Short term cash supply is important; we have a decent lag between now and NANOG 52 where there will be a significant outflow of cash for salaries, hotel contracts, etc. without any meeting revenue.

yes, the published data do show that plan. and i guess it is not outrageous. a choice between borrowing from other organizations or borrowing from members. unless, of course, one can get gifts. but that's not something on which i would play bet the company. randy