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Meeting2016 AIHP Annual Business Meeting Teleconference

Report of the Treasurer for 2016

Clarke Ridgway
History of Pharmacy and Pharmaceuticals, September 2016, 58 (3-4) 114-115; DOI: https://doi.org/10.3368/hopp.58.3-4.114
Clarke Ridgway
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Summary

Overall the financial health of the Institute continues to be stable. Although the 2015-16 fiscal year ended with total expenses exceeding income by approximately $17,000, this deficit must be balanced by the nearly $40,000 operating profit generated in the prior fiscal year. One-time printing expenses incurred in early fy ’15-’16 were more than adequately covered by one-time income received late in fy ’14-’15 and directed towards that expense. To date, current fiscal year finances are in line with expectations. The Institute’s investment account asset value continues to hold relatively steady and, more importantly, produce expected income.

Fiscal Year 2015-16

Actual expenses ($205,783) for the 2015-16 fiscal year came in under budget by $3,874 but income ($188,882) fell below projections by $2,826. Of special note, in October 2015 the AIHP Board approved returning the Executive Director from 80% FTE to full-time employment status retroactive to Oct.1, 2015.

Fiscal Year 2016-17

FY 2016-17 operating expenses appear to be in line with budget expectations. Investment income continues on target. Invoices for national pharmacy organization sponsorships have recently been issued. Dues notices for 2017 will be issued shortly. Of note, the Board recently approved the carrying out of an audit on Institute finances, following the “Agreed Upon Procedures” standard.

Investment Portfolio

As of Oct 31, 2016, asset values had increased by $71,904.95 this calendar year to $2,026,950.71, while annual income is expected to remain steady at $109,305 (5.39% yield). Fluctuations in portfolio value reflect overall stock market fluctuations. Of note, portfolio income continues to generate 2/3 of all Institute income and is entirely utilized to fund operating expenses.

While market volatility is expected over the short term due to continuing uncertainty of short-term interest rates, relatively little change in overall asset value and, more especially, income are expected over the next fiscal and calendar years. Portfolio adjustments have been and will continue to be minimal, and will be done with the objective of maintaining or increasing income while minimizing risk and diversifying portfolio holdings.

AIHP Assets

Overall assets of the Institute increased slightly in fiscal year 2015-16 by $22,956 to $2,184,745, due primarily to the above-noted increase in the value of the investment portfolio, offsetting a decrease in receivables.

In closing, the Treasurer would like to thank Elaine Stroud for her many hours of assistance in helping explain and track Institute finances and operations and wish her well in her upcoming retirement.

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AIHP artifact exhibit at the University of Wisconsin School of Pharmacy in Rennebohm Hall.

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Comparative Balance Sheet 2015-2016

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Statement of Operations—Year Ending 30 June 2016

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History of Pharmacy and Pharmaceuticals: 58 (3-4)
History of Pharmacy and Pharmaceuticals
Vol. 58, Issue 3-4
7 Sep 2016
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Report of the Treasurer for 2016
Clarke Ridgway
History of Pharmacy and Pharmaceuticals Sep 2016, 58 (3-4) 114-115; DOI: 10.3368/hopp.58.3-4.114

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Report of the Treasurer for 2016
Clarke Ridgway
History of Pharmacy and Pharmaceuticals Sep 2016, 58 (3-4) 114-115; DOI: 10.3368/hopp.58.3-4.114
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