The final balance for the 2022 budget was -$42,408.59. The deficit was due to lower membership revenue, page charge fees, and unrealized investment losses of -$27,023.74 (Other Revenue). Page charge revenues were only $25,890.00, reflecting a greater proportion of authors who chose to publish their manuscripts as Open Access. While the Open Access fees generated revenues of $70,000, these funds are paid to Elsevier. Total expenses were $20,523.35 lower than budgeted, which helped offset the shortfall in revenue. A summary of the budget is provided in the table below.

At the end of the first quarter of 2023, we have a positive balance of $92,362.70. Membership dues are received early in the budget year, which accounts for most of the revenues. Total membership revenues are lower than expected, so if you haven’t renewed your membership for 2023, please do so. If you know individuals who are qualified for ARPAS membership, please encourage them to join or nominate them by the highly qualified route for membership. Included in membership services is $20,000 in sponsorship. Please thank these sponsors for their continued support. Total expenses for the first quarter of 2023 are only 12% of budgeted. We appreciate our staff for the work they do in controlling expenses.

Budget Summary