The not-for-profit Family Motor Coach Association (FMCA) and its for-profit subsidiary, Family Motor Coaching Inc. (FMCI), report that their combined revenues exceeded their combined expenses by $148,209 during 2001.
In contrast, FMCA and FMCI had a combined budget surplus of $1,490,834 in 2000, which was the best year, in terms of finances, in its history, according to Connie Pool, national treasurer.
The decline in the budget surplus occurred largely because the value of the FMCA’s investment portfolio declined by $418,686, or 4.8% in 2001, compared with a gain of $364,128 in 2000. “Considering the stock market at the end of 2001, a 4.8% loss is considered fair,” Pool wrote in FMCA Magazine. “Our annual budgets do not plan for market gain or loss on investments.”
Meanwhile, FMCA’s membership revenue increased 1% last year to $3,160,624 while its convention revenue declined 16.5% in 2001 to $2,525,733.
Last year, the FMCA’s conventions, now called extravaganzas, occurred in Oklahoma City, where 3,458 family coaches attended, and in Redmond, Ore., where 4,196 family coaches attended.
Last year, the Executive Committee of the Cincinnati-based FMCA voted to establish two reserve funds with the goal of accumulating $5 million in each fund, Pool added. One fund is to be used to buy an office building to replace the FMCA’s current headquarters, which it is outgrowing. The other $5 million fund would be used to cover operating losses of the association “should economic conditions change,” she said.