Massachusetts Chess Association

General Fund Income Statement

July, 2002

This Period

This Period

Last Year

Income:

Memberships and subscriptions

$367.45

$163.90

Chess Horizons ad revenue

$89.58

$79.50

Chess Horizons sales

$20.00

$2.00

Interest

$14.79

$21.27

Dividends

$0.00

$115.84

Total income

$491.82

$382.51

Expenses:

Chess Horizons

$1,158.36

$1,214.11

Adult tournaments

$0.00

$6.44

Administrative expenses

$13.49

$26.00

Bad debts

$250.00

$0.00

Total expenses

$1,421.85

$1,246.55

Net income (loss)

($930.03)

($864.04)

Massachusetts Chess Association

Special Funds Income Statement

July, 2002

Income:

Future Year Membership Fund

$36.00

FY04

$24.00

FY05

$12.00

Living Memorial Chess Fund

$441.10

Interest

$1.40

Dividends

$14.70

Donations

$425.00

Comeau Fund, Interest

$1.02

Hurvitz Fund, Interest

$4.01

Interest

$4.01

Prison Chess Fund, Interest

$0.79

Total income

$482.92

Expenses:

FY03, Transfer to General Fund

$19.75

Prison Chess Fund, Program expenses

$3.10

Capital Equipment Fund, Depreciation expense

$14.54

Total expenses

$37.39

Net income (loss)

$445.53

Life Membership Fund

$0.00

Future Year Membership Fund

$16.25

Living Memorial Chess Fund

$441.10

Comeau Fund

$1.02

Hurvitz Fund, Interest

$4.01

Prison Chess Fund

($2.31)

Capital Equipment Fund

($14.54)

Massachusetts Chess Association

Statement of Changes in Fund Balances

July, 2002

Fund balance

Plus:

Plus:

Fund balance

7-1-2002

Net Income

Unrealized gain

7-31-2002

General Fund

$9,523.89

($930.03)

$8,593.86

Life Membership Fund

$28,783.92

$0.00

$0.00

$28,783.92

Future Year memberships:

FY03

$237.00

($19.75)

$217.25

FY04

$38.00

$24.00

$62.00

FY05

$0.00

$12.00

$12.00

Living Memorial Chess Fund

$13,180.92

$441.10

$0.00

$13,622.02

Comeau Fund

$842.59

$1.02

$843.61

Hurvitz Fund, Principal

$3,625.00

$0.00

$0.00

$3,625.00

Hurvitz Fund, Interest

$1,295.33

$4.01

$1,299.34

Prison Chess Fund

$652.53

($2.31)

$650.22

Capital Equipment Fund

$716.46

($14.54)

$701.92

Total fund balances

$58,895.64

($484.50)

$0.00

$58,411.14

Massachusetts Chess Association

Balance Sheet

As of July 31st 2002

ASSETS:

Cash in savings, Citizens Bank, N.H.

$18,134.48

General Fund

$4,990.68

Life Membership Fund

$6,899.05

Future Year Membership Fund

$291.25

Living Memorial Chess Fund

$1,154.06

Comeau Fund

$843.61

Hurvitz Fund, Principal

$2,125.00

Hurvitz Fund, Interest

$1,180.61

Prison Chess Fund

$650.22

Cash in checking, Citizens Bank, N.H. (General Fund)

$10.82

Cash at Berthel Fisher

$3,994.98

General Fund

$383.13

Hurvitz Fund, Interest

$118.73

Life Membership Fund

$3,443.00

Living Memorial Chess Fund

$50.12

Long term investments

$33,166.88

Life Membership Fund

$19,249.04

Living Memorial Chess Fund

$12,417.84

Hurvitz Fund, Principal

$1,500.00

Decline to market on long term investments

($807.17)

Life Membership Fund

($807.17)

Advertising revenue receivable

$1,182.75

Other accounts receivable

$187.68

Prepaid expenses

$2,331.72

Capital equipment less depreciation

$701.92

Computer equipment

$700.00

Computer software

$103.95

Accumulated depreciation

($102.03)

Total assets:

$58,904.06

Massachusetts Chess Association

Balance Sheet

As of July 31st 2002

LIABILITIES:

Accounts payable

$7.50

Unearned advertising revenue

$460.42

Reserve for tournament expenses

$25.00

Total liabilities

$492.92

FUND BALANCES:

General Fund

$8,593.86

Life Membership Fund

$28,783.92

Future Year Membership Fund

$291.25

FY03

$217.25

FY04

$62.00

FY05

$12.00

Living Memorial Chess Fund

$13,622.02

Comeau Fund

$843.61

Hurvitz Fund, Principal

$3,625.00

Hurvitz Fund, Interest

$1,299.34

Prison Chess Fund

$650.22

Capital Equipment Fund

$701.92

Total fund balances

$58,411.14

Total liabilities and fund balances

$58,904.06