Addendum to the 2005 Annual Report
U. Tamm, AGA Treasurer
This report consists of financial information for Fiscal year 2005 (3/1/04 to 2/28/05) and a Fiscal Gap year (3/1/05 to 5/31/05). The Fiscal Gap year allowed us to start our corporation fiscal years on the first day of June. This change required double filing with IRS (Form 990) as well as with the New York State (CHAR500). In terms of time and effort this was not an easy task and coupled with the change in the TreasurerâÄôs position, only a hand full of capable people could have pulled this off. Pleased to say that Ben Bernstein carried this burden very ably for AGA.
This financial reports shows that AGA is in proper financial health and can look toward the next fiscal year with full confidence of being able to meets its commitments. Figures shown in this report have been generated by my predecessor, Ben Bernstein, and show a substantial increase in our total net assets in the amount of $32,503 for FY05. During the three month period our total net assets show a loss of ($16,203) this is largely because of payout to Cotsen and RIT for the 2004 Congress. AGA still needs to complete the 2004 Congress accounting, cover the committed funds for the Summer Camp program as well as to the 2005 Congress. Total assets increase is high but temporary due to the receipt of the 2005 Congress funds and will be reduced substantially when the funds are paid out. This is reflected in the large increases in our total short term liability.
AGA has been very fortunate to have been a recipient of a grant from ING Chang-Ki Weich Educational Foundation of $80,000 per year, since 1994. Due to the uncertainties in the world economy there maybe a chance that we could see a reduction in the funds allocation.