The IAL

To all IAL Delegates:

I know there are concerns about the IAL financial reports and the absence of an audit posted on the web page. Here is my first up-date as the new Treasurer. We have in our General Account $76,683.02 and in a restricted fund (Batten) $85,505.72. To the best of my knowledge that is all we have except for a $1,000 fund that is in use for everyday expenses.

The audits for 2007 & 2008 and the filling of the 990's were never completed. I have retained an accounting firm here to take a look at the records and complete an audit if that’s possible. Let me tell you that the record keeping for 2007 & 2008 were, to say the least, a disaster. I have spent most days and every night trying to make sense of them. At this point I have turned them all over to the accountant. I will, to the best of my ability, have an audit posted for 2009 in accordance with our by-laws. Please keep in mind that without the 2008 audit, we can't post the 2009.

So, please bear with me while I make sense of, and take care of this terrible situation. Let’s wait for the accounting firm to do its job. We, the IAL, and I as Treasurer, can not be bogged down with the past, but must focus on the future. As you know it is getting to be tax time and the accountants will be very busy, which I suspect will delay the results of the 2007 and 2008 paper work until after April 15. All we can do at this point is hope for the best.

Let me reassure you that I take the responsibility of Treasurer very seriously and will do everything possible to assure that our accounts and paperwork is up to date.

I know that some of you will not be happy with this decision, but in my opinion, with the full support of the Finance Committee and the Officers of this organization, it is the best course of action.

Sincerely,

Joe Marasco
Treasurer

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