Executive VP’s Report
Doug Holland AMA Executive VP 3517 Fernwood Dr. Raleigh NC 27612 (Home) (919) 787-5163 (Office) (919) 787-7454
THE STATEMENT of Cash Flows as presented below shows our cash position increased by $447,385 for the year ending December 31, 2002.
While we had a net loss on our Statement of Activities for 2002, there were two items, depreciation and amortization, amounting to $602,340, and unrealized loss on sale of assets in the amount of $358,271, which do not require cash but affect the "profit" calculation. AMA expects the market to turn around and eliminate that loss and depreciation will be funded by the dues increase.
AMA has had a good six months in 2003 and if the market continues to make money, it should be a good year.
Marian Wright Edelman is quoted as saying, "Don't feel entitled to anything you didn't sweat and struggle for."
Until later, Always Be Courteous (ABC).
Transcribed from original scans by AI. Minor OCR errors may remain.
