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Re: Re: AMSAT-BB-digest V2004 #195



Hi, Barry,

Perhaps I can help here.

At 06:13 AM 31-05-2004, Barry wrote:
Didn't we also take money from the reserve to pay for Echo?  The above 
statement isn't actually correct.  The bulk of the money for ECHO was taken 
out of the reserve and will never be replaced. Which is it? Do we pay for 
satellites from the reserve or donations?

To answer your questions.

[1] ALL money in the reserves came from contributions over many 
years.  Much of the reserve funds came from Life Members' lump sum 
payments.  Interest and dividends from investing the reserves pays for 
their services and provides some other income to AMSAT whenever possible.

[2] Much of the money paying for AO-Echo came from contributions 
specifically designated for that purpose as required by law and rule.  See 
audited financial statements on line for more details.

[3] Your representatives on the Board of Directors thought it wise to 
borrow some money from the reserves to see that this satellite becomes a 
reality as soon as reasonably possible.  Donations received were not enough 
to cover the entire cost.  The reserves will have to be repaid to meet Life 
Member commitments.  (Keep those checks coming in!  Use PayPal!  Call Martha!!)

[4] Nothing is free except a great deal of work and in-kind donations 
contributed by Members and friends.

[5] We still need money to pay for services and commodities we cannot get 
donated.  Money, securities, and other donations from Members and friends 
helps enable AMSAT to deliver the services and facilities you have come to 
expect and enjoy.

Make sense?

73, art.....


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