Executive Vice President
Doug Holland; [email protected]
Statements of Financial Position
As you are aware, the audit report is on the AMA Web site and may be viewed at your convenience. Today I'm presenting the Statements of Financial Position, formerly known as the Balance Sheet. It is a snapshot of the business at the end of the fiscal year (December 31, 2006) and is compared to the year ending December 31, 2005.
All the statements in the audit report are for the year ended December 31, 2006, and tie into the Statements of Financial Position. Ending everything on the same date allows the accountant to exercise a clean cutoff and enables comparison of years based on the same time period.
Key items and notes
- Cash and cash equivalents (Current Assets): increase of $520,495. This amount, combined with the other three items in this section, results in a total increase of $523,512.
- Investments: increased by approximately $210,000. Since December 31, 2006, the stock market has continued to increase asset value.
- Property and Equipment, Net: decrease primarily related to depreciation expense for the year.
- Current Liabilities: the increase is primarily in Deferred Membership Revenue. This represents dues collected from September through December that will not become revenue for AMA until 2007. There was an increase in this revenue of $158,587.
- The item following Current Liabilities titled DEFERRED MEMBERSHIP REVENUE represents revenue that will be recognized in 2007.
- Net Assets: increased by $342,963. The composition of this number is shown in the Statements of Activities that was presented last month.
Conclusion
As you can see, AMA continues to be a financially sound organization.
To think about: Dreaming can be great, but it can't come true until you wake up and go to work on it.
A-B-C — Always Be Courteous.
Until later ...
Transcribed from original scans by AI. Minor OCR errors may remain.
