Update on UYSA's Financial Situation

Work continues on the audit for the Utah Youth Soccer Association's 2001-2002 fiscal year. During his report at the Annual General Meeting on January 9, 2003, UYSA Treasurer Tom Borrowman reported that the audit was incomplete and that disturbing "inadequacies" had already been discovered.

The audit is nearing completion. Preliminary reports suggest that the Utah Youth Soccer Association suffered an operating loss of approximately $40,000 during the 2001-2002 fiscal year, despite earning an estimated net profit of $36,000 from the 2002 Far West Regionals. We are working with the auditors to identify the cause of the unexpectedly large operating loss and will implement recommended internal controls to improve UYSA's financial and management practices.

New President Paul C. Burke, Treasurer Tom Borrowman, and the entire UYSA Board of Directors intend to closely scrutinize the audit report. Furthermore, in light of the reported deficit for the previous fiscal year, the Board of Directors may need to revisit the budget in order to cut expenses for the current fiscal year.

The final audit will be posted on UYSA's website as soon as it becomes available. In addition, the Board will hold an special open forum meeting in February to discuss the audit and UYSA's finances with interested members.