Dear EO Orange County Members,
I’m Paul Bresenden, your FY24/25 finance chair for the board this year and I'm pleased to present an overview of our chapter's finances for this year. Eric Codorniz and I have worked hard to elevate the detail and transparency of our financial reporting to maximize trust and understanding of the organization’s health for the entire chapter.
We are formalizing a reserve policy as part of the updated Chapter Bylaws this year. We aim to maintain 12-month operating expenses reserve. Operating expenses would be defined as all expenses related to chapter administration, insurance, software, accounting, and legal fees required to operate the chapter.
We are fully funded in reserves and exceed our reserve requirements from EO Global and are maintaining healthy financial best practices for managing a non-profit budget. We intend to spend the full revenue of this current year on your member experience without any contribution to reserves.
Our financial strategy for the coming year focuses on enhancing member value through high-quality programming and resources. We are continually investing in infrastructure to support our chapter's continued growth. We remain committed to financial transparency and prudent management to ensure the ongoing success of EO Orange County.
We welcome any questions or feedback regarding the financials. Please feel free to reach out to me directly ([email protected]) or connect with me at any board meeting.