Annual Report 2012: FY July 1, 2011-June 30, 2012
Treasurer
Fiscal Year 2012 was projected to be a year reflective of a struggling economy.
Although we were hopeful for our ICE event in Milan and our ACE in Long Beach, we knew we had to be realistic that financially the results would not be as strong as the year before. When we prepared our budget, we expected a shortfall in our operations. The good news is that we actually outperformed our budget, resulting in a favorable variance from operations.
On the income side, we enjoyed growth in advertising, sales of publications, educational and convention activities. We also benefitted from a positive return from our investment in the NAPE meeting, Datapages, Inc., and the International Pavilion, LLC.
We budgeted expenses of more than $17.3 million, a little down from the $17.7 million budgeted in fiscal year 2011. We continue to challenge ourselves and the staff to be good stewards of our members’ resources while still striving to deliver a high level of member benefits. As a result of these efforts, our overall expenses for the year were just under $17 million, which is favorable to budget by nearly $400,000.
All in all, we enjoyed the results of Fiscal Year 2012 at least from operations. We have been enduring a roller-coaster ride in the stock market, which affects our investment holdings as well as our pension liability. We anticipate great outcomes from both the ICE in Singapore and the ACE in Pittsburgh, though we are also trying to keep a watchful and proactive eye on our investment portfolio and our liabilities.
Jim McGhay, Treasurer
| General Fund FY 2010-11 |
General Fund FY 2011-12 |
Budget FY 2011-12 |
|
Operating Income |
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| Dues | $2,277,034 | $2,253,988 | $2,211,950 |
| BULLETIN Subscription | 261,975 | 253,634 | 236,400 |
| Advertising Income | 1,576,026 | 1,818,429 | 1,538,562 |
| Sales of Publications | 526,430 | 771,011 | 532,920 |
| Interest and Dividends | 354,315 | 554,058 | 370,000 |
| Investment Income from NAPE | 540,626 | 594,139 | 543,000 |
| Education and Misc. Service Fees | 3,209,971 | 4,266,262 | 3,890,425 |
| Conferences and Meetings | 6,483,115 | 5,872,063 | 5,220,381 |
| Page Contributions | 4,820 | 8,061 | 5,400 |
| Gain (Loss) on Datapages | 170,998 | 219,026 | 54,105 |
| Gain (Loss) on International Pavilion | 35,400 | 77,962 | 48,000 |
| Grant Income | 1,030,385 | 1,140,313 | 1,076,352 |
| Miscellaneous | 804,003 | 364,525 | 470,960 |
| Total Operating Income | $17,275,098 | $18,193,471 | $16,198,455 |
Operating Expenses |
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| Salaries | $3,864,380 | $4,027,574 | $3,880,055 |
| Employee Benefits | 1,655,516 | 1,636,726 | 1,417,683 |
| Publishing Cost of BULLETIN | 218,993 | 155,408 | 228,000 |
| Publishing Cost of EXPLORER | 198,438 | 216,292 | 230,800 |
| Cost of Special Publications Sold | 237,135 | 233,623 | 194,903 |
| General Office Expense | 1,032,947 | 942,681 | 1,117,267 |
| Postage and Shipping | 642,718 | 708,330 | 688,060 |
| Building Expense | 296,513 | 279,386 | 287,255 |
| Professional Fees | 1,971,971 | 1,377,203 | 2,246,757 |
| Staff Travel | 357,403 | 352,740 | 440,879 |
| Professional Travel | 1,379,618 | 1,063,348 | 1,553,507 |
| Conferences and Meetings | 3,223,687 | 5,058,420 | 3,855,715 |
| Depreciation | 167,062 | 197,650 | 172,292 |
| AGI Dues | 12,544 | 61,871 | 72,000 |
| Meeting Presence/Display | 5,917 | 48 | 12,652 |
| Miscellaneous Grants and Awards | 224,728 | 226,795 | 366,235 |
| Miscellaneous | 492,869 | 411,209 | 580,949 |
| Total Operating Expenses | $15,982,350 | $16,949,304 | $17,345,009 |
| Income (Loss) From Operations | $1,292,748 | $1,244,167 | $(1,146,554) |
| Assets | $17,158,035 | $17,208,169 | |
| Liabilities | 4,835,049 | 7,164,719 | |
| Fund Balance | 12,323,004 | 10,043,450 | |
| Total Liabilities and Fund Balance | $17,158,053 | $17,208,169 | |