I am happy to report that ARPAS is in sound financial condition, based on the most recent FASS financial reports dated April 30, 2016.
As of that report date, ARPAS income from dues is in line with budget expectations, as are member services (exams and other income). Income from the ARPAS Journal is also in line with budget expectations. ACAS dues are slightly below budget expectations. Total revenue and support is below budget expectations but within expectations for this early in the fiscal year.
ARPAS expenses for member services, ACAS, and administrative costs are slightly below budget but within expectations for this time of the budget year. Member support costs are very close to budget. The ARPAS journal is below budgeted expenses, but in line with budget projections. No annual meeting costs have been incurred at the time of this report.
The ARPAS Foundation had a balance of $148,538 at the last report dated April 30, 2016. The ARPAS general fund investments had a balance of $244,862 at the last report dated April 30, 2016. Kenneth Cummings and I work with our Morgan-Stanley investment counselor to monitor stock and bond investments, to make adjustments in the investments to minimize losses, and to optimize income for each investment in this volatile stock market environment.
An updated ARPAS balance sheet is expected from FASS office prior to the ARPAS Governing Council meeting and ARPAS Annual meeting in July.