As the ACBL supports clubs and membership, it must also remain viable. In May, revenue exceeded forecast by 80 percent mainly due to the
Stay @ Home and Play @
Silver Linings Week
events, an increase in virtual club play and a reduction in operating expenses as a result of staff furloughs and budget reductions. Although May proved positive, year-end financial projections indicate the ACBL will still suffer substantial loss.
The ACBL furloughed 11 employees from headquarters and 23 tournament directors. Staff and management took a 20 percent pay reduction and moved to a four-day work week while sheltering in place. Effective May 25, these reductions were eliminated while furloughed employees will be brought back as need and finances allow. The re-opening of headquarters has been delayed until at least June 21.
Efforts by the ACBL CFO to pursue benefits from the CARES ACT have paid off. The finance department is working with the ACBL’s payroll provider to use Employee Retention Tax Credits to partially offset our federal payroll tax liability. This tax credit will be utilized in the ACBL’s July 2020 tax filing. We will continue to monitor the potential for funding the ACBL through new and revised stimulus packages passed by the Federal government.
Play @ Home and Stay @ Home
regionally-rated tournament, held April 30 through May 3, served as a fundraiser for the ACBL while providing membership an opportunity to earn GOLD/RED points. Proceeds totaled $230,000 and capacity was over 75 percent.
District Directors solicited feedback from membership which was condensed into a report. “Lessons learned” have been applied to future events.