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  1. #11
    Bourbonian of the Year 2002 and Guru
    Join Date
    Sep 1999
    Location
    Chicago
    Posts
    12,540

    Re: Kentucky Bourbon Map

    What's interesting is that no one is really saying anything. I don't know Meredith Moody, but her quote is virtually identical to the one I got from my contact.

    The article makes it sound like KDA is sitting on a big tub of money, but it lists $211,000 in annual expenses, and that doesn't include staff salaries, rent, etc., so having $500,000 in the bank doesn't seem strange to me. But that's what happens when nobody is providing context, the press just reports whatever random facts they can find.

    It also gets the facts wrong in the last paragraph. Sazerac and BT have been one in the same since Sazerac bought the Frankfort distillery 20 years ago. The $334 million was what Sazerac paid for the Constellation assets, which was 2009. I'm not sure what, if anything, happened in 2002.

  2. #12

    Re: Kentucky Bourbon Map

    Quote Originally Posted by cowdery View Post
    ...The article makes it sound like KDA is sitting on a big tub of money, but it lists $211,000 in annual expenses, and that doesn't include staff salaries, rent, etc., so having $500,000 in the bank doesn't seem strange to me...
    But another statement in the article perhaps, does make sense of it, a bit: "...The group spent more than $78,000 that year marketing the Bourbon Trail, in addition to almost $65,000 in other marketing and public relations expenses..."
    So, the group has a half-million+ in the bank, but spends just 28% of its assets on promotion and lobbying? If I'm considering giving to a charity, and find that it providess only 28% of its funds to actually needs -- with the rest, as you suggest, going to administrative costs and salaries -- I find another charity! In those terms, Sazerac/BT's decision seems entirely reasonable, and in line with my own viewpoint.

  3. #13
    Bourbonian of the Year 2002 and Guru
    Join Date
    Sep 1999
    Location
    Chicago
    Posts
    12,540

    Re: Kentucky Bourbon Map

    Were you unable to finish my paragraph, Tim? As I pointed out, the 'expenditures' stated don't account for at least two staff salaries, maybe more, office expenses and other overhead costs. Reporting it the way the Herald-Leader did is either a deliberate effort to create a false impression of how the organization is run, or (more likely) sloppy reporting.

    How much should they have in the bank?

    I don't know when they collect the member dues. Their other funding source is grants, typically from the Federal government. For all we know, most of that money is earmarked for ongoing projects. Anyone who thinks they understand the KDA's finances and thinks they see something amiss based on what the Herald-Leader reported is just trying to make trouble.

    "If I'm considering giving to a charity..." Huh? The KDA is not a charity. It's a trade group acting in the common interest of its members. Its principal purpose is furthering those interests before the various arms of Kentucky's government. Tourism promotion and even bourbon promotion are minor parts of its overall mission.
    Last edited by cowdery; 02-07-2010 at 20:36.

 

 

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