Policy plan Hanze Racing Division Stichting
Content: The foundation’s current policy plan, board composition, remuneration policy,
current activities and state of accounts.
Hanze Racing Division
The foundation is called “Hanze Racing Division Stichting” (HARD) and aims to offer students and other interested parties the opportunity and means to develop and use racecars and other technologies in a sustainable way to transfer knowledge aimed at practical aspects, to stimulate innovation and education, specifically in the areas of mechanical and electrical engineering. The funds of the foundation are acquired through donations, subsidies, gifts, sponsorship or prizes won in competitions or events. The foundation does not intend to make a profit.
In practice, this means that students join HARD to build race cars to participate in Formula Student events. In 2021, HARD will finish work on its first electric race car: the HRD05-2. We will race the HRD05-2 in Assen (NL) in July, 2021 at the Formula Student Netherlands (FSN2021) event.
Our sponsors help us realize this engineering feat by donating money, parts, knowledge and tools. An overview of our sponsors can be found on our website.
The HRD06 will be the successor to the HRD05-2. It will make use of the same battery pack as the HRD05-2, but the drivetrain will be completely revised. It is expected to race in the 2021-2022 academic year, but development will start this year. The board of HARD manages the funds of the foundation. Our board consists of at least three members and up to seven members; currently there are four: Vincent van der Woude, Kris Rama, Matthijs van der Wal and Leonard Lunshof. The board members are either students or sponsors of HARD.
The board members make plans for and coordinate the development of our cars and ensure sufficient funds, parts and tools are available. The board also handles membership applications. Board members are not entitled to benefits paid from the foundation’s funds, although they are entitled to be reimbursed for expenses which they incurred while acting on behalf of the foundation. Members of the foundation are not eligible for remuneration.
Vincent van der Woude is the team manager and chairman of the board. He oversees the mechanical engineering department and coordinates with the electrical department, the driverless department and the communication department. The chairman also leads the board meetings.
Matthijs van der Wal is the lead electrical engineer and secretary of the board. He oversees the electrical department and takes minutes during board meetings.
Kris Rama is the treasurer, he oversees the finances and makes payments up to €10,000.00. Legal acts with higher stakes require separate authorization from the rest of the board. The finances are also checked by a finance committee, consisting of two HARD members.
Leonard Lunshof oversees the communication department, which handles external relations with our sponsors, organization of events and recruitment of new members. Together with the team manager and/or another board member, Leonard handles the applications of new members.
This academic year (2020-2021), the foundation intends to raise at least €20,000.00 from sponsorship arrangements. Another €3,000.00 will be raised from the members of HARD that want to participate at the Formula Student Netherlands event in 2021. Our bank balance at the start of the year was €7,000.00
HARD expects to spend €4,600.00 to attend FSN2021. We expect to spend €6,000.00 to finish development of the HRD05-2 and €10,000.00 to acquire a new drivetrain for the HRD06. HARD expects to spend €4,750.00 on general costs like marketing, sponsor events, tools, shipping and banking costs.
This brings the total expenses to €25,350.00. Given our current balance and our expected earnings, we our balance at the end of the academic year (2020-2021) should be €4,650.00.
Financial results 2019-2020
The following table presents our states of account for the academic years 2018-2019 and 2019-2020, which provides accurate data about our past expenses.
The graph hereunder presents the incomes (in yellow) and expenses (in gray) of HARD over the 2019-2020 academic year. The account’s balance is indicated with the blue line and fluctuates as funds are added or subtracted from the account. Only transactions superior to 250€ are shown.