Attached is a summary of income and expenses incurred by the Hickory Velo Club during the quarter ending Sunday, December 31, 2023. Please see the spreadsheet for complete details.

Some highlights:

  • We began the quarter on October 1 with $1,731.26 in our Horizon Bank checking account.
  • For October, November and December, the club had income of $1,429.54 and expenses of $884.84. It should be noted, however, that both the income and expense totals for this quarter were impacted by yet another fraudulent Amazon charge against the treasurer’s club debit card. That charge of $587.84 occurred on November 21 and was reversed by the bank on December 7, following its investigation and determination that, indeed, the charges were fraudulent. (The treasurer has been issued yet another replacement debit card from Horizon Bank and is hopeful this will not recur moving forward.)
  • Absent that issue, club expenses for the quarter were $297 (for the renewal of our Membership Pro software license) and income was $841.70. Of that last figure, $247.70 came from club member renewals (which, as a reminder, is net of PayPal fees) and $600 was a result of sponsorship income related to our new HVC club jersey (Rock ‘N’ Road Bicycles and Lightning Cycles, specifically).
  • We ended Q4 2023 with a balance of $2,275.96 in our account. It’s also worth mentioning that the club has accounts receivable in the amount of an additional $600 from two other club jersey sponsors (Novel Taproom and Carolina Pedal Works), the latter of which was received in today’s mail and will be deposited tomorrow. The treasurer will call the remaining sponsor later this week (as the initial invoices were sent by email on November 15 and a follow-up email was sent on December 18) to inquire when the club can expect payment.

Please review the attachment at your convenience and let me know if you have any questions regarding the club’s financial status.