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Audit Finds MAS Finances Strong

MAS Summit - Vin Cipolla

MAS today released audited financial statements for the fiscal year ending March 30, 2010 that showed significant improvement in annual operating performance and a doubling of invested endowment funds.

The audit found that MAS increased its net assets by 83 percent, from $8.4 million to $15.4 million.

“I am very pleased to report that MAS enjoyed a spectacular year financially,” said MAS President Vin Cipolla. “Our efforts to control expenses and eliminate costly overhead paid huge dividends.

“At the same time,” he continued, “we sharpened our advocacy and program work, and produced several ‘firsts’ for the organization – our first annual Summit convened more than 400 New Yorkers for two days, and our first MAS Survey on Livability made national news. Our advocacy on behalf of the Garment District helped forestall changes that would have harmed one of our most iconic neighborhoods and an economic engine for our city.

“MAS members and supporters will be very happy that the money they contribute is used effectively and prudently,” Cipolla said.

Read more about our financial performance here.