Finance Division
July 22, 2003 Report

  • All Board members should have received June 2003 Financial Statements via email on July 1, 2003.

  • As of July 21, 2003 meet reports and revenue have been received from the meet managers for all of the LC Age Group I & II and Senior I & II meets except Senior II at Rockville hosted by RMSC and Age Group II at Lee District hosted by the Potomac Marlins. Except for some very minor differences, the revenue from the reported meets matched the expected revenue per the final entry files. Several clubs owe some small dollars which I am pursuing.

  • Property insurance on PVS owned equipment has been acquired. The policy which is issued by the Hartford Insurance Company provides replacement cost coverage for all hardware. The policy covers all risks and has a $1,000 deductible. Software is not covered under the policy. The semi-annual cost of the policy is $228 based on the current acquisition cost of our equipment. The policy renews on a calendar year basis. Our coverage is provided under a blanket policy that is negotiated and offered to all USA Swimming LSCs and clubs. The agent for this coverage is Risk Management Services, Inc. located in Phoenix, AZ. It is important that we maintain an up to date inventory of equipment and inform Risk Management Services of any new purchases or retirements. We are only covered for equipment that is listed in the schedule of property that is on file at the offices of Risk Management Services.

  • An issue has surfaced regarding compatibility of PVSs travel assistance policy with NCAA rules. It may very well be possible that our requirement that a swimmer represent PVS at meets in order to be eligible for travel reimbursement may cause a swimmer to violate NCAA rules if the meet occurs during the college's swim season or when Fall or Spring classes are in session. The Board needs to look at the policy to insure we are not encouraging swimmers to violate NCAA rules in order to qualify for PVS travel assistance.

  • PVS maintains an charge account with Kinkos. Every month I receive a billing statement from them for any charges on the account. I cannot determine from the billing statement when the charges were incurred or who used the account. As such it is not possible to verify that the charges are legitimate PVS charges. We spend about $1,000 per year on the account. We should take steps to get better control of the account and make sure only authorized individuals are charging copy work to the account. I recommend limiting use of the account to only specifically authorized individuals and require these individuals to send the Treasurer supporting documentation so that the charges can be verified.