A Letter from The President

Dear Members,

I am pleased to report that the Club’s financial position has improved dramatically over the last year and that we made it through the recent hurricane / tornado with no major damage.

Over the past year the Club has benefited from several factors including:

• Initiatives driven by Jan and George to increase play and recruit new Members;
• Continued generosity of our Members;
• Significant efficiencies in operations and technology, including outsourcing bookkeeping and improving the website;
• Robust online activity through our partnership with SE Carolina;
• Increases in table fees and dues.

While all of these factors were influential in the turnaround, the increase in activity at the Club was one of the most important. Our metric for activity is "tables played." In addition to games at VBBC it includes the games we run at several country clubs but excludes on-line games. This year it was terrific: 6,350 which was a fantastic increase of 20%. While this is well-below our pre-pandemic level of play, it clearly shows that face-to-face bridge is alive and well in Vero Beach!

As you would expect, our financial performance benefited greatly from the increase in “tables played” and the higher table fees for most games. Our total revenue was $368,000 - an increase of $115,000. Our expenses were $308,000 - down $2,000. Our resulting operating profit was $60,000 - an almost unbelievable improvement of $115,000 over our $55,000 loss in the previous year. Net income for the year was $153,000 reflecting the $85,000 generously donated by our Members and $8,000 of miscellaneous income. So, where does this leave us - we have $326,000 in cash reserves and only $5,000 of liabilities. In summary, we are well-positioned for the future and those who worried about our long-term viability can relax a little.

As a Member-owned Club, transparency is important. Members interested in more details can access the Board meeting minutes, the managers’ reports and the financials which are posted each month in the “About Us” section of the website.

A major factor behind the Club’s success is the willingness of its Members to volunteer their time and invest their money in the Club. Thanks to all of you whose efforts make the Vero Beach Bridge Club one of the country’s finest.

In closing, please join me in thanking Jan and George for their dedication, initiative and commitment to the Club and in congratulating them on the Club’s outstanding performance this year.

Play well,

Denis