Forum on UYSA's Finances Announced

President Paul C. Burke and Treasurer Tom Borrowman have announced that they will host an open forum on UYSA's finances on February 27th at the UYSA State office. Copies of the audit for UYSA's 2001-02 fiscal year are now available for review on UYSA's website. UYSA's auditor, Stephen K. Adamson of Smith & Adamson is expected to attend the meeting to respond to inquiries. This meeting is open to anyone interested in UYSA's finances and budget situation.

During the last month, UYSA has taken significant strides to improve its financial management. Among the steps taken include the following:

• Establishment of an Audit Committee. During its February meeting, the Board of Directors ratified the creation of an Audit Committee that will monitor the Association's finances on a monthly basis.
• Monthly Financial Reports. During the most recent meeting of the Board of Directors, Treasurer Tom Borrowman distributed financial statements current through the beginning of the month. Such reports will be a standard feature of every future Board meeting.
• Improved Internal Controls. In accordance with recommendations from the auditor, Treasurer Borrowman has implemented a series of procedural safeguards with redundancies meant to protect against financial mismanagement.
• Creation of New Accounts. UYSA's reserve funds are now maintained in fully insured accounts.
• Establishment of Separate Account for ODP. By preventing commingling of funds between the ODP program and UYSA's general treasury, this step will prevent the subsidization of the ODP program.

The Utah Youth Soccer Association recognizes that the money in its accounts ultimately belongs to its membership. While more work remains to be done to improve UYSA's financial situation, please be assured that the Board of Directors is working actively to upgrade UYSA's management of its business operations.