secretary/treasurer’s report aashto annual meeting 2011 detroit, michigan october 15, 2011
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Secretary/Treasurer’s Report
AASHTO Annual Meeting 2011 Detroit, Michigan
October 15, 2011
Secretary/Treasurer’s Report Agenda
Fiscal Year 2011 Financial Status
Fiscal Year 2012 to date
Discussion
Sponsorship Highlights
Special Assessment to Support Reauthorization
Secretary/Treasurer’s Report Highlights from fiscal year 2011 results
The auditors completed field work on September 28, 2011. The preliminary result shows that they will render an unqualified (clean) opinion.
Overall: We ended the fiscal year in the black. We had a net income over expense of $1.95 million in technical services and AASHTOWare programs . The operating account finished the year $22 thousand above estimated income excluding the computer capitalization transfer.
The auditors final report will be available later this year. We will submit the report to the Executive Committee and offer a conference call to discuss details.
Secretary/Treasurer’s Report
The Operating Account
Investment income for the year was $2.76 million, substantially above estimated income budget amount.
The value of investment increased by $3.08 million or 9% percent over the last fiscal year.
Pension liability has decreased: from $12.2 million in FY 2010 to $5. 8 in FY 2011. This substantial change is due to valuation increase for investments and major changes in the pension plan as well as pay changes.
Secretary/Treasurer’s Report
Fiscal Year 2012 to date
The overall position for operations, technical services and AASHTOWare remains well within the budget.
First quarter investment income was $623 thousand on target with the budget, although we have seen a decline in valuation by $2.96 million.
SPONSORSHIP HIGHLIGHTSFY 2010
Revenue Annual Meeting Spring Meeting Legislative Briefing
Meeting Registration 208,180 133,554 58,925
Trade Fair 150,950
Sponsorship 256,000 189,500 111,650 Attendees Current average
registration fee Registration fee without
sponsorship Annual Meeting 302 $689 $1,537 Spring Meeting 214 $624 $1,510 Legislative Briefing 137 $430 $1,245
FY 2011
Revenue Annual Meeting Spring Meeting Legislative Briefing
Meeting Registration 305,614 138,703 70,783Trade Fair 144,600 Sponsorship 314,955 213,426 64,655
Attendees Current average registration fee
Registration fee without sponsorship
Annual Meeting 370 $826 $1,677Spring Meeting 321 $432 $1,097Legislative Briefing 181 $391 $748
Funding at Current Rate
We expect reauthorization to continue for the foreseeable future.
We have a need to continue to finance a series of activities in support of reauthorization.
Continue the dues amount at the same level as the last three years.
Secretary/Treasurer’s Report
Questions?
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