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Echo and how it was paid for

On May 31, 2004, at 11:32 PM, Arthur H Feller wrote:

> 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.....

Perhaps you might provide a break down of money from donations and 
money which was taken from the reserve and will never be replaced. In 
the two budgets I helped prepare there were two large payments out of 
the reserve towards ECHO.(100,000 dollar range)

Since the reserve is made up of stock shares and mutual funds and the 
the reserve lost value over the last few years I can't imagine there 
being much extra income coming from the reserve.

I regards to point # 5 the services AMSAT delivers are shrinking and 
"Services" exclusively for members is almost non-exsistant. Our yearly 
dues is basically paying for a monthly Journal and Martha's salary and 
the related expenses.

So most of what you said makes sense I am just not sure to who.

Sent via amsat-bb@amsat.org. Opinions expressed are those of the author.
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