Overall financial results have been satisfactory to start LBC's fiscal year. While game fees have not grown from last year, LBC's minor other revenues - lessons, room rental, Special events and miscellaneous - are all up. Membership dues are almost 8% ahead of last year, thanks to our new members! Expenses are slightly lower, so overall net income of $17,401 is about $3,000 more than last year and also better than budget.
LBC's revenues are strongest in the fall of the year, with annual membership renewals in October, lessons in full swing, and golfers, cottagers and snowbirds all at the bridge tables. We expect our income for the year ending July 31 to be between $5,000 to $10,000, and we are on track to repay the promissory notes (remaining balance is ~$70,000) by October 2022.
To view the income statement for August 1 to November 30 click here.