Schiniathlon Organization: Financial report 1st half of 2009

Schiniathlon has grown over the past 3 years from 55 to more than 230 athletes per event. It is now being held 4 times per year. In addition to Schiniathlon we now also host a series of entry level mountain running events. Our goal has always been to spread the sport culture to Greece in the fields that we love.

With such a growth, both in terms of participation and support (sponsorship) we needed a self sustainable organization. Since our request to become a club had been rejected by the relevant federation, it became necessary to establish a company structure so as to be in line with the Greek law. Assets had to be bought, materials be produced and entry fees and sponsorship be collected. All these activities are done in the right way, with proper accounting established on a monthly basis. The company is a single-person SA (Μονοπρόσωπη Εταιρεία Περιορισμένης Ευθύνης) named “Hop!” whose scope is the organisation of athletic events. Hop! has an office, storage area, an accountant etc.

Below we present you the simplified (reader-friendly) "profit and loss" table of the first 6 months of HOP! Ltd. In the first 6 months of exercise, we have organised 3 mountain running events and 3 triathlon events. We have managed an accounting profit of 2.087eur but we have spent 5.060eur in assets - infrastructure (of course paid in cash), so the cash situation is a loss of 2.973eur. We now have a good level of infrastructure and investment will be limited in the near future.

However our sponsorship money was collected in the first 6 months, which means there is no additional income for the remaining of the year, and finances will be tight.

What you will not find in this table:

• Evaluation or fee of the time and effort devoted by Marie, Leonidas and many volunteers for the realization of each event
• Costs for web site maintenance and hosting and online services
• Costs for design of materials (t-shirts, banners, memorabilia etc)

These tasks are performed by Marie and Leonidas on our free time and there is no evaluation (even though we all value highly our limited free time!).

These figures are made public for two main reasons: for transparency towards the community of athletes and as an indicative guideline for future organizers of triathlons in Greece!

Read carefully and if you have any questions or comments, please do not hesitate to contact us.