Dear JR

With respect to your comment on the timing of the insurance payments, It does not matter. If the statements are in accordance with generally accepted accounting principles, they are produced using the accrual basis, which, unlike the cash basis, accounts for expenses when they are actually incurred as opposed to when they are paid. Therefore, the numbers for the membership insurance expense in Hollands report are those actually incurred for that period. The auditors at the end of 2001
would have sent a confirmation letter to the Insurance Company asking if there were any pending claims and/or any material changes in the policy or premium.

The statements on Holland's page in the February issue of MA
is revealing enough for me, it is obvious that the big increases in costs had to do with the new facilities. Mortgages, Utilities, Bank
Charges, Marketing Expenses, Maintenance all registered large increases. Corporate Professional Fees , which were also probably related to the new facility were also significantly higher.
It's right there on Hollands page and yet on Dave Brown's page we are told that it is the INSURANCE COSTS. Nothing about the loss on investments, nothing about the obviously higher than expected operating costs related to the new facility.

JR even the numbers that you give for assets vs liabilities, look at them, did the assets go up as much as the liabilities?