Subject: 1st Quarter 2012 Financial Report
From: <[email-masked]>
To: "Boulden Dan" <[email-masked]>, "Grant Ken" <[email-masked]>, "Heron Tracy" <[email-masked]>, "Kirchstein Jim" <[email-masked]>, "Nelson Karen" <[email-masked]>, "Olson Char" <[email-masked]>, "Price Kay" <[email-masked]>, "Roberts Jim" <[email-masked]>, "Russell Pat" <[email-masked]>, "Schroeter Rodney" <[email-masked]>, "Schweitzer David & Mary" <[email-masked]>
Date: Mon, 7 May 2012 16:40:10 -0500

ADS BOARD

The financial report was inadvertently sent out without these accompanying notes which are an integral part of the statement:

1.  Please note the sharp discrepancy between income and expenses for the 1st quarter.  Dues renewals for the quarter were 38% lower than in the 1st quarter of 2011 while book sales have held steady.  Expenditures, on the other hand, were almost 5.4 times as high for the same period resulting in a drastic shrinkage of available cash in the checking account.  Despite a transfer of over $4,200 from the matured Waterstone Bank CD to the checking account in January, the balance in the account as of today (May 7) is only $1,566.52 after accounting for uncleared checks and credit card payments.  Clearly, control over expenditures is a subject that should be addressed at the June 3 board meeting.

2. The total liquid assets are overstated by the value of books sold in the quarter.  That is a relatively minor figure that will be adjusted in future reports.

Should you have any questions concerning the report, they may be addressed at the June 3 board meeting.

Respectfully submitted,

Perry Huntoon
Treasurer