The year 2013 is coming to a close so it is time to begin to examine our financial performance for the year. This report reflects our financial status as of October 31st so the information will not quite represent the entire calendar year. The last two months of the year typically stay at a fairly even keel so our information to date is a good reflect of what our financial status will be at year-end.

As of October 31, our year-to-date revenues (not including unrealized gain on our investments) were $213,061.29 and expenses were $178,467.64. Keeping in mind that we will be getting caught-up on some year-end expenses in many budget lines, I think it is safe to predict that ARPAS will end the year with reserve funds. Our assets across all investments, including the ARPAS Foundation, stands at about $335 K compared with $301 K on January 1, 2013. Our year-to-date unrealized gain on October 31 was $8676 which reflects our steady investment strategy of placing 75 percent of reserves in fixed income investments. 
The PAS journal continues to be a self-sustaining activity for ARPAS. Our organization has not increase page charges for a number of years now, yet the journal’s expenses always fall within the income that it generates. 

One financial issue for members to be aware is the declining revenue which comes to ARPAS through membership dues. Membership Services, which includes regular member, student member and emeritus dues as well as corporate sponsorships, provide about 54 percent of the annual revenue for the organization each year. We have observed a slow but steady decline in total revenue from Membership Services over the last 4 years; $154,767 in 2009 compared with $137,390 in 2012 (it appears that this trend will also continue in the current year). The ARPAS Governing Council is vigilant in its effort to attract new members and to maintain a good renewal rate among current members. It is likely a reality that there are simply not as many animal science professionals throughout the many career fields from which to draw our membership. The Governing Council is concerned with this trend and has further concern that we now rely on our investment distributions (interest and dividends) to make financial ends meet. Therefore, a $10 increase in annual member dues was approved at the Governing Council meeting in July. This is a modest and prudent membership dues increase as it was approximately 8 years ago the dues were last increased.

In closing, ARPAS remains on a good financial foundation and is enjoying success in delivering accomplishments in all of its important missions.