We've been supporting cycling in Edmonton for nearly 44 years. Help us reach 50.
At the start of this week, we did not have enough cash to cover our next payroll.
You love Bike Edmonton and you actively support us. Over 250 supporters like you have already donated over $20,000 in our recent donation drives. We need 95 more cycling heros to reach our full goal of $30,000, and we need your help, as someone who believes in our mission to make cycling accessible for everyone.
This amount covers our immediate payroll costs and makes sure Bike Edmonton has adequate cash flow. We expect that by March our sales will pick up and we will be in a positive cash flow situation over the summer.
Why is this our financial situation?
Bike Edmonton's finances are challenging. For the past two years, we operated with deficits of about $98,000 and $76,000 respectively. We have no reserves remaining, and we are in debt. We can no longer afford any yearly budget deficit. Greg Glatz, Bike Edmonton's Executive Director left Bike Edmonton on January 20, 2024 after the Board accepted his recommendation to discontinue the Executive Director position as part of a budget to make Bike Edmonton financially sustainable.
In December, the Board voted to cut costs by searching for a less expensive lease to relocate the South Shop. However, in January, Shop Managers and the Board met and agreed that we need to continue operating the South Shop until at least August 31, 2024, as this would preserve operations over our busy season. Our South Shop is operating on a month to month lease, as the five year lease ran out at the end of November 2023. We are currently negotiating with our South Shop landlord to provide more notice should the landlord want Bike Edmonton to move out (currently we have only a minimum one month notice).
You can review our latest financial statements and meeting minutes here.
You can reach out to [email protected] with any questions.
Every donation, big or small, makes a difference. Thank you for supporting Bike Edmonton!