AASP Newsletter - March 2021

Hillary Cauthen

Financial Report from Hillary Cauthen, AASP Secretary-Treasurer, on behalf of the AASP Executive Board

What a year we have all experienced; may we all take a deep breath together and look toward 2021 with new insight, growth, and connectivity. The current financial report will show the adaptability, compassion, and commitment to AASP’s strategic goals and priority in supporting our members through the many initiatives in which we continue to invest.

Within this report is a year-end recap of the Association’s financial status—based on our final 2020 financial numbers, the 2021 budget, a comparison of AASP’s financial performance over the past 3 years, and the most recent statement of assets.

Like many other organizations, COVID-19 has caused our leadership to think carefully and act decisively to mitigate impact and prepare AASP to maintain positive growth. At the conclusion of 2020, our financial picture shows we are in a very steady and solid position. While our 2020 budget anticipated a potential loss of $15,000, we adapted in hopes of reducing any losses and posted a profit at nearly $300,000.

There were a number of reasons to explain this financial success. First, on the revenue side, virtual conference registration was 1,715—almost 400 more attendees than the in-person record set in Portland in 2019. Significant membership increases, tied to a special conference promotion that bundled registration with membership, allowed for a supportive opportunity for all. The Ethics and Diversity Distance Courses performed substantially well as both sold out and netted almost $30,000 more than budgeted. There are many positives to note for our continued financial investments as well. We saved $85,000 on administrative expenses on various items, including not holding two in-person board meetings and management contract relief. Conference expenses were significantly reduced as well given the pivot to virtual. Overall, our efforts to support our members and ensure the safety of all has resulted in many positive gains for our organization. 

Our 2021 budget is $1,097,000 in revenue and expense, assuming a return to a live conference this coming October in Las Vegas.  

Membership was an area we focused on to provide support for those in 2020; the organization provided free membership extensions for 300 members. It’s worth highlighting that we’ve crossed over the 3,000 member threshold for the first time in AASP history! 

The continued impact and investments will assist in providing an inclusive, inspiring representation of our organization. AASP finances reflect the commitment and responsiveness to our members and those we serve.

Thank you for your continued investment in the association. I appreciate the opportunity to serve and share our financial growth and goals. Should you have questions, concerns, or suggestions related to the financial activity of AASP, please contact Hillary Cauthen, AASP Secretary-Treasurer at drcauthen@txopps.com.