The last 2 quarters of 2008 and the entire year of 2009 reflected the likes of a recessionary economy affecting almost all industries, organizations and firms. The DACC was, like so many others affected as well. Our organization relies on physical and financial assistance from volunteers and is of a size where additional, full-time labor is needed. As such, it was a hard decision by our former Chairman to reduce fixed operational costs in a time of great uncertainty. Administrative reduction decisions were made in Q1/Q2 of 2009 – this reduction as well as an expense freeze on all non-essential items allowed the DACC to stay solvent.
When I took office on March 30th 2010, one of my main priorities was finalization and communication of 2009 finances to our community stakeholders. The board and I place high value on precise and open communication to you – our members, sponsors, and supporters.
As such, aside from above historical summary I would like to share our future financial vision.
For 2010, and 2011 I will implement lean strategy management with a focus on low operating expenses and higher margins to grow equity and cash at hand to levels allowing for re-introduction of paid labor to provide you, our members and sponsors an even greater level of service and support.
In conjunction with our board and in particular our new treasurer Bo Riis Poulsen from KPMG, I will work to create a flexible cost organization with a lean, scalable infrastructure less susceptible to market conditions but more importantly highly flexible should we ever encounter a similar situation.
Thank you for your continued support.
Sincerely Yours,
Michael H. Jensen
President & Chairman of the Board
