Another year of Fake Numbers from the USCF

USCF Executive Director Bill Hall writes the following in the USCF
BINFOS:

"To the USCF Executive Board:

"The audit is winding down and we should have a Draft for circulation
by Tuesday. The bottom line should show a loss of $53,000. Although
you never can be happy with a loss, considering the extra expenditures
for Spectrum (and the profit-sharing plan), increased legal expenses,
a significant write-off in inventory, and some significant losses on
two investments, I believe we did not do too poorly this year."

If the loss was really only $53,000 we might agree. By the way, that
number includes $13,000 in unnecessary Internet Insurance that Joel
Channing insisted that the USCF get to protect HIS assets.

However, as Grant Perks explains in a posting to Susan's
chessdiscussion group, that number is arrived at after the office
ignored the $50,000 cap that the delegates voted to place on imaginary
money received from the Life Membership Account. Grant Perks explains,
"the office knows the year end adjustment will be made each year and
they can spend based on the cap being reversed".

samsloan wrote:

IS BANKRUPTCY LOOMING?

Let us assume, for the sake of argument, that
soft-spoken Hanon Russell, the Stalin of U.S. Chess,
forks out $58,000 of the $85,000 he is said to owe.
That would still put Sam's claimed loss at $200,000.

Does anyone dispute the ballpark figure that
Sam's provides? If so, why? If not, then how many
more such losses can the Federation endure before
going under.

I'd like to hear your estimates. Will there be
a federation in, say, three years' time if the past
fiscal year is repeated thrice over?

Yours, Larry Parr

Brian Lafferty wrote:

On Jul 24, 2:19 am, "parrthe...@cs.com" cs.com> wrote: