Executive VP’s Report - 2004/09
Doug Holland AMA Executive VP
3517 Fernwood Dr. Raleigh, NC 27612
- Home: (919) 787-5163
- Office: (919) 787-7454
This month I will begin presenting the 2003 audit report statement by statement. Below are the Statements of Financial Position, formerly known as the balance sheet. Current assets increased while receivables and inventory decreased. The receivables are similar to those reported in 2002; any decrease means more money in the bank.
You will note that investments increased, reflecting an increase in fair market value. Property and equipment decreased because of depreciation write-off and no new acquisitions. Other assets consist primarily of goodwill related to the IMS purchase.
Liabilities and net assets indicate a favorable change. Current liabilities decreased from last year. The decrease in accounts payable and accrued expenses is substantial and produces a favorable result. Deferred membership revenue increased. The deferred membership revenue line represents monies paid in advance of one year by members desiring two years or more of membership.
Under long-term liabilities, the revenue bonds have a current maturity of $3,800,000; principal curtailment is $200,000 per year. Interest is paid on a regular basis. Net assets increased for the year. This is book value, which is arrived at primarily by costing out the assets and deducting the liabilities. The complete audit report is presented on the AMA website for your convenience. Should you have any questions, I will be happy to discuss them with you.
Thought for the day: Two old men were standing on the corner talking. One said to the other, "You know, I have to hurry up and die." The second one said, "What in the world are you talking about?" The first one said, "All my friends have already died and gone to Heaven and I am sure they are wondering where I am."
A-B-C — Always Be Courteous. Until later...
THE ACADEMY OF MODEL AERONAUTICS, INC.
STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2003 AND 2002
ASSETS
- Current assets
- Cash and cash equivalents: $6,293,032 (2003), $5,735,594 (2002)
- Receivables: $99,312 (2003), $107,201 (2002)
- Inventory — at cost: $173,250 (2003), $232,633 (2002)
- Prepaid expenses: $634,871 (2003), $472,608 (2002)
- Total current assets: $7,200,465 (2003), $6,548,036 (2002)
- Investments: $3,535,651 (2003), $3,175,621 (2002)
- Property and equipment, net: $8,325,429 (2003), $8,614,849 (2002)
- Other assets: $92,413 (2003), $107,379 (2002)
- Total assets: $19,153,958 (2003), $18,445,885 (2002)
LIABILITIES AND NET ASSETS
- Current liabilities
- Accounts payable and accrued expenses: $61,661 (2003), $227,299 (2002)
- Current maturities of revenue bonds: $200,000 (2003), $200,000 (2002)
- Competition funds escrow: $91,177 (2003), $91,985 (2002)
- Deferred membership revenue (current): $5,010,492 (2003), $4,868,292 (2002)
- Prepaid royalties and deferred IMS revenue: $213,115 (2003), $204,223 (2002)
- Total current liabilities: $5,576,445 (2003), $5,591,799 (2002)
- Deferred membership revenue (long-term/noncurrent): $446,447 (2003), $371,117 (2002)
- Long-term liabilities
- Revenue bonds — net of current maturities: $3,800,000 (2003), $4,000,000 (2002)
- Deferred compensation: $29,357 (2003), $27,101 (2002)
- Total liabilities: $9,852,249 (2003), $9,990,017 (2002)
- Net assets
- Unrestricted net assets: $8,885,658 (2003), $8,122,192 (2002)
- Temporarily restricted net assets: $416,051 (2003), $333,676 (2002)
- Total net assets: $9,301,709 (2003), $8,455,868 (2002)
- Total liabilities and net assets: $19,153,958 (2003), $18,445,885 (2002)
Transcribed from original scans by AI. Minor OCR errors may remain.
