Finance update

Dear Members and Friends,

We have just completed our fiscal year, which goes from July 1-June 30. Every transaction has been categorized and all the accounts have been reconciled. Last year we received $1,068,000 in gross receipts. This includes $255,902 in dues and mat fees, $585,769 in donations, and the rest from a variety of sources such as rental income, merchandise, USAF dues, and more. Our gross expenditures were $471,000. Our expenses include salaries and associated taxes and fees, utilities, insurance, travel, USAF dues, and more.

You might notice that we had a significant surplus, and almost that entire surplus is due to our capital campaign. It’s sitting in a special interest-bearing account and is being used to pay construction bills.

Because we have reached the million dollar income threshold, we need an audit. The board just contracted with an independent, peer-reviewed auditor, who will conduct an audit in the coming months. Once that is complete, we will file our required IRS and NYS annual reports.

As we have been diligent in organizing our finances, we have also reviewed our financial policies and adopted new ones.

All of the ways you contribute to the dojo and that you have participated in this last year make a huge difference. We have so much to be proud of, and so much to look forward to in this coming year.

If you have any questions, please be in touch with Junya, our treasurer, or Mieke, our assistant treasurer.

Thank you!

Sharon Dominguez

President