ISOC Treasurer

1
ISOC Treasurers Report

• December 8, 2001
• Salt Lake City, Utah
• Michael E. Conn
• ISOC Treasurer

2
2000 Audit Highlights

• 2000 Audit Completed October 4, 2001
• Audit by Gelman, Rosenberg Freeman
• Financial records are satisfactory
• Still in dangerous financial condition
• Unrestricted liabilities exceeding assets by
  806,449
• But 2000 financial year had surplus of 280,317
• Only one other Surplus year since 1995

3
2000 Audit Highlights

• Auditors Areas of concern
• Limit Accrued Vacation
• Lynn St. Amour established policy effective
  11/1/2001
• Doubt for ISOC being a Going Concern
• Must manage to annual financial surplus
• Bank reconciliations not properly completed in
  2000
• Part-time Accounting Clerk hired