Author: Al Lowe

Bill Hupe

Armand Gerald Cyr, 64, of Port Orchard, unexpectedly passed away peacefully in his sleep Thursday morning, July 24, 2014. Armand was born in Madawaska, Maine, on November 25, 1949 to the late Leonide and Albertine Cyr. He graduated from Bassick High School in Bridgeport, CT in 1968. Armand is a U.S. veteran who served proudly in the Air Force for four years and served over twenty years in the civil service.

He married Karen (Yahnel) Cyr in Vacaville, California on February 19, 1972. Armand was a beloved member of the community and Crossroads church.

Armand was an avid model railroader. He frequently could be found building buildings, working on his railroad, helping build layouts, and participating in the local Pacific Coast and Pacific Northwest Regions of the National Model Railroad Association. Armand belonged to a Kitsap County model railroad roundtable, helping build and operate model railroads throughout the county.

Armand is survived by his wife Karen and two children, Armand Albert Cyr (Melanie) and Aaron Cyr (Rebekah), and by five grandchildren: Cameron, Shaun, Adrian, Zechariah and Adrianna. Armand is also survived by his eight siblings, Mona Cyr, Jeannette Sebastian, Robert Cyr, Rachel St. Onge, Roger Cyr, Jackie Gatchell, and Paul Cyr. He was preceded in death by his parents and his brother Ronald Cyr.

A private family viewing will be held on Wednesday, July 30. A memorial service to celebrate his life will be held at Crossroads Church on Friday, August 1, at 6:00 p.m.

In lieu of flowers or gifts, a donation fund to support his surviving family has been set up at http://www.gofundme.com/c3uec.

Frank Koch, NMRA CFO

This month I’ll discuss the Assets and Liabilities aspects of the NMRA financial world. Assets are things with a positive cash value that contribute to our value. Liabilities are obligations we have that decrease our value. The difference between the two is the net value of the corporation. (Remember, I am trying to keep this simple.)

ASSETS – We organize our assets into six categories: cash, receivables, capital assets, investments, inventory, and pre-paid expenses. Cash is the sum of the deposits in our various bank accounts and the cash in our investment account. Receivables are those sums owed to NMRA by others, i.e., invoices we made that are not paid by someone else. The biggest items in this area are the unpaid HDM pledges. Capital Assets are the depreciated book value (we depreciate capital assets above threshold values and life expectancy) for our equipment. There was a major change when we sold the HQ building as we converted a physical asset into a “cash” asset (it actually mostly went to investments). Investments are the current market value of the various investments – stocks, bonds, money market – that are held by the NMRA. I’ll cover this in a future column. Inventory is the value of the various items remaining in our company store – books, gauges, apparel, etc. Pre-paid expenses are those deposits and bills we have paid that provide services in a future fiscal year.

For 2013, here is a summary of our Assets at the end of the year:

Cash                                                   $ 502,01

Receivables                                        28,166

Receivables (HQ Sale)                 896,360

Capital Assets                                     16,752

Investments                                     834,634

Inventory                                            33,880

Pre-paid Expense                            64,463

                                                       —————

Total Assets                              $2,376,266

LIABILITIES – The other side of the ledger is more complex in some ways as the NMRA has a large number of commitments that fall into broad classifications according to common accounting principles. The major elements are unearned revenue, taxes payable, fund balances, and equity. Unearned revenue is anything that has been paid in advance and is to be used in a future year to cover an obligation. This includes part of the Life Fund, member payments for future memberships or conventions, and a portion of the current year payments for dues and subscriptions which are reserved for next fiscal year. Unearned funds are moved into current income in the year in which they are to be used. Taxes payable are those taxes due to governmental groups that have been set aside for later payment – think of it as a kind of escrow. Fund balances are the various committed set-asides where the money is reserved for a specific purpose, either by the donor or the BOD. I’ll cover these in more detail in the future, but it includes the Diamond Club, the Howell Day Museum Fund, the Heart of America Fund, and several other commitments.

At the end of 2013, NMRA Liabilities were:

Accounts Payable                                                 $ 8,895

Accrued Vacation Liability                                12,000

Unearned Revenue                                              798,717

Taxable Payable                                                            175

Unrestricted designated Assets*                  323,209

Unrestricted, non-designated Assets**      910,997

Temporarily Restricted Assets***               322,273

                                                                               —————

Total Liabilities and Equity                        $2,376,266

*Life Service Obligation, Dean Freytag Memorial Fund

**Approximately 2.5 months operating expenses and BOD reserve fund

***Heart of America, HowellDayMuseum, Diamond Club

At the end of every fiscal year, the NMRA hires an independent accounting firm to audit our finances and prepare a report for the BOD and to prepare our tax filings. The firm reviews all our records and spends about a week at HQ to examine the documentation and to ask questions of the staff. We passed the 2013 audit with no issues or weaknesses. The results will be posted on the new website after the audit is accepted by the BOD.

Next time, I’ll review the various funds we use to keep track of specific commitments that will require cash at some point in the future…and we need to be sure to set it aside.

Al Lowe

After more than 50 years in business, hobby product manufacturer Model Power has closed. The third-generation, family-owned company stopped taking new retail customers April 21, said Chief Financial Officer Jonathan Tager. An announcement was posted on its website on April 22.

The company is exploring licensing options for its product lines and the possibility of selling off any of its tooling that might be readily available, Tager said.“We thank everybody for all of their support over the years, and we apologize for any inconveniences,” Tager said.

Russ Segner

The last Board of Directors meeting ran long and was continued to conclude on June 14 at 11:00 at the Sheraton Hotel in Bellevue. We will focus on completing the budget for the coming year as well as some changes in the BOD and some committees.

We have sufficient information from the modular groups, so they need not attend unless they want to be there. Space is somewhat limited, so I would appreciate knowing ahead of time who will be there for sure.

While I will be away from the area for the next week, I will return on Wednesday. I may be reached by cell at 206 200 2211. I will also check email and respond immediately.

Agenda

Approval of minutes

Approval of Agenda

Superintendent’s report

BOD changes and committee changes

Assistant Superintendent’s report

Recommendation regarding Directors and Officers Insurance

Old Business – continuation of budget discussions

New Business

Adjourn