AASP Newsletter - December 2016
Winter 2016 Financial Report
Financial Report from AASP's Executive Board
One of the most important qualities that an individual can display in performance situations is consistency. To that end, if you have been reading these financial reports for the past year, you have probably picked up on the fact that financial data has been presented in a consistent manner; and hopefully, this improves the ability to easily comprehend AASP’s overall financial health. Thus, the 2016 approved budget, current 2016 YTD (Year To Date) spending, comparison of AASP financial performance over the past 3 years, and organizational assets are subsequently highlighted in this report.
|
2013 Actual |
2014 Actual |
2015 Actual |
2016 Budget |
2016 |
INCOME |
|
|
|
|
|
Membership |
$156,463 |
$182,099 |
$178,652 |
$195,000 |
$193,518 |
Conference |
$295,855 |
$349,299 |
$291,521 |
$288,300 |
$241,239 |
Publications |
$195,055 |
$208,619 |
$214,423 |
$217,689 |
$202,070 |
Certification |
$17,290 |
$24,610 |
$23,660 |
$22,500 |
$20,025 |
Education |
$19,817 |
$29,450 |
$32,845 |
$31,750 |
$28,831 |
Foundation |
$4,030 |
$23,082 |
$23,220 |
$25,000 |
$15,837 |
Administration |
$3,424 |
$4,134 |
$5,049 |
$3,000 |
$2,832 |
TOTAL |
$691,934 |
$821,293 |
$769,370 |
$783,239 |
$704,352 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Membership |
$10 |
$0 |
$0 |
$350 |
$0 |
Conference |
$291,960 |
$365,666 |
$276,160 |
$322,100 |
$36,607 |
Publications |
$82,986 |
$108,746 |
$105,051 |
$107,700 |
$60,523 |
Certification |
$8,229 |
$9,860 |
$34,299 |
$36,100 |
$30,370 |
Education |
$4,711 |
$4,161 |
$9,297 |
$10,500 |
$7,542 |
Foundation |
$37 |
$13,570 |
$14,856 |
$19,850 |
$1,537 |
Administration |
$240,040 |
$248,747 |
$307,502 |
$306,964 |
$179,369 |
TOTAL |
$627,973 |
$750,750 |
$747,165 |
$803,564 |
$315,948 |
|
|
|
|
|
|
NET |
$63,961 |
$70,543 |
$22,205 |
($20,325) projected |
- |
It is important to note that data regarding the 2016 YTD spending is based on the most recent balance sheet available (August 31, 2016). As such, when interpreting the first table, it appears that AASP has nearly met our income targets for the year, while keeping expenses at less than half of what was projected. However, payments for conference expenses are not yet reflected in these numbers; thus specific expense cost-centers will rise in the coming months.
One upcoming change that will be reflected in the statement of organizational assets beginning next year will be the allocation of specific funds into an index fund. Specifically, during the Fall E-Board meeting, it was decided that AASP would invest $50,000 into the Fidelity Four-in-One Index Fund (FFNOX). This fund is a composite of four separate funds that track the S&P 500, the extended market (i.e., companies not in the S&P 500), international market, and United States bond market. Additionally, this fund has a very low expense ratio of 0.13% – meaning it costs AASP $1.30 / $1,000 / year to invest in this fund.
SAVINGS / CHECKING / MM ACCOUNTS |
VALUE |
BMO Harris Checking |
$517,025 |
BMO Harris Money Market |
$71,639 |
BMO Harris Foundation |
$48,362 |
FCFCU Savings |
$5 |
Forum CU Savings |
$5 |
Summit CU Savings |
$51,276 |
TOTAL |
$688,312 |
|
|
CERTIFICATES OF DEPOSIT (CDs) |
VALUE |
Forum CU (33 month, 1.00%, 9/4/2016) |
$55,456 |
Summit CU (30 month, 1.00%, 2/12/2017) |
$28,859 |
BMO Harris (60 month, 1.25%, 5/17/2017) |
$65,471 |
FCFCU (39 month, 1.00%, 6/26/2017) |
$32,295 |
Forum CU (23 month, 1.75%, 9/13/2017) |
$76,076 |
Summit CU (16 month, 1.00%, 10/13/2017) |
$70,154 |
Forum CU (33 month, 1.00%, 12/11/2018) |
$107,907 |
TOTAL |
$436,218 |
|
|
TOTAL ASSESTS |
$1,124,530 |
By taking $50,000 from the Summit CU Savings, it is the hope of the E-Board that the principal investment will grow over time and allow for additional funds to then be infused into projects to further enhance the mission of AASP.
Thank you for the continued opportunity to serve AASP. Should you have questions, concerns, or suggestions related to the financial activity of AASP, please contact Todd Gilson, AASP Secretary-Treasurer, at tgilson@niu.edu.
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