Accounts receivable, less allowance for doubtful accounts
(2006—$68,584; 2005—$56,391)
1,220,948
952,256
Investments available for general purposes
7,904,506
5,476,095
Interest receivable
124,093
105,664
Inventories
386,450
417,997
Prepaid expenses and other
374,866
271,102
Total current assets
14,784,714
12,619,102
Investments:
Investments available for general purposes
26,151,769
23,684,031
Investments designated for specific purposes
5,296,026
4,974,383
Total investments
31,447,795
28,658,414
Equipment, furniture, and leasehold improvements, at cost
4,417,593
4,066,776
Less: Accumulated depreciation
3,425,390
3,047,056
Total equipment, furniture, and leasehold improvements, net
992,203
1,019,720
Other noncurrent assets:
Other assets
369,120
332,208
Deferred compensation funds
2,299,039
2,086,641
Total other noncurrent assets
2,668,159
2,418,849
Total assets
49,892,871
$44,716,085
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable and accrued expenses
$3,675,071
$3,276,161
Deferred revenue:
Membership dues
4,497,442
4,354,265
Education
1,194,771
1,010,007
Journal subscriptions
69,782
87,646
Total current liabilities
9,437,066
8,715,152
Noncurrent liabilities:
Deferred compensation
2,299,039
2,086,641
Deferred rent
1,220,095
1,283,939
Total noncurrent liabilities
3,519,134
3,370,580
Net assets:
Unrestricted
31,991,607
27,684,208
Temporarily restricted
3,635,064
3,636,145
Permanently restricted
1,310,000
1,310,000
Total net assets
36,936,671
32,630,353
Total liabilities and net assets
49,892,871
$44,716,085
Consolidated Statements of Activities for Fiscal Years Ended December 31
REVENUES
Membership dues and fees
6,732,098
$6,594,162
Educational programs
7,226,384
7,367,301
Publications
5,280,345
4,664,807
Contributions, grants, & net assets released from restrictions
2,972,887
2,472,988
Royalties and fees for service
246,099
156,920
Total revenues
22,457,813
21,256,178
EXPENSES
Membership
8,941,184
$7,967,930
Educational programs
5,914,567
5,498,574
Publications
3,984,059
3,649,340
Other
2,192,837
2,155,912
Total expenses
21,032,647
19,271,756
REVENUES IN EXCESS OF EXPENSES FROM OPERATIONS
1,425,166
1,984,422
Nonoperating:
Net investment income
2,882,233
2,869,224
REVENUES IN EXCESS OF (LESS THAN)
EXPENSES
4,307,399
4,853,646
To our auditors:
We confirm, to the best of our knowledge and belief, as of April 23, 2008, the date of your report, the following representations made to you during your audit:
The consolidated financial statements referred to above are fairly presented in
conformity with accounting principles generally accepted in the United States of
America and include all disclosures necessary for such fair presentation and
disclosures otherwise required to be included therein by the laws and regulations to
which the Organization is subject.
We have made available to you all:
Financial records and related data.
Minutes of the meetings of stockholders, directors and Audit or other
committees of directors. The most recent meeting held was the Board of
Governors Meeting on November 12, 2007.
There have been no communications from regulatory agencies concerning
noncompliance with or deficiencies in financial reporting practices.
There are no material transactions, agreements or accounts that have not been
properly recorded in the accounting records underlying the consolidated financial
statements.
There are no significant deficiencies, including material weaknesses, in the
design or operation of internal control over financial reporting that are reasonably
likely to adversely affect the Organization’s ability to record, process, summarize
and report financial statements.
We acknowledge our responsibility for the design and implementation of programs
and controls to provide reasonable assurance that fraud is prevented and detected.
We have no knowledge of any fraud or suspected fraud affecting the Organization
involving:
Management,
Employees who have significant roles in internal control over financial
reporting or
Others where the fraud could have a material effect on the consolidated
financial statements.
We have no knowledge of any allegations of fraud or suspected fraud affecting
the Organization received in communications from employees, former employees,
analysts, regulators, short sellers or others.
There have been no violations or possible violations of laws or regulations
whose effects should be considered for disclosure in the consolidated financial
statements or as a basis for recording a loss contingency.
Thomas C. Dolan, PhD, FACHE,
CAE
President and Chief Executive Officer
Edmund J. Dietrich, CPA
Vice President, Finance and
Administration
