USCF balance sheet for Fiscal 1999

We used to have a president who was so stupid that it was said that he could not walk and chew gum at the same time. Now, we have a president who is so stupid that he does not even know what a balance sheet is. This is proven by his right hand sycophant, Bruce Draney, who posted earlier today what he called a consolidated financial statement, but what he actually posted was a selective excerpt of a Statement of Revenues and Expenses.

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

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
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

Assets Side, USCF Balance Sheet
Assets Side, USCF 1999 Balance Sheet

Liabilities Side, USCF Balance Sheet
Liabilities Side, USCF 1999 Balance Sheet

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