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BELOW is presented the Statements of
Activities for the years ended December 31,
2003 and 2002. They are presented in
comparative statements to differentiate
changes between the two years. The
revenue for 2003 totals $9,152,415 and
2002 totals $7,916,247, for an increase of
$1,236,168.
The line titled Net Assets Released from
Restrictions is money given for specific
purposes; i.e., grounds, equipment,
museum, etc., and reflects expenditures for
each of the two years. That changes
drastically depending on available money
and necessity.
The expenses for 2003 total $9,069,681
and 2002 total $8,677,442. This is an
increase in expenses of $419,239. This
yields an excess of revenue for the year
2003 of $96,142 whereas in 2002 there was
a deficit of $617,408.
Other Revenue and Expenses basically
reflect the loss in the stock market for 2002
and the gain in 2003. To see more detail of
this line item, you can view it on the AMA
Web site at www.modelaircraft.org.
The Temporary Restricted Net Assets
indicate a balance in 2003 of $82,375 to
spend on designated objectives.
The numbers in Net Assets tie into the
numbers on the Statements of Financial
Position that were presented in last month’s
column. This reflects AMA’s net worth
after taking out all liabilities on a historical
basis.
Humorous Anecdote: Did you hear about
the man who bought a humidifier and a
dehumidifier? He put them in the same
room, turned them on, and let them fight it
out.
A-B-C Always Be Courteous.
Until later ...
Executive VP’s Report
Doug Holland
AMA Executive VP
3517 Fernwood Dr.
Raleigh NC 27612
(Home) (919) 787-5163
(Office) (919) 787-7454
04oct.qxd 7/26/04 9:50 am Page 160
Edition: Model Aviation - 2004/10
Page Numbers: 160