USRowing Association

YTD June 30, 2004 Summary

(000’s Omitted)

The USRowing Board of Directors agreed in July to post the USRowing budget on-line on a quarterly basis. How we perform against budget and how our funds are allocated are questions that are very much of interest to our members. We are pleased to provide this information and welcome your feedback during the year. Actual budget numbers can be found in the pdf files above.

Year to date figures look good compared to the budget. We are favorable in both revenue and expense. Overall, we have a budget surplus of $161 and an actual surplus of $1,077.

Revenue is higher than budget because we received additional money from the USOC for Olympic housing, coaching education clinics brought in more revenue than expected, gains were realized from selling boats, and cash from GM was received earlier than anticipated. On the other hand, general contributions were lower than expected as was revenue from the national team golf outing fundraiser.

Expenses are favorable mainly because athlete and coaching services expenses were lower than budget due to timing of expenses and the golf outing was less expensive than anticipated.

The first half of the year is favorable because most of the expenses occur during July and August. Expenses for world championships and the Olympics in the amount of $803 have been paid but are sitting on the balance sheet as prepaid expenses. They have been booked in July and August. By the end of the year, the surplus will be reduced, and we expect to end the year with a forecasted deficit of $49.

We would like to take this opportunity to again thank the National Rowing Foundation for its support of our junior and senior national teams and the U.S. Olympic Team. Without their help, much of the European training for our Olympic team would not have been possible. We thank them for their help and partnership with USRowing, and we look forward to continuing our excellent relationship with the NRF.

Alix Robertson, Controller