"Chess One" writes:

**I think its clear that this board member is exculpating himself from any
responsibility for the projected loss of $314,000.

There is no such projected loss.

ROFL.

You are paid to do what, Mike? Who is Donna Alarie?

Donna, like me, is a member of the Finance Committee.

The key word is PROJECTED. The financial reports themselves do not
contain any projected results, though they do show some budget figures
for the full fiscal year.

Through December the USCF was well ahead of the (cash based) budget.
Comparisons to an accrual-based budget were not made, since we don't
have an accrual-based budget for the current fiscal year, but in my
section of the Phase I report (available on the website, even to non-members
such as yourself) I noted that current year revenue was slightly ahead of
last year's pace, as was deferred revenue. The latter is due to
increased multi-year membership sales.

Moreover, the budget was based on membership revenue of $1.7 million,
a $50,000 decrease in membership revenue compared the 2005-06 fiscal
year results. Depending on what happens with memberships in the next
3 1/3 months, we could actually top $1.8 million in memberships collected
during the current fiscal year.

The group that met in Crossville in January did come up with a projected
result, their consensus range was that the USCF would finish the year
somewhere in between a $50,000 loss and a $10,000 profit. Looking at
the 8 month numbers, we still appear to me to be on pace to achieve that.

Nobody has ever denied that the results through 7 months (now 8 months)
are in the red. That's due to the seasonal nature of the USCF's
two main revenue streams, memberships and tournament entry fees.

We're in the best months of the year for membership revenue now (Nov-April)
and the best months for tournament revenue are yet to come: March and April.
--
Mike Nolan