Finances

For 2005, the United States Squash Racquets Association received a clean, unqualified opinion from our auditing firm, Elko & Associates. The management letter and financial statements were formally accepted by Audit Committee on 7/18/06. Reflected in the audit report for 2005, the association earned net profit of $29,976.

Restatements of the prior year audit were made in the following areas: endowments to fair market value, contributions receivable - record revenue when pledge made, deferred membership. The financial statements for the 2005 audit were shifted to reflect internal, quarterly reporting formats. As such, comparable year over year figures will be provided for the 2006 audit. The audit report specifically provides clarity on permanently restricted, temporarily restricted and unrestricted funds.