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ASDS/A 2020 Annual Report
FINANCIAL REPORT In 2020, the Society’s finances continued to be healthy. While financial figures will not be finalized until after an official annual audit held in spring of 2021, operating revenues are projected to be over $4.6 million with operating expenses projected to be $4.5 million. Additionally, the operating Reserve Fund exceeded the policy requirement by $7 million. Due to the pandemic, the organization faced unprecedented challenges that had financial impacts. We pivoted from an in-person Annual Meeting moving to a fully virtual meeting experience. We had to cancel in-person courses, which reduced our budgeted revenues by 40%. However, the organization was able to drive a 50% reduction of expenses. Additionally, we were able to receive the first round of Paycheck Protection Program (PPP) loans of $467,000 from the Small Business Administration offering financial support for the year.
2015
2016
2017
2018
2019
2020*
Unrestricted Fund Balance
$7,116,300 $7,737,877 $8,400,833 $7,997,437 $9,057,485 $10,244,039
Operating Expenses
$6,086,425 $6,800,997 $6,410,558 $6,684,795 $7,226,163 $4,240,981
Reserve Policy (60% of Expenses) Strategic Reserve Fund Balance (UFB - RP)
$3,651,855 $4,080,598 $3,846,335 $4,010,877 $4,335,698 $2,544,589
$3,464,445 $3,657,279 $4,554,498 $3,986,560 $4,721,787 $7,699,450
* Based on estimates
"We faced unprecedented challenges this year; however, our decision to pivot to a virtual meeting, cancel live meetings and educational courses saved on expenses and allowed the financial health of the Society to remain strong."
Dee Anna Glazer, MD ASDS/A Treasurer
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