1998 TREASURER'S REPORT

	George Retek

The 1997 overall financial results proved to be close to our budgetary expectations. Our annual expenses exceeded revenues by $91.000 versus the budgeted $83.000. Thanks to the efforts of our President, José Damiani, an amount of $300.000 was secured in sponsorship funds from the Tunisian Government for the 1997 World Championships.

On the negative side, we have to recognize the spiraling cost of the World Championships. Expenses increased and in Hammamet the actual cost exceeded our budget figure. We have also exceeded our budget in bank charges, bad debts and internet expenses.

We had decided last year again to make a change in publishing the World Championship Book, hoping for a more timely publication at reduced cost. The 1997 book edited and published by Brian Senior proved that we are on the right track.

I have attached the audited 1997 financial statements for your review. At this time we expect that our income in 1998 will exceed the expenses considerably, increasing our equity over $1 million once again. Our membership and related income is stable.

We are in a solid financial position. Presently our equity is over $900.000. Although the 1999 World Championships will be staged in January 2000, for budgetary consistency I intend to provide for the related cost and expenses in the 1999 budget.

I have been serving as Treasurer of our organization for eight years. During this period our equity increased from $322.000 to $914.000 and is scheduled to surpass $1 million dollars by the end of this year. I have worked with four giants of our Federation during this period (in chronological order): Denis Howard, Ernesto d'Orsi, Bobby Wolff and José Damiani.

Together with these talented Presidents, I have devoted hundreds of hours annually to improve our tournament schedules, finances, budgeting and internal procedures. I am fortunate to count among my friends Richard Goldberg and Karl Rohan, who all insisted on fiscal responsibility.

You have made my life more meaningful for these past eight years and I hope that in return I have succeeded in assisting to make our organization better and sounder. Thank you for allowing me to serve you as our Treasurer.

What is ahead of us as we are approaching the next century? Foremost there is the challenge represented by the electronic age and the Internet. It can be a great tool of assistance or it may influence players to turn away from live competition. Fortunately in José Damiani we have a visionary leader who is most capable of evaluating and harnessing this challenge. Your replies to the WBF questionnaire distributed at this Championship will provide further input for evaluation.

Other important issues facing us in the next four years will be how to allocate our resources to make our game more popular, increase our membership, gain recognition by the IOC, participate in the Olympic Games and attract valuable sponsorship. I am confident that our Organization will successfully face these issues.

Our interim figures for the six months ended June 30, 1998 indicate that we are basically on course with our budgetary predictions with some minor exceptions.