Despite the cancellation of the North Carolina Masonry Contractors Association (NCMCA) annual convention and business meeting because of COVID-19, the association reports in its newsletter that its financial and membership circumstances are healthy.
“NCMCA ended 2019 with assets of $657,202.22 and strongly in the black,” the newsletter reported. “As of mid-May 2020, NCMCA has assets of $695,358.48 including accounts receivables, money held on behalf of local chapters, and vehicle equity.
“NCMCA has an original investment of $503,751.85 in a Morgan-Stanley account recently valued at $596,614.54 for an unrealized gain of $92,862.69.”
Beginning with the first quarter of 2020, the NCMCA office now holds and manages a portion of local chapter money. As of the end of the first quarter of 2020, NCMCA held $18,225.00 for local chapters. By the end of the summer, the plan is to close local chapter checking accounts, consolidating all chapter finances in NCMCA bookkeeping at Hickory to facilitate annual tax returns, the association reports.
“$218,900.00 has been contributed to the Workforce Development & Training initiative since the pledge drive to support WDTC began in the spring of 2018. The fall 2019 MCAA Masonry Foundation grant of $20,000 is included. $29,500 has been received thus far for 2020.
“Local chapters contributed $14,000.00 to the executive office fund in 2019. (Each chapter is requested to make a $3,000 contribution each year.) As of press time, no chapter contributions have been received for 2020.”
In the spring of 2019, NCMCA had 138 member companies. As of the end of 2019, membership stood at 145 member firms. As of mid-May, membership stands at 149 member firms including 69 “regular” (contractor firm) members, 77 associate member firms, one “Life Member,” and two courtesy members, the association reported.