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CrossRef Financial Review

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Linda Beebe's presentation at the 2009 CrossRef Annual Meeting

Published in: Business, Economy & Finance
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CrossRef Financial Review

  1. 1. Financial Review Linda Beebe, Treasurer Thursday, November 12, 2009
  2. 2. Financial Achievements • Business model: balanced and sustainable • Generating a surplus for re-investment • No debt: all start-up loans repaid May 2007 • Clean 2008 audit - Audit Committee working well • Policies and procedures have grown with the organization Thursday, November 12, 2009
  3. 3. Financial Achievements • Major investment in System Rewrite • Membership & Fees Committee undertook complete fee review • Book deposit fees revised • Affiliate and CrossRef Metadata Services fees revised Thursday, November 12, 2009
  4. 4. Financial Goals • Sustain and invest in core services – capital expenses for operations. • Invest in new services. Thursday, November 12, 2009
  5. 5. Financial Goals • Retain a minimum of 2 months operating cash plus next year’s capital spending on hand at all times. • Maintain a credit line of $250,000 to support current operations. • Establish a cash reserve fund ($.5 million) for future improvements to the core services. Thursday, November 12, 2009
  6. 6. Revenues: Key Components $2,993,000 - 2009 YTD Membership (27%) Deposits (61%) Hos6ng, Metadata, Other (12%) Thursday, November 12, 2009
  7. 7. Revenues: Key Components $2,993,000 - 2009 YTD $348,000 $808,000 $1,837,000 Membership (27%) Deposits (61%) Hos6ng, Metadata, Other (12%) Thursday, November 12, 2009
  8. 8. Expenses: Key Components $2,555,000 – 2009 YTD Staffing (51%) Administra6on (25%) Data/SoBware (15%) Travel/Mee6ngs (6%) New Ini6a6ves / Other (3%) Thursday, November 12, 2009
  9. 9. Expenses: Key Components $2,555,000 – 2009 YTD $78,000 $158,000 $382,000 $1,305,000 $632,000 Staffing (51%) Administra6on (25%) Data/SoBware (15%) Travel/Mee6ngs (6%) New Ini6a6ves / Other (3%) Thursday, November 12, 2009
  10. 10. 9-Month 2009 Highlights • Revenue: $2,993,000 • $177,000 (6%) over Budget • $322,000 (12%) over same period 2008 • Expenses: $2,555,000 • $55,000 (2%) under Budget • $121,000 (5%) over from same period 2008 Thursday, November 12, 2009
  11. 11. Financial Overview 2000-2009 LE Thursday, November 12, 2009
  12. 12. Financial Overview 2000-2009 LE Income Statements – By Year 3,500 3,000 2,500 2,000 1,500 1,000 $000's 500 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  13. 13. Financial Overview 2000-2009 LE Income Statements – By Year 3,500 3,000 2,500 2,000 1,500 1,000 $000's 500 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  14. 14. Financial Overview 2000-2009 LE Income Statements – By Year 3,500 3,000 2,500 2,000 1,500 1,000 $000's 500 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  15. 15. Financial Overview 2000-2009 LE Income Statements – By Year 4,058 3,655 3,500 3,452 3,140 3,245 3,000 2,918 2,868 2,500 2,071 2,000 1,500 1,176 1,000 $000's 500 422 0 -500 -1,000 -1,500 -2,000 -2,500 -3,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  16. 16. Financial Overview 2000-2009 LE Income Statements – By Year 4,058 3,655 3,500 3,452 3,140 3,245 3,000 2,918 2,868 2,500 2,071 2,000 1,500 1,176 1,000 $000's 500 422 0 -500 -786 -1,000 -1,499 -1,500 -1,641 -1,881 -2,000 -2,391 -2,624 -2,722 -2,500 -3,250 -3,000 -3,325 -3,495 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  17. 17. Financial Overview 2000-2009 LE Income Statements – By Year 4,058 3,655 3,500 3,452 3,140 3,245 3,000 2,918 2,868 2,500 2,071 2,000 1,500 1,176 1,000 $000's 500 422 91 254 12 0 -36 -99 -45 -85 -17 -220 -501 -500 -786 -1,000 -1,499 -1,500 -1,641 -1,881 -2,000 -2,391 -2,624 -2,722 -2,500 -3,250 -3,000 -3,325 -3,495 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  18. 18. Financial Overview 2000-2009 LE Income Statements – By Year 4,058 3,655 3,500 3,452 3,140 3,245 3,000 2,918 2,868 2,500 2,071 2,000 1,500 1,176 1,000 770 521 536 $000's 546 500 422 478 245 257 254 214 91 12 0 -36 -99 -45 -85 -17 -220 -400 -422 -501 -500 -786 -1,000 -1,499 -1,500 -1,641 -1,881 -2,000 -2,391 -2,624 -2,722 -2,500 -3,250 -3,000 -3,325 -3,495 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  19. 19. Financial Overview 2000-2009 LE Thursday, November 12, 2009
  20. 20. Financial Overview 2000-2009 LE Member Loans & Cash at Year-End 2,400 2,200 2,000 1,800 1,600 1,400 $000's 1,200 1,000 800 600 400 200 0 -200 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  21. 21. Financial Overview 2000-2009 LE Member Loans & Cash at Year-End 2,400 2,200 2,000 1,800 1,600 1,400 $000's 1,200 1,000 800 600 400 200 0 -200 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  22. 22. Financial Overview 2000-2009 LE Member Loans & Cash at Year-End 2,400 2,200 2,000 2,000 1,950 1,800 1,700 1,600 1,400 1,400 1,200 $000's 1,200 1,125 1,000 800 600 600 400 200 0 0 0 0 -200 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  23. 23. Financial Overview 2000-2009 LE Member Loans & Cash at Year-End 2,400 2,200 2,000 2,000 1,950 1,800 1,700 1,626 1,600 1,486 1,400 1,400 1,200 1,241 $000's 1,198 1,299 1,200 1,136 1,125 1,000 935 819 800 600 600 454 389 400 200 0 0 0 0 -200 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LE Thursday, November 12, 2009
  24. 24. Cash $2,034,000 - 9/30/09 Reserved (25%) Opera6ng (75%) Thursday, November 12, 2009
  25. 25. Cash $2,034,000 - 9/30/09 $500,000 Reserved (25%) $1,534,000 Opera6ng (75%) Thursday, November 12, 2009
  26. 26. Safe Cash Investments • Cash spread across 8 financial institutions • Spare cash in money market accounts and Certificates of Deposits (CDs) in the US and a Treasury bond in the UK • CD maturity dates are laddered • No stocks or Subprime mortgages Thursday, November 12, 2009
  27. 27. 2010 Draft Budget • Revenue - $4,315,000 (6% growth over 2009LE) • Membership growth leveling off/most new members in lowest tier • Expenses - $3,827 (9% growth over 2009LE) • Investments in metadata quality and System Rewrite • Two new staff positions – tech support and part- time bookkeeper • Cash balances remain within Board cash policy Thursday, November 12, 2009
  28. 28. Strategic Issues • Ensure long term viability of CrossRef through prudent policies and long term planning • Define broad principles for investment in start up initiatives (i.e., innovations) • Regularly monitor all fees and adjust as necessary Thursday, November 12, 2009
  29. 29. Strategic Issues - Risks • Decline of Backfile deposits and leveling off of growth of Current deposits • Impact of general economic downturn • Costs going up due to growth in members, metadata quality efforts and new services • Not completing System Rewrite in a timely manner Thursday, November 12, 2009
  30. 30. Strategic Issues - Risks • Collection on member & affiliate billings has become much more difficult and time consuming • More invoices go over 90 days past due Thursday, November 12, 2009
  31. 31. Summary • Excellent financial performance • Major investment in System Rewrite including IP ownership • Risks being addressed • CrossRef can expand and remain a viable non-profit for industry innovations. Thursday, November 12, 2009

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