This report reflects the financial status of ARPAS at the time of the last finance report which was May 31, 2010. To begin it is a pleasure to report that ARPAS remains on solid financial fundamentals with income and expenses to date generally on track with that which was budgeted for the current year. Revenue from membership is at $118,315 which is 95 percent of what was budgeted for the year. Currently the revenues from the journal outpace journal expenses by more than $11,400 for the year so there is reason to be optimistic that our journal expenses will be covered by journal revenues for the year. In addition to journal expenses, the expense for “administration and governance” is our other big ticket expense category (about 55% of the annual budget). With 42% of the budget year expired as of May 31st, our expenses to-date for administration and governance is 33% of that budgeted. In summary, I do not foresee a reason that ARPAS will not complete the current fiscal year with expenses in balance with revenues.

The organization’s reserve funds continue to be managed such that approximately 75% of reserves are in fixed income investments with the remaining 25% in equities or non-fixed income investments. During this fiscal year a total of $40,000 was transferred from ARAPS savings (FASS savings account) to Stifel Nicholaus to establish an ARPAS Foundation account with the same 75/25 investment strategy split. Also in the current year, Washington Mutual bonds were traded for Country Wide Mortgage bonds which will yield a 6% return.

All is well on the financial front for ARPAS!