To the State Board and Members of TX USA Wrestling:

Note:  this report addresses ONLY the State accounts, and does not include any data from / about activities in the Regions.

As you can see, TXUSAW has begun making payments to the vendors with outstanding balances owed coming into this year.  Most vendors have been contacted and a payment plan put in place.

As State Treasurer, I am interested in COMPLETE TRANSPARENCY regarding TXUSAW's financials.  Please feel free to contact me about any questions you may have at John.Clinton.TXUSAW@gmail.com. 

I apologize for this taking so long to get this information put together and distributed to you.  It is my intention going forward to have this submitted to the Board monthly within a week of the end of the month, and to publish that on the TXUSAW website by the 15^th of every month.

Please let me know if you have any questions, comments, feedback, or suggestions. 

Sincerely,
John Clinton
TXUSAW State Treasurer
John.Clinton.TXUSAW@gmail.com

Treasurer’s Report FAQ Report FAQ

Q:  Why did the organization take in so much money and spend so little?

A:  The vast majority of the income for TXUSAW comes in at the beginning of the fiscal year (starting in September), as this is when teams renew their charters and most wrestlers / coaches buy their membership cards. That money then has to last through the entire year.

Q:  The report only lists $32,030.91 in previous debts. What happened to the $50,000 we heard about last summer?

A:  This report only lists what the State organization owes to OUTSIDE vendors.  The rest of the debt is owed to the Regions and to the National teams for money that was borrowed or simply taken out of their bank accounts to pay State bills.  The Board will address those debts once we have a better handle on all of the financial issues.

Q:  Why has so little of the debt been paid off to this point?

A:  The Board elected to establish payment plans for each of the vendors, rather than paying them off entirely, all at once.  Some of the reasons for approaching this with caution are that
1) we cannot be certain that all outstanding debts have been identified
2) without more detailed records than we have currently available, we do not have a clear picture of the actual yearly expenditures that will be required to run the State organization
3) the Board felt it was important to keep some cash on hand for emergencies and (hopefully) to invest in our organization so we can position TXUSAW for long-term success.  

Given all of these factors, the Board thought it was prudent to start with a conservative repayment plan that we can deliver to:  If we are to rebuild our financial credibility with the vendors we use, we need to be sure what we commit to with these vendors is a plan that we will be CERTAIN to get done for them.