$200,000.

And while that's more than the BOA expected, secretary-general John Hoskins says the BOA's financial position remains satisfactory with almost $40,000 in the bank. The BOA had a deficit for the year of $45,603.

"We need money, there is no question about it. But the Olympics still hasn't crippled us and actually speaking we are in a pretty good state coming off a big event like that,'' said Hoskins.

BOA are hopeful of returning to a sound financial position in time so that they can give the normal assistance for additional events like the CAC Games, Pan Am Games and Commonwealth Games -- all of which will take place before the next Olympics in four years time.

While Barcelona proved costly, much of the expense was covered by the $137,515 which was raised for it -- including a Government grant of $30,000, a public appeal that turned in $68,319 and the IOC subsidy of $39,196.

"There was some heavy cost of shipping boats and horses to Barcelona, and getting things cleared through customs there proved to be far more costly than we anticipated,'' said Hoskins.

"And to think of it, the cost would have been far greater if two horses hadn't been withdrawn. Had they gone we may have been forced to pay an additional $20,000.'' He said that regardless of the financial state of the association, the normal procedure following a major event was to concentrate on continue fund-raising methods which were always "ongoing'' as far as the association is concerned.

"It's not easy to raise money right now in this climate, but we still have to prepare for some major events that take place between now and the next Olympics. But it is clear that we are going to need to raise money,'' said Hoskins.

The air fares to the Olympics for the big Bermuda contingent proved to be the costliest at $46,268 with the transportation of the horses amounting to $41,956 and the transportation of yachts $35,208. Accommodations in Barcelona cost $36,043.

At Wednesday's BOA annual meeting, the only change among the executives saw Randy Benjamin replace Jimmy Amos as vice president. Amos had previously announced his intention of not running because of job commitments.

The other officers were returned unopposed were Austin Woods (president), John Hoskins (vice president), John Faiella (treasurer). Members elected were Francis Vallis, Phillip Guishard, Joan Taplin and Mike Cherry.