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 Post subject: SCCA financial reports
PostPosted: Wed Jan 04, 2023 9:18 pm 
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Joined: Mon Apr 16, 2018 4:47 pm
Posts: 126
Other than me I am aware that most ,if any, SCCA members do not read the yearly financial report that is released by the BOD about Oct of every year. Through the years I have found in talking to directors that many of them don't even bother to read it. So for that reason, I Have compiled some interesting
numbers from the reports
In the 2019 report it lists this:

At December 31, 2019, Ventures has net operating loss carryforwards for income tax purposes of approximately $3,400,000 generally expiring through 2038.

The $3.4 million loss seemed reasonable because with the $3.1 pro racing loss in 2016 to 2019 , SCCA Ent {about $4000.000} debt and the loss listed in the newly created wholly owned subsidiary of Venture a figure of $3.4 million loss seemed close.

At December 31, 2020, Ventures has net operating loss carryforwards for income tax purposes of approximately $5,200,000 generally expiring through 2039.

In the 2020 report the loss carry-forward went up to $5,2 million dollars. Why was that? Where did the additional 2 million come from? Was it something to do with Tony and SVRA takeover of the Trans-Am? Did the club start losing money to a new venture in Venture? Or was it from newly found losses from past programs just now reported?

The same was reported in the 2021 report

At December 31, 2021, Ventures has net operating loss carryforwards for income tax purposes of approximately $5,100,000 generally expiring through 2039.

In each of 2020 and 2021 venture reported a small gain in the wholly owned subsidiary of Venture.
No listing tells what was done with the “profit".
2021:
SCCA $ 717,357 $ (84,022) $ 633,335
Ventures 298,477 84,022 382,499 $1,015,834 $ - $1,015,834
2020:
SCCA $ 747,029 $ (98,225) $ 648,804
Ventures 7,328 98,225 105,553 $ 754,357 $ - $ 754,357
2019:
SCCA $ 166,778 $ (92,498) $ 74,280
Ventures (923,017) 92,498 (830,519) $ (756,239) $ - $ (756,239)

So what in going on with the new losses?

I have run this by 3 accountant friends and all have said the same thing, there is just not enough information in the reports to tell what is going on and what the SCCA bod has done with and is now doing with the member's money, If anyone out there can make sense of this , please tell me. Given the present atmosphere in SCCA nowadays I will understand if you want to remain anonymous and contact me in a privet E-mail. I would inquire myself but given I didn't get many answers when I was a member, I will guess there isn't any chance to get any as a kicked-out one.

rick haynes


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