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Important Update From Our Treasurer on TEMPO Madison's Finances & Budget Going Forward

March 31, 2022 5:48 PM | Anonymous member (Administrator)

Dear TEMPO Madison Colleagues,

2020 and 2021 were interesting years for TEMPO Madison!  We've learned how to network, engage, and provide support in a hybrid world. 

At the same time, we have an eye toward the future and are planning a variety of initiatives and events to keep our mission strong: 

To lead, engage, and connect influential women of diverse backgrounds and experience to help them succeed at the highest professional levels in our community, 

All of this takes investment, of course, and your Board and Executive Administrator made several decisions to help members remain connected, retain membership, and continue to attract new members.  Here's a sample from the last 2 years:

  • Membership initiation fees were waived for 2020/21 and parts of 2021/22 so as not to create a barrier to entry for potential new members
  • We heavily subsidized networking events and Project REACH programming to allow more people to participate or lower registration fees
  • We held membership dues to 2014-15 levels
  • We significantly upgraded our organization's operations by contracting with Erin Fabrizius (much needed!). Erin is our sole contracted staff and runs all aspects of TEMPO Madison. She has helped lessen the work load for our volunteer Board of Directors and has helped professionalize our organization.  

To provide this much-needed support, and with the Board's approval, we've dipped into our reserves over the last two years to cover operating expenses. 

This is OK - that's what the reserves are there for.

And, we must, with respect and fiduciary responsibility to this organization as well as our future health, begin the 2022-23 fiscal year with a balanced budget. 

What that means to you is:

  • We may need to increase dues this year.  Note the last dues increase was a modest $10 increase in 2014-15.  If this proves necessary, we'll give you ample notice and keep that increase to a minimum
  • We'll require that networking, Project REACH, Executive Development and committee events break even.  That means the investments that you make here will be covering our costs fully, and we will not be dipping into our remaining reserves to cover expenses.

How you can help!

  • New and ongoing members are our lifeblood - 95% of revenue.  Help us identify and recruit women of TEMPO Madison-caliber, and participate fully so you're taking advantage of all the benefits you get with your membership!
  • Become a GEM sponsor!
  • Sponsor an event that you find particularly inspiring.
  • Keep your suggestions coming for events & benefits - your ideas are fantastic and give us both direction and programming for the future!

There are exciting days ahead - let's do this together!

Sincerely, 

Susan Thomson, TEMPO Madison Treasurer 

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