Legislative Update Sarah Weissmann Grassroots Program Manager California Federation Convention.
NCA 2005 Annual Convention Legislative ...
Transcript of NCA 2005 Annual Convention Legislative ...
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Finance Board ReportFinance Board Report
Tim HynesTim Hynes
Finance Board DirectorFinance Board Director
National Communication AssociationNational Communication Association
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Financial ReportsFinancial Reports
End-of-year reportsEnd-of-year reports– FY04-05 Financial PositionFY04-05 Financial Position– FY04-05 Financial ActivitiesFY04-05 Financial Activities– Report of Independent AuditorReport of Independent Auditor
FY05-06, FY06-07, FY07-08 Budgets FY05-06, FY06-07, FY07-08 Budgets
Strategies for the futureStrategies for the future
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Financial Position SummaryFinancial Position Summary
Represents assets and liabilities of the Represents assets and liabilities of the AssociationAssociation
OverviewOverview– Shifting from Cash & Cash Equivalent to Shifting from Cash & Cash Equivalent to
InvestmentInvestment– Net Assets IncreasedNet Assets Increased– Accrual BasisAccrual Basis– Fund Allocation from Undesignated to Fund Allocation from Undesignated to
Board Designated FundBoard Designated Fund
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Investment Policy SummaryInvestment Policy SummaryObjectives Objectives
Short Term InvestmentShort Term Investment– Reserve the principleReserve the principle– Maintain liquidityMaintain liquidity– Optimize the investment return within the constraints of the Optimize the investment return within the constraints of the
aboveabove– Maximize FDIC and SPIC insurance levelMaximize FDIC and SPIC insurance level
Long Term InvestmentLong Term Investment- Pursue a long-term goal designed to maximize the returns Pursue a long-term goal designed to maximize the returns
without exposure to undue riskwithout exposure to undue risk
Investment Distributions GuidelinesInvestment Distributions Guidelines– Conservative or Moderately Conservative Investment StrategyConservative or Moderately Conservative Investment Strategy– Divided among several financial institutionsDivided among several financial institutions– Divided into funds based on restriction and purpose of the fundsDivided into funds based on restriction and purpose of the funds– Annual Review Distribution PercentagesAnnual Review Distribution Percentages
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Financial Position - AssetsFinancial Position - Assets
(1,300)7,532
015,063
1,3007,531
Assets - Other–Life Member A/R–Convention Deposits
542,7984,144,6353,601,837Total Assets
6,232
(123,432)
(13,026)(28,657)(37,914)(43,835)
0
659,998
(370,448)1,001,540
(5,398)1,555
32,749
Variance
1,994,5302,117,962Subtotal - Fixed
65,88633,176
148,0511,512,310
235,107
78,91261,833
185,9651,556,145
235,107
Assets – Fixed–Furniture and Fixtures–Office Equipment–Computers and Software–Building and Improvements–Land
15,0638,831Subtotal - Other
Subtotal - Current Assets
Assets - Current–Cash/Cash Equivalents–Investments–Accounts Receivable–Inventory for Resale–Prepaid Expenses
1,475,044
885,464539,823
29,86817,300
2,589
FY03-04
2,135,042
515,0161,541,363
24,47018,85535,338
FY04-05
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Financial Position – LiabilitiesFinancial Position – Liabilities
506,422
29,50790,06452,336
327,1757,340
FY04-05
20,093
(6,594)(1,780)
4,18244,643
(20,358)
Variance
486,329Total Liabilities
Liabilities–Accounts payable –Accrued expenses–Accrued payroll & Taxes–Deferred revenue–Capital Lease
36,10191,84448,154
282,53227,698
FY03-04
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Investment SummaryInvestment Summary
Mutual Funds45%
Certificate of Deposit
23%
US Bonds & Mortgages
32%
Short and Long-Term Investments:
$1,541,363
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Financial Position – Net AssetsFinancial Position – Net Assets
37,0251,805
944,250227,275
907,225225,470
Restricted net assets–Temporarily restricted–Permanently restricted
3,638,213
313,0601,512,315
641,313
FY04-05
522,705
90,636(43,827)437,066
Variance
3,115,508Total Net Assets
Unrestricted net assets–Designated by the Board –General Operating Fund –Contingency fund
222,4241,556,142
204,247
FY03-04
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Few Key DifferencesFew Key Differences
Liability13%
Asset87%
Liability12%
Asset88%
FY03-04:
Liability - $486,000
Asset - $3,116,000
FY04-05
Liability - $506,000
Asset - $3,638,000
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Financial Activities Financial Activities SummarySummary
Partnership with Taylor & FrancisPartnership with Taylor & FrancisPartnership with EBSCOPartnership with EBSCOAll-time high membership All-time high membership Record high convention attendance Record high convention attendance Continued growth of Student OrganizationsContinued growth of Student OrganizationsDepreciationDepreciation
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Activities - Four Year SummaryActivities - Four Year Summary
0
500
1,000
1,500
2,000
2,500
3,000
Income 2,224 2,510 2,520 2,774
Expenses 2,293 2,399 2,118 2,290
FY01-02 FY02-03 FY03-04 FY04-05
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Activities Summary – 04/05Activities Summary – 04/05
0
200
400
600
800
Income 730 245 247 692 112 668
Expense 336 102 81 277 148 529
Mem Spectra Stu Orgs Subs Pub Convention
Income: 2,773,928
Expenses: 2,290,053
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Activities Summary – 04/05Activities Summary – 04/05
0
100
200
300
400
500
600
Income 3 25 53
Expense 233 30 554
Edu & Res CIDD Adm
Income: 2,784,824
Expenses: 2,300,950
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Journal Subscriptions - Four Year Journal Subscriptions - Four Year SummarySummary
0
200,000
400,000
600,000
800,000
Income 652,599 652,637 657,685 691,571
Expenses 317,605 312,645 274,589 276,851
FY01-02 FY02-03 FY03-04 FY04-05
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Breakdown of IncomeBreakdown of Income
Spectra
Student Org
Publications
Education & Research
CIDD
Convention
Membership
Subscriptions
Other
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Breakdown of ExpensesBreakdown of Expenses
Education & Research
Publication
Student OrgSpectra
Convention
Subscriptions
MembershipCIDD
Administration
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Program ExpenseProgram Expense
Surplus
Governance
CIDD
Administration
Membership
Subscriptions
Convention
SpectraStudent Org
PublicationEducation & Research
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Approval of ReportsApproval of Reports
Move to accept the FY04/05 financial reports Move to accept the FY04/05 financial reports and receive the draft report of Independent and receive the draft report of Independent Auditor as presentedAuditor as presented
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Budget AssumptionsBudget Assumptions
Includes recommendations of the Boards Includes recommendations of the Boards and the Executive Committee to dateand the Executive Committee to date
No other significant changes in No other significant changes in operationsoperations
Three year rolling budget, modified each Three year rolling budget, modified each yearyear
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Budget Summary - Budget Summary - IncomeIncome
0
200,000
400,000
600,000
800,000
1,000,000
FY05/06 736,901 235,455 216,250 700,641 702,814 111,720 19,800
FY06/07 744,073 235,455 224,700 705,641 744,236 111,720 19,800
FY07/08 751,318 235,455 233,150 710,641 822,733 111,720 19,800
Mem Spectra Stu Sub Conv Pubs Other
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Budget Summary – ExpensesBudget Summary – Expenses
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
FY05/06 380,933 106,800 66,955 284,859 612,314 168,365 280,314 700,409
FY06/07 392,985 106,800 67,676 286,313 629,779 172,704 289,032 707,201
FY07/08 407,965 106,800 70,873 288,119 646,678 178,097 299,867 725,804
Mem Spectra Stu Sub Conv Pubs Other Adm
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Budget Summary- AdminBudget Summary- Admin
0
500,000
1,000,000
1,500,000
FY05/06 986,271 252,919 91,026 90,060 171,085 267,913
FY06/07 1,044,955 264,259 89,351 68,862 162,911 273,808
FY07/08 1,107,160 282,678 90,717 47,185 162,911 279,425
Sal Ben Bldg Equip Gov Other
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Financial ProjectionFinancial Projection
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
3,100
Income 1,813 2,085 2,001 2,093 2,626 2,224 2,510 2,520 2,774 2,724 2,786 2,885
Expense 1,717 1,937 1,938 2,068 2,452 2,293 2,399 2,118 2,290 2,601 2,652 2,724
FY96-97 FY97-98 FY98-99 FY99-00 FY00-01 FY01-02 FY02-03 FY03-04 FY04-05 FY05-06 FY06-07 FY07-08
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StrategiesStrategies
Build contingency fundBuild contingency fund
Protect revenue streamsProtect revenue streams
Reduce costsReduce costs– More efficient processingMore efficient processing– Flexible staffing modelsFlexible staffing models– OutsourcingOutsourcing– Programs/Projects evaluationPrograms/Projects evaluation
Identify new income sourcesIdentify new income sources
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Strategies in MotionStrategies in Motion
• E-commerce (July 2002)E-commerce (July 2002)
• On-line program submissions (2003)On-line program submissions (2003)
• Manuscript tracking system for journals (2003)Manuscript tracking system for journals (2003)
• Partnership with T&F for journals (2003)Partnership with T&F for journals (2003)
• Partnership with EBSCO for database (2003)Partnership with EBSCO for database (2003)
• New Web Design (2004)New Web Design (2004)
• Partnership with Conference Direct (2005)Partnership with Conference Direct (2005)
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Commercial PartnershipsCommercial Partnerships
• Guarantee of subscription revenueGuarantee of subscription revenue
• Increased member servicesIncreased member services
• Increased marketingIncreased marketing
• New revenue streams from increased New revenue streams from increased non-member access to journalsnon-member access to journals
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Potential Additional Income Potential Additional Income SourcesSources
GrantsGrants
Capital CampaignCapital Campaign
Carriage House RentalCarriage House Rental
JobsOnlineJobsOnline
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Approval of BudgetApproval of Budget
Move to approve the FY05/06, 06/07, 07/08 Move to approve the FY05/06, 06/07, 07/08 budgets as presentedbudgets as presented