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Third try!



HI to all sorry if you get this post twice the two first one seems to 

not made it...

On my spare time i recently read over the 2003 AMSAT financial 
statement. I try to figure out if AMSAT financial results as of 
december 31 2003 resulted in a gain or a deficit?

I understand in this 2003 financial reports there is some reference 
to "Estimates" as the preparation of financial statements in 
conformity with generally accepted accounting principles requires 
management to make estimates and assumptions that affect certain 
reported amounts and disclosures. Accordingly, actual results could 
differ from those estimates.

I also noted that SFAS 117 and 125 dated back as they where "elected 
to adopt" in 1995 has been resurrected. From my point of view this 
only contribute to messed up financial reports understanding.

If i read the revenue/expenses section i get an "unrestricted" gain 
of 292127$ or a loss of 125265$ if i excluded the "contributions" eg: 

in kind contributions?

>From the stand-point philosophical it's fine but  it's not what i 
called crystal clear clarity.

My first question is: did AMSAT is making or loosing money in 2003?
And how come some contributed services costs on satellite constructed 
after 2002  should be depreciated over a 4 years span? AMSAT is a non 
profit organization? (no income tax to be paid) why should we 
calculate any depreciation here?

At least this seems to indicate that AMSAT is forecasting on a 4 
years life span on the satellites build after 2002? Or this new way 
of presenting the financial statements is geared to attract 
donations?

I'm not too sure i will feel right when asking for donations based on 


this paper! when a total "assets/revenue over expenses" mix seems to 
top 1 million (918299$).

We are all aware that near nobody will donate to a loosing money 
business If it's the intent fine but should we called this innovated 
accounting or new age accounting?

I'm probably out in the field but i'm sure someone will correct me? 
Failing to do so will be much more puzzling for me!





"-"
Luc Leblanc VE2DWE
Coordonnateur AMSAT Quebec coordonnator
AMSAT 33583
www.qsl.net/ve2dwe 
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