156
WITH TAX SEASON over and the audit
report in hand, I will begin to give you the
financial statements for the year 2002. All
of the statements I provide will be
comparisons between 2002 and 2001.
The first one is the Statements of
Financial Position which used to be referred
to as a balance sheet. It shows assets and
liabilities in a highly condensed form.
Supporting statements appearing in
future columns will provide detail for these
numbers.
Next month’s column will include the
Statements of Activities, which is an
income statement, and the following month
will contain the Statements of Cash Flows.
It is important to note that the total
Current Assets, $6,584,036, plus deferred
membership revenue of $371,117, is larger
than the Current Liabilities of $5,591,799.
That is called a current ratio and as long as
it is $l of current assets for $1 of current
liabilities, you are in good liquid condition.
AMA has always been in good liquid
condition and continues to be so.
You will notice that investments
dropped again during the past year. This has
been a market trend for a while, but I am
happy to report that we gained 5% during
April, 2003.
The current maturities of revenue bonds
for $200,000 were paid in the month of
January. That is the first payment of our
debt for the new building.
If you have any questions regarding this
report or are interested in more information,
I will be happy to assist you. There is a
minimal charge of $5 for a copy of the audit
report. Contact Vicki Barkdull at AMA
Headquarters and she will be happy to
supply you with a copy. A complete copy is
also available on the AMA Web page in the
Members Only section.
Remember, you are always responsible
for what you do whether you admit it or
not. 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
aug03.qxd 5.23.03 9:15 am Page 156
Edition: Model Aviation - 2003/08
Page Numbers: 156