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SDPA Treasurer's Report 2020
- 1. Financial Report March 6, 2021 Carrie Jaffe, Ph.D. Treasurer
- 2. BALANCE SHEET 12/31/2020 CASH $162 CHECKING $49,194 RESERVE $100,372 COMPUTERS/EQUIP $3,958 FURNITURE $3,127 ACC. DEPREC ($7,003) ---------- EQUITY $149,810
- 3. INCOME STATEMENT 12/31/2020 DUES $109,043 OTHER INCOME $2,430 PROGRAM INCOME $12,900 PROGRAM EXPENSE $20,356 ADMIN. EXPENSE $79,922 TAXES 448 DEPRECIATION 55 ---------- NET INCOME $23,592
- 4. MEMBER COUNT DATE NO. June 2017 545 June 2018 611 June 2019 592 June 2020 553 Current 553
- 5. MEMBER DUES RENEWAL PERIOD ENDING AMT 3/31/2017 $94,300 3/31/2018 $104,224 3/31/2019 $98,729 3/31/2020 $95,203 Current in Progress $95,192
- 6. ADMINISTRATIVE EXPENSE 12/31/2017 $83,955 12/31/2018 $71,024 12/31/2019 $79,353 12/31/2020 $79,922
- 7. NET PROGRAM EXPENSE 12/31/2017 $12,249 12/31/2018 $42,071 12/31/2019 $25,790 12/31/2020 $7,456
- 8. CASH 12/31/2017 $138,831 12/31/2018 $132,120 12/31/2019 $125,840 12/31/2020 $149,727 Current $164,700 Note: $100,000 Reserve.
- 9. COVID EFFECT Member Count Stable Member Dues Stable Administrative Expense Stable Program Expense Lower Cash Higher
Editor's Notes
- At the end of 2020, SDPA had approximately $150,000 in cash, $100,000 of it in reserve. It also had about $7,000 in fixed assets.
- During 2020, SDPA received $109,000 in member dues and spent $79,000 in administrative overhead. The Association took in about $13,000 in income from programs and spend $20,000 for programs. This left a surplus of about $24,000 at year end.
- SDPA member count varies during the year. The count is at its lowest immediately following close of the renewal period in March and is at its peak right before the renewal period. It is approximately at it’s midpoint in June. We are at the end of our renewal period and currently have 553 members. Likely by June we will be in the high 500s in member count. This is stable relative to recent prior periods.
- The SDPA dues renewal runs from 10/1 – 3/31. The amount of dues collected during prior year renewal periods is presented above. As we come to the close of our renewal period we have $95,192 that is stable compared to prior periods.
- Administrative overhead for 2020 was comparable with prior years.
- Net program expense is monies spent on programs offset by income produced by programs. It is the measure of how much SDPA spent on its programs during the year. Net program expense from 2020 was notably down due to the impact of COVID on production of programs. The number of programs was lower and the cost of the programs was also lower than in prior years. Nevertheless, exciting programs were produced through Zoom that were very well attended and received very good reviews.
- SDPA generally maintains between $100,000 and $150,000 in cash depending upon the time of the year. The impact of COVID was to increase SDPA cash. As of today, SDPA has about $165,000 in the bank.
- To summarize, the effect of COVID on SDPA’s finances in 2020 was that member count and dues remained stable, administrative overhead remained stable. Program expense was lower and cash at the end of the year was higher than normal. SDPA’s task every year is to take dues paid by members and spend it on programs that carry out the Mission of the Association. The President and the Board are currently considering what to do with the excess cash generated in 2020. Some options include member dues rebate, increase in number of programs in 2021, production of programs with national level speakers to name just a few. We are interested in hearing member thoughts on this issue.