Inter-Collegiate Sailing Association of North America Inc.

“Expenses awards/trophies 1,016 bank and cc fees 473 championship support 950 development clinics 779 development scoring 3,375 development website 6,938 honoraria 2,200 insurance 6,155 meeting 165 office 44 professional fees 2,835 pr/media prof/fullfillmen 800 travel 900 total 26,630”

“Unrealized gain on investments 17,406”

“Accounts receivable 0 8,885 prepaid expenses and deferred charges 6,940 0 total 6,940 8,885”

“Accounts payable and accrued expenses 3,755 0”

“The association is organized and shall be operated exclusively for educational purposes within the meaning of section 501 (c) (3) of the internal revenue code of 1954, as amended, and it's activities as herein more fully described shall at all times be conducted in furtherance of such purposes: 1. The instruction, training and education of students in colleges and other institutions of higher education in north america in seamanship, safety and the skills ans techniques of sailboat racing in intersectional, national and international intercollegiate competition. 2. The sponsorship, conduct, supervision, development and provision for sailboat competition among students in colleges and other institutions of higher education in north america for the purposes of improving and developing the sailboat racing techniques of such college students. 3. The sponsoring and conducting of meetings, discussions, seminars and lectures by means of which students in colleges and other institutions of higher education in north america may be instructed in the skillful, proper, and safe handling and racing of sailboats, including techniques of helmsmanship, racing tactics and knowledge of the racing rules. 4. The formation and encouragement of regional organizations which have said educational purposes and which conduct activities similar to those of this association. 5. The improvement, advancement and encouragement of sailboat racing at colleges and other institutions of higher education in north america and the development of the high ideals and sportsmanship preeminent in sailboat racing competition. 6. By means of the foregoing activities, the idetifying, developing and training of potential representatives for u.s. Sailing events, olympic, pan american and other international competition.”