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Re: FIRST has $8 Million?!? What did I miss?
Quote:
Originally Posted by TechieSam
There have been some innacurate assumptions and statements made here. I'm not an accountant, but I have worked on a Regional Planning Committee and do know some of the real answers. I can assure everyone that:
- FIRST does NOT lose money, if they did they would show a loss on the report and they wouldn't have a cash fund in the bank
- The registration fees DO NOT go to pay for the Regional Events for any of the three programs
- The planning committee have to raise every penny for the events
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I'd like to add a quick clarification to this. It is true that Regional Events are expected to raise all their own funds. But in the end, the contracts are signed with FIRST as a legal entity, not the Regional committees (who may or may not be their own 501c3 organization). What that means is at the end of the season, FIRST is ultimately responsible for those expenses. Most regionals do a VERY good job of raising there funds, but there are regionals that cannot generate enough sponsorship to completely cover costs. Those bills are still paid.
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George Marchant - Lockheed Martin Engineer & General Nut Case
FIRST Credentials: Team 87 Mentor | Former Director FIRST Vex Challenge
NJ FIRST Planning Committee Member & NJ FVC Committee Member
Philadelphia Alliance Regional Corporate Advisory Board Member |
FRC and FTC volunteer at too many places to list (NJ, VA, DE, PA, NY, Championship)|
"Hi my name is George and I'm a FIRST-aholic. I've been a FIRST-aholic since 2000..."
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