Finance and Budget

FY 2013 Audit Completed in December AACRAO received an “unmodified” (unqualified or clean) opinion. Audit Committee Members from the Board – Brad Myers (chair), Melanie Gottlieb, Luisa Havens, Member-at-Large John Hall, Southern Methodist University FY 2013 Financial Audit

Statement of Financial Position

AACRAO Investment Funds As of September 30, 2013 Three funds to provide for future needs and for the long- term health and preservation of AACRAO.  Infrastructure Fund  $1,926,196  Strategic Initiatives and Investment Fund  $1,926,196  Unrestricted Endowment Fund  $3,852,392  Total Fund Value  $7,704,784

AACRAO Bylaws: – “Dues: The Board of Directors through a Board Resolution, may approve a membership dues increase of no greater rate than the previous twelve‐month period’s Consumer Price Index, rounded to the nearest dollar.” (Article II, Section 1., c.) – The increase to the CPI in 2013 was 1.7%, hence an increase of $3 from the current rate of $206 per member to $209 per member. Board Approved Dues Increase

A new online Registrar’s Self-Audit. A new electronic SEM journal in partnership with Jossey-Bass. Moving towards webinars as a member benefit rather than for a cost. Expanding our international presence – viewed by the Board as an important growth area for the Association. Software development in-house to improve user experience i.e. online bookstore etc. Exploration of additional ways to share meeting content with those members not in attendance at meetings. Increased use of task forces and workgroups to assist with profession initiatives. Continued benefits to members…

Dues and Non-dues Revenue Comparison FY Actual FY 2014 Budget & FY 2015 Proposed Budget

Proposed Budget FY FY 2013 Actual FY 2014 Approved FY 2015 Proposed Revenue$9,296,146$10,518,429 $10,913,078 Expense$9,044,040$10,234,999 $10,501,377 Net Operating Income$252,106$283,429 $411,701 Change in Net Assets$746,072$283,429 $411,701

Operating Revenue & Expenses FY 1992– 2013 Actual FY 2014 Budget & FY 2015 Proposed Budget

 To be approved at the Business Meeting at the Annual Meeting  Budget year begins October 1, 2014  Based on a projection for increased services to members and for increased revenue from AACRAO revenue lines Proposed Budget for Fiscal Year

Approval of Budget Motion to approve the proposed Fiscal Year Budget. This comes to the floor as a seconded motion from the Board of Directors