The Snyder Chamber of Commerce
saw a huge gain in total liabilities and net
assets, according to its accountant.
The board reviewed the 2011 financial information with Certified Public Accountant Ricky Bowman of Sweetwater during Monday night's meeting.
Bowman praised Executive Assistant Sandra Salinas for her work handling the finances. "Sandra does a good job for you."
The chamber had assets totaling $445,804 in 2011 compared to $297,058 in 2010. Unrestricted net assets, which do not include grants or hotel occupancy tax funds, totaled $317,590 in 2011 which is up from $223,591 in 2010. Bowman said a majority of that money comes from membership dues and profits from events.
The restricted assets totaled $117,608 in 2011 compared to $63,734. This money includes funds the City of Snyder gives the chamber as part of the convention and visitors' bureau (CVB) contract. Bowman noted that restricted money needs to be spent "back out" in the community, including the distribution of hotel funds given to various events.
When asked if the finances should be separated to show chamber and CVB expenses, Bowman said he was not concerned that the money was not split for restricted and unrestricted funds. He added that the current system used by Salinas is a format that should be used.
Overall, the chamber had a net profit in all categories -- programs, management and general operations, hotel fund and travel and tourism.
The board reviewed the 2011 financial information with Certified Public Accountant Ricky Bowman of Sweetwater during Monday night's meeting.
Bowman praised Executive Assistant Sandra Salinas for her work handling the finances. "Sandra does a good job for you."
The chamber had assets totaling $445,804 in 2011 compared to $297,058 in 2010. Unrestricted net assets, which do not include grants or hotel occupancy tax funds, totaled $317,590 in 2011 which is up from $223,591 in 2010. Bowman said a majority of that money comes from membership dues and profits from events.
The restricted assets totaled $117,608 in 2011 compared to $63,734. This money includes funds the City of Snyder gives the chamber as part of the convention and visitors' bureau (CVB) contract. Bowman noted that restricted money needs to be spent "back out" in the community, including the distribution of hotel funds given to various events.
When asked if the finances should be separated to show chamber and CVB expenses, Bowman said he was not concerned that the money was not split for restricted and unrestricted funds. He added that the current system used by Salinas is a format that should be used.
Overall, the chamber had a net profit in all categories -- programs, management and general operations, hotel fund and travel and tourism.
