SPIRIT releases financials, announces donations in historic move
SANDY POINT, St. Kitts and Nevis (December 19, 2012): The fourth Executive Committee of Sandy Pointers Inspiring Real Improvement Throughout (SPIRIT) has made specific financial commitments to the community following the release of the organization’s financial reports for the years 2011 and 2012. The release comes as the Executive is currently finalizing a Financial Policy to be adopted as an official Schedule of the SPIRIT Charter.
SPIRIT President Seanel Riley said, ”As an organization, we have always promised transparency and we think that having a clear Financial Policy will assist us with this. We are of the view that giving the public access to our financial accounts is in keeping with our belief that we remain accountable to our community at all times.”
An overview of the financial statements, which underwent specialist certified review by Gary Cooper & Associates, shows a 34% decline in total revenue from EC $172,589.42 in 2011 to EC $114,403.03 in 2012. The reduction is primarily a result of notable decreases in sponsorships/donations and fundraising events. Together, these two categories of income account on average for 97% of SPIRIT revenue. Records of community pledges, membership subscriptions and interest revenue on savings saw little or no change over the two-year period.
Operating expenses for SPIRIT saw a marked decrease from EC $171,154.00 in 2011 to EC $100,172.00 in 2012. According to President Riley, this was due to a reduction in major events, increased use of unconventional, cost-effective marketing, purchase of special stage equipment and an overall scheme of better management.
At the end of fiscal year 2012, SPIRIT was able to secure a surplus of EC $15,667.00 – a marked increase from a surplus of EC $1,436.00 in 2011.
“Our two festivals Black San Bang-A-Lang in April and Chambalay in November are the group’s main sources of income. And this incredible increase in surplus in such a short time is really down to both festivals being re-organized to be more effective, having the benefit of a SWOT analysis of our 2011 calendar.
“My Executive has reinvested 25% of our entire surplus in 2012 to specific institutions and groups to assist their work in community development. Our list of 2012 beneficiaries includes the Sandy Point Primary and high schools, the Sandy Point Amateur Basketball Association, the Sandy Point Amateur Football Association and the Sandy Point Netball Association,” Riley noted.
The remaining three-quarters of the surplus will be used in this fiscal year ending May 2013, to further the group’s strategic goals through impact projects and sustainable programmes.
Financial accounts are expected to be released annually and the current Executive is optimistic that the Financial Policy, once adopted by the General Membership, will be instructive in this major move of accountability of SPIRIT to the community.
For the full financial accounts, contact us at email@example.com or visit our website www.blacksanbangalang.com and click on the ‘FINANCIALS’ tab.