colombo-club-logo-250-color-transparent-082819-1921
A tavola non si invecchia

Board Chair Message: July 2020

Noi non potremo avere perfetta vita senza amicii

We are now entering the fifth month of the club being closed. Just like managing your budget at home, the Club must do the same. During these uncertain times we have made every effort to reduce our fixed costs. We have cut staff back to a bare minimum.

Before I review with you the Club finances I want to first thank Matt Moran (Club Treasurer) and Chris Brady (Financial Secretary) who manage the finances for the Club. They both go above and beyond our expectations and do a great job with the Club’s finances. Currently the only other paid employee we have on the payroll is the House Manager.  The monthly payroll for these three positions including payroll taxes is approximately $2500. 

Insurance for the Club is $2850 monthly.  Currently, we are working with our insurance carrier in getting a rebate and reducing these costs. Other costs: water and garbage, alarm, pest control are approximately $2800. Property tax is $850/month. Web hosting and the phones are $560 and TV services are $150.  Printing and general maintenance vary but we currently are budgeting $1000. We were able to cancel the DMV parking fees of $1100 per month effective July 1 with the understanding that we can start using the lot when we reopen with the current contract conditions. The fixed costs to run the Club are approximately $11,000 a month. 

Currently in the bank we have approximately $300,000, which includes $120,000 in the Christmas and the scholarship accounts. These monies give the Club between 12-14 months of coverage for our fixed costs. This includes the building fund (incentive). If necessary and only as a last resort we may have to access some of funds from the Christmas and the scholarship funds. Note: these funds are managed by both the men’s club and the Women’s Auxiliary. 

Club member dues that come in 2021 will help replenish the Club’s bank account. I want to remind members your dues are $180 a year. That is only $15 a month. It is a real bargain for being a member of the largest Italian Club west of the Mississippi.  We continue to look at ways to tighten the belt but as with your home budget, costs continue to increase. We have no intention to raise dues, at this time, but know that we will inform the membership if we have financial issues. 

We welcome your ideas, suggestions input and comments. Thank you.  

Cyril Bonanno, Board Chairman
cyrilb1@comcast.net
(925) 202-9576

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