scheherazadesghost Posted January 18, 2023 Share Posted January 18, 2023 mercy... 1 Link to comment Share on other sites More sharing options...
troopers1 Posted January 18, 2023 Share Posted January 18, 2023 1 hour ago, Richard Lesher said: Well they over paid for vehicles by about 2X relative to BD. Market losses would be minimal as the investment policy is very conservative, I know, I personally wrote it. Spending to build cannot come out of Bingo revenue, anything associated with the bingo hall has to come out of largely marching member fees, those are all very stable known cashflows. They still had an astronomical economic means relative to every single other DCI member organization. On 1/16/2023 at 12:41 PM, Richard Lesher said: Line 1 – Cash $929,172 Line 2 – Savings and Temporary Cash Investments $379,259 Line 11 – Investments – publicly traded securities $1,817,806 Total Financial Liquidity $3,126,237 At the beginning of what was the 2022 season SCV could have moved some money around and wrote a check for over $3,000,000. But there are liabilities as well, so I’ll be responsible about my assessment. Line 26 – Total Liabilities $1,221,103 If we true up all liabilities and start 2022 with a clean slate, SCV can still write a check for $1,905,134. I find it interesting that the net of Line 1, 2 and 26 are about the same as Line 11. That may suggest they didn't want to dip into the corpus of their investments. On 1/16/2023 at 12:41 PM, Richard Lesher said: Before the season even starts SCV has nearly $2,000,000 in liquid financial means (not just total assets) net of liabilities. Now let’s consider what they would have probably earned during the course of the operating year of 2022. Part I line 9 is typically $1,200,000 which is comprised mostly of member fees, auditions, and all other revenue that is not Bingo Gaming Revenue. Part VIII line 9c - Bingo Gaming Net Income prior to the 2022 season was $2,353,335 for year end 2021. It was disclosed in conversation by the SCV executive management that in 2022 Bingo was the worst it has ever been. So, let’s call Net Bingo Income in 2022 $1,000,000. SCV, at worst had over $4,000,000 available to them over the course of 2022 before taking on any additional debt. I wonder if it was actually too generous to assume the Bingo net at $1,000,000. It may have been $0. As a corporation, their net income was negative over $1.6 M over 2019 and 2020 combined, and their current ratios were declining fast. It could easily have continued that downward trend. Also, to be clear, I'm not trying to be argumentative at all. I find this a very interesting question to get answered, for the good of all of us. And I am also amazed that they went from the strongest position in DCI to inactive so quickly. 1 1 Link to comment Share on other sites More sharing options...
Slingerland Posted January 18, 2023 Share Posted January 18, 2023 (edited) 17 hours ago, Richard Lesher said: It was a very explicit separation of funds that required we even use two different payroll accounts/vendors to ensure the funds paying the bingo staff was coming out of accounts 100% validated were not bingo funds. To my mind, that's their funding pitch to their alums. "We need $300k to pay the Bingo staff in order to raise the $2 million we need to relaunch" is a very reasonable funding position, vs "please help us pay off overspending on staff". Edited January 18, 2023 by Slingerland Link to comment Share on other sites More sharing options...
Sutasaurus Posted January 18, 2023 Share Posted January 18, 2023 1 minute ago, Slingerland said: To my mind, that's their funding relationship with their alums. "We need $300k to pay the Bingo staff in order to raise the $2 million we need to relaunch" is a very reasonable funding position, vs "please help us pay off overspending on staff". So it wasn’t the Rennicks after all….. 1 Link to comment Share on other sites More sharing options...
craiga Posted January 18, 2023 Share Posted January 18, 2023 33 minutes ago, Sutasaurus said: So it wasn’t the Rennicks after all….. Or the props... 1 2 Link to comment Share on other sites More sharing options...
Sutasaurus Posted January 18, 2023 Share Posted January 18, 2023 51 minutes ago, Slingerland said: To my mind, that's their funding relationship with their alums. "We need $300k to pay the Bingo staff in order to raise the $2 million we need to relaunch" is a very reasonable funding position, vs "please help us pay off overspending on staff". This takes “You got to spend money to make money” to another ugly level. 1 Link to comment Share on other sites More sharing options...
Richard Lesher Posted January 18, 2023 Author Share Posted January 18, 2023 1 hour ago, Sutasaurus said: So it wasn’t the Rennicks after all….. Rennick is going to be paid with funds from Bingo. Bingo staff is going to be paid with anything that is not Bingo. It's the chicken and the egg. Without Corps, there is a great reduction in non Bingo revenue that can be used the pay the Bingo staff that can raise the money to support the Corps. That's not to say Bingo cannot be run entirely by volunteers, but who's up for working for free so the executive management can make 6 figures. 4 Link to comment Share on other sites More sharing options...
Sutasaurus Posted January 18, 2023 Share Posted January 18, 2023 (edited) 1 hour ago, Richard Lesher said: Rennick is going to be paid with funds from Bingo. Bingo staff is going to be paid with anything that is not Bingo. It's the chicken and the egg. Without Corps, there is a great reduction in non Bingo revenue that can be used the pay the Bingo staff that can raise the money to support the Corps. That's not to say Bingo cannot be run entirely by volunteers, but who's up for working for free so the executive management can make 6 figures. Agreed. Time to start searching alumni who are willing to help support the organization who taught them how to be responsible citizens. I’m not a major donor but I give what I can to support the organization I truly love. Let’s call it “ripples in a pond”. Get enough ripples and you just may get enough support to keep the organization afloat. Pun intended. Edited January 18, 2023 by Sutasaurus 2 Link to comment Share on other sites More sharing options...
Jeff Ream Posted January 18, 2023 Share Posted January 18, 2023 3 hours ago, Sutasaurus said: So it wasn’t the Rennicks after all….. imagine that 1 Link to comment Share on other sites More sharing options...
Jeff Ream Posted January 18, 2023 Share Posted January 18, 2023 2 hours ago, Richard Lesher said: Rennick is going to be paid with funds from Bingo. Bingo staff is going to be paid with anything that is not Bingo. It's the chicken and the egg. Without Corps, there is a great reduction in non Bingo revenue that can be used the pay the Bingo staff that can raise the money to support the Corps. That's not to say Bingo cannot be run entirely by volunteers, but who's up for working for free so the executive management can make 6 figures. maybe management should take a haircut as we say in banking 2 Link to comment Share on other sites More sharing options...
Recommended Posts