A summary of the Association's finances during fiscal year 1994 is presented here. Several changes from previous years have occurred, such as contracting FASEB for business services, hiring an accountant to review our finances and prepare tax reports, and reporting our finances based on calendar instead of fiscal years. At the ABRF Business Meeting in Boston we presented the financial report for calendar year 1994 (January 1, 1994 through December 31, 1994), which had an apparent deficit of $20,000. Naturally, this raised some concern among our membership. The financial report presented here represents fiscal year 1994 (October 1, 1993 through September 30, 1994) and takes into account those deposits received in 1993 for fiscal year 1994, such as membership and corporate support dues.
Income
Membership Dues 38,775.00
Corporate Sponsors 40,500.00
NSF Grant 49,933.01
Interest 1,977.00
Other (video, directory, etc.) 6,965.00
Total 138,150.01
Expenses
Meetings, Conferences -39,983.50
Manuscripts, Newsletter -12,051.32
Advertising, Brochure -1,954.98
Research Committees -43,552.35
Indirect Costs -9,052.66
Management and Administration -28,169.86
Total -134,764.67
Total Income 138,150.01
Total Expenses -134,764.67
Net 3,385.34
Our income is derived from several sources, including membership dues--which account for only about one-third of total incoome--grants, and corporate sponsors. A non-renewable NSF grant awarded to ABRF was terminated in 1994 and represented a significant portion of our income. The 1995 dues were raised to reflect a more reasonable portion of the total income, in keeping with other professional societies, which helps when we apply for grants-in-aid from various sources. This should enable us to continue our program in spite of reduced grant support.
The Meetings, Conferences expense encompasses the ABRF Annual Meeting and all satellite meetings. The Research Committees expense includes costs associated with operating the Committees such as surveys, test samples, and teleconferencing, which were largely subsidized by the NSF grant. The Management and Administrative expense includes all expenses for general operations of our organization. The Indirect Costs expense was deducted from the NSF grant income because of the way the moneys were received: most individual grants report only the direct cost income, but this grant reported direct plus indirect as our total income.
Thus, the report shows that the reported deficit of $20,000 was due largely to changing the basis of accounting from a fiscal year to a calendar year, and we ended fiscal year 1994 with a slight net gain. In the future all financial reports will be based on the calendar year to avoid or minimize confusion.
Sheenah Mische, Treasurer
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