The CPA firm, Waugh and Associates, P.C., audited the Association’s financial records and prepared the IRS tax return, Form 990 ( www.usatt.org/news/990/2001_990_Form.doc). USATT mailed the 990 to the IRS in late April 2002.

In FY 2001, the Association generated revenues of $1,030,064 and incurred expenses of $1,030,036, and the result is a net gain of $28. The modest surplus, compared to a deficit of $176,000 in FY2000, could be attributed to the fiscal restraint on expenditures imposed by the Board and on tighter internal controls to ensure that, as best as possible, expenses did not exceed budget appropriations. While these FY 2001 results show that we have learned from the experience in FY 2000, there is more to be done to make the bottom line even better. We expect future financial results to be better as we also are looking at ways to find new sources of revenue and to reduce or cut expenses – including those expenses that are traditionally considered as immune to any budget cuts.

The independent auditor’s report will not be available on the web site, but USATT members may request in writing a copy of this 11-page report from headquarters. Please include a check of $3.07 to cover the cost of photocopying and postage.

Tong Lee

Treasurer