Welcome to part 3 of our Insight Series where we explore the inner workings of R.A.C. What we do, how we do it, why we do it and who does it!
In this part we are going to delve into the workings of R.A.C finances. How those finances are generated, where it goes, and who decides that. We also take a quick look at who oversees them, and who oversee's the overseer!
How are funds for R.A.C generated? If only it WAS as simple as planting a money tree!! In R.A.C's early days we had an idea that maybe people who rode with us might like to give $5 whenever they joined us on a ride. After all, it was only the price of a coffee. It was to be freely given, not expected. This money would be pooled together until such a time as we had enough to pass onto a cancer organisation.
Boy have we grown since then! These days there are multiple ways R.A.C generates money. Through membership subscriptions, selling merchandise in our on-line shop, raffles, donations from individuals, special events, and via our 3 main fundraising events each year.
The National Committee are the ones that set the guidelines around where money raised can go, however it is up to each individual branch to decide on who that is. We are very mindful that we live in a world of scamming these days, so the majority of the money raised will go to an organisation, rather than an individual. We are always open to suggestions from our members as to where they would like to see funds being given.
We decided right from the start that the money R.A.C raised would go to those organisations that supported people going through the cancer journey. It didn't matter what type of cancer the organisation was there for - just that it was cancer. With so many of us affected by this horrible disease, be it ourselves, a family member, or someone we know, we feel passionate about giving support to those organisations that support us all. We also ensure that money raised goes local. Funds raised in Central - goes to Central, raised in Canterbury - goes to Canterbury etc.
We do pass on a lot of our fundraising to the Cancer Society as we feel they have a solid foundation of support services available to those in need. Check them out on www.cancer.org.nz to see what we mean. We also pass on funds to other places like Hospices, Camp Quality, and individual fundraising events.
So who oversees R.A.C's finances? Well that would be the Treasurer. As mentioned in part 1 of this series, it is their responsibility to accurately record all money coming in and going out of R.A.C. A high level of accountability is essential to ensure our members feel safe in the knowledge that the money is going where it should. Monthly financial reporting is made to the National committee, and to the other branches. These reports state what money is available, where it has been spent, and how costs can be kept to a minimum. A full financial report is also available to members at our AGM. All money, regardless of which branch it has come from, is pooled together in the one bank account. This is then dispersed out to each individual branches areas by way of donations to their chosen organisations. It is one way we can limit the running costs of R.A.C.
Who oversees the Treasurer? R.A.C has its very own accountant. Not only are they a member, they have also very generously sponsored R.A.C's accounting platform - Xero. This means both they, and the treasurer can keep R.A.C's books in good order.
Just in case internal auditing isn't enough, we are a registered charity with the Charity Services. We need to provide them with all our financials as well as a report to show how we fundraise, why we spent any funds and who all our members are (again, those anti-laundering laws come into effect here).
We also have the Companies Office who oversee the Incorporated Societies register. They get a copy of everything and make their own assessment (it is why we are so transparent as there is nowhere to hide).
In a world where very little is free any more, R.A.C does have a few running costs. Things like the costs to produce the merchandise we sell and printing to get our name out there. We try to keep these to a minimum, and are fortunate to have companies onboard who give us discounted pricing. Every little bit helps! R.A.C's banking system is run at zero fees (because we are a charity) and any event costs are covered by sponsorship. Time is given freely by members & the committees who help organise and run R.A.C.
We couldn't do it without everyone's support.
Stay tuned for the final part of our Insight Series out next week, and as always Ride Safe
