MHSAA Financial Summary for 2007
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Mar 24, 2008, 14:44
MHSAA 2007 FINANCIAL SUMMARY
At year end 2007, the Milton Hershey School Alumni Association had current assets of approximately $123,000. All the MHSAA funds are now consolidated in MHSAA financial accounts. This was accomplished with the transfer, from the Heritage Foundation, of all MHSAA funds that the Heritage Foundation was managing and investing for MHSAA.
The makeup of the current assets is as follows:
The Stamp Fund, with a current balance of $18,000, is restricted in that the corpus is to remain invested and unused and the income from that fund is used for scholarships for the MHS kids.
The Hammond Fund, with a current balance of approximately $57,000, is restricted in that the corpus is to remain invested and unused. This amounts to about $24,000. There are no restrictions on how the income – about $33,000 – can be used.
The Strategic Fund, with a current balance of $36,000, is the fund that was funded primarily by Life Membership Dues and other fundraising efforts. This is the fund that has been largely depleted during the past two to three years.
Membership support increased significantly in 2007 to almost $55,000. This far exceeds the average of $10,000 during the 2005-2006 timeframe. The Board thanks all alumni who have contributed to this success and encourages all alumni to contribute during 2008.
The 2007 Heritage Golf Tournament brought in slightly over $15,000 for the Association. About 80 golfers participated - compared to 19 in 2006. There is still room for more golfers – as many as 110 or so – and this can result in more revenue to the Association.
The 2008 MHSAA calendar project – sales in 2007 – resulted in income of over $3,000 for the Association. There are a lot of upside opportunities for this project. We should be able to sell out – meaning 1000+ calendars sold.
We raised over $18,500 at Homecoming this year, resulting in income of approximately $10,000 for the Association. These funds came from the Homecoming Golf Tournament, the Friday Night Fling, the Raffle, the Pig Roast, the Horseshoe Tournament, and the Sunday Brunch.
The total revenue for 2007 was almost $113, 000 and the total expenses were about $103,000, which resulted in a surplus of over $10,000. This also reverses the trend of the past few years.
The major expenses include MHSAA office administration, insurance, web page/internet, printing, awards programs, telephone (including conference calling) and other office expenses. These add up to about $75,000 of the $103,000. The remaining $28,000 are the costs to support the revenue programs.
The Board asks all alumni to support the Association’s direct appeal and to support the various mentioned programs. Our 2008 appeal is a class competition that will allow the winning class(es) to receive nice prizes at Homecoming. Check out our flyer and then start calling your classmates!
Respectfully submitted,
Jack Swofford ‘73
Treasurer, MHSAA