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The Reds Lie Again -- And Again
Elect Don Schulz and the Reds, and you get huge losses again and again. But
they tell us that we are at break-even. Look at the below from BG's
official Red website, they told us for 3 months in a row that we were going
to hit break-even -- all lies to get people to vote RED in the election,
just like Schulz's big graph lie from years ago. How long are you guys
gonna believe Goichberg and Schulz? How many more times will you let them
lie to you?
3/16/03 USCF $20K closer to even
The USCF financial statements for February, distributed at the Executive
Board meeting today, showed another gain, this time $20,118. This narrows
the deficit for the fiscal year to $60,973, with three months remaining.
This was much better than the budgeted loss for nine months ($110,143),
however, and ED Frank Niro continues to believe that the remaining months
will put the year into the black for the first time since 1995-6.
The release of the long delayed 2001-2 audited report finally appears
imminent. The auditor completed the report in January, but recommended a
change to treating the Life Membership Assets in conformity with GAAP. This
was referred to the Finance Committee, which has now voted unanimously to
accept the auditor's recommendation. We expect to have the report by the
end of the week.
4/22/03 USCF nears breakeven for year
USCF NEARS BREAKEVEN FOR YEAR
The US Chess Federation has reported a $44,517 profit for March, reducing
the loss for the fiscal year ending 5/31/03 to $16,455. Membership
revenue for the month was $245,193 compared to a budgeted $182,350, a sign
that the dues increases approved at last year's annual meeting are proving
As all prior USCF dues increases over a history of 36 years have had a
positive financial result, it is not surprising that this is happening
again. The dues have never shown much cost sensitivity, and after six
consecutive years of losses, it would have been unwise for the delegates to
continue with the existing structure. What is astonishing, though, is that
in their campaign statements in the May Chess Life, two Executive Board
candidates, Hanke and Sloan, are actually calling for adult dues to be
reduced! This position is highly irresponsible, though it may be popular
with voters looking to save money on their memberships.
The 10-month results are $38,532 ahead of budget, and with over $50,000
budgeted surplus for the final two months, it appears likely that the fiscal
year will finish in the black, at least in the unaudited reports.
If the federation shows a profit for the fiscal year, it will be the first
time that has happened since 1995-1996. It should be kept in mind, though,
that the final audited figures have sometimes been disappointing, and that
even some audited results have later been negatively revised (notably for
2000-2001, when an audited $14,000 profit was reported which was later found
to be a six-figure loss).
5/18/03 USCF reports surplus after 11 months
USCF REPORTS SURPLUS AFTER 11 MONTHS
The US Chess Federation financial report for April by Executive Director
Frank Niro is now posted on the USCF website.
The report shows a gain for the month of $24,800, compared to a budgeted
gain of $7,200. With only May remaining to close out the fiscal year, the
Federation is now reporting a small surplus for 2002-2003 ($8,300). This is
$56,100 ahead of the budgeted $47,800 loss for this period.
As the final month of May was budgeted for over $50,000 in profit, and sales
at the National Elementary were unusually strong (about $100,000 compared to
a budgeted $46,000 for concessions for the month), it seems very likely that
there will be a gain for the fiscal year according to USCF's numbers. If
confirmed by the auditors, this would be the first year that USCF has
finished in the black since 1995-1996.
While the end of the federation's streak of consecutive yearly losses would
be cause for celebration, we should keep in mind that several audited
reports and post-audit corrections during the past six years have negatively
altered the expectations of past Executive Directors. In 1997-1998 under ED
Mike Cavallo, an apparent surplus of about $200,000 became a loss of $20,000
when the auditors disallowed the method of LMA accounting recommended by
Finance Committee Chair Jim Pechac. In 2000-2001 under ED George DeFeis, a
small profit was reported and the auditors actually confirmed a gain of
$14,000, but there was actually a six-figure loss; it was later discovered
that substantial accounts payable reports and other items negatively
impacting the bottom line had not been submitted to the auditors.
Fool me once, shame on you. Fool me twice, shame on me. Fool me again and
again, and I must be a USCF member listening to the REDS.