Foundation treasurer's report.
by Kelty, Pamela S.
California CPA Education Foundation's financial statements for
fiscal year ended April 30, 2007, the Foundation's 40th year of
operations, demonstrate the organization's continued strength. The
Foundation continues to provide outstanding continuing education to CPAs
in California and other professionals in the state. Attendees also
included CPAs from 10 other states and 17 individuals from foreign
countries.
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The Foundation ended the year with more than $11 million in
revenues and investment income was slightly less than $1 million. An
all-time attendance record of 52,088 was reached for the 761 courses
offered during the year.
To celebrate the Foundation's 40th anniversary, the cap
limiting the VP program to 11 classes was eliminated, offering unlimited
use to VP holders. The number of VP holders increased by 4 percent as a
result of this offer, and full-pay attendance increased by 1.7 percent
overall. Revenues from webcasts increased by 268 percent since the
Foundation took over this endeavor from its third-party administrator
and on-site training revenues increased by 51 percent. This year was
definitely about the customers and the Foundation's way of saying
thank you to the membership.
The unlimited use by VP holders increased overall event related
expenses and direct expenses exceeded budget by 17.6 percent. The
increase in attendance exceeded estimates and hotel costs for facilities
and food continued to increase.
Indirect expenses exceeded budget by 31 percent as result of
changes in the shared services with CalCPA and the accrual of other
personnel expenses.
The change in total assets of $1 million can be attributed to the
strong revenue growth mentioned above, along with investment income and
gains of approximately $957,000.
The Foundation continues to be a strong organization and a premier
provider of quality continuing education, all while maintaining a
positive bottom line. The Foundation has experienced another excellent
year.
Pamela S. Kelty, CPA
COPYRIGHT 2007 California Society of Certified
Public Accountants Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
Copyright 2007, Gale Group. All rights
reserved. Gale Group is a Thomson Corporation Company.
NOTE: All illustrations and photos have been removed from this article.