November 2003 147
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).
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 - 2003/11
Page Numbers: 147
