chessoffice wrote:I just received this email from Bill Hall.

Bill Goichberg


To the USCF Executive Board:

The audit is winding down and we should have a Draft for circulation by
Tuesday. The bottom line should show a loss of $53,000. Although
you never can be happy with a loss, considering the extra expenditures
for Spectrum (and the profit-sharing plan), increased legal expenses, a
significant
write-off in inventory, and some significant losses on two
investments, I
believe we did not do too poorly this year. With us heading into summer
months, cautious cash management and conservative spending will be
stressed.

June had a loss of a little over $37,000 compared to a loss of over
$86,000
last year. This next week we will be breaking the budget down into
a monthly
distribution so we can make those comparisons. I will send out the June
information next week.

Have a nice weekend.

Regards,


Bill Hall
Executive Director
United States Chess Federation
P.O. Box 3967
Crossville, TN 38557-3967
Phone: (931) 787-1234
Fax: (931) 787-1200
----------------------------------------------------

Bill and Grant, did the auditors verify the amounts for the deferred
memberships from the accounting base or the membership base? Is
management still looking to borrow $50,000 from the LMA? Has the USCF's
$150,000.00 line of credit been reduced by the bank? How much of that
line of credit (with whatever maximum credit line) is still available to
the USCF?

Another question for the boyz. Has the $100,000.00 account receivable
from Chess Cafe been written off as noncollectable or is the USCF going
to try to collect all or some of it?

Brian Lafferty wrote:

chessoffice wrote:I just received this email from Bill Hall.

Bill Goichberg


To the USCF Executive Board:

The audit is winding down and we should have a Draft for circulation by
Tuesday. The bottom line should show a loss of $53,000. Although you
never can be happy with a loss, considering the extra expenditures for
Spectrum (and the profit-sharing plan), increased legal expenses, a
significant
write-off in inventory, and some significant losses on two
investments, I
believe we did not do too poorly this year. With us heading into summer
months, cautious cash management and conservative spending will be
stressed.

June had a loss of a little over $37,000 compared to a loss of over
$86,000
last year. This next week we will be breaking the budget down into a
monthly
distribution so we can make those comparisons. I will send out the June
information next week.

Have a nice weekend.

Regards,


Bill Hall
Executive Director
United States Chess Federation
P.O. Box 3967
Crossville, TN 38557-3967
Phone: (931) 787-1234
Fax: (931) 787-1200
----------------------------------------------------

Bill and Grant, did the auditors verify the amounts for the deferred
memberships from the accounting base or the membership base? Is
management still looking to borrow $50,000 from the LMA? Has the USCF's
$150,000.00 line of credit been reduced by the bank? How much of that
line of credit (with whatever maximum credit line) is still available to
the USCF?