1998 annual Treasurer's annual report

National Guard, Oct 1998 by Walker, Emmett H Jr

THE 1997 NGAUS FINANCIAL REPORT

During the mid-year review, the Committee on Finance received a comprehensive briefing on the 1997 financial statements from our auditors, Stoy, Malone and Company. The Committee on Finance recommended to the Executive Council that they accept and approve the 1997 annual audit. The report was unanimously approved by the Executive Council.

Our 1997 Consolidated Statement of Activities reflects $71,696 change in net assets, otherwise known as net income. For the second year in a row, this positive change in net assets is a result of increased earnings from our investment activities. Our 1997 Statement of Financial Position, otherwise known as a balance sheet, reflects total assets and/or liabilities and net assets (equity) of $37,095,925-the value of our Memorial building represents over 60 percent of that total. The pie charts on page 33 summarize our 1997 activity and the budget projections for 1998. Figure 1 depicts the 1997 audited consolidated statement of activities. Figure 2 reflects our 1998 budget for revenue and expenses as approved by the Executive Council during the midyear review.

We are on the right path to financial stability. However, I must once again reiterate that we must confront the challenges of being an owner of commercial real estate, improve our membership participation and percentages and promote our non-dues revenue producing programs. These issues are key in maintaining the Association's financial health and political clout. We are members and custodians of a sound organization with 120 years of tradition as your voice in the nation's capitol. My final word is that the NGAUS cannot serve the Guard without the financial participation and political support of the officers of the Guard. If you believe the NGAUS is critically necessary for the continued existence of the National Guard, as I do, stand up and be counted. Let's get our membership up and support the insurance, financial and other non-dues programs so that the NGAUS can afford the tools it needs for the real battle in Washington.

THE FINANCE COMMITTEE

The Committee on Finance is a standing committee as prescribed by the By-laws and composed of seven appointed members-one from each of our six areas, plus a chairman. Your elected president and treasurer serve as ex-officio members. Brig Gen Lyle Rich serves as the committee's chairman. The members are Lt Col Peter Renaghan (Area 1), Brig Gen Bruce F Tuxill (Area II), COL Robert W Sullivan (Area III), BG Howard (Luke) Goodwin (Area IV), COLJohn Newman (Area V), and MG Raymond F Rees (Area VI). They all deserve our gratitude for their fine job.

Editor's note: MG Richard C. Alexander delivered the 1998 President's Annual Report in September at the 120th General Conference in Milwaukee. His report, which was summarized in the President's Message in the September issue of NATIONAL GUARD, can be found in its entirety on the NGAUS web page at www.ngaus.org.