Notes to October 2006 Financial Reports

 

1. Registration revenue during the first 2 months of the 2006 fiscal year is up $139,705 (63.7%) compared to the same period in the 2005 fiscal year. Clubs appear to be registering athletes much earlier then in previous years.
2. A payable to USAS that will be billed and paid in November 2006 of approximately $216,000 is not reflected on the financial statements.
3. Entries in the October 2006 Open totaled 9,676 compared to 8,901 in the October 2005 Open representing an increase of 775 (8.9%).
4. Entries in Club meets totaled 14,297 through October 2006 compared to 12,013 in the same period of the 2005 fiscal year, representing an increase of 2,284 (19.0%).
5. Entries in Club meets that were conducted in both 2005 and 2006 totaled 10,272 through October 2006 compared to 12,013 through October 2005 representing a decrease of 1,741 (16.9%).
6. A total of 11 club meets were conducted through October 2006 with an average of 1,300 entries per meet compared to 6 meets being conducted through October 2005 with an average of 2,002 entries per meet. While the number of club meets has increased in 2006, the increase appears to have resulted in fewer entries per meet thus potentially reducing the net income to clubs that are conducting these meets.
7. A cash flow analysis was prepared for the period September 2004 through October 2006. Based on the analysis, during this period of time, PVS has maintained excess cash averaging $200,000 per month in bank operating accounts (after adjusting the analysis to reflect the new VCB CDs as if they had existed for the entire period). Based on this analysis it is recommended that an additional $100,000 CD be opened at Fidelity & Trust Bank. Current yield on 15 and 18 month CDs is 5.75%. This would increase PVSs financial income by approximately $3,400 per year on $100,000 invested.
8. Equipment rental invoices totaling $2,360 relating to meets conducted during the 2005 fiscal year were billed in October 2006.