RUSA continues to be financially strong. The attached profit and loss statement shows that in 2007 RUSA had gross income of $256,483.99 as compared to gross income of $67,695.36 in 2006. The main reason for this large increase was Paris-Brest- Paris registration fees that totaled $139,841.00. However this was not the only reason for the spike in income. Souvenir sales increased 322.5 percent with total sales of $45,817.00, a substantial increase over the $10,844.00 derived from sales in 2006. The other income items also increased. Advertising in American Randonneur increased to $5,306.80 and now accounts for almost the entire cost of mailing the newsletter. Membership fees also increased as RUSA continues to grow. Even medal and award sales income grew substantially with gross sales of $12,867.50, a 188.7 percent increase from the prior year.

Expenses for the year totaled $244,290.53. The main expense was the $131,475.58 incurred for Paris-Brest-Paris, including registration fees. The increase in souvenir sales also resulted in a corresponding increase in souvenir purchases and shipping expenses which totaled $45,943.66. The fact that souvenir income and expenses are essentially equal is due to the fact that some of the safety items such as the reflective ankle bands and vests are sold at below cost in order to benefit members. The remaining souvenirs are sold at a low mark-up in order to minimize the cost to members. Other large expense items include $15,282.94 paid to Audax Club Parisien for medal purchases and brevet processing, publishing and mailing American Randonneur, $24,641.11, insurance which includes covering the permanents, $9,530.80, and reimbursement to RBAs for their brevet expenses that totaled $5,095.24.

For the year RUSA's net income totaled $12,193.46. Over $8,000.00 of this amount was attributable to the net income related to Paris- Brest-Paris. The increase in souvenirs also resulted in an increase in the amount of inventory on hand at the end of the year. Once again Jennifer Wise added several items to the inventory including wool jerseys. The souvenir store inventory increased from $17,658.09 to $22,780.36 (at cost).

At the end of the year RUSA had $75,383.82 in its bank accounts. RUSA does not have any liabilities. The bank funds equal one year's expenses (not taking into account the expenses incurred for Paris-Brest-Paris which only occurs every four years) and thus provide an operating reserve. It also exceeds one of the goals of the organization when it was formed to maintain a reserve of at least $50,000. RUSA has been able to maintain this financial security without an increase in membership fees since its inception in 1998.

This secure financial foundation is based on the many volunteers who devote their time and skills to the organization. Those individuals who either served as President, developed programs to process results and maintain the website, processed the results, acted as a liaison with the RBAs, served as a RBA, processed memberships, sold souvenirs, or published and contributed to this newsletter have enabled RUSA to hold down its expenses.

This is my last report to the members as Treasurer since I am no longer an officer nor am I a member of the Board. I would like to thank the many volunteers and members for their support. If you have any ideas to support the goals of RUSA, to promote randonneuring in a safe manner, then contact a Board member with your constructive thoughts and ideas.

—Tim Sullivan

Former RUSA Treasurer