ARPAS continues to have a charmed financial existence. Both of the main sources of revenue for the organization, membership and journal page charges, have been very stable sources of income. As of June 30, 2011, which is the mid-point of our fiscal year, the receipts of membership dues were at 90 percent of that budgeted for 2011 and corporate sponsorship revenues were at 86 percent of the amount budgeted for 2011. The Executive Council has aggressively pushed to secure many of the unpaid dues for 2011 and the Industry Relations Committee has been successful in receiving corporate pledges for sponsorships. To date, revenue from the PAS journal amounts to $42,006 compared with expenses of $38,740. While point-in-time snapshots of revenues and expenses for PAS may not totally reflect true financial status, it is clear that the PAS is being produced and distributed within its financial means. Likewise, while many of the mid-year expenses reported to date do not necessarily reflect end-of-year outcome, it is evident that ARPAS is operating well within its means (total expenses at the mid-point of the fiscal year were 39 percent of that budgeted).

Reserve funds for investment in both the ARPAS general account and the ARPAS Foundation account at Stifel Nicolas are devoted approximately 75% for fixed income and 25% equity investments. Net portfolio values of assets held by Stifel Nicolas are $220,414 for the ARPAS general account and $64,601 for the ARPAS Foundation account. Fixed income investments in ARPAS accounts in Stifel Nicolas earn 5 to 6%. On June 30, 2011, year-to-date interest and dividend revenue was $7059 which is marginally greater (53%) than that which was budgeted. ARPAS has about $70,000 in current assets in FASS checking and saving accounts. Assets held in accounts at FASS and Stifel Nicolas sum to equal approximately one year of operating expenses ARPAS. 

In all, we are in a very good financial position.