USRowing Association

YTD December 31, 2007 Summary

December 2007 Quarterly Budget Report

Overall, 2007 actual revenue was $10,579 more than expenses. As compared to budget, revenues were $10,579 more than expenses.

The 2007 revenue was $391,806 (see note below) more than budget. This is largely a result of more revenue received in Sponsorship/In-Kind Contributions, Events, Field Service (National Team) and Investment Activity.

The 2007 expenses were $381,228 (see note below) more than budget. This is largely a result of more expenses in National Team activities.

Commencing in 2007 and going forward, money collected for various national team event transportation and lodging is being reported as income instead of a reduction in expenses. Since this was not budgeted this way, it reflected a large variance in revenue but also as a large variance in expenses (basically a wash).

For 2008, USRowing budget is reflecting a net surplus of $50,544.

Brian Klausner, Controller