USS Rankin (AKA-103)
Finances
This page describes our financial policies and provides summaries of our annual operating statements. In addition, we prepare detailed monthly financial statements that are sent to all Executive Board members, one of whom a Certified Public Accountant. If you would like to see one or more of these statements, please let us know.
FINANCIAL POLICIES
 Our policy is to provide full and honest disclosure of all financial information. Shipmates with questions or concerns about any financial matter involving the Association should bring them to the attention of Skip Sander or George Berninger.We operate as a Pennsylvania nonprofit corporation, and are recognized by the IRS as a war veterans' organization under Section 501(c)(19) of the Internal Revenue Code. We are exempt from paying Federal income tax, and contributions to our Association qualify as charitable contributions on the donor's Federal income tax return. No shipmate or official is paid for his or her service to The Association. Our activities are primarily financed by voluntary contributions from our members. There is no formal dues structure at this time.Money from general contributions is not used for reunions. All reunion expenses are paid by the people who attend the reunions. Ship's Store merchandise is sold as a service to members, and not as a fundraiser. We aim only to recover the cost of buying, inventorying, advertising and shipping the products. We maintain a checking account with enough money to cover our month-to-month expenses.We maintain a savings account as a rainy day fund and to serve as working capital. Money in this account comes from special contributions from members, each of whom has agreed to use his contribution in this way. Our goal is to have $10,000 in this account, which is consistent with what is done by similar ship reunion groups. OPERATING STATEMENTS
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The USS Rankin Association
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Operating Results, 2003-2006
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Account Description
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2003..
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2004..
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2005..
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2006..
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Receipts
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40100
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Contributions from Members
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$2,025.00
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$15,257.50
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$11,858.77
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$11,679.00
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40120
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Contributions for Reunion
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0.00
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1,100.00
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0.00
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0.00
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40200
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Contributions to Memorial Fund
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0.00
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225.00
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150.00
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839.79
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Total Contributions
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$2,025.00
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$16,582.50
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$12,008.77
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$12,518.79
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40300
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Merchandise Sales
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0.00
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4,198.00
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1,970.37
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524.55
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40400
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Income from Reunion Activities
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0.00
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186.00
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200.00
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126.00
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40500
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Income from Outside Activities
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0.00
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210.00
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60.00
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375.00
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40600
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Interest and Dividend Income
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0.70
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4.69
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48.44
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154.84
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Total Receipts
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$2,025.70
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$21,181.19
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$14,287.58
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$13,699.18
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Expenditures
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40900
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Accounting Adjustments
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$0.00
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$228.00
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$3.17
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$0.00
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50300
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Cost of Sales - Merchandise
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0.00
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2,543.53
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2,056.34
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172.16
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50320
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Cost of Sales - Pack & Ship
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0.00
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234.91
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140.11
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24.75
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60110
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Web Site & Computer
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264.83
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2,566.75
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3,656.56
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3,090.66
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60120
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Searching for Shipmates
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10.00
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1,581.19
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92.50
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498.85
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60210
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Postage
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423.45
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4,270.48
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2,347.23
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2,285.27
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60220
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Telephone
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0.00
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971.68
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118.51
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234.12
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60230
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Copying & Printing
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190.98
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527.98
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131.40
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478.86
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60310
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Office Supplies
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153.61
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1,470.87
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2,438.23
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1,420.44
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60400
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Reunion Expenses
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0.00
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1,397.40
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200.00
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540.23
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60500
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Outside Activities Expense
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0.00
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155.05
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0.00
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0.00
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60600
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Bank Fees
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2.00
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10.74
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1.00
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12.00
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60900
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Miscellaneous
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34.94
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384.60
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324.35
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889.79
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Total Expenditures
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$1,079.81
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$16,343.18
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$11,509.40
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$9,647.13
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Excess of Receipts over Expenditures
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$945.89
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$4,838.01
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$2,778.18
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$4,052.05
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Cash on Hand at Year End
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11000
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Savings Account
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$25.00
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$1,602.25
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$6,044.89
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$8,441.59
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11001
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Memorial Fund
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0.00
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225.02
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277.72
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766.17
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11080
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Checking Account
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920.89
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3,956.63
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2,239.47
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3,408.20
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Total Cash on Hand at Year End
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$945.89
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$5,783.90
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$8,562.08
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$12,615.96
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