Posted: August 19, 2010
Dear NAR people,
This is the first of the updates I will post from time to time to keep you
appraised of the state of the finances and the status of financial matters
concerning the North Atlantic Region.
It took some time to get the bank account transferred. It also took some time to
obtain the checks collected during the past that had not been deposited.
I'm happy to report that all deposits have been concluded and bills paid up to
date. The bank balance as of yesterday, August 18, 2010, is $37,983.31. Since a
large deposit was made on August 4th, I have waited to see if all the checks
cleared prior to this update. So far, I'm happy to report that I have not
received notice of any check that was returned for insufficient funds.
At the meeting held at Garden State, I was approached on two occassions by
people concerned with checks expiring prior to being deposited since the checks
had been held for a few months in some cases. To set your mind at ease, the
banking rule for the expiration of a check is six months, not three months as a
few folks expressed at the meeting.
There were also messages posted concerning my report of the balance in the NAR
treasury. At the time of that meeting, all I had been furnished was a bank
statment from the former treasurer. I reported the balance as stated on the
statement. I did not have any undeposited checks in my possession. I did receive
the referenced checks about a month later and promptly deposted them when the
account was transferred.
I want to congratulate Diane Castor for becoming the first member of the NAR
Thousand Dollar Club for having provided the region with a check for $1000.00 at
Garden State following the meeting. also, Sue Robbins picked up the cost of the
subscription service to find show locations.
Another clarification is in order. The CFA Board has restricted a REGION's limit
to spend on the Annual to $60,000.00. That means that no more than $60,000.00 of
the NAR's Treasury Funds may be used. There is no limit on using other
resources.
Carol Schwartz is in charge of the fund-raising for the NAR sponsored Annual in
2012. I'm sure no one is convinced, nor should they be, that we will not have to
consider raising money to put on an Annual that we would consider appropriate
and one we would be proud to sponsor.
That's all for now,
Sig
