Status of Funds as of 1 June 2000
I am proud to report that the DUSTOFF Association is in a great financial status. We closed out our FY 1999-2000 on April 30, 2000. Last year our income came from several sources. Memorial and unassigned donations accounted for $4,015.00; Dues paid totaled $7,350.50; Sales of memorabilia grossed $4,159.50; and our checking account and CD at Bank of America Military Banking provided $764.82.
Our expenses were as follows: Newsletter $3,412.52; Operating expenses $1,106.23; Sales expenses $2,902.56; Paid Secretary expenses $2,400.00; and Sales Taxes were $276.74. (We pay taxes on what we sell, but not what we purchase since we are tax-exempt)
The reunion this year brought in $19,848 and created expenses of $17,439.58 or a net profit of $2408.42.
On the 15th of May we redeemed our CD at Bank of America Military Bank. That CD was originally purchased for $10,000 and we received $12,088.93 upon redemption. Those funds are now in our checking account. On the 26th of April we gave Pentagon Federal Credit Union a check for $10,000 for a CD with that institution. The current CD with them is drawing interest at 6.7% annually.
Our current bank account balance is $24,209.92.
We received an additional $2,300 from Sikorsky Aircraft for the completion of the MG Spurgeon Neel Memorial Plaza. Those funds have been set aside with the other memorial donations received last year bringing our Memorial Fund set-aside to $6,315.00. Al Rhodes, Jeff Mankoff, Mike Toennis, and Dan Gower comprise the Memorial Committee working to determine the best use of those funds to honor our DUSTOFF Heroes.
We are proud to have joined with Pentagon Federal Credit Union as our financial partner. Each member of the DUSTOFF Association is automatically in the PFCU's field of membership. This allows all enlisted members of the Association eligible for membership regardless of rank where under other circumstances they would not be eligible for membership. Thanks to Sylvia Greene of PFCU for her help in making this partnership a reality.
The required IRS Form 990 for the DUSTOFF Association for FY 1998-1999 was filed this April and we will soon be filing one for the immediate past Fiscal Year (1999-2000).
We look forward to another solid year in our Association. New memberships, Sales of Memorabilia and a "pay as you go" Reunion will provide us another year of solid financial performance.
Dan Gower, COL (R) Treasurer.