Tim Redman on USCF Financial History
samsloan
lose money until the last year (fy 99) that you were both on the Board
didn't jive with my memory, and since you also have a different
recollection, I went back to check the audited financials. Here is
what I discovered:
1996-1997 (fy 97)
Increase or (Decrease) in Net USCF Assets: (117,542).
Gain or (Loss) resulting from LMA investments: 120,601.
Gain or (Loss) due to Operations: (238,143).
Thus for that year, LMA gains masked operational losses.
1997-1998 (fy 98)
Increase or (Decrease) in Net USCF Assets: (2,916).
Gain or (Loss) resulting from LMA Investments: 101,283.
Gain (or Loss) due to Operations: (104,244).
Thus for that year, LMA gains masked operational losses.
1998-1999 (fy 99)
Increase or (Decrease) in Net USCF Assets: (226,505).
Gain or (Loss) resulting from LMA Investments: 148,033.
Gain or (Loss) due to Operations: (374,538).
Thus for that year, too, the third year in a row, LMA gains masked
operational losses.
LMA gains or losses are due to the actions of the LMA Committee which
acts independently of the Board. Operational gains or losses are under
the control of the Board and management.
One anecdote. In Istanbul at the Olympiad in Fall of 2000, Sam Sloan
approached me expressing serious concern about LMA losses. I'm afraid
that he was shocked when I shrugged him off, but my view was that the
LMA operated completely outside of Board control and thus I couldn't
do anything about it. In fact, LMA lost (98,096) in 2000-2001 (fy
2001).
Therefore, using the audited financial statements, we can see that
serious operational losses started in 1996-1997, and for three years
they were masked by gains in the LMA Fund.
Cordially,
Tim
asca...@aol.com
This was the heart of the glorious Chessdon Schultz era.
When we were in Kona at the US Open in 1998, it was reported to the
delegates that we had made a $20,000 profit for the year and the board
promptly awarded ED Mike Cavallo a $20,000 bonus.
Of course, there was no $20,000 profit. It was an accounting trick.
All of Don Schultz years have been adjusted downwards and every year
was a loss.
Those of us who have been around for awhile will remember the
Chessdon's famous charts where every year lost money but Don was able
to show charts that reflected only gains. Don thought nothing of
cherry picking the months that he would count and those that he would
not.
Now we know even those numbers were nonsense but then nobody knew for
certain.
There was one guy who had it right and that guy was Tom Dorsch. Look
how they smeared him.
Richard Peterson
marika
<asca...@aol.com> wrote in message
news:a8f65e64-0ed6-456e...@z16g2000prd.googlegroups.com...
>When we were in Kona at the US Open in 1998, it was reported to the
>delegates that we had made a $20,000 profit for the year and the board
>promptly awarded ED Mike Cavallo a $20,000 bonus.
'Any other number would mean you are wrong' - HAHAHHAHHAH!
>Of course, there was no $20,000 profit. It was an accounting trick.
So can you send me the 'Rope Facts'
mk5000
"So I tried to surround myself with real love
You know, the kind that make them wheels go 'round
I get so low I need a little pick-me-up
I get so high I need a bring-me-down "--stars of leo, m ward
None
>
> - Show quoted text -
You just didn't know how to read the Weasel's charts. There are two
ways. Turn them upside down or stand on your head while reading the
charts.