As has been noted previously, 2010 was a year in which many Americans, including the volunteers and staff of PRSA, sat down at our proverbial kitchen tables to assess the state of our household budgets, make hard decisions about what we could and could not live without and find new ways to do more with less — all in an effort to keep our finances in the black.
It’s against that backdrop that I’d like to provide you with an overview of PRSA’s 2010 financial results.
Last year, PRSA realized a modest surplus from operations of $73,000. In addition, investment returns added $197,000 to PRSA’s reserves, otherwise known as its net asset balance or “rainy day” fund. This information is supported by the unqualified opinion issued by certified public accounting firm PKF, PRSA’s independent auditor.
As a result, PRSA met its annual financial goal of returning 1 percent of budgeted expenses to the Society’s financial reserves. In keeping with association best practices, PRSA is working to grow its financial reserves to 50 percent of its annual operating expenses, up from 33 percent of annual operating expenses currently.
Read the entire article at PRSAY.