Finances

How does the club earn its money?

70% of the Newmarket Stingrays Swim Club revenues are from membership fees. The rest comes from: fundraising (19%), swim meets (9%), and other (2%).

How are my membership fees determined?

As a non-profit organization, the Newmarket Stingrays Swim Club sets a break-even budget each year. After deducting estimated fundraising and swim meet revenues for the upcoming year, the difference required to fund the budget is set as membership fees.

How does the club spend its money?

The majority of the money is spent on coaches (51%) and pool time (33%).

The remaining 16% covers other expenses like: office expenses, travel expenses of coaches and chaperones, advertising, etc.

Why does it take many months after the club’s year-end before the official financial results are communicated to the members?

It often takes several months after year-end for certain transactions to be finalized (e.g., final tallies on certain fundraiser’s, final cost reconciliation’s on certain swim meets, etc.), because they depend on volunteers’ time availability. Then, the draft financial statements are scrutinized by an external Chartered Accountant firm to ensure all accounting has been done correctly, etc. and may include random inspections of original documents. Finally, the official, approved financial statements are presented at the time of the Annual General Meeting, since they require member approval, and the AGM is normally held in late May.