2002 TREASURER'S REPORT

	George Retek

Our financial statements for the 2001 year present a decrease of $300.000, equivalent to 40% of our equity – this is clearly an unacceptable position. The major reasons was of course the relocation of the Championships for political reasons from Bali to Paris, the additional expenses associated with it and the substantial reduction in our grant income. While we were supposed to have received $300.000 in sponsorship from Indonesia, this amount was renegotiated to $100.000 and due only to the last minute efforts of José Damiani, was the WBF able to receive an additional grant of €90,000. Our thanks go to our President who managed on extremely short notice not only to relocate the tournament to Paris, but also to obtain substantial additional sponsorships.

Clearly we need to find additional sources of revenue to finance our activities.

At this point please allow me some time for personal reflection.

I have served our organization faithfully as Treasurer for 12 years and had the opportunity to be associated with four outstanding Presidents during this time: Denis Howard, Ernesto d’Orsi, Bobby Wolff and mostly José Damiani. I truly feel privileged to get to know and appreciate some of you rather well and look forward to continuing working with you and Jaime Ortiz-Patiño (who was always there with some practical advice) in the future.

In order to effectively more forward, I would like to make some suggestions:

• For years we have been struggling with what to do with players who stay at other than WBF designated hotels during the Championships. It needs to be clearly stated that, when the WBF contracts with a hotel that includes playing space, the hotel builds into the hotel room rate the space rental charges. Therefore, sophisticated players staying at other places pay in effect a smaller entry fee presently. Consequently, I propose the following scale of entry fees (figures in brackets will be the fee for players staying in WBF designated hotels):
  
  - Bermuda Bowl, Venice Cup, Olympiad teams: US$3,500 ($2,500)
  - World Championship events, per player, per session: US$30 (US$20)
• Establish an Audit Committee similar to the ones existing in major corporations and the ACBL. Usually Chief-officers (President, Treasurer and Secretary) should not serve on this Committee. In today’s corporate world, this is considered as a normal precaution.
• Finance should have a Budget Subcommittee that would make projections for 3-5 years.
• Our most viable project is hopefully a successful presentation towards the IOC. We should make funds available for this project, even if it means reducing expenses for other projects.Before leaving I would like to thank Christine Francin, Carol von Linstow, Anna Gudge and Jeff Polisner for their unfailing loyal support.

In closing, I feel more than honoured that you have allowed me to serve as your Treasurer for 12 years and I have always done what I believe was in the best interest of bridge and our organization. Now it is time for younger legs and arms to carry the torch. You can be sure that I will continue to be available, should you need any assistance.

Respectfully submitted:

George Retek
WBF Treasurer
Montreal, 14th August 2002