Treasurer's Report

Sept/Oct 2006

Fiscal Year Ending December 31, 2005

By Tong Lee

Financial results for fiscal year 2005 were positive with a net income of $12,605. 

Total revenue was $1,272,104, an increase of $27,641 over last year, primarily due to a profitable U.S. Nationals tournament and an increase in website advertising revenue. 

Total expenses for 2005 were $1,259,499, an increase of $104,618 over the previous year.  This increase was primarily due to $50,000 for TV production relating to the Pro Tour.  USATT anticipated the reimbursement of this amount under a contract at the time of booking a Pro Tour, but did not receive reimbursement for it because the contract was not executed for various reasons.  Had the contract been mutually canceled or suspended, USATT would not have committed to a Pro Tour.  As a result, the U.S. Open-Pro Tour suffered a loss of $29,050.  Legal expenses of $56,814 related to the Killerspin arbitration and an increase in expenses for membership services, especially insurance premiums, also contributed to the increase in expenses. 

Athlete development enjoyed an increase in spending of $33,741.  Funding for coaching development and for officials increased by $11,694, and funding for collegiate table tennis increased by $8,600 to $10,600. 

The financial strength of USATT continues to grow with an increase in Net Assets from $384,425 to $397,030 during the year.  Cash and cash equivalents increased from $341,347 to $373,384.   

Our independent auditor gave USATT a clean opinion on the audit of our financial statements for 2005.  

This is my last report as the Treasurer of USATT because my term expires in the Fall.  I take pride that under my watch, the financial state of the Association has improved significantly.  USATT financial house is in order and we have generated a cumulative surplus of $355,000 in the last four fiscal years.