This report reflects the financial status of ARPAS as of June 30th, which is the mid-point of our fiscal year. Membership revenue is very good, and we have made our budget goals in almost all areas with the notable exception of corporate sponsorship, which lacks approximately $7,000 to meet our budget projection. Journal revenues are at 62 percent of annual budget at the mid-point of our fiscal year. Total revenue including unrealized investment gain ($3,600 ytd) was at 86 percent of that budgeted for the fiscal year. Likewise, ARPAS is in a good position with the expense side of the budget. ARPAS journal expenses are 51 percent of the fiscal year budget at the end of June. Although FASS service fees for administration and governance was a difficult item to estimate in the last fiscal year, these fees seem to be nearly on schedule in the current year (63 percent of the fiscal year budget ytd), and total administration and governance is actually under budget at 45 percent year-to-date. ARPAS revenues and expenses year-to-date are in a good position. 

The balance sheet shows that ARPAS assets are almost $50,000 less on June 30th than at the end of the last fiscal year, largely because of a loss in asset value of our investments. On June 9, 2009, an ad hoc committee of Kenneth Cummings, Randy Shaver, Keith Lusby, and Carl Hunt discussed ARPAS’s investment goals and objectives. This committee affirmed that ARPAS should 1) attempt to hold in reserve the amount of about one year’s expenses ($250,000) and 2) maintain 75 percent of the reserve in fixed income and money market holdings with the other 25 percent in securities. I will work more closely with the firm of Stefil Nicholas to maintain our reserves in these proportions.

On the whole, the ARPAS membership can feel very positive about the financial status of the organization.