2024 Budget
The ending balance for the 2024 budget was −$67,986.39. The negative balance reflects reduced revenue primarily from lower membership and waived page charges. Regular, emeritus, and ACAS membership was 80.2%, 57.8%, and 74.5% of budgeted. Revenues from the annual symposia sponsorship ($12,000) and returns on investments ($19,501) exceeded that budget. Royalties from Elsevier totaled $28,544.65 because of the increase in the number of manuscripts published in Applied Animal Science.
Total expenses were higher than budgeted ($386,634.28 versus $364,284.00). The total number of manuscripts submitted to Applied Animal Science increased from 54 in 2023 to 81 in 2024, increasing FASS editorial service fees more than budgeted ($90,552.00 versus $56,500.00). All other expenses were lower than budgeted. A final summary of the 2024 budget as of December 31, 2024, is presented below.
2024 Budget Summary
2025 Budget
A summary of the current 2025 budget as of May 31, 2025, is provided below. Regular membership ($96,075) and ACAS ($14,000) dues are higher than budgeted ($80,000 and $12,000, respectively), primarily because of several members who updated their membership after it had lapsed. The budget does not reflect income for the June issue of Applied Animal Science. Elsevier has deposited $25,000 for royalties and $60,180 for editorial support, and these funds are allocated monthly to the budget. Expenses to date are primarily associated with the journal and administration and governance and are in line with expectations. The current balance at the end of May was $50,967.98.
2025 Budget Summary
Current ARPAS investments total $183,466.50 as of May 31, 2025, compared with $178,156.59 on January 1, 2025. The investment consists of $27,989.78 in cash, $82,101.96 in equities, $53,980.84 in Fixed income and Preferreds, and $19,393.92 in Alternatives. Our bank balance as of June 27, 2025, was $19,100.13. The ARPAS Foundation at its spring meeting approved the transfer of funds to cover the cost on implementing the Prolydian online exam system up to $15,000.00, and this will be credited to the 2025 budget in the near future.
We currently owe FASS $127,636.59 for cost of operation from December 2024 through May 2025. In previous years we have received the royalties from Elsevier in the spring of the following year, which provided additional cash to keep current. However, with the move to Open Access, timing of when royalties are received, and the lower revenue and higher operating cost for 2024, our cash flow has not been sufficient to stay current with FASS. To pay off the balance to FASS, the Governing Council voted to authorize Jeremy Holzner, working with Al Kertz and myself, to have the Morgan Stanley advisor withdraw up to $127,636.59 from the ARPAS investments to pay the outstanding balance to FASS. We will work with the advisor to time the withdrawals to minimize the impact of the fund balance.