February Financial Report

[Gene Klodzen]

The text of the cover memo to the February financial report is as
follows:


The February figures show a positive $33 thousand result for the month,
and a fiscal year-to-date result of $105 thousand. These figures are far
more favorable than budget and prior year. Trade accounts payable
remained at a low level ($28 thousand), and the gross liquidity reserve
(investments less loan balance) rose $16 thousand to $1.338 million.

February member dues of $123 thousand were roughly $10 thousand better
than both budget and prior year, bringing year-to-date dues to within $3
thousand of budget. The month also saw several unusual cash inflows.
Museum results reflect receipt during February of a $17 thousand grant
from the state of Pennsylvania. This is particularly welcome support
because it is for general operational support of the Museum; most grants
are more restricted as to use. School results reflect a $10 thousand
gift in February from one of the students; the corresponding expense has
not yet been incurred.

Also during February we have begun stating operational expenses on an
accrual basis instead of on a cash basis as we have been doing. This
means recording expenses when they are incurred rather than when they
happen to be paid. The difference between the two approaches is
relatively small this month because accounts payable changed (decreased)
by only $1 thousand in the month. Going forward, the accrual basis will
give a more timely view of expenses as they are committed.

Even without the unusual cash inflows and the accounting change,
February would have been a positive month. In addition to the strong
dues result, the School continued to do well, and expenses remained
better than budget (except for printing and mailing costs which were
paid a month earlier than budgeted).

We remain in the strongest relative position of the last several years.
It continues to appear that we'll end this fiscal year with positive
cash flow and materially improved net liquidity. It's good that dues are
currently almost where we expected, but they are $45 thousand below last
year and expected to continue declining until membership starts to grow
anew. No further dues increases are in prospect, so building other
sources of revenue-grants and endowment--remains a primary issue.

David Wood
Treasurer
davhalwood@prodigy.net
NAWCC members may view more expanded details by visiting theNAWCC eMart (http://64.177.31.199/cgi-bin/classifieds/classifieds.cgi) and look in the Announcements, Headquarters section.
Ray Fanchamps


[This message has been edited by Ray Fanchamps (edited 03-28-2002).]

[Gene Klodzen]

The text of the cover memo to the February financial report is as
follows:


The February figures show a positive $33 thousand result for the month,
and a fiscal year-to-date result of $105 thousand. These figures are far
more favorable than budget and prior year. Trade accounts payable
remained at a low level ($28 thousand), and the gross liquidity reserve
(investments less loan balance) rose $16 thousand to $1.338 million.

February member dues of $123 thousand were roughly $10 thousand better
than both budget and prior year, bringing year-to-date dues to within $3
thousand of budget. The month also saw several unusual cash inflows.
Museum results reflect receipt during February of a $17 thousand grant
from the state of Pennsylvania. This is particularly welcome support
because it is for general operational support of the Museum; most grants
are more restricted as to use. School results reflect a $10 thousand
gift in February from one of the students; the corresponding expense has
not yet been incurred.

Also during February we have begun stating operational expenses on an
accrual basis instead of on a cash basis as we have been doing. This
means recording expenses when they are incurred rather than when they
happen to be paid. The difference between the two approaches is
relatively small this month because accounts payable changed (decreased)
by only $1 thousand in the month. Going forward, the accrual basis will
give a more timely view of expenses as they are committed.

Even without the unusual cash inflows and the accounting change,
February would have been a positive month. In addition to the strong
dues result, the School continued to do well, and expenses remained
better than budget (except for printing and mailing costs which were
paid a month earlier than budgeted).

We remain in the strongest relative position of the last several years.
It continues to appear that we'll end this fiscal year with positive
cash flow and materially improved net liquidity. It's good that dues are
currently almost where we expected, but they are $45 thousand below last
year and expected to continue declining until membership starts to grow
anew. No further dues increases are in prospect, so building other
sources of revenue-grants and endowment--remains a primary issue.

David Wood
Treasurer
davhalwood@prodigy.net
NAWCC members may view more expanded details by visiting theNAWCC eMart (http://64.177.31.199/cgi-bin/classifieds/classifieds.cgi) and look in the Announcements, Headquarters section.
Ray Fanchamps


[This message has been edited by Ray Fanchamps (edited 03-28-2002).]