While the USCF has had many bad presidents, we have never had a president before who really did not know what a balance sheet was. In order to try to help enlighten Mr. Redman on this subject, I have scanned the last published balance sheet, which was in the 1999 Annual Report of the United States Chess Federation. I have also posted the scanned pages at http://www.anusha.com/uscf1999.htm
I agree that there are problems with this balance sheet. There some items which I would like to have explained. There are no footnotes. Also, there is the absence of an accountant's letter. I have never seen a published annual report that did not have an accountant's letter.
Still, there are financial figures and, except for the item entitled "Estimated Liability for Life & Sustaining Members", which is a long term liability, it appears that as of that date the USCF was basically in healthy financial condition, and probably better off than it had been in some previous years.
Unfortunately, this was the last financial statement issued. Nearly two years have passed since then. Nobody can claim to know what the financial condition of the USCF is now. The Redman Executive Board has shown no indication of any willingness to issue a current financial statement, assuming that Mr. Redman even finds out what one is.
Sam Sloan
NOTE: To properly view this balance sheet in spreadsheet format, save this file to disk, cut off everything above the PRE tag and below the /PRE tag, and open using any spreadsheet program.
Consolidated Balance Sheet Assets: Operating Assets April 30,1999 April 30,1998 Cash - Operating $ 7,872.41 $ 74,976.16 Accounts Receivable (Net) 190,615.75 152,610.49 Due from Intercompany - 37,164.38 Due from Chess Trust 3,911.17 31,886.80 Accrued Accounts Receivable 51,216.68 44,552.70 inventory (Net) 557,853.82 501,739.75 Total Prepaid Expenses 136,994.50 45,932.41 Deferred Tournament Expenses 153,696.74 197,433.69 Advanced Deposits 25,220.91 25,663.98 Total Operating Assets $1,127,381.98 $1,111,960.36 Fixed Assets 287,465.30 140,540.17 Total Fixed Assets $287,465.30 $140,540.17 Cash - Life Members 1,612,114.06 1,484,397.40 Land & Building 210,914.18 270,613.93 Total Life Member Assets $1,823,028.24 $1,755,011.33 GM Benefits MM 103,473.06 87,810.34 Crenshaw Endowment Key MM 10,122.75 9,863.99 Total Money Market Assets $113,595.81 $97,674.33 Total Assets $3,351,471.33 $3,105,186.19 Liabilities & Fund Balance: Operating Liabilities April 30,1999 April 30,1998 Notes Payable $ 400,000.00 $ 175,000.00 Notes Payable - Computer 64,644.97 - Leases Payable - (309.00) Accounts Payable 432,771.36 225,045.11 Due to Chess Trust - 14,984.12 Due to Intercompany - 37,164.38 Accrued Expenses 77,743.80 100,986.25 Accrued for State Affiliate Support Program 16,980.55 18,342.57 Taxes Payable 4,377.66 2,799.76 Sales Tax: Out of State - 3,161.53 Deferred Sales 8,859.26 8,815.92 Deferred Revenues 4,376.39 3,176.25 Deferred Tournament Income 185,018.86 219,224.13 Dfd Inc National Training Program - (325.00) Dfd Inc Multi Regular 175,130.60 169,848.03 Dfd Inc Multi Senior 14,505.71 13,927.04 Dfd Inc Multi Youth 20,673.20 14,183.83 Dfd Inc Multi Scholastic 15,153.54 6,702.88 Deferred Revenue 98 CHESSathon - 3,500.00 Total Operating Liabilities $1,420,235.90 $1,016,227.80 Estimated Liability for Life & Sustaining Members Due to Operations from LMA - (190,105.94) Deferred Life - Original 323,308.00 323,308.00 Deferred Life - Additional 1,616,958.00 1,569,284.42 Deferred Income - Sustaining 64,525.52 70,909.18 Total Estimated Liability for Life & Sustaining $2,004,791.52 $1,773,395.66 Fund Balance Crenshaw Endowment Fund 10,122.75 9,863.99 G.M. Benefits Fund 103,473.06 87,810.34 Fund Balance (461,620.92) (469,031.37) Fund Balance: LMA to 4% 456,923.00 456,923.00 Current Earnings (182,453.98) 229,996.77 Total Fund Balance (73,556.09) 315,562.73 Total Liability & Fund Balance $3,351,471.33 $3,105,186.19
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