Our new bank debts are not attributable to prior administrations, Internet postings, or unexplained lights in the sky. It was necessary to borrow money to pay our bills because we were living beyond our means, and this is attributable solely to current management. The deterioration of our profitability goes hand in hand with our failure as an organization to adapt to changing conditions. Nine times, the implementation date was missed. This year, we dumped our original software supplier and started in with a new one.
Implementation is still months away.
The failure to modernize is attributable to management s inability to select a competent software supplier and manage the project to completion. Management is eliminating and not replacing key personnel. Management is cutting sections of Chess Life. Management is borrowing from the bank, raising our indebtedness to record highs. Management is proposing dues increases.