Members of the Reston Raiders Hockey Club (the "Club"):
From time to time, requests are made for information about the club's financial state of affairs. To accomodate these requests and make available the financial information of the Club, the Executive Board has approved the posting the most recent Financial Statements of the Club and Form 990 - Return of Organization Exempt from Income Tax to our web site under this section. The latter document is filed with the Internal Revenue Service under the rules that apply to Not-for-Profit Organizations under Section 501(c)3 of the Internal Revenue Code.
It is important to recognize that the financial statements and tax return are prepared under the accrual basis of accounting and in accordance with generally accepted accounting principles as promulgated by the American Institute of Certified Public Accountants. The Club regularly maintains its books during the year on a cash basis of accounting which requires that certain year-end adjustments be determined and made in order to present the financials on an accrual basis to satisfy our reporting requirements. We reply upon our accountants during the preparation and review to provide assistance and expertise in this phase of our financial reporting efforts. Therefore, in the interim period, the Club is not able to issue full financial statements to our members without calculating and determining the these accrual adjustments.
We hope this information is helpful in understanding providing financial details of the kinds of programs offered by the Club during the course of our fiscal year.