KCBS Financials YTD through June 2020KCBS Members,
The last several months have been extremely busy working on plans and with Organizers impacted by COVID. As such, we are now publishing our first half results. Please see the Financial Results of the Kansas City Barbeque Society for the First Half of the year (Year to Date (YTD) through June 30, 2020). We have also included a comparison against the same time period in 2019. In addition, we have included some notes about the primary impact to the change vs last year.
- Overall Net Income (Loss) for First Half 2020 is (-$49,993); a considerable improvement vs. Net Income (Loss) in First Half of 2019 (-$296,590).
- Results were achieved with half of the amount of revenue in 1st Half 2020 of $576,426 Revenue vs. 1st Half 2019 of $1,005,581 Revenue.
- Revenue has been directly impacted by COVID-19; impacting core revenue streams of Sponsorships and Contests/Classes.
- Many brands are hesitant to market themselves during this time and many Contests/Classes have been postponing to 2021.
- Membership has remained stable. Thank you for keeping your memberships up so KCBS will remain strong when we can get back into pre-pandemic event levels.
- Significant cost-reduction savings driven by strategic decisions to bring key responsibilities in-house and eliminating tour.
- Other cost savings were primarily driven by Contests and Classes not occurring, thus not realizing their corresponding expenses.
- On-going efforts to reduce general expenses across the board.
Please reach out if you have any questions.
Treasurer, Rick Wagner: firstname.lastname@example.org
President, Candy Weaver: email@example.com
CEO, Emily Detwiler: firstname.lastname@example.org
Board of Directors: email@example.com