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FC Berna

Financials and Governance

Governance Overview: FC Berna is organized as a non-profit 501(c)(3) company, originally incorporated in 1974 as Somerset Hills Soccer Club and later renamed in 2014 to FC Berna Inc following the merger between Somerset Hills Soccer Club and the Ridge Mavericks Soccer Club. The club is governed by its Bylaws, which were last amended in 2015. FC Berna is overseen by a Board of Trustees that consists of 5 to 15 members, of which 4 are officers. The board meets monthly.

Financial Oversight: The books of FC Berna are managed by a professional bookkeeper. The accounts of the club are controlled by the Treasurer and the President, with a monthly report the board. Furthermore, the club's bookkeeper and auditor have the ability to see balances in the club's accounts. The monthly report to the board consists of an income statement, balance sheet, expenses, new vendors, and unusual items. 

Tax Filings & Registrations: FC Berna files annually Form 990 with the IRS and Form CRI-300R with NJ Charities. The filings are prepared by an independent certified CPA. As of April 2019, FC Berna was in "compliant" status with NJ Charities. The latest filings cover the calendar year 2018.

Financial Audit: Tabor & Company LLC is the auditor of FC Berna, and financial audits are conducted annually. The latest certified financial audit was conducted for 2018 and the audited financials were published in February 2019.

Program Pricing: Programs are prices such that the net income is approximately 0% over the course of the year, with a slight margin to make sure that the club has a buffer to withstand unexpected items. When pricing programs, the club targets initially 2-5% net income from its programs combined. This additional buffer is need in order to deal with price increases and unexpected items. Programs are prices such that each program can at least pay for its directly attributable program expenses, however, it is to be noted that the overhead related to some programs needs to be subsidized by other programs.

Breakdown of Expenses: The club spends about 50% of expenses on coaching, 10% on Fields Rental, 10% on Tournaments, and 30% on everything else. About 90% of all expenses are directly attributable to the programs and 10% of expenses is related to club overhead. Detailed expense report is shown below.

Fiscal Prudence: In 2017, the club adopted the monitoring of the "wind-down" scenario to make sure that the club does not use registration fees for the next soccer year to pay for the expenses of the current soccer year. The scenario assumes that the club would not hold tryouts (hence not receiving registration fees for the next year) and instead winds down at the end of a soccer year (and still needs to pay expenses related to the current year). Based on the calculation from 2018, the wind-down scenario generated a positive surplus, indicating that the club has sufficient reserves to manage an orderly wind-down if needed.

FC Berna Tax ID #: (For tax filing purposes)
Federal: 22-2477867, NJ State: 22-2477867/000

Expenses for 2018 (all programs combined): 

Program Expenses:
51% Coaching, Clinics, DOC
11% Rental of Fields and Facilities
10% Tournament Fees

7% Program Administration
4% Referees
3% Equipment, Equipment Rentals, Uniforms
3% Credit Card Processing Fees
2% League Fees

91% Total Program Expenses

Overhead Expenses:
3% Insurance, Information Technology, Leases
2% Club Administration

2% Bookkeeping, Accounting, Tax Preparation, Registrations, Filings
2% Other expenses (Office, Charitable grants, Advertising, Taxes)
9% Total Overhead

Last updated April 10, 2019
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