FOR IMMEDIATE RELEASE Contact: Eric C. Johnson December 23, 1997 (845) 562-8350 Press Release #68 of 1997
The U.S. Chess Federation has released its financial statement for the six month period ending November 30, 1997.
The USCF posted a net gain of $121,403 over the first half of the fiscal year, based on gross revenues of $2,982,053 and gross expenses of $2,860,650.
The good financial news contrasted sharply with the situation 12 months ago, when the USCF posted the largest loss in its history ($338,615) for the same period.
When asked to comment on the positive financial outlook, USCF President Don Schultz noted that much of the credit for the rapid turnaround goes to the swift action of the new USCF Executive Director, Michael Cavallo.
According to Schultz, the new Executive Director "...seems to have accomplished the impossible. He has simultaneously improved services, tightened accounting rules, and substantially reduced expenses. This should convince even the severest critics that the USCF is back on track."
The dramatic change in outlook has coincided with a number of initiatives by the USCF to improve its overall service to members, including the hiring of a Club Development Manager, a reduction in rating fees and correspondence chess fees, and the addition of online ordering on the USCF website.
Plans for the next quarter include adding additional opportunities for online play for USCF members, reduced member prices on books, and an increase in the number of available titles.
The complete financial statement for the period ending November 30, 1997 is available on the USCF website at http://www.uschess.org/org/govern/.
For more information about this and other chess events, contact Assistant Director Eric C. Johnson, U.S. Chess Federation, 3054 NYS Route 9W, New Windsor, NY 12553; phone: (845) 562-8350; FAX: (914) 561-2437; World Wide Web: http://www.uschess.org