First, I want to start out with a BIG Thank You to all that have paid their dues and made generous donations to help support the IBIC. We have roughly 66% of our membership dues in and I want to help people understand some of the financial ins-and-outs of what our dues and extra contributions cover. Here are some details to help our members understand the IBIC finances. We have a budget of around $100,000 this year and we have about 500 members that contribute every year. Our membership dues only cover ~30% of our expenses each year. Now I know you’re scratching your heads and saying to yourself, “I thought there wouldn’t be any math.”
If we stripped out all other sources of revenue (contributions to maintenance, landscaping, Breeze ads, boat rack rentals, parking passes, mutt mitts, Indianola Days, etc.) that would mean each member should pay ~$200 in dues, regardless of category, for us to meet our budget. The math would be $100,000 in yearly expenses divided by 500 members – it would take dues of $200 per member to break even.
Another way to understand this is that membership dues, all by themselves, only account for roughly $30,000 of our revenue (30%). So if we relied solely on dues, we would only be able to cover 3 ½ months of our expenses. This would mean that somewhere around mid March (right about now), we would run out of money and could not cover the additional expenses for the remainder of the year.
So what does this all mean? Well, with our current reasonable dues structure, we are breaking even only because we have a group of people contributing beyond the base dues – it is their extra generosity that keeps the IBIC afloat. It’s individuals paying at the Sponsorship level and individuals that are contributing toward landscaping, clubhouse and pavilion maintenance, mutt mitts, boat rack rentals, the Breeze, security and all the extra categories that help us to meet our yearly budget. It’s the people helping with Indianola Days and the Salmon Dinner, and the volunteers that give their time to help offset expenses that I’m thankful for. It’s the companies and individuals that take out ads to help support the IBIC that help us make it.
Paying dues and making extra contributions, if it is within your means, help make Indianola great and help the IBIC to maintain the many community assets that everyone enjoys.
Speaking of how grateful the trustees are, we recently had over $4,000 contributed to the Generations Fund! Thank you! This fund helps with our property expenses that are NOT part of our budget: Repairs of stairs, breathing new life into the children’s playground behind the clubhouse, security needs such as signs and cameras, and future reserves to maintain the properties for our future generations. This is a year-long drive that I’m hoping can raise $50,000, so if you haven’t already, please make an extra contribution to the Generations Fund. We will be running this campaign for the entire year.
Lastly, I know some of this is confusing. If you don’t understand our budget process or you have a concern, all of our board meetings are open to members and Indianola residents. We will continue to have Town Hall meetings: We have already had two. We will have many more meetings in our effort to provide full transparency. Rather than using pen and paper to address the trustees, feel free to attend our board meetings or Town Hall meetings, all of which will be announced in the Breeze or posted on the bulletin boards. We are here to serve you!
Many thanks, again, for the timely contributions of dues and the generosity of those contributing above their dues to help us make Indianola such a great place to live.
Don Lantz, IBIC President 2019-2020