Foundation treasurer's report.
The Foundation ended the year with more than $11 million in revenues and investment income was slightly less than $1 million. An all-time attendance record of 52,088 was reached for the 761 courses offered during the year.
To celebrate the Foundation's 40th anniversary, the cap limiting the VP program to 11 classes was eliminated, offering unlimited use to VP holders. The number of VP holders increased by 4 percent as a result of this offer, and full-pay attendance increased by 1.7 percent overall. Revenues from webcasts increased by 268 percent since the Foundation took over this endeavor from its third-party administrator and on-site training revenues increased by 51 percent. This year was definitely about the customers and the Foundation's way of saying thank you to the membership.
The unlimited use by VP holders increased overall event related expenses and direct expenses exceeded budget by 17.6 percent. The increase in attendance exceeded estimates and hotel costs for facilities and food continued to increase.
Indirect expenses exceeded budget by 31 percent as result of changes in the shared services with CalCPA and the accrual of other personnel expenses.
The change in total assets of $1 million can be attributed to the strong revenue growth mentioned above, along with investment income and gains of approximately $957,000.
The Foundation continues to be a strong organization and a premier provider of quality continuing education, all while maintaining a positive bottom line. The Foundation has experienced another excellent year.
Pamela S. Kelty, CPA
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|Title Annotation:||2007 annual report|
|Author:||Kelty, Pamela S.|
|Date:||Aug 1, 2007|
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