Join Bridge Winners
The 2014 ACBL Financial Report: Are we all mushrooms?

May 3, 2015 Last evening while enjoying reading the May 2015 Bridge Bulletin I was dismayed to review the 2014 ACBL financial results. While I am sure that I do not have all of the facts and knowing that the devil is always in the details: • Operating loss of $500k attributable to increased tournament expense without an equal increase in tournament revenue • Non operating loss of $3.5m attributable to asset impairment (assume the ACBL Score issue) of $1.9m and change in pension liability of $1.7m. • Net worth (assets) declined by 53% to $3.5m • Cash on hand declined by $450k or 29% • Investments declined by $1.8m or 30% My dismay is not so much the results but that the over 167,000 ACBL members have not received a detailed written explanation from management and the board as to the root causes of the negative performance and the leadership plan to correct. After all we are the shareholders and deserve such an explanation. The rumors that this has and will create are probably worse than the truth.

 

Charles Wiggins

Wichita (KS) Duplicate Bridge

13 Comments
Getting Comments... loading...
.

Bottom Home Top