 

24 minutes ago, ykw said:

The 2016 990 doesn't describe revenue/expenses in terms of programs, but the 2015 990 does:

From 2015 990:      
          Expenses           Revenue            Net
USBands          1,753,649          2,247,957     494,308
The Cadets          1,455,314          1,154,719   (300,595)
Cadets2             388,854             277,948   (110,906)

 

You guys are probably right that I need to brush up on the right way to read the 990's, but the point we're making here is not worth the argument;  It's reasonable that the impact is a percentage or two.  I think the bigger issue is how much YEA! will save by cutting C-2 out completely.

 

  • Like 1

Share this post


Link to post
Share on other sites
1 hour ago, Terri Schehr said:

Rich did a magnificent job with the corps. 

For me, there is going to be a huge void in Williamsport next year.   No matter whose idea it was for C2, it was a great idea and I loved their mission:   To give The Cadets experience to those who couldn’t do junior corps for various reasons.   And their mission was an amazing success.  

I’m thankful that I got those seven seasons.   That’s all before I lose it. 

 

 

 

 

 

I just saw Allen post that the count for 2019 was 22 before c2 announced they weren't coming out, with MBI, Kilties and the German corps

  • Like 1

Share this post


Link to post
Share on other sites
26 minutes ago, dcifanforlife said:

Costs were out of line with other DCA corps.  Maybe costs were charged to C2 that should have been charged to The Cadets.   Spreading costs between programs is a well known financial gimmick.  It has been said that YEA has been flooding the market with used equipment for the last several months.   George bought but he never sold creating the current serious situation. YEA is selling everything to raise cash.   With no assets  C2 will never return.

The obfuscation is either intentional ($241,000 in Cadets "expenses" - Pfftt) or just sloppy book-keeping and reporting.

Frankly, I'd be more than a little concerned about the press headlines attracting the attention of the IRS auditors to look over the current financials. 

Edited by garfield
  • Like 2

Share this post


Link to post
Share on other sites
21 minutes ago, garfield said:

The obfuscation is either intention ($241,000 in Cadets "expenses" - Pfftt) or just sloppy book-keeping and reporting.

Frankly, I'd be more than a little concerned about the press headlines attracting the attention of the IRS auditors to look over the current financials. 

Yeah, 2016 looks sloppy.  The 2016 form was prepared by a different CPA firm (Kreisher Miller in Horsham) than in 2014 and 2015 (Buckno Lisicky in Allentown).

If you look at 2014 and 2015, USBands runs at about 475k in the black, Cadets about 360k in the red, and C2 110k in the red.   

But I don't think you can say eliminating C2 only generates a 110k gain, because as others have mentioned, this doesn't consider revenue from selling off all the C2 assets.

Edited by ykw
  • Like 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 members

    No registered users viewing this page.