The leadership of the ACLP along with our finance committee work in partnership to plan, evaluate and adjust the ACLP budget to ensure the financial well-being of our organization. Although 2020 was a unique year, our focus was on effective stewardship of our resources, which enabled us to continue meaningful support to our members as well as continued advancement of our profession. Some key highlights during FY20 included:
The ongoing monthly review of the YTD financial reports by the CEO, COO, Treasurer and the Finance Committee which continues to serve the organization well. This year we were able to identify and manage the trends of unbudgeted revenue and lower than anticipated expenses. These insights help us review forecast projections to ensure adequate resources are in place to support our needs, members and the future.
The annual audit was successfully completed and revealed no significant findings. Leadership and the finance committee completed a search for a new auditing firm and began the successful transition of firms.
Total 2020 revenue was higher than budget due to certification, distance education, professional development, membership and investment income outpacing budget.
Total 2020 expenses were lower than budget, driven by operational changes made in response to the COVID-19 pandemic.
Total net assets have increased in each of the past four years. Our asset to liability ratio is the highest it has been in 6 years. Our cash and investments to cover expenses increased from 8.8 months in 2019 to 13.0 months in 2020.
We reviewed and planned for the 2021 Budget. Added expenses include:
In Q4, the 2021 budget was planned and approved. I would like to assure all members that your ACLP leadership team, staff, and finance committee continue to work hard to ensure a strong financial position for our organization. We will continue to provide regular updates and are happy to serve our membership.