Chamber comfortable financially
Holding onto the same level of net incomeof CI$14,000 for the second year running, the Cayman Islands Chamberof Commerce continues to enjoy a comfortable financial positionbut is looking at a wider profit margin through lowering of overheadcosts.
"The council continues to review thelevel of rental payments and the associated increases. We areinvestigating the possibility of purchasing our own facility,"reported Mr Cowan.
Rental increases for the reporting yearwere 30 per cent. Training expenses rose to 35 per cent and acombination of staff salary hikes and an increase in the numberof employees contributed to a 40 per cent raise in expenses ofthat area.
In the Chamber's annual report, TreasurerWayne Cowan reported that despite an increase in total revenuefrom $436,000 in 1999 to $574,000 last year the net profit wassimilar to that of the previous year owing to efforts at keepingemployees' salaries abreast with that of the private sector.
The Chamber receives a 100 per cent growthin revenue from training courses, 125 per cent increase in revenuefrom fundraising, and a 50 per cent increase in in programme incomewhile membership renewals and new member applications exceededthe $200,000 target for the first time.
The Chamber's ac-count at the bank standsat $152,854 with receivables at $18,912. The organisation's grossassets equal $226,553.