At the February 1 Board meeting our CFO and Controller presented the 2011 yearend financial results. They show an operating surplus of $286,000 at 12-31-2011. This surplus results from several windfall events, such as heavy winter rainfall, and decisions by the Board to not spend money in certain budget categories that were originally funded when the budget was prepared in November of 2010.
At the recommendation of the Finance committee the Board agreed to transfer this surplus, net of minor auditor adjustments, to the General Reserve account.
This transfer will bring our Reserves to 72% of total estimated replacement. They were at 68% as of 12-31-2010.
-Steve Stewart, NSCA Board President
Comment: