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RE: [ans] ANSel and Gretel.. - Meisse Reply # 2 -

Below is the explanation you requested.

1) The financials in the 2003 AMSAT Annual Report are indeed 2002 numbers..
The Annual Report was needed for fund raising purposes by a specific
deadline and the 2003 Audited financials were not yet complete. As a result,
I used the prior year's numbers. That very subject I spoke about this week
in the ANS when I mentioned that we had made some changes that have resulted
in a more timely preparation of our year-end numbers. These changes have
resulted in the 2004 Audit having already been started with results expected
shortly. Better, more timely information is vital to our management of the
organization. We have made significant progress in making all these elements
more timely.

2) The 2003 Annual Report spoke about activities which took place up to and
including 2003. The Annual Report is an essential Annual product which we
had not had for years and needed to be fixed without further delay so we
went with what we had available.

3) By way of background, let me say that the "Operational Financial
Statements" the "Audit", and the IRS 990 Tax return are very different
things. The Operational financials are created from the day to day
operations of the organization, while the Audit, prepared from the day to
day operational statements, is prepared to the standards of GAAP (Generally
Accepted Accounting Practices) with the anticipation of merging into the US
Internal Revenue Service 990 Tax return. A number of Journal entries are
always needed. That may sound like a contradiction, since a US 501(c)3
corporation, like AMSAT, does not pay taxes, but it is still required that
our IRS Form 990, be stated in very specific terms. It is those terms to
which the audit is structured, so one might find certain items in one place
on the internals and quite another elsewhere. A bit confusing sometimes, but
that's the reality and supports the necessity of having a good year-end
Audit by an outside firm.

4) Finally, the Audit found on the web-site is the 2003, while the 2003
Annual Report contains the 2002 financial numbers... Hopefully, starting
this year that confusion will be eliminated.

Thanks for your continuing interest...

Gunther Meisse
AMSAT Treasurer

-----Original Message-----
From: owner-AMSAT-BB@amsat.org [mailto:owner-AMSAT-BB@amsat.org] On Behalf
Of Luc Leblanc VE2DWE
Sent: Monday, February 14, 2005 11:42 AM
To: amsat-bb@amsat.org
Subject: RE: [amsat-bb] [ans] ANSel and Gretel.. - Meisse Reply -

On 14 Feb 2005 at 8:11, Gunther Meisse wrote:

> Luc,
> I would be more then happy to explain entries found on the AMSAT 2003
> Report & 2003 AMSAT Audit. I wonder if you would be a bit more 
specific on
> your request. Please indicate the description of the numbers which 
> reference. To the left of each number, in both the Audit & Annual 
Report, is
> a description which would make finding your selections a bit 
> Regards,
> Gunther Meisse
> AMSAT Treasurer

Many thank's for your time spent answering my questions Gunther

This triggers some questioning also on the 2003 comments and auditors 
notes regarding the new 2003 AMSAT "inventive" accounting philosophy. 
I could not adequately formulate it without having the dates issues 
solved below. Even if i try to match figures to the 2003 audited 
report on which i should take out and elusive non accountable 
"Contributions" amount i ended up with a deficit of 132316$ still 
don't matching any other figures.

Taken from the 2003 AMSAT annual report

Radio Amateur Satellite Corporation
Sources and Uses of Funds
For the period ending 12/31/2002...............Is this really 2002? 
should read 12/31/2003? if we speak about a 2003 report?

Sources of Funds

Dues-New Members $12,645.00
Dues-Renewal         $94,167.00
Advertising                $8,995.00
Books -AMSAT         $8,191.00
Books-Resale            $1,744.00
Donations - Trinkets $14,806.00
Donations-General    $53,415.62
Donations - Life mem. $7,145.00
President's Club       $38,495.00
Other                            $45.93
AGM Registration     $10,448.45
Interest & Dividends      $678.70
Deposit-KC Tracker    $9,523.00
KC Tracker Expense ($9,069.78)
Royalty SEH                $548.79
Software Donations  $23,465.26
ZRO and QSL Bureau    $97.50
Total INCOME        $275,341.47

 Uses of Funds

Advertising & Promotion         $2,988.10
Bank Service Charges               $547.90
Books for Resale                      $586.95
Booth Rental                          $2,737.50
Components                          $7,955.70
e-mail                                    $1,981.46
Representation/Promotion          $731.59
Equip Rental                           $2,877.93
FR Gift                                      $613.19
Insurance-Health                     $1,396.44
Ins-Liability and Workman's c   $2,326.24
Postage Prep.                         $4,468.07
Legal & Accounting                 $7,520.00
Licenses                                  $649.00
Meeting Supplies                      $246.42
Miscellaneous                          $619.43
Office Supplies & Expenses   $4,785.57
Pension Plan Expense          $6,000.00
Photo/Film                              $245.08
Postage & Shipping            $25,868.44
PO Box Exp(Courier)              $480.00
Printing & Xerox                 $25,738.35
Record Media(disks/cds)        $164.77
Reimbursable Expenses      $4,115.26
Rent                                 $16,911.88
Repairs & Maintenance        $1,499.50
Room Rental                          $509.23
Royalties - Software             $7,947.50
Salaries                            $64,789.67
Service Charge-MC/Visa      $4,348.62
Storage                                 $319.92
Subcontract-Other              $85,000.00
Supplies (Other)                       $69.78
Taxes-Property                       $114.05
Taxes-Payroll                      $4,956.56
Telephone                            $4,403.75
Travel                                 $29,360.00
BOD Meeting Expenses            $60.13
Travel BOD Meeting            $11,489.56
Trophies/Plaques                 $1,280.06
Trinkets                               $9,647.17
Total EXPENSES              $348,350.77
Gross Profit (Loss) ($73,009.30)

On the 2002 Verkouteren Aurbach & Olson audited financial report page 
4 Statement of activities:

I see Total unrestricted revenue and... 194427$
Total expenses                               348000$
(Decrease)                                     (153573$)

That's where my 80564$ came from (157573$-73009$=80564$)  

Luc Leblanc VE2DWE
Coordonnateur AMSAT Quebec coordonnator
AMSAT 33583
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