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+--- Thread: USACA's latest tax return shows $3 million debt (/thread-16215.html)
USACA's latest tax return shows $3 million debt - chairman - 02-17-2014
New light has been shed on the USA Cricket Association's financial status with the revelation that the organisation was more than $3 million in debt at the end of the 2012 financial year, a 59% rise in debt compared to 2011. One of the major contributing factors to the mounting debt was a series of legal battles that resulted in more than half a million dollars paid to the board's defence lawyers in 2012.
The data comes from USACA's 2012 tax return, which had a government filing deadline of November 15 2013 - after two deadline extensions on April 15 and August 15 - and was made public by the board on February 10. USACA reported $378,020 in revenue in 2012, which was down 42% from the $648,798 in 2011. However, they spent more than their 2011 revenue, and nearly double their 2012 revenue, in legal fees for the 2012 calendar year.