Executive VP's Report - 2004/02
Doug Holland AMA Executive VP 3517 Fernwood Dr. Raleigh, NC 27612
Contact
- Home: (919) 787-5163
- Office: (919) 787-7454
Budget Approval
On November 1, 2003, the Executive Council approved the budget for the year 2004. Total projected income is $10,069,690 and estimated expenses are $9,909,712, resulting in an excess of income over expenditures of $160,878.
Capital Budget
The approved capital budget totals $269,015 and is subject to funding. If we operate at a spending level below the budget projection, those funds become available for capital expenditures. We are generally able to do that because needs and prices change, which in the past has created a surplus in addition to some noncash expenditures that are budgeted items.
It is anticipated that capital expenditures for 2004 will include:
- Buildings improvements and renovations: $110,000
- Land improvements: $17,065
- Equipment: $67,550
- Computers/software: $74,400
Indications are there will be an excess of income over expenses for the year 2003. These funds will also be available for capital expenditures in 2004.
Notes to the Financial Statements
Continuing with reports from the financial statements for the year ended December 31, 2002, the notes presented below relate to the following items:
- NOTE J - Long-Term Liabilities
- NOTE K - Lines of Credit
- NOTE L - Operating Leases
Closing Thought
You may be the only gospel that some people will read. Remember: always be courteous. Until later...
Transcribed from original scans by AI. Minor OCR errors may remain.
