Jump to content

2017 Financials are now available


Recommended Posts

9 minutes ago, mostmint said:

Thanks for the transparency sharing this info. 

 

With all those sponsors I would have thought sponsorship income would be higher.  Maybe that # only counts actual $ received? 

 

We did not charge an arm and a leg. Only a finger.

  • Like 2
Link to comment
Share on other sites

1 hour ago, mostmint said:

Thanks for the transparency sharing this info. 

 

With all those sponsors I would have thought sponsorship income would be higher.  Maybe that # only counts actual $ received? 

I thought that was a really interesting number as well.   I had no idea what it might be. I have to believe those dollars are hard to come by.    

 

It it does seem that as a whole it's going in a positive direction,  which I fully expected given the leadership.    Well done.  

Link to comment
Share on other sites

1 hour ago, mostmint said:

Thanks for the transparency sharing this info. 

 

With all those sponsors I would have thought sponsorship income would be higher.  Maybe that # only counts actual $ received? 

 

In addition, this amount probably does not include the gift certificates and swag handed out at the awards after each race.

Link to comment
Share on other sites

2 minutes ago, thomasp said:

In addition, this amount probably does not include the gift certificates and swag handed out at the awards after each race.

And may not include sponsor stickers and number panels and such that RVA is now printing for the series?

Link to comment
Share on other sites

6 hours ago, thomasp said:

 

In addition, this amount probably does not include the gift certificates and swag handed out at the awards after each race.

That is an example of what I was saying - those things would be not $ and just passed along to participants

Link to comment
Share on other sites

The old Board did this, and some of it might have been equipment, but not all of it.  We do not have 200K+ worth of equipment.  I'm not sure it was defined, but probably at least partially covered equipment.  Some it was for the built brand (goodwill).     

  • Thanks 1
Link to comment
Share on other sites

  • Technical Advisory Committee

What is the $75,000 "other" intangible asset?

Also, what Vehicles does Champcar own?

 

I assume the expensive equipment is the timing loop related stuff?  Other costly items are radios?

 

Edit = We had 3739 people pay membership dues.. WOW that is awesome.  Interesting to note that the membership dues made the difference in keeping things afloat.

Edited by Huggy
  • Like 2
Link to comment
Share on other sites

23 hours ago, Huggy said:

What is the $75,000 "other" intangible asset?

Also, what Vehicles does Champcar own?

 

I assume the expensive equipment is the timing loop related stuff?  Other costly items are radios?

 

Edit = We had 3739 people pay membership dues.. WOW that is awesome.  Interesting to note that the membership dues made the difference in keeping things afloat.

Intangible assets only happen in a transfer of ownership, and typically represent value beyond physical assets.  In this case, when we took transfer from John, he was given a payout, scheduled over time.  The amount he was given was more than the actual physical assets transferred, so it was assigned to Intangible Assets.  These are assets that have no physical presence, but represent value.  In this case it was the value of Chumpcar (at that time) to generate future revenues.  All those 3,739 people who renewed membership or became members based on the market generated in the past represent value to the organization. Our ability to put on a race compared to a startup operation also is indicative of that value.

 

On a big scale, I can give you another example.  The Carolina Panthers recently sold for something like $2.5B.  But if you added up the value of their office furniture, buildings owned, television revenue contractually owed, etc, you would come up with a far smaller number.  The difference is the value of the trade name, mark, membership in the NFL, anything that will generate future value and be a sellable commodity down the road.  On a small scale, my Company bought another small company last year.  We received no physical assets at all, just the right to sell using that company's name and access to their website.  Our entire purchase price is under intangible assets. 

 

Intangible assets typically do not change in value unless there is an impairment.  In our case, that would occur if we had a systematic drop in attendance that appeared to be non-recoverable.  Another would be a law outlawing racing.  Or, potentially, the inability to get insurance.  

 

We own a van (used in the west coast to keep our assets in out there, and used to get them to the track). Timing and scoring equipment makes up the lion's share of the equipment assets, but it also includes things as small as tables, chairs and pylons.  This also includes transponders, radios, video equipment to bring you Champcasts, etc.  

 

I hope that helps.  

 

EDIT: I expanded on the assets in the last paragraph so you all know why/what on the vehicle.

Edited by Jer
  • Like 3
  • Thanks 7
Link to comment
Share on other sites

23 minutes ago, JDChristianson said:

@Jer nice explanation.  I don't like to type that much, I'd have just gone with "goodwill".     😀   Or maybe Blue Sky.  

 

Thanks for your efforts.  

 

 

Well I'm a bean counter by trade and I don't know who understands what.  So more is better maybe... :)

 

  • Like 5
  • Thanks 1
Link to comment
Share on other sites

9 hours ago, Jer said:

Well I'm a bean counter by trade and I don't know who understands what.  So more is better maybe... :)

 

When questions come up about an income statement or balance sheet I expect this kind of detail in the answer.  It's good thanks

Link to comment
Share on other sites

11 hours ago, mostmint said:

When questions come up about an income statement or balance sheet I expect this kind of detail in the answer.  It's good thanks

 

Being that I am a bean eater, I am better "because" is not a good answer?

lol

Link to comment
Share on other sites

On 5/1/2018 at 12:18 PM, Jer said:

We own a van (used in the west coast to keep our assets in out there, and used to get them to the track).

 

And here's that asset - a 2005 Ford E-350 Cargo Van. Very Luxurious.

20171214_134756.jpg

Edited by FlorahDorah
  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...