AASP Newsletter - September 2019

Hillary Cauthen

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

This financial report comes to you hot off the data sheets, just like most of your summer temperatures. If you are ready for cooler temperatures prepare to experience them in Portland, Oregon at this year’s AASP Conference! Plans for this year’s conference are in full swing and we can’t wait to see you there. In this report, the AASP Executive Board presents a midyear check-in on the association’s financial status – based on its June financial numbers. Specifically, the approved 2019 budget, current 2019 YTD spending, and a comparison of AASP’s financial performance over the past 3 years are highlighted.

At our midyear check-in, the financial data seem to be consistent with our projected budget and to align with the initiation of strategic plan initiatives. This financial report continues to demonstrate AASP’s commitment to and investment in the association’s goals.

Beyond the current financial report there are two updates related to AASP’s finances. The first focuses on the full financial audit of the association’s finances. The Lemler Group, an Indianapolis-based CPA firm, completed a full financial audit that is required per policy every time an AASP Secretary-Treasurer leaves office. The report was completed in May 2019. There were no challenges with the audit process and the completed report stated AASP finances, reporting, and activities are in accordance with accounting principles accepted within the United States.

Scroll left on your mobile device to view the full financial report.

The second change within AASP finances is related to the completion of the Finance Committee’s strategic goal 8.1.1. Re-evaluate percentage of operating expenses held in reserve to help prioritize action items from strategic plan(s). Per policy, AASP has required 100% of operating expenses for a year be held in reserve (latest reserve policy updated in 2012). In 2012, AASP’s operating budget was $565K with reserves of $590K. In 2013, operating budget was $627K and reserves at $647K. AASP and its budget has grown substantially over the past 5 years – in 2018, AASP’s operating budget was $922K with reserves of $788K (roughly 85% of reserve). 

The AASP Finance Committee proposed at the spring Executive Board meeting to maintain reserves at 90% to give some additional flexibility to pursue various projects AASP has on the agenda. The motion carried.

The changes in policies and the financial report update over the course of the year indicate progression toward goals and growth within the association! The increased growth in membership and investment in goals will always require money, but AASP will continue to use very conservative budgeting strategies and continuous monitoring of finances. 

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.