Executive VP’s Report
Doug Holland — AMA Executive VP
- 3517 Fernwood Dr., Raleigh, NC 27612
- Home: (919) 787-5163
- Office: (919) 787-7454
Below is presented the Statements of Activities for the years ended December 31, 2003 and 2002. They are shown as comparative statements to highlight changes between the two years. Total revenue for 2003 was $9,152,415 and for 2002 was $7,916,247, an increase of $1,236,168.
The line titled "Net Assets Released from Restrictions" represents funds given for specific purposes (e.g., grounds, equipment, museum) and reflects expenditures for each year. That amount can change drastically depending on available funds and necessity.
Total expenses for 2003 were $9,096,681 and for 2002 were $8,677,442, an increase of $419,239. This yields an excess of revenue for 2003 of $96,142, whereas in 2002 there was a deficit of ($617,408).
"Other Revenue and Expenses" primarily reflects the loss in the stock market for 2002 and the gains in 2003. For more detail on this line item, see the AMA website at www.modelaircraft.org.
The Temporarily Restricted Net Assets indicate a balance in 2003 of $82,375 to spend on designated objectives.
The net asset totals tie into the Statements of Financial Position presented in last month’s column and reflect the AMA’s net worth after liabilities are removed on a historical basis.
Humorous anecdote: Did you hear about the man who bought a humidifier and a dehumidifier? He put them in the same room, turned them on, and let them fight it out.
A-B-C — Always Be Courteous. Until later ...
THE ACADEMY OF MODEL AERONAUTICS, INC.
Statements of Activities
Years ended December 31, 2003 and 2002
Unrestricted Net Assets — Revenue
- Membership — 2003: $7,735,083 (84.3%); 2002: $6,639,768 (82.4%)
- Club charter fees — 2003: $250,810 (2.7%); 2002: $122,985 (1.5%)
- Event sanctions and insurance — 2003: $44,989 (0.5%); 2002: $43,030 (0.5%)
- Supply, souvenir and merchandising sales — 2003: $191,367 (2.1%); 2002: $215,570 (2.7%)
- Model Aviation advertising — 2003: $851,032 (9.3%); 2002: $803,924 (10.0%)
- Model Aviation subscriptions — 2003: $79,134 (0.9%); 2002: $90,970 (1.1%)
- Total revenue — 2003: $9,152,415 (99.8%); 2002: $7,916,247 (98.2%)
- Net assets released from restrictions — 2003: $40,408 (0.2%); 2002: $143,787 (1.8%)
- Total revenue including releases — 2003: $9,192,823 (100.0%); 2002: $8,060,034 (100.0%)
Expenses
- Operating expenses — 2003: $6,300,326 (68.4%); 2002: $5,785,654 (71.5%)
- Model Aviation magazine direct costs — 2003: $1,900,641 (20.6%); 2002: $1,973,133 (24.5%)
- Supply and souvenir costs — 2003: $81,948 (0.9%); 2002: $69,476 (0.9%)
- Depreciation and amortization — 2003: $587,994 (6.4%); 2002: $602,340 (7.5%)
- Officer services including magazines — 2003: $170,134 (1.9%); 2002: $181,753 (2.3%)
- Committees — 2003: $55,638 (0.6%); 2002: $65,086 (0.8%)
- Total expenses — 2003: $9,096,681 (98.8%); 2002: $8,677,442 (107.5%)
- Excess (deficiency) of revenue over expenses from operations — 2003: $96,142 (1.2%); 2002: ($617,408) (7.5%)
Other Items
- Other revenue (expenses) — net — 2003: $668,753 (7.3%); 2002: ($325,096) (3.9%)
- Additions to museum collection — 2003: ($1,429); 2002: ($27,411) (0.3%)
- Net change before temporarily restricted items — 2003: $763,466 (8.5%); 2002: ($969,915) (11.7%)
Temporarily Restricted Net Assets
- Contributions and interest — 2003: $122,783 (1.3%); 2002: $140,093 (1.7%)
- Net assets released from restrictions — 2003: ($40,408) (0.4%); 2002: ($143,787) (1.8%)
- Temporarily restricted net assets — 2003: $82,375 (0.9%); 2002: ($3,694) (0.1%)
Change in Net Assets
- Increase (decrease) in net assets — 2003: $845,841 (9.4%); 2002: ($973,609) (11.8%)
Net Assets
- Beginning of year — 2003: $8,455,868; 2002: $9,429,477
- End of year — 2003: $9,301,709; 2002: $8,455,868
Transcribed from original scans by AI. Minor OCR errors may remain.
