You Are the Treasurer of the Marion County Alumni Club

IU Alumni Club In class Exercise

V261 Class 5 - Assignment

In this lab you will use a spreadsheet to help the Hoosier Alumni Club determine how the number of members in the club affects the dues each member must pay. The dues structure is set up to exactly cover the costs of running the club. Follow the steps below to set up an estimated budget for the club for the coming fiscal year. Open the file Alumni.xls.

You have requested and received the current list of club members from the chair of the membership committee. That list is shown on the “Membership List” tab.

1. Using the COUNT or COUNTA and the SUM functions; determine how many members the club currently has on its rolls. Place your answer in cell E3 of the Membership List worksheet.

2. In cell B10 of the Calculation Sheet, reference absolutely cell E5 from the Membership List worksheet using a multi sheet reference.

Note: Show dollars and cents for monetary calculations. Format cells to round off to whole numbers for all other types of calculations.

Calculate the club’s Expenses

1. The club employs one person part-time to maintain the office four mornings per week to help administer the club on a day to day basis. Her salary of $14,500 per year and an additional 40% of the salary is overhead needed to pay health benefits, FICA, and other taxes. Calculate the total annual expenditure for salary and benefits in the cells indicated.

2. A member provided office space to the club rent free; however, the club must still pay for its internet connection, utilities, and phone service, paper supplies and postage. Monthly costs are as follows:

Internet Connection $45.00 Utilities $60.00 Phone $135.00 Paper & Envelopes $195.00 Postage: Each member of the club is mailed a quarterly newsletter at a cost of 39 cents per member for each mailing. 3. The club sponsors a “Hoosier Happy Hour” each month by choosing a different bar or restaurant to host the event. Experience has shown that only 5% of the membership attends these events but it is a different 5% at each event so the club wishes to continue to hold them. The club incurs expenses of $1.15 for each member that attends each event.

4. Ashley Lopez has served as president of the club for the last ten years and is retiring this year. The club’s board has voted to buy her a set of golf clubs $975.00 as a thank you for her long and successful service to the club.

5. The club has an annual dinner each year right before football season and invites the IU football coach or another member of the football staff to speak. Ten percent of the members attend the dinner. The dinner costs $45 for each member attending. The speaker is paid a stipend of $500.00 to cover travel, lodging and other expenses they may incur in traveling to speak at the club’s dinner.

6. The club’s ten member board of directors holds a bi-monthly meeting at a local restaurant. The bill for food and the cost of meeting room average $50 per board member per meeting.

7. The club provides five annual scholarships of $2,000 each to deserving students.

8. What amount should each member pay for annual dues?

9. Last minute news flash! The membership chair just called to tell you that seven (7) more people have joined the club. Now what are the dues for each club member?

10. The exercise is completed.