Continuing Committee Financial Statement

by Charlie Plaine, Chairman

1st August 2008

One of our promises to the community when we initially asked for donations was that we would provide an "open book" for our finances. Unfortunately, this hasn't been put into place yet. To be perfectly honest, it hasn't been a priority amidst the projects we've been running; projects such as design and development, Project Transwarp, the Spotlight Series, and many more we haven't been able to announce yet.

Now, as we prepare for the World Championship and beyond, it is time to give you insight and information into our financial status. We will be providing more detailed information as we move forward, but for now, these summaries should provide you detailed information on our financial status.

The Continuing Committee currently has $193.24 available in petty cash. The largest single expense we've had was the purchase of a 2-year contract for this website, which came to $2,248.80. Other individual expenses - for mailing costs, packing materials, printing costs, and prize purchases - have added up to $379.42. $80.54 of this was lost to PayPal transaction fees. $250 has been spent on legal fees and advice in the attempts to secure our status as a not-for-profit organization. Donations from the community have totaled $3,152.00.

In addition to this petty cash, we also have a nice supply of mailing envelopes (plain white envelopes and padded shipping envelopes), stamps, plastic top loaders, penny sleeves, and other packing supplies. We have also purchased prizes and supplies for the World Championship in Indianapolis in two weeks.

Additional expenses that might be incurred in the next few months are: additional printing costs for prizes, prize purchases for major tournaments, additional legal/application fees, and a potential need for storage space. One looming expense will be the need to renew our website agreement in February 2010.

Our officers are going to be more diligent in keeping receipts and tracking exact expenses from this point forward, resulting in a more-detailed monthly report as we continue our operations.

If you have any questions about this financial statement, please don't hesitate to ask. The Committee's goal is to be upfront and honest in all of our financial dealings with the community.