CookinÂ’ the Books

the Books

By Peter Huston

US Sailing’s August 18, 2008 Board of Directors minutes shows that
they are moving the $145,000+ in legal expenses for the Rios-Hall Windsurfer
Reopened Hearing and Arbitration back into to 2007 fiscal year. Full report
Board Report here , below is the relevant excerpt –

Treasurer Keller noted that the association’s Cash Flow is good.
Keller also explained that the auditors had moved the $145,000 expense
associated with the Olympic Team Selection for the Women’s Windsurfing
event to FY2007 as the issue began in 2007 and so should be accrued
to that year. FY2007 still remains a positive year in financial terms,
while the actual payment of cash occurred mostly in FY2008.