CalCPA treasurer's report - 2002 Annual Report - California Society of Certified Public Accountants - Brief Article

California CPA, Sept, 2002 by Jessie Powell

CalCPA continued to experience positive financial operating results in FY 2001-02 and completed planned initiatives on budget despite the effects of Sept. 11, the Enron bankruptcy and the demise of the dot-coms. Our accomplishments included conducting a survey of our members in business and industry to measure satisfaction and assess needs; launching a student outreach campaign; representing the interests of the profession in Sacramento; and developing CalCPA's strategic plan.

We increased net assets by approximately $497,000, continuing a three-year trend of increasing net assets. Although revenues were below budget, primarily in the areas of advertising, affinity and investment income, we anticipated these shortfalls and reduced expenses accordingly.

Net assets at April 30, 2002, were $4,251,000, or approximately 84 percent of our net assets goal to provide the reserves necessary to mitigate a significant economic downturn, purchase a building or support future initiatives.

Under the expert guidance of the Finance Committee's Investment Subcommittee, our investment policy statement is complete and ready for final approval by CalCPA's Board of Directors. We completed a search for an investment consultant and are in the process of evaluating investment managers.

We made significant improvements to the treasury function in the past year, and I look forward to another successful year as your treasurer.