MARC is a charitable organization, tax exempt under IRS Code 501(c)3 and MD law, with bylaws that provide for two financial resource buckets (funds): General (Operating) Fund and Emergency (Capital Replacement) Fund. The Club's annual fiscal year runs from December 1 through November 30.
Club revenues are primarily from annual dues, set by its Board of Directors, and collected from members at the beginning of each fiscal year. Additional financial contributions are accepted at any time. Grants may also be sought and accepted to fund Club operations or capital equipment acquisitions. The Board develops and approves an annual budget for Operating fund expenditures, which constitutes the Treasurer's authority to expend sums not in excess of the budget amounts listed in each category. The Bylaws provide that financial statements (Balance Sheet, a financial Statement of Operations) are required to be presented annually to Club's members.
The link below contains the presentation made at the most recent annual budget discussion at a December MARC meeting. This presentation includes details of the approved annual expenditure budget by category (program), a report of revenues and expenditures (Statement of Operations) for the prior fiscal year (Dec 1 - Nov 30) and a Balance Sheet (Statement of Financial Position) as of the last day of the prior fiscal year (November 30). Projections of revenues for the current fiscal year are also included for planning purposes.