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.