Executive VP’s Report - 2003/08
Doug Holland
AMA Executive VP
Contact
3517 Fernwood Dr. Raleigh, NC 27612
- Home: (919) 787-5163
- Office: (919) 787-7454
Financial Statements
With tax season over and the audit report in hand, I will begin to provide the financial statements for the year 2002. All of the statements I provide will be comparisons between 2002 and 2001.
The first 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 the current ratio, and as long as it is $1 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.
Audit Report Copies
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 website 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...
Transcribed from original scans by AI. Minor OCR errors may remain.
