Fellow members – As we close out Q1 of 2024, some notes from the Treasurer seat:
Special Meeting of the Corporation – 501c3 – Follow up
Multiple viewpoints were presented by the membership before, during and after the SMOC. I heard you. Since the meeting I have taken the feedback quite seriously and am looking at a less conservative approach and a more targeted forecast for the next 10 years. The focus is primarily with the funding of the House Committee Budget and I will have much more to share at the Annual Meeting. I encourage everyone to come and listen. We are at a turning point in the future of the Club. Although we are on our way to be well situated financially, there is some work to be done to secure the longevity of the House.
Head of the Charles – Enhancement to Challinor Fund Guidance
Last week the Board approved an enhancement to the current guidelines for the use of the Challinor Fund. As many of you are aware, the Fund is used to offset expenses for 1 female and 1 male HOCR competitive sculler annually. Given the investment strategy guidance initially led by Nils Peterson and now the current Finance Committee, the fund is doing quite well. The enhanced guidelines now include the following language. Any questions should be sent directly to me.
Effective April 1, 2024, The Challinor Fund may be used, annually, at the Board’s discretion, to fund portions of Head of the Charles Charity applications, which guarantee entry to the Regatta. Charity Program information can be found here: https://www.hocr.org/competitors/compete-for-charity/
Should athletes wish to submit an application either to a 2x, 4+ or 8+ event, Potomac will cover the cost based on the following:
Event '24 Application Amount Challinor Funded Portion
2x $3,000 $1,500
4+ $4,000 $2,000
8+ $6,000 $3,000
If an application is accepted the Treasurer will provide payment to the HOCR Charity Program in the full amount for each accepted application. The athletes who are successfully seated in the respective events will need to pay the balance of monies owed to PBC (half of the Application Amount) no later than November 1st following the Regatta.
There are no restrictions to how many charity applications an organization may submit to the HOCR, so long as other rules are followed. The HOCR only requests that an organization prioritize/rank applications. Applications are first come first serve and the application window opens on 4/14/2024. If anyone is interested, please let the Treasurer know.
That’s a wrap
Three years in the Treasurer seat is about to wrap. This role is a tough gig and I have a great deal of respect for all those who sat in the chair prior to me. Some decisions, although unpopular, have always been in the best interest of the membership. I’d like to think I provided some value to the Club, but also recognize that much, much more can be done.
Bleed Red!
Titus