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Author Topic

Norrin Ellis
Venture Racing
Posted - 2011.07.26 11:40:00 - [1]
 

Edited by: Norrin Ellis on 26/07/2011 22:33:21
http://www.ventureracingteam.comPlease visit your user settings to enable images.
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Greetings, racing enthusiasts!

As the CEO of Venture Racing [VRAC], it is my distinct privilege to manage the finances of Venture Racing Team [VRT]. Because the team is comprised entirely of pilots outside the corporation, one of my goals is to ensure the continued trust between the racers, who are also shareholders, and the corporate staff. VRT pilots are awarded shares of stock and cash bonuses for their participation in regular NE-RA Racing League events, so Venture Racing is taking the extra step of releasing some information on how we are financed along with internal data on how we calculate racers' bonuses.

How VRAC Earns Income
Venture Racing has traditionally enjoyed generous support from corporate and individual sponsors, and this season is no different. We also engage in team fundraisers, such as the current raffle for a Navy Megathron modeled after our team flagship. The team receives any team awards from the league at the end of season, as well.

Recently, Venture Racing has acquired and researched several frigate BPOs, and we expect to begin some limited production in the near future for both profit and team logistic support. Finally, I am personally liable for our financial commitments; therefore, any shortfalls in funding are covered from my private accounts.

Current Funding
Capital Carryover*: 200 million ISK
Sponsorships: 265 million ISK
Raffle sales: 610 million ISK

Operating Expenses: 28 million ISK

Total: 1.047 billion ISK

*VRT's long-standing policy has been to carryover 200 million ISK from season to season to cover off-season expenses.

Current Obligations
I have promised to allocate at least 1 billion ISK to the team's bonus fund this season. The bonus fund is divided into seasonal payouts for participation and performance and residual payouts for shares earned in prior seasons. Calculations are weighted according to a schedule agreed upon by the CEO of Venture Racing and Team Captain Takashi Kurosawa. This season's split will be 80% for current-season awards and 20% for residual payments.

Payout Data
The data on bonus calculations can be viewed here. This information will be updated periodically.

Clearly, regular participation across multiple seasons with VRT yields the best results. The worksheets show initial share distributions based on historical performance (Seasons 4-7) and the current calculations for NE-RA Season 1.0 (Season 8, titled for continuity). All pilots that have flown with Venture Racing Team are listed on the current season's worksheet for the purpose of residual bonus calculations. Pilots presently participating are identifiable by their participation and performance data, as well as current-season bonus information.

The section showing total shares and residual bonuses calculates each racer's total corporate shares (raw number and %) after current-season shares are awarded. The residual bonus, however, is calculated prior to the issuance of these shares, based on share holdings at the beginning of the season. For practical purposes, the only change that will affect residual payments mid-season is an increase in the total allotment of bonus funds.

A Note on VRAC Shares
Because share distributions are manually calculated and paid, selling or transferring shares will not affect alumni pilots' receipt of payments. Transfer of shares does, however, transfer the right to vote in policy decisions presented to the shareholders.


 

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