AHA PRESIDENT
LANCE WALTERS
Message from Lance Walters, AHA President
August 28, 2009
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August 28, 2009
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AHA members,
Three weeks ago I informed you of the inappropriate use of sweepstakes funds that were AHA Board designated to be transferred to the Sweepstakes Trust account. As I previously explained the Sweepstakes Trust and the AHA Board have come to an agreement to replace the funds over the next 36 months. I wish to inform you that the first payment was made today ($30,000 plus interest) to the Sweepstakes Trust Account. We also have set up an automatic wire transfer of monies from the AHA General Fund to the Sweepstakes Trust Account on a monthly basis to ensure a prompt payment to the Sweepstakes Trust Account.
The Sweepstakes Trust Account is a separate account created especially for holding the monies for the Sweepstakes Program and only the monies of the Sweepstakes Program. These monies will ONLY be used for the Sweepstakes Program. Procedures are in place to insure this situation will never occur again.
I would like to restate that everyone has and will receive all of their Sweepstakes prize money that they have won or will win. This is also true of all of the Futurity prize money programs as well as the yearling Jackpot program. All prize money payouts have always been paid out in the past and this holds true for our future. In my research going back 20 years, AHA has never failed to pay its obligations.
It also needs to be said that contrary to what you may have heard from the rumor mill, AHA is not going out of business. But just as most businesses that are dealing with the effects of the recession, our income too is down, but we are aware of our financial position and we are monitoring it thoroughly as well as adjusting our financial commitments as the fiscal year proceeds. It needs to be noted that all aspects of AHA's operations are under review.
AHA is here this year and AHA programs and shows will be here in the coming years. AHA's success is my commitment to you and the Arabian Horse. We have an EVP, Glenn Petty, and a staff that is committed to AHA's success. You are also fortunate to have a Board of Directors that will support the hard business decisions that need to be made to ensure and protect the Arabian Horse and this association.
I will keep you all apprised as we move forward through the next few months.
Three weeks ago I informed you of the inappropriate use of sweepstakes funds that were AHA Board designated to be transferred to the Sweepstakes Trust account. As I previously explained the Sweepstakes Trust and the AHA Board have come to an agreement to replace the funds over the next 36 months. I wish to inform you that the first payment was made today ($30,000 plus interest) to the Sweepstakes Trust Account. We also have set up an automatic wire transfer of monies from the AHA General Fund to the Sweepstakes Trust Account on a monthly basis to ensure a prompt payment to the Sweepstakes Trust Account.
The Sweepstakes Trust Account is a separate account created especially for holding the monies for the Sweepstakes Program and only the monies of the Sweepstakes Program. These monies will ONLY be used for the Sweepstakes Program. Procedures are in place to insure this situation will never occur again.
I would like to restate that everyone has and will receive all of their Sweepstakes prize money that they have won or will win. This is also true of all of the Futurity prize money programs as well as the yearling Jackpot program. All prize money payouts have always been paid out in the past and this holds true for our future. In my research going back 20 years, AHA has never failed to pay its obligations.
It also needs to be said that contrary to what you may have heard from the rumor mill, AHA is not going out of business. But just as most businesses that are dealing with the effects of the recession, our income too is down, but we are aware of our financial position and we are monitoring it thoroughly as well as adjusting our financial commitments as the fiscal year proceeds. It needs to be noted that all aspects of AHA's operations are under review.
AHA is here this year and AHA programs and shows will be here in the coming years. AHA's success is my commitment to you and the Arabian Horse. We have an EVP, Glenn Petty, and a staff that is committed to AHA's success. You are also fortunate to have a Board of Directors that will support the hard business decisions that need to be made to ensure and protect the Arabian Horse and this association.
I will keep you all apprised as we move forward through the next few months.
Lance Walters
AHA President
AHA President