Calcpa treasurer's report.
CalCPA Institute, a 501(c)(3), was formed to fund ongoing projects such as the financial literacy initiative through donations and grants to expand outreach without raising dues.
Investment gains, continued cost-cutting measures and better than expected advertising revenues increased net assets by nearly $2.3 million to $7.2 million. The defined benefit plan, frozen at the beginning of the year and replaced with an enhanced 401(k) plan, was funded to maintain adequate funding levels. According to budget guidelines, and to ensure CalCPA's future financial health, the board designated $2 million of net assets to a building fund. This allocation leaves $5.2 million--88 percent--of the nearly $6 million net asset target.
To maintain our current level of member service and financial performance, we are committed to growing our membership and non-dues revenues as well as identifying opportunities to share services with our affiliates. With a break-even budget and responsible financial oversight on the part of staff and leadership, CalCPA is positioned for another successful year.
Nancy Wheeler-Chandler, CPA
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|Title Annotation:||Consolidated Financial Statements & Independent Auditor's Report; California Society of Certified Public Accountants|
|Article Type:||Brief Article|
|Date:||Sep 1, 2004|
|Previous Article:||Numbers matter.|
|Next Article:||Foundation treasurer's report.|