Crawling out of the Hole

For those who say we’re going in the wrong direction:

(from the Statement of Financial Positions sent to the AMC each month)

November 30, 2009
    Assets: $3,333,006.05
    Liabilities: $4,946,217.98
    Net Assets: ($1,613,211.93)

December 31, 2009:
    Assets: $3,164,290.84
    Liabilities: $4,755,266.57
    Net Assets: ($1,590,975.73)

Remember that the liabilities comprise mostly long term liabilities—money received but earmarked for future service to multi year and life members. It is not actually money we “owe” to any creditors.

Notice that in a month, we have made progress out of the hole by $22K. We have a ways to go, but you cannot say that we are heading in the wrong direction. At this rate, in a year we'd get out to the tune of ~$264K a year. Add in the $150K budgeted for restoration of reserves, and  we can be back in the black in less than 5 years.