1. This budget is presented in a different format than in prior years. The committees and activities are presented side by side to show the cumulative cost of a line item across the entire party.

2. The Direct Mail column is for 11 months of a program under a contract beginning February 1st.

3. Under Events & Solicitation the Fundraising Director salary begins in mid-January.

4. Under Coordinated Campaign Committee the Political Director salary begins on February 1st.

5. The Black Caucus column represents the subsidy to prepare and launch the Tour of America approved at the annual meeting last July. This program is expected to become self funding to continue beyond one or two events.

6. Funds are not budgeted for an audit. Fiscal policies require an audit to be performed. $3,000 (an insufficient amount for a full audit) was budgeted in 2003 for auditing the 2002 books and records. An audit was not performed for the 2002 books and records. It is estimated that a first year audit by an independent CPA will cost nearly $10,000. The matter will be addressed in upcoming budget revisions.

7. It is expected that a substantial portion of additional funds raised will be directed to the committees and activities listed on the schedule of discretionary allocations.

8. A revised budget will be presented in March or April for the second quarter of the year.

9. An additional revised budget will be presented for consideration at the annual meeting in June for the second half of the year.