October 2003 161
THIS MONTH I present for your
amusement and entertainment the
Statement of Activities. This is an income
statement. Due to stock market losses of
$404,755 and a depreciation and
amortization charge of $602,340, the net
result from operations was a loss of
$973,609.
A bright spot in the operation of last
year was a net cash increase of $447,285.
The stock market growth has resulted in a
year-to-date increase in our market
position. If that continues, it will help
reduce our loss and the dues increase
should put us in a stronger cash position at
the end of the 2003 year.
The complete audit report is on the
AMA Web site. I present these statements
for those who do not use the Web site.
J.M. Barrie, a playwright (1860-1937),
said, “God gave us a memory so that we
might have roses in December.”
Some of us can relate to that.
Until later, A-B-C, Always Be Courteous.
Executive VP’s Report
Doug Holland
AMA Executive VP
3517 Fernwood Dr.
Raleigh NC 27612
(Home) (919) 787-5163
(Office) (919) 787-7454
Edition: Model Aviation - 2003/10
Page Numbers: 161
