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2018 ChampCar Financial Statement

https://champcar.org/mainweb/pdf/ChampCar_2018_Annual_Financial_Report.pdf

Greetings ChampCar Members:

The year 2018 was an exciting one for the ChampCar Endurance Series. Implementing our name change only a month prior
to the start of the year, we have officially completed our first full year with the new title. The season kicked off at Road Atlanta where 84 cars battled for the win into the night. Twenty-seven events later, the checkered flag flew on the final 78 cars to race in the 2018 season at our New Year’s Eve event at Sebring International Raceway. In between, we saw our family grow yet again as the average number of teams per event increased over 2017. In that mix were members of the ChampCar family that had been with us since the beginning as well as plenty of new faces and cars that we all welcomed into the club.

Something new for 2018 was the addition of three full time employees to keep our club running smoothly. Dana Morrison came on as one of your Event directors and managed events from coast to coast. Bill Strong came on board as our full time Marketing Director and head of the ChampCar.Live broadcast operations. While I had long been working full time for Champ- Car, I now officially became a full time employee as the club CEO. In addition to our three full time staff, ChampCar is made possible by the hard work of 20+ part time staff from all over the country.

Speaking of ChampCar.Live, Bill Strong, Paul Veltum, Doc Waldrop, and Tiffany Alexander continued to polish the live broad- cast throughout the 2018 season to something that has become expected and arguably an asset many of you can’t live without! We routinely find the live broadcast on TVs in your pit boxes as you use it to keep up on the race and even strategize. I have even received comments from non-members who are disappointed when our broadcast team is not on site for a race.

We also saw the return of the National Championship, which was held at National Corvette Museum Motorsports Park on June 16th & 17th. After 16 hours of hot action on track in the hot June sun (did I mention that it was HOT there?), the #111 BMW of RVA Graphics & Wraps emerged as the club’s National Champion for 2018. Furthermore, we announced that the National Cham- pionship would change venues each year and travel the country, with stops at Charlotte, Sonoma and Road America in the next few years. The National Championship weekend brought another activity as well – the annual public Board meeting. Members had been a part of a petition submission and comment process in the months leading up to the meeting. At the meeting, they were able to hear how the Board ruled on their suggestions as well as get our first financial report on the club ever.

One of the common requests from members during the 2017 and 2018 season was for more input into cleaning up the rules. To address that and get much needed assistance, the Board appointed a Technical Advisory Committee to assist in the review and cleaning up of the club BCCR. The TAC’s knowledge and hard work has been a great help to the club, and the BCCR for 2019 was better than ever because of their efforts. We look forward to working with such committees for years to come.

As you read over this report, you’ll see both 2017 and 2018 numbers side by side. This will continue in the coming years so that our finances are transparent to the members and everyone can see how your money is spent. Speaking to the 2018 season, the club had a great year. Entries were up which is our primary source of revenue. Our sponsors were back for another year
of supporting your racing, and we didn’t have the legal fees or the rebranding cost of 2017. Most importantly, the club has no working capital loan at 12-31-2018 and has a small amount of cash reserves to handle any emergencies that may happen.

We look forward to the 2019 season where we anticipate more full events and more new faces than ever before! Sincerely,

2

Michael Chisek
Chief Executive Officer

https://champcar.org/mainweb/pdf/ChampCar_2018_Annual_Financial_Report.pdf

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