USQ Update
Update on USQ Finances and Budget for the Season
USQ has released preliminary financial statements for last season, as well as for the first quarter of this season. This update also contains information about cost saving measures the league is implementing due to the financial effects of the COVID-19 pandemic.
As part of our ongoing commitment to financial transparency with staff, members, and donors, USQ has committed to releasing quarterly financial statements. The financial statements for the first quarter of this season, or fiscal year ending 2021 (FYE), is available here. To help give context to this information, USQ has also released financial statements for the entirety of last season (FYE 2020), available here.
We want to draw our community’s attention to cost saving measures that USQ is implementing due to the financial effects of the pandemic.
- Cutting payroll costs: both full-time staff moved to 30 hours a week effective October 10. Laura Porth, the director of events and partnerships, will be furloughed for the month of November. Mary Kimball, the executive director, will take a 55% pay cut.
- Reducing insurance expenses: we cancelled our accident insurance policy and paused our general liability insurance policy.
- Small business loan: we are applying for a $24,999 loan through the EIDL program from the federal government, which is available for small businesses negatively impacted by COVID-19.
The board of directors is committed to retaining USQ’s professional staff. Our employees have a combined 14 years of quidditch experience, and work hard year-round developing and maintaining partnerships with city convention and tourism bureaus, universities, and other sports professionals. Employees supervise and manage projects and programs across the organization’s five different departments. Our professional staff are also shepherds of continuity in this pandemic era. As events resume under the return to play guidelines, our staff will be able to make the most of their knowledge and skills, including institutional ones, to ensure that teams and attendees have the best possible experience.
For quidditch to succeed as a sport long term, and fulfill our vision of a future where every person in the United States is aware of quidditch as a sport and has opportunities to play and engage at all levels, USQ needs to make it through this pandemic. Those who are financially able to support USQ through this time can buy a membership, make a donation, or purchase merchandise.
On Monday, October 26 at 8pm ET, USQ will be hosting a virtual program on these financial statements, hosted by Mary Kimball and Alicia Radford, the board treasurer. While this program is geared towards current members and donors, the program is open to the public. Registration is available here. More information on virtual programs is available here.
