1 2004 CrossRef Annual Member Meeting Financial Review Bob Campbell, Treasurer.

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Presentation transcript:

CrossRef Annual Member Meeting Financial Review Bob Campbell, Treasurer

CrossRef Annual Member Meeting Financial Discussion Financial Overview 2000 Actuals to 2005 Budget 9-Month 2004 Highlights Strategic Financial Issues Board Actions

CrossRef Annual Member Meeting Income StatementCash Flow LE 2005B Financial Overview Budget LE 2005B $000's

CrossRef Annual Member Meeting 9-Month 2004 Highlights Revenue: $96k (4.6%) under 2003 (same period) –July 2003 Fee Restructuring: $378K (43.8%) under YTD Budget –Lower revenue favorable outcome as now for-profit (tax efficiency very important) Expenses: $250k (18.9%) over 2003 (same period) –Staffing up $103k (17.1%) – new staff mid-2003 and Jan 2004 –Admin. Up $82k (24.3%) - legal & accounting fees (for-profit)

CrossRef Annual Member Meeting Strategic Financial Issues Replace current member loans to reflect current for-profit tax status and keep fees to minimum (tax efficiency) $2 million in loans from 12 members; key goals: –Roll all different-maturing loans into one 10 year loan (4Q/04) –Repay $600k of principal (4Q/04) –Repay $478k accrued interest (inception-to-date) (4Q/04) –Remaining loan principal and interest to be re-paid over 10 years (I.e., conservative planning) Critical to continuously monitor fee structure to ensure appropriate and predictable mix of revenue (balancing expenses, capital expenditures, cash reserves, loan repayments and tax efficiency)

CrossRef Annual Member Meeting Strategic Financial Issues Application for tax exempt status filed September 2004 New membership fee structure offers a more predictable revenue pattern Issue to watch for the future: IDF charges an annual per DOI maintenance fee but CrossRef does not – included in the annual membership fees and one-time deposit fees Expand system to deal with transaction growth

CrossRef Annual Member Meeting Board Actions Establish Audit Committee Review of Draft 2005 Budget Approve loan repayment plan Financial Goals –Repay accrued interest on loans; sustain continuing operations; invest in new initiatives; invest in capital projects; retain minimum cash balance equal to 3 months operating expenses and next year’s capital spending; minimize operating surplus and tax liability

CrossRef Annual Member Meeting Emphasis on Financial Controls as PILA Grows Board thoroughly reviews PILA’s financial position each quarter including a rolling 12-month forward view of cash flow Financial operations manual adopted by Board and now in place Custom established for annual visit with audit manager by President and Treasurer

CrossRef Annual Member Meeting Summary CrossRef is in very good shape financially and generating surpluses Sound financial policies and procedures are in place Loan repayment (interest and principal) is getting underway Fees are at the right point now but need monitoring