2010 Report of the ASHP Treasurer

Abstract

The Society’s financial year is from June 1 through May 31, coinciding with its policy development year. This year I will report on (1) the final audited prior-year numbers (for the fiscal year 2009), (2) the current year (2010) projected performance, and (3) the budget for the fiscal year ending May 31, 2011. The audit of the May 31, 2009, financial statements of the Society and the Society’s subsidiary, the 7272 Wisconsin Building Corp., resulted in an unqualified opinion. Copies of the audited statements are available by contacting the ASHP Executive Office. Last year I reported to you that falling market values in the Society’s reserve portfolio, falling core revenue, and an anticipated pension adjustment would combine to produce a projected $23.398 million loss. We did in fact end the year with a deficit, but thanks to an improvement in the financial markets just before year’s end, our loss for the 2009 fiscal year was $18.368 million (Figure 1). Net worth, which was projected to decrease to $12.005 million, 22% of total annual expense, actually ended the fiscal year at $17.035 million, 33% of total annual expense.