August 2007 157
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. This
is formerly known as the Balance Sheet. It
is literally a snapshot or picture of
business at the end of the fiscal year,
which is December 31, 2006, and is
compared to the year ending 2005.
All the statements in the audit report
are also 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.” This allows for
comparison of years based on the same
time period.
My comments regarding the Statements
of Financial Position begin with the Cash
and cash equivalents under the Current
Assets section. As you see, there is an
increase of $520,495. This amount
combined with the other three items in this
section result in a total increase of
$523,512.
Investments increased by
approximately $210,000. Since December
31, 2006, the stock market continues to
yield an increase in asset value.
The decrease in Property and
Equipment, Net is primarily related to the
depreciation expense for the year.
The increase in Current Liabilities is
primarily in the Deferred membership
revenue. This money is dues collected
from September through December that
will not become revenue for AMA until
the 2007 year. There was an increase in
this revenue of $158,587.
The item following Current Liabilities
titled Deferred Membership Revenue (in all
caps) represents revenue that will be
recognized in 2007.
Net Assets increased by $342,963. The
makeup of this number is shown in the
Statements of Activities that was presented
last month.
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 …
Doug Holland
3517 Fernwood Dr.
Raleigh NC 27612
Home: (919) 787-5163
Work: (919) 787-7454
Executive Vice President
Doug Holland; [email protected]
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Edition: Model Aviation - 2007/08
Page Numbers: 157