January 14, 2004

Association Receives Clean Bill of Financial Health
Audit from FY 2002-03 Now Available for Review

The Utah Youth Soccer Association has released the annual audit of its finances, and the Board of Directors is pleased to report that the Association turned its finances around in 2003. This independent audit, which was performed by Stephen K. Adamson, C.P.A. of the firm Smith & Adamson, covers the Association's 2002-03 fiscal year.

Executive Director Scott Harward presented the audit to the Board of Directors during its December 2003 meeting. The audit verified that the Association ended its 2002-03 fiscal year with an increase of $15,703 in net assets. In contrast, the Association suffered a documented loss of $38,944 during the preceding fiscal year.

The audit gave positive marks to improvements in the Association's finances, financial management, and internal controls during the last year. The auditor reported to the Board of Directors that it was evident that steps had been taken to correct all of the deficiencies that had been documented in the audit for the 2001-02 fiscal year. As a result, the audit for 2002-03 was unqualified except to the extent that certain year-to-year comparisons could not be made due to the inadequate records from the previous fiscal year.

President Paul C. Burke praised the Board of Directors for its work during the last year to instill greater financial discipline on the Association's operations. Burke also congratulated Harward and Treasurer Tom Borrowman for having implemented measures to improve the Association's internal controls. For his part, Harward invited anyone with questions about the audit to contact him. A copy of the audit can be downloaded from the Finances page of this website, which is accessible from the Administration section of the main menu.